Most Popular
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Korea enters full election mode
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Immigrant woman stabbed to death by Korean husband
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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HD Hyundai vows to enhance support for foreign workers
HD Hyundai Chair Kwon Oh-gap and top executives convened Wednesday for a luncheon with foreign national workers at an Ulsan work site, pledging enduring support for their welfare. The gathering, held at a VIP restaurant within the HD Hyundai Heavy Industries headquarters, included a total of 42 foreign employees from seven countries such as Vietnam and Uzbekistan who work at the group’s shipbuilding affiliates and their partner firms. Along with Chair Kwon, Presidents Lee Sang-kyun and Noh
March 27, 2024
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Investment banking veteran takes helm at NH Securities
Yoon Byung-un, an investment banking veteran, officially took office as the CEO of local brokerage house NH Investment & Securities, after winning approval at the annual shareholders’ meeting Wednesday. “We must be ready to make another leap without being satisfied with the present. The first part of the preparation is bringing together the capability (of our organization),” Yoon said in an inauguration speech during the meeting at the firm's headquarters in Yeouido, w
March 27, 2024
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SK On, Ferrari team up to advance cell technology
SK On, an electric vehicle battery maker affiliated with SK Group, said Wednesday that it has partnered with Italian sports car maker Ferrari to advance innovation in battery cell technology. The two companies signed a memorandum of understanding at SK’s headquarters building in Seoul on Tuesday, with SK On CEO Lee Seok-hee and Ferrari CEO Benedetto Vigna in attendance. The collaboration aims to explore new avenues and potential solutions to advance battery cell technology. SK On and Ferra
March 27, 2024
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Korean banks up ante in Poland amid heightened ties
South Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday, KB Kookmin Bank, one of the country's leading lenders, announced a partnership with Poland's Bank Pekao to establish a "Korea Desk." According to Kookmin Bank, the signing ceremony for the deal was held on Monday at Pekao's Warsaw headquarters. The event was attended b
March 26, 2024
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Banks compete for foreign customers
Recognizing the expansion of the foreign population in Korea, banks are striving to improve access for foreign residents here by providing customized services from the point of arrival to departure. As Foreign nationals are expected to take up a more significant portion of Korea’s demographics amid the nation's continued population decline, local lenders are looking to woo foreign customers through designated communication channels. Korea's top four financial groups -- KB, Shinha
March 26, 2024
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LG Electronics CEO vows to elevate shareholder benefits
LG Electronics Chief Executive Officer Cho Joo-wan vowed "winning" changes and growth to overcome continuing uncertainties in the business environment at the regular shareholders meeting on Tuesday. Organizing this year's shareholders event under the concept of "openness," the chief came to present the company's mid- and long-term strategies to shareholders for the first time. The event was livestreamed for the first time as well. "(LG Electronics) is a ‘
March 26, 2024
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[Photo News] Lotte's EV push
Lotte Group Chairman Shin Dong-bin (center) visits a new EV charger production plant in Cheongju, North Chungcheong Province, on Monday. The plant, operated by EVSIS, a subsidiary of Lotte Innovate, an IT solutions unit, has an annual production capacity of 20,000 units. Lotte aims to nurture the EV charger business together with other future mobility businesses as its new growth drivers. (Lotte Group)
March 26, 2024
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Hana Bank, GMO-PG to simplify Korea-Japan business payments
Hana Bank said Tuesday it signed a partnership deal with Japan’s largest payment processing company, GMO Payment Gateway, to launch a cross-border payment and settlement system for domestic companies expanding into Japan. Under the partnership, Hana and GMO will collaborate in providing a wide range of services Korean companies from expert consulting for starting businesses and launching franchises in Japan to assistance on transferring e-commerce sales generated in Japan. Thier collaborat
March 26, 2024
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Daewoo E&C eyes bigger footing in overseas markets
Amid escalating construction costs and volatility in the financial markets triggered by interest rate hikes, the domestic real estate sector is grappling with unprecedented risks. In response, Daewoo Engineering & Construction is pivoting to international markets, notably in urban development projects, to mitigate these challenges, the company said Tuesday. Despite the recent market downturn, Daewoo E&C has demonstrated resilience. The builder reported sales of 11.6 trillion won ($8.67 b
March 26, 2024
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How streaming TV buttons helped boost profits for Samsung, LG
From the red and blue shortcut buttons with Netflix and Disney+ logos to fancier features and operating systems, Samsung Electronics and LG Electronics, the world’s top two TV makers, are pouring resources into content, not just hardware itself, to elevate profits. Remote control devices have become "billboards" for the streaming giants, in the words LG Electronics CEO Cho Joo-wan, after Netflix started paying major TV manufacturers advertisement fees to include their shortcut bu
