[From the Scene] The Hyundai Seoul turns Yeouido into young shoppers' mecca

Just a few years ago, the streets of Yeouido, Seoul's main finance and investment banking district normally full of white-collar workers during weekdays, were quiet during weekends. But now, the high-profile opening of The Hyundai Seoul, the largest retail mall in Korea's capital, has reinvigorated the area, making it a shopping mecca for those in their 20s and 30s in only three years. “I can see more people, particularly younger people, coming to this office district in Yeouido

IndustryMarch 5, 2024

Korea's GNI rebounds on stable won

South Korea’s gross national income per capita rebounded to over $33,000 in 2023, marking a 2.6 percent rise on-year, while the national economy grew by 1.4 percent, preliminary data from the Bank of Korea showed Tuesday. The GNI per capita, a measure of the amount of money earned per person in a nation, stood at $33,745 last year, advancing by 2.6 percent from $32,886 in 2022. The figure, drawn up by dividing national income in a year by population, helps evaluate the standard of living.

IndustryMarch 5, 2024

Seoul shares close lower on profit taking

South Korean stocks closed lower Tuesday as investors sought profit while awaiting China's economic policy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.87 points, or 0.93 percent, to 2,649.4. Trade volume was moderate at 447 million shares worth 11.9 trillion won ($8.93 billion), with losers outpacing gainers 606 to 282. Foreigners scooped up 85.6 billion won, extending their buying streak to eight consecutive sessions. Institutions

MarketMarch 5, 2024

[KH Explains] Warship rivals at loggerheads

The dispute between South Korea’s two major shipbuilders -- Hanwha Ocean and HD Hyundai Heavy Industries, housed under Hanwha Ocean and HD Hyundai Heavy Industries, respectively -- is escalating, with Hanwha taking legal action. Hanwha Ocean on Monday filed a complaint with the National Office of Investigation to probe into the case of HD Hyundai Heavy Industries’ nine employees who were convicted of collecting military secrets and leaking them, asking the authorities to uncover info

IndustryMarch 5, 2024

Yanolja makes big cloud push for US listing

South Korean travel platform operator Yanolja is making a big push in cloud services, as it seeks to transform itself into a global tech solutions provider. As the company accelerates the expansion of its overseas solutions business, market watchers and investors are paying keen attention to whether the company will go public on the US stock market this year. According to industry sources on Tuesday, Yanolja is preparing for an initial public offering on either the New York Stock Exchange or Nas

TechnologyMarch 5, 2024

Abu Dhabi welcomes Korean touch in boosting creative economy

ABU DHABI, United Arab Emirates – A fleet of chartered busses lined up to drop off Chinese tourists at the entrance of the Louvre Abu Dhabi, the Arab franchise of the famous French museum – a rare scene in the capital of the United Arab Emirates where most of the visitors come from India, Saudi Arabia, the US, and the UK. Located on a 24,000 square-meter site within the city’s Saadiyat Cultural District, the museum, known for its enormous metallic silver canopy, is a testament

IndustryMarch 5, 2024

[Photo News] Woori Bank in Hanoi Koreatown

Woori Bank said Tuesday that it has recently opened a new branch office in the My Dinh district of Vietnam's capital Hanoi, as part of service expansion for Korean customers living abroad. Located in the residential district that is home to many Koreans, the new office will also provide digital banking services for small business owners, such as a real-time alert system for point-of-sale transactions. (Woori Bank)

CompaniesMarch 5, 2024

SK hynix denies being pressured to support merger of smaller rivals

SK hynix, the world’s second-largest memory chipmaker, on Monday denied Japanese reports that the Korean government pressured the company to support the merger of its rival chipmakers, Western Digital and Kioxia Holdings. Japanese news outlets, including Asahi Shimbun, citing unidentified sources, reported that Western Digital of the US and Kioxia of Japan, the world’s No. 3 and 4 memory chipmakers, are resuming their merger talks in April. In the deal process, they added, SK hynix,

