[India Forum] Kintex hopes to become growth platform in India

NEW DELHI -- Kintex, the operator of the convention center of the same name in Korea, hopes to function as a platform for Korean companies aspiring to forage into the burgeoning Indian market. Kintex, short for the Korea International Exhibition Center, operates a convention center under the same name in Goyang, Gyeonggi Province. It is the largest convention facility in Korea with a 108,483 square meters of space for exhibitions. In 2018, the operator received a permit to operate India’s

IndustryNov. 26, 2024

[India Forum] Daewoo E&C vows to build Koreatown in Haryana

GURUGRAM, India -- Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Media Group, expressed his hopes to establish India’s first Koreatown, the hub of Korean culture and commerce, in a meeting with high-profile Indian government officials. On Thursday, Jung met with Nayab Singh Saini, the chief minister of Haryana, to discuss the bilateral partnership between Korea and India. Haryana, a state in north-central India, surrounds Delhi on three sides

IndustryNov. 26, 2024

[India Forum] Tapping into young, growing population

NEW DELHI, India -- Korea’s leading asset manager Mirae Asset Global Investments has been rapidly expanding its presence in the Indian market, riding on the country’s strong “appetite for Korean businesses.” Recognizing the country’s growth potential, the company was the first of its peers to enter the Indian market, setting up an office in Mumbai in 2006. “When Mirae Asset came to India, it was a 100 percent foreign-owned equity,” Shrinivas Khanolkar, h

IndustryNov. 26, 2024

[India Forum] India, more than a manufacturing hub

NEW DELHI -- The India-Korea Business Partnership Forum 2024 held at the Yashobhoomi convention center in New Delhi on Friday highlighted India’s potential to grow as more than a manufacturing hub. South Korean tech behemoth Samsung Electronics believes Indian talent will drive innovation to take the country a step further on the global stage. “Samsung was one of the first companies to realize India's potential as a manufacturing powerhouse. Each state represents a diverse mic

IndustryNov. 26, 2024

[India Forum] Korea, India seek to maximize synergy at Delhi business forum

NEW DELHI -- South Korea and India have significant untapped potential for developing trade and economic cooperation in a wide range of areas, experts said at a forum in India on Friday. To commemorate the 51st anniversary of diplomatic relations between Korea and India, the Korea-India Business Partnership Forum took place at Yashobhoomi in New Delhi, with more than 600 government officials, business leaders, and cultural and artistic figures from both countries in attendance. A complementary m

EconomyNov. 26, 2024

Seoul shares fall on profit taking, Trump tariff warning

South Korean stocks fell Tuesday as investors sat on the sidelines following sharp gains the previous session, with US President-elect Donald Trump vowing tariffs on imports from Canada, Mexico and China. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 13.98 points, or 0.55 percent, to close at 2,520.36, ending a two-day winning streak. Trade volume was moderate at 434.77 million shares worth 8.51 trillion won (US$6.09 billion), with winners ou

MarketNov. 26, 2024

[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'

US President-elect Donald Trump is likely to use tariffs not only as a tool to protect American manufacturers but also as a way to ensure that trade negotiations are fair and expedited, a top Washington lobbyist says. “Trump has several administrative avenues to implement tariffs and his suggestion of a 10 percent universal tariff on all imports is still a possibility,” Brian Ballard, president of the Washington lobbying firm Ballard Partners, told The Korea Herald in a written inter

IndustryNov. 26, 2024

Samsung entangled in legal risks amid calls for drastic reform

As Samsung Electronics is grappling with multiple challenges including poor earnings and technological setbacks, the conglomerate's chaebol chief has publicly acknowledged the struggles for the first time. With chairman Lee Jae-yong pledging to tackle the difficulties, the tech giant is expected to introduce some drastic changes, including a major personnel reshuffle anticipated this week. In the final hearing of a retrial on allegations including stock manipulation related to a controversi

IndustryNov. 26, 2024

[Photo News] Empowering women leaders

Hana Financial Group held the fourth edition of its "Hana Waves" conference on Monday to empower female leaders within the organization. Launched in 2021, the program aims to enhance women's leadership capacities and increase their presence, driving innovation through their actions, voices and emotions. Monday's conference, which marked the conclusion of the program's monthslong journey, was attended by Group Chairman Ham Young-joo. In the photo, Ham (front row, eighth f

