Koreans feel economy is at its worst since 2020, despite positive data

An annual survey released Thursday showed that South Koreans' assessment of the country's economy is at its worst since the inaugural study in 2020, despite the recent key indexes indicating growth. The average score for the South Korean economy was 3.88 out of 10, in the annual survey conducted on 1,000 people by the non-government research facility Center for Social Value Enhancement Studies. It marked a significant decrease from 5.13 in 2020. This was in contrast to the September report by th

Nov. 8, 2025

Samsung chief's 'right-hand man' steps down

Samsung Electronics Vice Chairman Chung Hyun-ho, a longtime confidant and “right-hand man” to Executive Chairman Lee Jae-yong, is stepping back from frontline management as the company reorganizes its de facto management coordination unit. Samsung said Friday that Chung, who has led the Business Support Taskforce, will relinquish his role and remain at the company as a senior advisor to Lee. The taskforce — created in late 2017 after Samsung disbanded its powerful Future Strategy Office in the w

Nov. 7, 2025

AmCham's annual scholarship event raises record W150m

The American Chamber of Commerce in Korea said Friday it raised a record 150 million won ($103,000) at its annual scholarship fundraising event. The 18th AmCham CEO Servers’ Night, held Thursday at the Conrad Seoul and organized by the chamber’s philanthropic arm, Partners for the Future Foundation, brought together senior leaders of the global business community to support university students facing financial hardship. More than 440 guests attended, including executives from Amgen Korea, Cerage

Nov. 7, 2025

Korea’s mid-tier automakers struggle to reverse domestic plunge

Korea’s three mid-sized automakers are facing a steep fall in domestic sales, with their market share shrinking to just above 7 percent this year. The downturn, driven by aging lineups, is prompting concerns over the weakening of the country's auto industry base. According to market tracker Carisyou, Renault Korea, KG Mobility and Chevrolet all posted double-digit year-on-year declines in domestic sales in October, falling 29.8 percent, 23.1 percent and 45.2 percent, respectively. The decline is

Nov. 7, 2025

Kospi dips nearly 2% on woes over valuation, US-China trade conflict

After choppy trading, South Korean shares ended 1.8 percent lower Friday, capping a turbulent week, as big-cap tech shares lost ground amid concerns over an artificial intelligence bubble, and renewed trade tensions between the United States and China. The benchmark Korea Composite Stock Price Index tumbled 72.69 points, or 1.81 percent, to close at 3,953.76, after touching an intraday low of 3,887.32. Trade volume was moderate at 366.7 million shares worth 18.6 trillion won ($12.8 billion), wit

Nov. 7, 2025

Samsung Electronics triples AI home appliance lineup

Samsung Electronics announced Friday it has more than tripled its lineup of AI-powered home appliances this year, a strategic push toward its ultimate goal of achieving "zero household labor," according to Vice President Moon Jong-seung. Moon, who heads the development team for Samsung’s digital appliance division, said the AI technology embedded in the company’s premium Bespoke lineup aims to reduce everyday household tasks for users. “We will further advance the integration between AI technolo

Nov. 7, 2025

Counterfeit K-beauty floods the market, most shoppers can't tell the difference

A wave of counterfeit Korean beauty products is sweeping across global markets, with knockoffs so convincing that many consumers don’t know they’ve been duped until it’s too late. This year alone, losses tied to intellectual property theft targeting South Korean beauty brands have skyrocketed to 22 billion won ($15.1 million), according to data from the Korea Customs Service released by lawmaker Cha Gyu-geun's office. That marks a staggering 24-fold increase from last year. The vast majority of

Nov. 7, 2025

Kakao posts record quarterly earnings despite user backlash over messenger revamp

Kakao shrugged off public backlash over its recent KakaoTalk messenger revamp to post record earnings in the third quarter, with both revenue and operating profit hitting all-time highs on the back of steady platform growth and surging ad sales. The South Korean tech firm said Friday its July-September sales climbed to 2.09 trillion won ($1.4 billion) on-year, while operating profit jumped 59.4 percent to 208 billion won — beating market consensus of 2.02 trillion won in sales and 163 billion wo

