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South Korea Fines Coupang KRW625 Billion for Massive Data Breach
US Markets

South Korea Fines Coupang KRW625 Billion for Massive Data Breach

The South Korean government will fine New York-listed e-commerce giant Coupang 624.7 billion won following a massive leak of personal customer information and the illegal collection of personal data, the country's privacy watchdog announced Thursday.The fine equates to roughly 1.4% of Coupang's 45 trillion won revenue in 2025, Reuters reported. The company, which is operationally based in Seoul, generates more than 90% of its total revenue from South Korea.In addition to the primary fine, Coupang faces a 16.8 million won administrative penalty, corrective orders, and a mandate for public disclosure, South Korea's Personal Information Protection Commission (PIPC) said.The regulatory body also fined Coupang's logistics subsidiary, Coupang Fulfillment Service, 248 million won for violating data collection and sensitive information usage provisions.According to the commission, Coupang allowed the personal details of 37.6 million customers to leak due to insufficient basic security management systems, as well as negligence in authentication management and access control.The platform also illegally collected online activity records of about 11.2 million members through third-party websites and stored them in a database, the commission added.Coupang also failed to supervise its advertising partners displaying fraudulent ads, resulting in the illegal collection of records without user consent, according to the regulator.The regulatory crackdown follows a prior disclosure by South Korea's science ministry that a former employee had stolen a security key to gain access to customer accounts without authorization, Reuters reported separately.Coupang also failed to detect an unusual surge in traffic to its customer data until a customer flagged it, the newswire said.The South Korean government had earlier said its probe on Coupang was not related to trade or security concerns and should be dealt with separately from its ongoing talks with Washington.

^KOSPIKOSPI
US Markets

South Korea's Current Account Surplus Reaches Record High on Chip Exports

Buoyed by surging tech and semiconductor exports, South Korea's current-account surplus struck an all-time record in March, reported the Bank of Korea on Friday.The nation's current-account surplus reached $37.3 billion in March, dwarfing the previous zenith of $23.2 billion set in February, while notching South Korea's 35th-straight month of positive balance-of-payments, added the central bank.South Korea logged an international goods trade surplus of $35.1 billion in March, as exports ballooned to an all-time high of $94.3 billion, up 56.9% from a year earlier. The nation's imports increased by a lesser amount, 17.4% to $59.24 billion, noted the Bank of Korea.Central bank officials appeared confident South Korea's export boom would be sustained, despite geopolitical turmoil."The US-Iran war has hardly affected goods exports and imports in March," said a Bank of Korea statistician in a press conference, reported The Korea Herald. "The impact of the war will be seen in April, but it is not strong enough to change the overall trend."Exports of IT products in March rose 111.7% from a year earlier, including a 149.8% lift in chip shipments and a 167.5% increase in computer peripherals, reported The Korea Herald.In international services trade, South Korea registered a $1.29 billion deficit in March, said the Bank of Korea.In addition to the trade in goods surplus in March, South Korea's net primary income account surplus grew to $3.58 billion in March, elevated by increased dividend income from offshore direct and portfolio investments.Net primary income reflects earnings from global investments, such as interest and dividends from foreign subsidiaries, as well as wages earned by citizens working abroad, minus payments made to foreign investors from South Korean enterprises.The Bank of Korea also reported that offshore portfolio investors reduced their holdings of South Korean equities by $29.3 in March, on geopolitical concerns and profit-taking.Seoul's rising KOSPI equities index struck record highs in March, although the tech-heavy metric has continued to rally since, hitting another new all-time high on Friday.

^KOSPI
US Markets

South Korea Foreign-Exchange Reserves Track Higher in April

South Korea's foreign-exchange reserves tracked in an upwards direction in April, and remained well above levels considered comfortable by international development agencies, reported the Bank of Korea on Thursday.The nation's foreign-exchange reserves logged at $427.9 billion in April, up $4.2 billion from March.The growth in South Korea's foreign-exchange reserves is due in part to the nation's surging export picture, and in particular global demand for semiconductors.South Korea's foreign-exchange reserves are sufficient to cover more than six months of imports. The level is about double the recommended standard of the International Monetary Fund (IMF), that nations keep foreign-exchange reserves on hand equal to three months of imports.In general, foreign-exchange reserves are assets held by a nation's central bank, generally denominated in US dollars or euros, including cash and non-domestic government bonds. Central bank gold hoards are also regarded as foreign reserves.Foreign-exchange reserves have several uses.South Korea's central bank can use the reserves to stabilize the domestic currency, the won, in foreign-exchange markets.For example, the Bank of Korea can use reserve US dollars to buy back won in foreign-exchange markets, resulting in less of the won on foreign-exchange markets and thus a relatively higher value. This can halt a currency slide.In addition, an ample amount of foreign reserves can help ensure a nation's financial stability, by allowing national governments to manage economic shocks and fund necessary imports in times of stress, such as oil or key technologies.Nations accrue foreign reserves by running trade surpluses, by inflows of money from offshore investments, by direct inward foreign direct investment, and, for some nations such as the Philippines, by remittances sent home by offshore workers.

