Woori Bank raided over improper loans tied to ex-chairman

South Korean prosecutors raided the headquarters of Woori Bank on Monday as part of an ongoing probe into alleged improper loans linked to family members of former Woori Financial Group Chairman Son Tae-seung. The Seoul Southern District Prosecutors' Office searched offices at Woori Bank’s central Seoul headquarters, including those of the group chairman and the bank’s CEO, seeking internal documents, payment records and transaction logs tied to the alleged 35 billion won ($25 m

IndustryNov. 18, 2024

Korea Zinc buyout could jeopardize high-tech supply chains: sources

Young Poong’s bid to buy Korea Zinc has been met with concerns that the takeover of the world’s largest zinc smelter could erode its position in the global markets and cause high-tech supply disruptions. Industry watchers have cast doubt over the ability of Young Poong and private equity firm MBK Partners to run Korea Zinc, which exerts negotiation power in setting global zinc prices. “Based on Korea Zinc’s track record in the zinc smelting market, which has been built

CompaniesNov. 18, 2024

Hana eyes senior services in Hong Kong expansion

Hana Financial Group Chairman Ham Young-joo pledged to enhance wealth management services tailored to senior generations in Hong Kong, emphasizing the group’s global expertise and commitment to deepening ties between South Korea and the city’s financial sectors. Ham made the remarks during a meeting Thursday with Peter Lam, chairman of the Hong Kong Trade Development Council, following the South Korean financial delegation’s investor relations event in the city. The meeting als

IndustryNov. 18, 2024

Seoul shares rise over 2% on strong Samsung buying

South Korean stocks jumped more than 2 percent Monday as investors scooped up Samsung Electronics' shares on the chip giant's massive buyback plan. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 52.21 points, or 2.16 percent, to close at 2,469.07. It marked the largest daily gain since Sept. 26, when the Kospi jumped 2.9 percent Trade volume was moderate at 431.2 million shares worth 10.4 trillion won (US$7.5 billion), with gai

MarketNov. 18, 2024

LG Energy Solution inks exclusive battery deal with Bear Robotics

LG Energy Solution said Monday it forged an exclusive deal with US-based Bear Robotics to supply its cylindrical batteries, marking a significant expansion into sectors beyond electric vehicles. The battery maker’s 21700 cylindrical cells -- measuring 21 millimeters in diameter and 70 mm in height -- will be installed in Bear Robotics’ service robot “Servi Plus” and logistics robot “Carti.” The financial details of the deal were not disclosed. “This is n

MobilityNov. 18, 2024

W10tr buyback plan fires up Samsung stock

Shares of Samsung Electronics continued to gain Monday, following the company’s announcement of a share buyback plan worth 10 trillion won ($7.17 billion) on Friday, partly recovering from a steep decline the previous week. Samsung Electronics shares closed trading at 56,700 won Monday, up 3,200 won or 5.98 percent from the previous trading day, according to the Korea Exchange. During intraday trading, the price surged to as high as 57,500 won. The rebound comes after the shares sank to an

MarketNov. 18, 2024

Korea, Mongolia target clean energy, health care in deeper collaboration efforts

Korea and Mongolia took significant steps to deepen their partnership at the third Korea-Mongolia Future Strategy Forum, held Friday in Busan, where experts shared insights and challenges in collaborating in the areas of energy and health care. Energy: Tapping into Mongolia’s vast potential The first session focused on energy cooperation, a key area where the two nations can complement each other. Mongolia, with its vast reserves of coal and critical minerals like lithium and cobalt, i

IndustryNov. 18, 2024

Health care joins energy as key focus in Korea-Mongolia ties

The third Korea-Mongolia Future Strategy Forum took place Friday at The Westin Josun Busan, bringing together over 150 prominent leaders to explore opportunities for collaboration in energy, health care and education. Korea and Mongolia first established diplomatic ties in 1990, and their relationship has flourished since. Busan and Ulaanbaatar, as official cooperative cities, have been at the forefront of this bond, promoting exchanges in culture, health care and tourism. Through the forum, lea

IndustryNov. 18, 2024

Hyundai Rotem to supply armored vehicles to Peru

Hyundai Rotem, South Korea’s sole tank manufacturer, announced Monday that it has signed a comprehensive cooperation agreement with Peru to advance plans for exporting armored vehicles to the country. The agreement, signed Saturday between Hyundai Rotem President Lee Yong-bae and Jorge Zapata, CEO of Peru’s Army Weapons and Ammunition Factory, lays the groundwork for exports of K2 tanks and wheeled armored vehicles to Peru, representing a preliminary step toward a formal contract aim

IndustryNov. 18, 2024

[Herald Interview] Busan mayor envisions city as Korea’s southern hub for balanced growth

Busan Mayor Park Heong-joon has called for a shift in South Korea’s development model, warning that the overconcentration of resources in the Seoul metropolitan area has created a national crisis. “The imbalance caused by unipolarity in the Seoul area is deepening South Korea’s critical challenges -- declining growth potential, low birth rates and widening inequality,” Park said in an interview with The Korea Herald in Busan last Friday. “We must move toward balance