IndustryNov. 26, 2024

Kakao Bank eyes W100tr in assets, 50% shareholder returns

South Korean online lender Kakao Bank has committed to enhancing its corporate value and increasing shareholder returns as it strives to become a leading, comprehensive financial platform within the next three years. In a meeting with analysts on Tuesday, CEO Yun Ho-young presented a detailed three-year plan centered on two main goals: "sustainable growth" and "innovative expansion." The plan sets ambitious targets, including 30 million customers, 100 trillion won ($71.6 bill

IndustryNov. 26, 2024

Hyundai Steel unveils new mascot Yonggangi

Korean steelmaker Hyundai Steel introduced its new mascot Yonggangi on Tuesday. Yonggangi, named after “yonggang,” which means purified molten iron in Korean, symbolizes the value of the steel industry and embodies a dynamic corporate culture, the company said. The mascot is portrayed as a people-loving guardian of the company’s facilities and processes who was born in the steel mill and grows alongside the employees. Known for its friendly personality, the character eagerly pa

CompaniesNov. 26, 2024

Paris Baguette launches first franchise store in UK

South Korean bakery giant SPC Group said Tuesday it has opened its first Paris Baguette franchise store in the UK, marking its debut in franchising within the European market. Paris Baguette had previously operated company-owned stores in Europe, including France and the UK. The first franchise store, which is Paris Baguette’s third outlet in the UK, is located in Canary Wharf, a financial business district in east London. The Canary Wharf store occupies a 50-seat space on the first floor

CompaniesNov. 26, 2024

Korea's auto industry braces for Trump’s massive tariffs in Mexico

South Korean automotive and car parts manufacturers are bracing for potential disruptions in their Mexican operations as US President-elect Donald Trump vows to enforce stricter tariffs and cut back on preferential treatment for goods produced in the region. According to industry sources on Tuesday, the Industry of Trade, Industry and Energy recently met with six companies – namely Kia, Hyundai Mobis and LG Innotek – to discuss the impact of Trump’s proposed tariffs. “Mex

IndustryNov. 26, 2024

Kakao Bank aims to boost customer base, non-interest income

Top online lender Kakao Bank said Tuesday that it aims to further jack up its customer base, thus achieving 100 trillion won ($71 billion) in assets by 2027. The internet-only bank said it also plans to boost the portion of its non-interest income to 40 percent of its operating income by 2027 via mergers and investments. As of end-September, its number of customers stood at 24.43 million, up 2.15 million from a year earlier. It aims to achieve 30 million customers by 2027. Its assets stood at 62

EconomyNov. 26, 2024

Seoul shares open lower on slump in autos, financials

South Korean stocks opened lower Tuesday, despite overnight U.S. rallies, led by losses in auto and financial shares. The benchmark Korea Composite Stock Price Index shed 11.04 points, or 0.44 percent, to 2,523.30 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average surged 0.99 percent to a record high and the tech-heavy Nasdaq Composite rose 0.27 percent, as investors welcomed Trump's nomination of Scott Bessent as his treasury secretary on hope that he would gui

MarketNov. 26, 2024

Business sentiment for December pessimistic over external risks, weak demand

South Korea's business sentiment index remained pessimistic for December due to concerns of weak domestic demand and external risks, a poll showed Tuesday. The business survey index (BSI) for the country's top 600 companies by sales stood at 97.3 for next month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 33 cons

EconomyNov. 26, 2024

Insurance firms' Jan.-Sept. net rises 13 pct on increased sales, investment returns

Insurance companies in South Korea saw their combined net profit surge 13 percent in the first nine months of the year on the back of increased sales and investment returns, data showed Tuesday. The combined net profit of 22 life insurers and 31 non-life insurance companies in the country came to 13.4 trillion won ($9.53 billion) in the January-September period, up 1.56 trillion won, or 13.2 percent, from the same period last year, according to the data from the Financial Supervisory Service. Th

EconomyNov. 26, 2024