[Contribution] Why Korea-Africa summit matters

By Lee Seong-woo Vice president of the Korea Chamber of Commerce & Industry The 2024 Korea-Africa summit is set to be held this week in Seoul. Korea and Africa have hosted ministerial forums to promote exchanges and cooperation since 2006. The upcoming summit is expected to elevate their ties to the next level. Africa may have struggled to achieve economic development and social stability but the region has also been highlighted as the “continent of the future” for many reasons

IndustryJune 2, 2024

[Herald Interview] Korea’s space sector should strive for ‘balanced portfolio’

The Korea AeroSpace Administration, the government’s new space body, officially began operations last week with the hope of vaulting the country into the category of the top five space leaders across the globe. Steve Chien, a longtime artificial intelligence expert at the US National Aeronautics and Space Administration, says the space sector should try to have a “balanced portfolio.” “You have the government. You have big companies. You have small companies. You have uni

IndustryJune 2, 2024

Korean biotech firms seek to shine at Bio USA amid China’s boycott

A record number of South Korean pharmaceutical and biotech companies are joining this week’s Bio International Convention to showcase their latest innovations and boost client partnerships amid the absence of their Chinese rivals. The event, also known as Bio USA, will run Monday through Thursday in San Diego. Aligning with this year's theme, "Time for Science to Shine," more than 20,000 biotechnology and pharma leaders have registered for this year's convention. From K

IndustryJune 2, 2024

HiteJinro marks centennial with renewed growth push

HiteJinro, the nation's oldest liquor-maker marking its centennial this year, on Wednesday renewed its emphasis on product quality and customer engagement. "We believe the key to maintaining a 40 percent share of some 2,729 manufacturing licenses in Korea today is HiteJinro's exceptional products, marketing and sales skills all combined as teamwork," said Kim Hyun-jin, managing director of HiteJinro's sales division, during a press conference in Seoul. HiteJinro traces

IndustryJune 2, 2024

Naver Webtoon eyes $4b Nasdaq listing

Naver Webtoon, also known as Webtoon Entertainment in the US, has kicked off the initial public offering process, as it filed a registration statement with the US Securities Exchange Commission for listing on the Nasdaq market. Despite the unsettled atmosphere within Naver due to recent controversies surrounding its ownership of Line, the messaging app popular in Japan, the webtoon unit aims to complete its Nasdaq stock listing no later this year. Webtoon Entertainment submitted the statement on

IndustryJune 2, 2024

HD Korea Shipbuilding unveils safer ammonia-powered ships

HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding and offshore businesses, unveiled its latest advancements in ammonia-fueled vessel technology at the Global Tech Forum on Friday in Athens, Greece. At the forum, which attracted over 100 attendees from the global shipbuilding and maritime industry, the Korean vessel manufacturer introduced its integrated scrubber technology designed to nearly eliminate toxic gas emissions from am

IndustryJune 2, 2024

Korean builders bet big on Rwanda’s fast-growing economy

Some liken Rwanda to the “Singapore of Africa” due to its fast-growing economy and strategic focus on fintech. South Korean builders and financial firms are also eyeing their expansion in the burgeoning market, pinning high hopes on the upcoming Korea-Africa summit talks in Seoul. Since establishing official diplomatic ties in 1963, Korea and Rwanda have continued elevating their economic partnership. In 2023, Korea’s exports to Rwanda stood at $17.27 million, mainly consisting

EconomyJune 2, 2024

Korea seeks to bolster ties with Tanzania, key supply chain partner

South Korea has been seeking to bolster ties with Africa, with its vibrant economies, young population and abundant natural resources. Tanzania, among others, is emerging as a key partner at a time when countries around the world are competing to secure high-value natural resources amid fast-reshaping supply chains for key industrial sectors. Korea has also been working to elevate economic ties with Tanzania, home to 633 million people – Africa's fifth-largest nation by population. Th

IndustryJune 2, 2024

Household loans from 5 major banks expand for 2nd consecutive month in May

Household loans extended by five major lenders in South Korea rose for the second straight month in May on a rise in mortgage and credit loans, industry data showed Sunday. Household loans extended by the five top lenders added 4.7 trillion won ($3.39 billion) from a month earlier to 702.7 trillion won as of end-May, according to data compiled by Yonhap News Agency. It marked the second consecutive on-month growth from 4.4 trillion won in April, following a 2.2 trillion-won drop in March. The ga

EconomyJune 2, 2024

Exports extend gains to 8th straight month in May

South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday. Outbound shipments rose 11.7 percent on-year to $58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months. It was