Nov. 7, 2025

Smart City Expo Barcelona showcases AI-powered urban future

BARCELONA, Spain — The Smart City Expo World Congress, the world’s largest and most influential gathering on urban innovation and smart technologies, wrapped up Thursday at Fira Barcelona Gran Via, in Barcelona, Spain, drawing a record-breaking crowd of over 27,000 attendees, according to the event organizer Fira de Barcelona. Artificial intelligence took center stage as the theme of discussions and exhibitions at the 2025 edition, and a newly introduced section titled “AI-enabled cities” highli

Nov. 7, 2025

Hyundai Motor Group partners with UK AI startup for new material innovation

Hyundai Motor Group announced Friday that it has teamed up with CuspAI, a United Kingdom-based artificial intelligence start-up, to accelerate its research into new materials for future mobility solutions. The company, located in Cambridge, developed an AI-powered platform that combines generative AI, deep learning and molecular simulation to accelerate the discovery of materials optimized for specific purposes by analyzing their properties and combinations. Hyundai Motor Group expects the colla

Nov. 7, 2025

EQT to acquire controlling stake in Korea's Douzone Bizon for $930m

Sweden's EQT is set to acquire a controlling stake in South Korean enterprise software provider Douzone Bizon for about $930 million, the asset manager said Friday. EQT revealed it signed a share purchase agreement to invest approximately $930 million in the Kospi-listed company, securing a 37.6 percent stake and controlling interest. Under the deal, EQT will acquire the entire 23.2 percent stake held by Douzone Bizon Chair Kim Young-woo and a 14.4 percent stake owned by Shinhan Financial Group

Nov. 7, 2025

Korean shoppers pull back from overseas apps over safety concerns, Seoul survey finds

Nearly half of Korean consumers who buy from overseas e-commerce platforms say they are scaling back due to concerns about product safety, according to a new survey released Friday by the Seoul Metropolitan Government. The city’s Electronic Commerce Center found that 45.3 percent of respondents with cross-border shopping experience had reduced purchases from overseas platforms due to safety issues. Only 5.4 percent said they had increased their overseas shopping. The rest said they had either be

Nov. 7, 2025

Seoul stocks open lower on US losses

South Korean shares opened nearly 1 percent lower Friday, tracking overnight losses on Wall Street sparked by woes over an artificial intelligence bubble and jobs. The benchmark Korea Composite Stock Price Index shed 39.52 points, or 0.98 percent, to 3,986.93 in the first 15 minutes of trading. Overnight, major US indexes closed lower on revived fears over stretched valuation of AI-related shares and data showing a cooling labor market. The Dow Jones Industrial Average fell 0.84 percent, the tec

Nov. 7, 2025

Kakao's Q3 net profit more than doubles on strong platform biz

South Korean tech giant Kakao Corp. said Friday its net profit more than doubled in the third quarter from a year earlier on strong growth in its key businesses. The company's net income came to 192.9 billion won ($133.2 million) for the three-month period ending in September, up 145.6 percent from 78.5 billion won a year earlier, the company said in a regulatory filing. The earnings beat market expectations. The average estimate of net profit by analysts stood at 117.5 billion won, according to

Nov. 7, 2025

Amorepacific's Q3 net jumps 83.6% on brand awareness, efficiency

Amorepacific Corp., South Korea's leading cosmetics maker, said Thursday its third-quarter net profit jumped 83.6 percent from a year earlier on improved brand awareness and operational efficiency. For the three months ended Sept. 30, net profit rose to 68.2 billion won (US$47.1 million) from 37.1 billion won a year earlier, the company said in a regulatory filing. "Strengthened global brand recognition of products, including Sulwhasoo, Laneige and Aestura, along with efficient operations, contr

Nov. 6, 2025