Finance chiefs of Korea, US, Japan to hold 3-way talks for first time

Finance leaders from South Korea, the United States and Japan were set to hold their first-ever trilateral meeting in Washington on Wednesday, to step up economic cooperation amid heightened geopolitical risks in the Middle East. Finance Minister Choi Sang-mok departed for the US on Tuesday to attend the three-way meeting, as well as a meeting of Group of 20 finance ministers and central bank presidents as part of the annual Spring Meetings between the International Monetary Fund and the World

EconomyApril 16, 2024

Korean won weakens amid heightened uncertainty

The Korean won weakened to 1,400 won against the US dollar during trading hours Tuesday, marking a new 17-month low as the Korean economy faces headwinds from the escalating volatility in the Middle East. The local currency against the greenback closed at 1,394.5 won, losing its value by 10.5 won from the previous trading day. Shortly after trading began at 1,389.9 won, the rate weakened to 1,400 won to $1 at 11:32 a.m., marking the first time in 17 months for the currency exchange rate to hit t

EconomyApril 16, 2024

Pineapple, mango imports surge to record highs in March

South Korea witnessed its highest-ever import figures for pineapples and mangoes in March, largely driven by the government’s recent efforts to address the soaring prices of homegrown apples by diversifying demand toward alternative options. According to the Korea Customs Service on Tuesday, the import volume of pineapples reached 8,686 tons, worth $8.68 million, in March, up 44.7 percent from the previous year, marking a record high. Imports of mangoes also more than doubled to 6,264 tons

IndustryApril 16, 2024

SK hynix sees 30% surge in market cap in Q1

South Korea’s total market cap increased by nearly 100 trillion won ($72 billion) during the first quarter of this year, backed by jumps in stock prices in key industries, including semiconductors, data showed Tuesday. According to a report from local corporate tracker Korea CXO Institute, the combined market cap of 2,692 local firms jumped 96 trillion won during the January-March period to reach 2,599 trillion won. The figures exclude the value of preferred shares. The number of stocks wi

IndustryApril 16, 2024

[Photo News] Kyobo Life homecoming day

Kyobo Life Insurance CEO and Chairperson Shin Chang-jae (second row, second from left) poses for a picture with federation officials and former athletes during a ceremony celebrating the 40th anniversary of the Kyobo Life Cup Dream Sports Competition, at the Four Seasons Hotel in Jongno-gu, Seoul, Tuesday. Since 1985, the insurer has contributed 12 billion won ($8.6 million) to support 148,000 aspiring young athletes through its social contributions program. (Kyobo Life Insurance)

IndustryApril 16, 2024

Renault Korea revisits evolution of lozenge emblem

Renault Korea on Tuesday outlined a brief history of its iconic “lozenge” emblem, revisiting its evolution following the company's rebranding earlier this month. The rebranding replaced the "storm’s eye" logo used exclusively by its Korean branch since 2000 with Renault's original diamond-shaped lozenge emblem. The diamond-shaped logo is prominently featured at the company's new flagship store in Seongsu-dong, Seoul, where the rebranding announcement to

MobilityApril 16, 2024

Doosan, LG team up to debut EV charging robot

Doosan Robotics has teamed up with LG Electronics to test an automated electric vehicle charging system that uses its advanced collaborative robots to streamline the EV charging process. This system combines LG’s 100-kilowatt fast chargers with Doosan’s high-dexterity collaborative robotics tech to replace the manual process of handling bulky charging cables that drivers often find cumbersome. The companies started a pilot operation for their new automated EV charging station last Th

MobilityApril 16, 2024

Mom’s Touch opens first store in Tokyo

South Korean chicken and burger chain Mom’s Touch announced Tuesday that it has entered into the Japanese fast-food restaurant market by opening its first direct store overseas in Shibuya, Tokyo. The new venue, which used to be the former site of McDonald's Japan for 39 years, spans approximately 418 square meters of floor space and includes 220 seats distributed over three floors. Strategically located near Shibuya Scramble Square and Shibuya Station, the bustling hub of the Japanese

IndustryApril 16, 2024

ShinWon accelerates global expansion with big ESG push

Amidst increasing global awareness of corporate responsibilities across various sectors, South Korean fashion company ShinWon Corporation has been actively involved in extensive social initiatives at home and abroad. On International Women's Day in March, ShinWon's headquarters and its overseas subsidiaries organized various activities to commemorate advancements in women's rights and equality. In Vietnam, ShinWon's two production plants hosted a grand gala concert and a post

IndustryApril 16, 2024

[Photo News] Opposites United

Kia is presenting its design philosophy Opposites United at Milan Design Week 2024 this week with a second-year solo exhibition at the Museo della Permanente art museum. This year's display features collaborations with four artists who explore the philosophy’s fusion of contrasting elements to create cohesive vehicle designs. Visitors can explore five thematic areas, including an immersive installation highlighted by complex lighting patterns that illustrate the synergy of cutting-edg

