Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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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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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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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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BNP Paribas, HSBC face record fines for naked short selling
South Korea's financial regulator on Monday said it had imposed its largest ever fine on two Hong Kong-based investment banks for illegally practicing short selling on the domestic stock market. The Financial Services Commission said its Securities and Futures Commission decided during a meeting on Friday to fine the Hong Kong unit of French investment bank BNP Paribas and its securities affiliate operating in Korea as well as HSBC's Hong Kong arm 26.52 billion won ($20.35 million) for
Dec. 25, 2023
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LG Nova to offer glimpse into future startup tech at CES 2024
LG Nova, LG Electronics’ North American Innovation Center, will offer a glimpse into the technologies that will lead growth in the future at CES 2024, slated to be held in January in Las Vegas, the company said on Monday. At the annual consumer electronics show, LG’s US entity will open its showroom under the theme “Building a brighter tomorrow together.” Its 10 partnering startups will present their innovative technology ideas in four fields: digital health, clean tech,
Dec. 25, 2023
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Unit price of S. Korean car exports reaches record high in 2023
The average unit price of South Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles and electric vehicles, industry data showed Monday. In the first 11 months of this year, South Korea exported a total of 2.52 million units of automobiles, worth 64.5 trillion won ($49.5 billion), with the average unit price reaching 25.6 million won, according to the data from the Korea Automobile & Mobility Association. It is the first
Dec. 25, 2023
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Posco normalizes production at Pohang factory after fire
POHANG, North Gyeongsang Province -- Posco, South Korea's biggest steelmaker, said its key furnaces resumed operations in the country's major steel manufacturing complex in Pohang on Sunday after its facilities were partially suspended in the wake of a fire. The No. 2 and No. 3 furnaces were operational again starting at 2 p.m., with the No. 4 furnace to be put back into operations Sunday after some repair work and a safety check, officials said. Its steelmaking and hot rolling mills
Dec. 25, 2023
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Hanwha Ocean clinches W1.1tr deal to build 3,600-ton submarine
South Korean shipbuilder Hanwha Ocean clinched a 1.1 trillion-won ($845 million) deal Friday to build a 3,600-ton submarine for the Navy, the state procurement agency said. Hanwha Ocean signed the deal with the Defense Acquisition Program Administration (DAPA) to construct the third and last submarine under the Changbogo-III Batch-II program. The company, formerly known as Daewoo Shipbuilding and Marine Engineering, has been building two other Changbogo-III class submarines since 2021. It is the
Dec. 22, 2023
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Hanlim aims to open 100 E-mart 24 stores in Cambodia by 2028
Comprehensive real estate services company Hanlim Architecture Group said Friday that it has finalized an agreement to help Korean convenience store operator E-mart 24 enter Cambodia. The collaboration is being facilitated through a joint venture known as Saihan Partners. Saihan Partners was established this year as a collaboration between Hanlim Architectural Group and Cambodian retail company Saisons Brother Holding Corp. The joint venture emerged following a three-party memorandum of understa
Dec. 22, 2023
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Food security symposium addresses urgency amid climate crisis
The 2023 Korea Food Security Symposium is taking place Friday at the Korea Agro-Fisheries & Food Trade Corp. Center in Seoul, gathering field experts, scholars and public officials to discuss the topic of the country's food security, particularly in the age of climate crisis. "The rapidly intensifying climate crisis and persistent conflicts pose ongoing threats to the global food supply and demand network," said Kim Chun-jin, CEO of the Korea Agro-Fisheries & Food Trade Co
Dec. 22, 2023
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Korea Airports Corp. to expand airports as key business hubs
The Korea Airports Corp. said Thursday it aims at reversing into the black next year by attracting 90 million passengers and logging 1 trillion won ($766.7 million) in revenue. Seven airports across the nation, including Gimpo, Gimhae, Jeju, Cheongju, Daegu, Muan and Yangyang, are anticipated to surpass their pre-pandemic records in number of passengers by next year, riding the wave of increasing demand for inbound tourism. With the anticipated full recovery of international passengers in 2024,
Dec. 22, 2023
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Kim In wins KFCC chairman post through first direct election in history
The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, said Thursday that its acting president, Kim In, has been voted as the new chairman. This is the first time that the KFCC has voted its head through a direct election system in the institution's 60-year history. Until now, 350 representatives were selected to indirectly elect the president. Beating eight other candidates, Kim secured the top post by winning 539 votes out of the 1,
Dec. 21, 2023
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JB Financial inks partnership with Hanpass
JB Financial Group announced Thursday that it has signed an investment agreement to acquire a 15 percent stake in Hanpass, Seoul-based overseas remittance service company. With the latest agreement, it entered a second strategic partnership with a fintech company, following a similar agreement signed with Finda, a Seoul-based fintech company specializing in loan services, in July. "Cooperation between banks and fintech companies is anticipated to become a new foundation for growth as the ro