IndustryNov. 18, 2024

[From the Scene] Climate change threatens Jeju's mandarin orange business

JEJU ISLAND -- Jeju’s iconic mandarin orange industry is grappling with mounting challenges as climate change disrupts traditional cultivation practices. This year, prolonged tropical nights and rising temperatures delayed harvests and impacted fruit quality, prompting the island to adapt its agricultural practices. “Mandarins develop their yellow color when nighttime temperatures fall below 20 degrees Celsius,” said Hyun Jong-ho, manager at the Namwon Agricultural Product Ce

IndustryNov. 18, 2024

HD Hyundai to step up cooperation with SIMA Peru

HD Hyundai Heavy Industries announced Monday that it signed a memorandum of understanding with state-operated shipyard SIMA Peru in Lima, Peru, last week to jointly develop submarines as part of the Peruvian Navy’s vessel replacement project. Through the partnership, HD Hyundai and SIMA will make joint efforts to win contracts and develop submarines tailored to Peru’s Navy. HD Hyundai also plans to strengthen its partnership with the Peruvian government and navy, supporting the local

IndustryNov. 18, 2024

Naver, Saudi’s National Housing Co. to set up JV

Korean internet giant Naver said Monday that it has agreed to establish a joint venture with Saudi Arabia’s state-owned real estate development and investment company to operate and commercialize digital twin platforms in the 17th largest economy in the world. Naver and National Housing Company signed the deal on the first day of Cityscape Global 2024 held in Riyadh, Saudi Arabia, on Nov. 11. The joint venture, under the umbrella of Naver Arabia, will serve as Naver’s first busines

IndustryNov. 18, 2024

Trade minister calls for minimizing business uncertainties amid 2nd Trump administration

Trade Minister Cheong In-kyo emphasized on Monday that all efforts should be focused on thoroughly preparing to minimize uncertainties for businesses as former US President Donald Trump is set to take office for his second term. Cheong made the remarks during a meeting with ministry officials, as Trump, who is set to return to the White House in January next year, has pledged to implement significant policy changes, including higher tariffs on imported goods. The ministry has held a series of me

EconomyNov. 18, 2024

Financial authorities say recent stock market plunge excessive, vow implementation of value-up funds

South Korean financial authorities said Monday the recent stock market plunge was excessive, given economic fundamentals, vowing to enhance market monitoring and swiftly implement a policy fund to strengthen valuation of local companies. The message was released during an interagency meeting among chiefs of the Financial Services Commission, Financial Supervisory Service and the Korea Exchange, as well as market experts and relevant institutions, in Seoul, in response to steep losses incurred in

EconomyNov. 18, 2024

Seoul shares open higher on large-cap gains

South Korean stocks got off to a strong start Monday, led by gains from large-cap shares. The benchmark Korea Composite Stock Price Index added 36.08 points, or 1.49 percent, to 2,452.94 in the first 15 minutes of trading. Market bellwether Samsung Electronics soared 5.79 percent, and leading battery maker LG Energy Solution increased 2.43 percent. Top automaker Hyundai Motor rose 3.4 percent, and its sister affiliate Kia jumped 2.84 percent. Energy shares were the biggest winners as KEPCO climb

MarketNov. 18, 2024

[Photo News] Hyundai’s Avante N TCR

Hyundai Motor on Sunday presented a racing car version of its high-performance sedan, the Avante N, based on its years of experience with the Touring Car Racing World Tour. The Avante N TCR has upgraded auto parts, including a carbon swan-neck spoiler with adjustable angles and 19-inch forged wheels, which are maintain high strength at a likght weight. It also features blue – the symbolic color of the N brand – in the steering wheel and first-row seat belts. Slated for debut in Kor

MobilityNov. 17, 2024

[KH Explains] Why Korean bank shares got bump from Trump's 2nd term

Shares of local banks are putting up a fight in the bearish Korean stock market, as investors are pricing in expectations that lenders could excel in the second Donald Trump administration under softened regulation and higher interest rates. The KRX Banks index, representing shares of top financial service providers such as KB, Shinhan, Woori and Hana, closed at 913.69 on Nov. 7, up 2.33 percent on-day, after Trump secured his victory in the US presidential election. It was the highest-gaining i

EconomyNov. 17, 2024

Hana Financial chief vows to boost corporate value in Hong Kong

Hana Financial Group's chief pitched the banking group's strategies to elevate its corporate value to overseas investors at an investor relations event in Hong Kong. Along with the chiefs of other top financial service providers in the country, Hana Financial Chairman Ham Young-joo attended the “Invest K-Finance” event, hosted by South Korea's Financial Supervisory Service. At the event, Ham introduced the group’s plan to boost corporate and shareholder value, ac

IndustryNov. 17, 2024

[Herald Interview] There’s no wrong way to enjoy bourbon: Jefferson's founder

Jefferson’s Bourbon Founder and Chief Strategist Trey Zoeller explores experimenting in Korea by pairing its bourbon with local culinary practices and pursuing partnerships with cultural industries as his brand establishes its foothold here. Ahead of the first anniversary of Kentucky-born Jefferson's Bourbon’s debut in Korea, Zoeller visited Seoul for the first time to introduce and share the allure of the brand to a growing number of bourbon enthusiasts in the country. He said

IndustryNov. 17, 2024