^KOSPI
US Markets

South Korea Factory Sector Strengthens in April: PMI Report

South Korea's manufacturers faced rising costs but also stronger demand in April, reported S&P Global on Monday.The seasonally adjusted South Korea manufacturing purchasing managers index (PMI) logged at 53.6 in April, up from 52.6 in March, and striking further above the 50-mark that separates growth from contraction, said S&P Global, citing its monthly survey.South Korea factory-sector "expansion was the strongest since February 2022," advised S&P Global.Demand for South Korean product rose in April, although some customers may have ordered goods as they were concerned about future supply crunches generated by the Persian Gulf war and the blockades on the Strait of Hormuz, said S&P Global.In fact, South Korean manufacturers reported in April they they were depleting inventories and stockpiles to meet demand, and also experienced rising backlogs of work, reported S&P Global.In addition, factory managers faced rising costs of operation in the April."The rate of input price inflation accelerated substantially on the month and reached a series record high," said S&P Global. "Panelists widely attributed the rise to surging raw material prices, which were exacerbated by delivery delays and supply shortages. Oil and fuel were mentioned in particular as being up in price."The nation's factory managers generally passed costs of operation on to customers, noted S&P Global.Citing Persian Gulf turmoil, South Korean factory manager "confidence was the softest for five months amid concerns that the conflict may be prolonged," reported S&P Global.The South Korea manufacturing PMI was compiled by S&P Global from surveys sent to 400 manufacturers from April 9 though April 22.

^KOSPI
US Markets

South Korea Exports Rise 48% on Year in April, Driven by Semiconductors

The AI-boom played out in South Korea's trade picture in April, with exports rising 48% on year, driven by surging shipments of semiconductors, reported the Ministry of Trade, Industry and Resources (MOTIR) on Friday.South Korea exports reached $85.89 billion in April, led by shipments of chips, which rose 173.5% on year to $31.9 billion, according to officials. Outbound shipments in April rose for the 11th-straight month.South Korea computer and parts exports rose five-fold to $4.08 billion, the highest monthly figure ever, as global demand for solid-state drives spiked in the AI-boom.The April export level marked South Korea's second-highest monthly export figure ever, on the heels of the all-time high of $86.6 billion figure recorded in March.South Korea auto exports dropped 5.5% on year to $6.17 billion in April, due to shipping disruptions caused by the Mideast crisis, and to South Korean automakers expanding of production in the US to meet Washington trade policies, MOTIR said, reported the The Korea Herald newspaper.Exports to the Middle East declined 25.1% on-year in April, to $1.27 billion, hampered by the war between the US and Iran, the ministry said.On the import side, nation's inbound shipments rose 16.7% on-year in April to $62.11 billion, resulting in a trade surplus of $23.77 billion, reported MOTIR.

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US Markets

South Korea Producer Prices Rise in March on Fossil Fuel Charges

South Korea's producer price index (PPI) rose 4.1% on year in March, up from a 2.5% on year rise in February, as higher coal and oil bills hit business operations, reported the Bank of Korea on Wednesday.Like enterprise across the globe, companies in South Korea have faced the fallout from the closure of the Strait of Hormuz, which has reduced supplies of crude oil and LNG to the world, and especially to the Asian Pacific.South Korea's PPI for coal and petroleum products rose 26.7% on year in March, and rose 31.9% from February, reported the Bank of Korea.There were other South Korean producer sectors reporting higher prices, including the PPI for computers, electronic & optical equipment, which rose 14.3% on year, as demand for semiconductor and related gadgets has soared in 2026 due to the AI and datacenter boom.The financial and insurance services PPI rose 21.5% on year in March, added the Bank of Korea.in contrast, the PPI for electric power, gas, water and waste utilities declined 1.1% on year.South Korea's PPI measures the cost of goods and services to producers, in business-to-business transactions. The PPI is distinct from the consumer price index (CPI) that measures prices in retail locations, faced by ordinary shoppers.The PPI is considered one precursor to later changes in the CPI, as retailers try to pass on costs or savings to consumers.At an April 19 policy session, the Bank of Korea held its key rate unchanged at 2.50% citing global uncertainties, and relatively moderate domestic inflation and economic growth.

^KOSPI
US Markets

South Korea Unemployment Rates Declines to 2.7% in March

Despite Persian Gulf turmoils, South Korea's seasonally adjusted unemployment rate declined to 2.7% in March, down from 2.9% in February, striking a four-month low, reported the Ministry of Data and Statistics (MDS) on Tuesday.The economically active population, that is, citizens aged 15 or more and employed or seeking work, rose to 28.8 million in March, up from 28.6 million a year earlier.The number of unemployed persons in March fell 884,000, down from 993,000 in February, added the MDS.Despite the generally good overall employment numbers in March, some details of the South Korean worker picture "remain weak," said ING Think, an arm of the Dutch investment house.The decline in the March unemployment rate "for example, was partly due to workers exiting the labor market rather than to job growth," said ING Think. "Also, most of the job growth was concentrated in low-wage, low-skilled service positions and self-employment. By contrast, manufacturing and salary-based employment declined."While good-paying factory jobs became more scarce, the most jobs added in March were in the categories of eating out, accommodation, transportation, and information & communications, said ING Think."These jobs are mostly non-regular and low-wage, having a limited positive impact on household spending. We think this trend indicates subdued domestic demand," advised ING Think.The Middle East and related supply snags, including tight oil markets, are likely to worsen the South Korea employment picture in coming months, added ING Think."We are also concerned that supply disruptions lasting beyond two months could weaken labor market conditions across a broader range of industries. Petrochemical activity, including Naphtha Cracking Centers utilization rates, have already dropped to their lowest levels in March," said ING Think. "This type of enforced production slowdown is expected to become widespread and to start hurting employment in other sectors."

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