March 25, 2024
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New Kyobo Life CEO urges change, innovation
The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders. Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability." During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and i
March 25, 2024
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Eximbank to form W1tr fund for chips, battery
The Export-Import Bank of Korea, or Eximbank, announced it will form a 1 trillion won ($745 million) fund to support businesses in high-tech strategic industries, especially semiconductors and batteries. The policy lender will put in 150 billion won toward the fund which will close out at 1 trillion won. The fund will be used to provide preferential interest rates and loan limits to businesses related to chips, battery, bio, future mobility and electric engineering. It is the second fund establi
March 25, 2024
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LX chief calls 2024 'turning point'
LX Holdings Chairman Koo Bon-joon said Monday he would enhance the group’s crisis response system in a bid to enhance its responsiveness to business uncertainties at home and globally. “The year 2024 will be an important inflection point as we prepare for the next three years of LX’s leap,” Koo said during this year’s annual shareholders meeting held at the company’s headquarters in Seoul. Koo’s comments come as LX Group spun off from LG Group in 2021
March 25, 2024
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Antitrust watchdog to launch large-scale survey on e-commerce platforms
With the rapid influx of global e-commerce into the domestic market, the Fair Trade Commission is set to launch an extensive market survey starting Tuesday, to examine the evolving landscape and structure of the e-commerce market in Korea. The survey marks the first step in gathering data to produce a policy report slated for release by the end of this year. The report's objective is to proactively identify and analyze fair trade and consumer issues arising from shifts in e-commerce market
March 25, 2024
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IBK to roll out W100b fund for digital tech
The Industrial Bank of Korea on Monday announced the establishment of a strategic investment fund worth 100 billion won ($75 million) to nurture businesses with innovative digital technologies. The fund will be pooled by the policy lender and its affiliate IBK Capital, with each investing 90 billion won and 10 billion won, respectively. As IBK Capital is more experienced in venture funding, it will manage the fund as a general partner, IBK explained. The fund aims to support platform operators w
March 25, 2024
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65% of Korean firms penalize ChatGPT-crafted resumes
A majority of large companies in South Korea disadvantage applicants who craft their resumes using artificial intelligence services, such as ChatGPT, according to a survey released Sunday. The Labor Ministry and the Korea Employment Information Service unveiled a report on employment trends in the second half of 2023, which was based on a survey of human resource managers at the nation’s top 500 companies by sales. The survey was conducted from Nov. 20 to Dec. 22 last year, with 315 out of
March 25, 2024
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[Photo News] Farewell to the Queen
Asiana Airlines’ Boeing 747-400, the last Boeing 747 aircraft in South Korea, is honored with a grand water salute at Taiwan Taoyuan International Airport on Monday to mark its final flight. Known as the “Queen of the Skies,” the iconic aircraft was first introduced in Korea in 1999. The Asiana aircraft has flown nearly 97,000 hours, completing over 18,000 flights and covering 88 million kilometers. (Asiana Airlines)
March 25, 2024
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EcoPro invests $11m to secure stake in Indonesian nickel smelter
EcoPro, a South Korean battery materials holding company, said Monday that it had invested $11 million for a 9 percent share in Green Eco Nickel, an Indonesian nickel smelter operated by Chinese battery materials firm GEM, to expand the supply of nickel, a crucial raw material for lithium-ion battery production. The Green Eco Nickel smelter, situated on Sulawesi Island in Indonesia, boasts annual production of approximately 20,000 tons of nickel. The investment will allow EcoPro to gain addition
March 25, 2024
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Hana Bank, ICE Digital Trade team up for paperless trading
Hana Bank announced Monday that it has inked a memorandum of understanding with global digital solutions provider ICE Digital Trade to innovate trading procedures, especially digitalizing trade-related documents and communications. ICE Digital Trade, part of New York-listed Intercontinental Exchange, connects over 56 global banks and 65,000 member companies through its digital trade transaction solution, called DSUA or Databridge Services & Users Agreement. This partnership aims to streamlin
March 25, 2024
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Plastic surgery remains top choice for medical tourists
Plastic surgery remains the top choice for medical tourists visiting Korea, with dermatology and dentistry gaining popularity recently, according to data from Creatrip, a Korean tourism platform, Monday. The data is derived from Creatrip’s market analysis of its medical tourism offerings in January and February this year. Plastic surgery emerged as the leading preference among inbound tourists, with reservation rates surging 220 percent from the previous year, accompanied by a 270 percent
March 25, 2024