MobilityApril 16, 2024

Seoul shares open sharply lower as Israel warns of retaliation

South Korean stocks started sharply lower Tuesday tracking overnight losses on Wall Street amid the escalating tension between Israel and Iran. The benchmark Korea Composite Stock Price Index dropped 36.34 points, or 1.36 percent, to 2,634.09 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.65 percent and the tech-heavy Nasdaq declined 1.79 percent. Tensions continued to escalate in the Middle East after Israel warned of retaliation after Iran conducted a dr

MarketApril 16, 2024

S. Korea makes positive assessment of $6.4 bln grants for Samsung Electronics

South Korea on Monday reacted positively to a US plan to award up to $6.4 billion in grants to support Samsung Electronics Co.'s chipmaking investment in central Texas, calling it a "favorable" result. The assessment came after Washington said it has reached a nonbinding preliminary agreement with Samsung to provide the grants under the CHIPS and Science Act to support the tech giant's expected investment of more than $40 billion, in the establishment of a "leading-edge

IndustryApril 15, 2024

US confirms $6.4 billion chip subsidy for Samsung

The US government announced Monday that it will award up to $6.4 billion to Samsung Electronics for its chip fabrication facilities in Taylor, Texas. "The return of leading-edge chip manufacturing to America is a major new chapter in our semiconductor industry," said White House National Economic Adviser Lael Brainard in a press briefing. US Secretary of Commerce Gina Raimondo also revealed that the subsidy plan, coming under the US Chips Act, will support Samsung's two chip produ

IndustryApril 15, 2024

Seoul shares close lower amid growing Middle East tension; won at 17-month low

South Korean stocks fell 0.42 percent Monday due to heightened geopolitical uncertainties in the Middle East following Iran's recent drone and missile attacks on Israel. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index plunged 11.39 points, or 0.42 percent, to close at 2,670.43, after falling as low as 2,641.16 at one point. Trade volume was moderate at 552 million shares worth 10.3 trillion won ($7.45 billion), with decliners outpacing gain

MarketApril 15, 2024

Hanlim, Kazakhstan partner on greenhouse gas reduction project

Hanlim Architecture Group said Saturday it was embarking on a joint collaboration with Kazakhstan's environmental group KMG and the city of Shymkent on a landfill greenhouse gas reduction project. The partnership went through a joint project agreement, which was marked by a visit to the landfill site in Shymkent, Kazakhstan, by KMG Chairman Choi Ik-jun, Hanlim Architecture Group Chairman Park Jin-sun, and other officials. During the site visit, Chairman Park detailed the project’s dev

IndustryApril 15, 2024

Korea braces for blows from Middle East conflict

The heightened geopolitical tensions from Iran's attack on Israel have cast gloom on Korea as well, bringing down local shares and leading to currency depreciation. While the Korean won has been losing its value against the US greenback in recent days with weakened anticipation on the US Federal Reserve taking a pivot in its monetary policy any time soon, the escalated volatility has led to further depreciation. The won weakened against the dollar on Monday, with the exchange rate closing a

EconomyApril 15, 2024

Greyd’s video platform helps Korean sellers go global

Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers. Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new ty

IndustryApril 15, 2024

[Photo News] 23 years, and more

Incheon International Airport Corp. CEO Lee Hag-jae (third from left), Hana Financial Group Chairman Ham Young-joo (fourth from left) and Hana Bank CEO Lee Seung-lyul (third from right) pose for a picture at the opening ceremony of Hana Bank's relocated branch at Incheon Airport on Monday. Hana Bank stands as the only bank to have operated continuously for 23 years at the airport since its inauguration in 2001. (Hana Bank)

IndustryApril 15, 2024

KAI inks W1tr eVTOL parts supply deal with Brazil's Eve

Korea Aerospace Industries announced Monday that it signed a contract with Eve Air Mobility to supply structural components for electric vertical take-off and landing aircraft. Eve, established by the Brazilian aerospace corporation Embraer, leads in urban air mobility industry with the largest customer base. With the undergoing development of electric vertical take-off and landing (eVTOL) aircraft, the company aims to put the first vehicles into service by 2026. Having previously supplied major

IndustryApril 15, 2024

Samsung, LG showcase built-in lineup at Milan Design Week

Samsung Electronics and LG Electronics, the leading home appliance giants in Korea, are participating in this year’s Milan Design Week this week to showcase their new built-in appliances incorporating artificial intelligence and connectivity. Milan Design Week is one of the largest international design and furniture exhibitions, held in the city in northern Italy with the participation of some 2,300 companies. This year the event runs from Tuesday to Sunday. The tech giants have also set u

IndustryApril 15, 2024