EconomyJune 1, 2024

NPS targets 5.4% return from fund operations over next 5 years

The government has set a target return rate of 5.4 percent for the National Pension Service fund operations over the next five years. On Friday, the NPS announced that its Fund Management Committee had approved the midterm asset allocation plan for the 2025-2029 period, establishing a target return rate of 5.4 percent. In accordance with the committee's decision earlier this month to increase the long-term allocation of investments in high-risk assets to 65 percent, the target asset proport

EconomyMay 31, 2024

Chubb unites Korean insurance arms under 'Lina' brand

US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary, announced Friday that it will rename its brand from Ace General Insurance to Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One. "The unified 'Lina' brand embodies

IndustryMay 31, 2024

LG Chem inks biggest corporate purchase of wind power in Korea

LG Chem said on Friday that it has secured a 20-year deal to purchase clean electricity from two wind farms in South Korea, as part of its efforts to reduce carbon emissions and achieve net zero by 2050. Facilitated by the state-run utility Korea Electric Power Corporation, LG Chem formed a power purchase agreement with ST International, an energy trading company, and Shinhan Asset Management, the owners of the two wind farms, with a combined capacity of 241 megawatts, located in Yeongdeok and Y

CompaniesMay 31, 2024

Posco breaks ground for W1.5t nickel and precursor plants

South Korean steel giant Posco Group said Friday that it held a ground-breaking ceremony for its new plants dedicated to nickel and precursor production, as part of efforts to secure a stable supply chain for secondary battery materials. For this project, Posco partnered with CNGR, a Chinese company renowned for its global leadership in precursor production. In January, Posco Holdings and CNGR established Posco CNGR Nickel Solution, their 60:40 joint venture specializing in nickel refining. Addi

CompaniesMay 31, 2024

Seoul shares end almost flat ahead of key US inflation data

Seoul shares ended almost flat Friday after a three-day rise ahead of key US inflation data due this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.08 point, or 0.04 percent, to close at 2,636.52. The main index has fallen 1.9 percent this week. Trade volume was heavy at 594.78 million shares worth 15.45 trillion won ($11.1 billion), with gainers far outpacing losers 533 to 332. Institutions and individuals bought a combined 1.35 trillion

MarketMay 31, 2024

How will SK chief's W1.3tr divorce settlement affect his ownership?

The high-profile divorce settlement ruling ordering SK Group Chairman Chey Tae-won to pay his ex-wife a record 1.38 trillion won ($1 billion) has commanded attention for how the chaebol chief will raise the cash as well as the possible impact the ruling could have on the shareholding structure of the nation’s second-largest conglomerate. The Seoul High Court on Thursday ordered Chey to pay 1.38 trillion won in property division and 2 billion won in a one-off alimony payment to his estrange

IndustryMay 31, 2024

Lotte Biologics forges partnership with Merck for raw materials supply

Lotte Biologics, a South Korean contract development and manufacturing organization, and Merck’s process solutions arm signed a letter of intent for a strategic partnership in biopharmaceutical manufacturing and process development, the company said Friday. Under the partnership, Lotte Biologics plans to purchase raw materials and solutions from Merck for its development and production of pharmaceutical products in the future. “Lotte Biologics expects its partnership with Merck will

IndustryMay 31, 2024

Toss Bank racks up profits for third quarter in row

Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 billion won recorded in the same period last year. This figure nearly doubled from the 8.6 billion won logged in the third quarter of the previous year, when the online bank first reported a quarterly

IndustryMay 31, 2024

Hanwha Ocean bolsters its Canadian submarine partnerships

Hanwha Ocean has bolstered its partnerships with Canadian companies to strengthen its submarine businesses, the Korean shipbuilder said Friday. According to the company, Hanwha Ocean signed a teaming agreement with CAE, a Canadian simulation technologies developer that provides integrated live, virtual and constructive training solutions for defense forces, at Canada's largest defense and security trade show CANSEC in Ottawa. Hanwha Ocean and Hanwha Aerospace were the only Korean firms to p

CompaniesMay 31, 2024

91,000 homes foreign-owned, mostly by Chinese

The number of homes owned by foreign nationals came to 91,453 in December 2023, with 55 percent of them belonging to Chinese nationals, government data showed Friday. The Ministry of Land, Infrastructure and Transport released a report on foreign-owned real estate assets, which showed that 0.48 percent of all homes in the country are owned by non-South Koreans. The number of foreign-owned homes rose 4.8 percent compared to the previous report released six months ago, with 4,230 additional homes

EconomyMay 31, 2024