Dec. 21, 2023
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A.Virtual's air sterilization solution wins KATEC award
Air sterilization solutions provider A.Virtual won a special award from the Korea Association of Technology Commercialization in this year’s presentation for the “new growth engine industry commercialization supporting project,” Monday. This project connects small and medium-sized enterprises specialized in the promising industrial sectors -- electric and autonomous vehicles, internet of things, renewable energies, biohealth, semiconductors and displays -- with technology comme
Dec. 21, 2023
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LG Energy Solution secures 10 power grid projects in US
LG Energy Solution said Thursday its US subsidiary has landed 10 power grid supply deals in the fast-growing US energy storage system market since its launch last year. The projects' total energy storage capacity amounts to 10 gigawatt-hours, the firm said. Based in Texas, LG Energy Solution Vertech provides energy storage system integration services ranging from business solutions to installation, maintenance and repair. The venture was set up in February 2022 after the battery manufacture
Dec. 21, 2023
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Kakao Pay's Siebert takeover plan falls through
Kakao Pay, the online payment unit of South Korean tech giant Kakao, has axed plans to expand its ownership of stocks of US brokerage firm Siebert Financial amid ongoing regulatory risks at Kakao. The tech firm said in a public disclosure Wednesday it has arrived at a mutual consensus with Siebert to end their agreement to purchase a second round of stocks in the company, which had been slated to happen next year. Kakao Pay in May purchased a 19.9 percent stake in the New York-based firm through
Dec. 20, 2023
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Korea's logistics paradox: surging demand, looming vacancies
From oversupply of logistics hubs to international giants’ entry, South Korea’s booming e-commerce industry is being reshaped by multiple challenges and changes. According to Colliers Korea's December report, 114 logistics centers occupying over 10,000 square meters were registered this year, marking the highest figure since 2017. The rise was fueled by the heightened demand for logistics centers that surfaced three years ago during the peak of the pandemic. The Greater Seoul ar
Dec. 20, 2023
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Incheon Airport vows to go digital for more convenient services
The Incheon International Airport Corporation has unveiled its vision for the upcoming year, aiming to further digitalize the airport's systems and services for the convenience of passengers. "We have designated 2024 as Incheon Airport's year of digital transformation," Incheon International Airport Corp. CEO Lee Hag-jae said during a press conference held at the airport, on Wednesday. "Our objective is to integrate cutting-edge technology into airport services at both t
Dec. 20, 2023
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EcoPro to establish culture foundation for regional development
South Korean battery materials manufacturer EcoPro said Wednesday it has decided to establish a foundation for arts and culture in provinces beyond the Seoul area. While the nation’s investment in arts and cultural infrastructure is usually concentrated in Seoul, the foundation aims to seek a balanced development in provinces. EcoPro will later diversify its philanthropic portfolio to educational sectors, the firm added. EcoPro will first contribute some 100 billion won ($76.96 million) to
Dec. 20, 2023
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Big firms skip year-end brouhaha, offer days off instead
South Korean conglomerates are skipping official year-end ceremonies and recommending employees to take their annual leave to close out 2023. Samsung Electronics, the country’s largest conglomerate, is rounding out the year without any official year-end ceremony -- or "jongmusik" in Korean -- according to a Samsung official. The conglomerate will hold an official ceremony to kick off the new year -- or "simusik" -- on Jan. 2, 2024, bringing together top executives and e
Dec. 20, 2023
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Dongsuh Foods offers winter coffee at Maxim Plant
South Korean food and beverage manufacturer Dongsuh Foods welcomes customers to experience a cozy winter at Maxim Plant, a cultural center with a cafe featuring its flagship coffee brand. Located in Hannam-dong in central Seoul, the cultural space was opened in 2018, with the aim of introducing its coffee brand Maxim. Calling itself “a garden in the city, a coffee factory in the forest,” Maxim Plant is a dedicated space to display its roasting expertise and manufacturing process, whi
Dec. 20, 2023
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LS Cable develops new raw material for copper foil
LS Cable & System, South Korea’s leading cable manufacturer, said Wednesday that it has become the first in the industry to develop a new raw material for copper foil, accelerating its expansion into rare earth element and green businesses. CuFlake marks the world’s first case of utilizing copper metal pieces instead of copper wire to produce copper foil which is widely used in electric vehicle components and mobile gadgets. The company recently completed a successful sample te
Dec. 20, 2023
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[KH Explains] What’s behind life insurance companies' rush into senior care industry?
Insurance companies are seeking to capture business opportunities in the senior care and retirement community industry with the country quickly approaching having the world's oldest population. Tucked into a quiet neighborhood in central Seoul, KB Financial's arm for senior nursing care, KB Golden Life Care, will launch a five-story housing complex at the end of this month. The retirement community -- KB Pyeongchang County -- will house 164 sets of senior residents as either singles or
Dec. 20, 2023