IndustryMarch 5, 2024

LG launches battery swap service for e-scooters

LG Energy Solution said Tuesday that KooRoo, its company-in-company operating the battery swapping station business for electric two-wheelers, is kicking off full-scale operations following a successful pilot program. KooRoo's service allows users to easily swap the depleted batteries of electric scooters for fully charged ones, seeking to offer delivery riders reduced operating costs and increased convenience compared to conventional vehicles. A recent pilot program in collaboration with d

MobilityMarch 5, 2024

Net art pioneer Shu Lea Cheang wins 2024 LG Guggenheim Award

LG Group said Tuesday that Shu Lea Cheang, a Taiwanese-American multimedia artist, has been named this year’s winner of the LG Guggenheim Award for her pioneering artistic journey of integrating art and technology over the past decades. The annual award serves as a cornerstone of the LG Guggenheim Art and Technology Initiative, a dynamic five-year project aimed at supporting innovative contemporary artists dedicated to digital artwork. Cheang, a trailblazer in the realm of Net art, has bee

IndustryMarch 5, 2024

JB Financial Group expands outside board directors

JB Financial Group said Tuesday it appointed two new members to its outside board of directors, aligning with the government's initiative for increased inclusivity in the financial sector. The group is welcoming two distinguished members to its outside board of directors -- Lee Hee-seung, a capital market expert and the current director of the investment division at Leading Ace Capital, and Lee Myung-sang, a corporate lawyer from Lee Kim & Partners and a former member of the Financial D

IndustryMarch 5, 2024

Kakao's new tech chief faces backlash over stock sales

Jung Gue-don, the former chief technology officer of Kakao Bank, has recently been nominated as the tech chief of Kakao, the Internet giant and the online-only lender's largest shareholder, according to industry sources on Tuesday. The new appointment, however, is facing a backlash, as Jung had come under fire for selling off some 7.6 billion won ($5.7 million) of stocks in Kakao Bank for a quick profit. He dumped 90 percent of his shares just three days after the lender’s market debu

IndustryMarch 5, 2024

[Photo News] First recycled tires for EVs

Hankook Tire & Technology on Tuesday unveiled its iON tire brand specifically designed for electric vehicles. The tire utilizes recycled PET (plastic polyethylene terephthalate) in partnership with local materials firms Hyosung Advanced Materials and SK Chemical. This is the first time in Korea that chemically-recycled PET has been used in tires for the mass market. (Hankook Tire & Technology)

CompaniesMarch 5, 2024

[Investor] Korean startups suffer setback as Chinese e-commerce titans pounce

In a whirlwind of fierce competition, Chinese e-commerce powerhouses AliExpress and TEMU have been dampening the once-vibrant spirit of retail business startups in Korea. The surge of Chinese e-commerce companies has delivered a significant blow to Korea's startup scene. Their mega-scale, low-cost strategies have left local businesses struggling to keep up, ultimately stifling the creation of new ventures in the retail business, according to a report from local daily Herald Business. Recent

IndustryMarch 5, 2024

Seoul shares open lower on profit taking

South Korean stocks opened lower Tuesday as investors sought profit after a sharp rise the previous session, with tech and auto shares leading the losses. The benchmark Korea Composite Stock Price Index fell 8.26 points, or 0.31 percent, to 2,666.01 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 0.25 percent and the tech-heavy Nasdaq Composite losing 0.41 percent. In Seoul, tech shares opened mostly bearish, with Sam

MarketMarch 5, 2024

S. Korean economy grows 1.4 % in 2023, unchanged from earlier estimate: BOK

South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6

EconomyMarch 5, 2024

[From the Scene] Staying 'senior-friendly': Next normal of banking

Orange, green and blue -- the mixture of these vibrant colors is not something you would commonly expect to see at a commercial bank's branch in Korea. Yet welcoming customers into Shinhan Bank's Sillim-dong branch are color-coded floor lines guiding customers to their respective services. For instance, following the green line leads to desks handling simple tasks like deposits and withdrawals. This Sillim-dong branch, situated in southern Seoul's Gwanak-gu district, is among Shin

EconomyMarch 4, 2024

Hugel receives FDA approval for botulinum toxin Letybo

Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea

IndustryMarch 4, 2024

[KH Explains] Shipping constraints shackle Korea's auto export boom

Korean automakers are grappling to maintain their export momentum due to a shortage of car carriers to transport them, driven by the increasing volume of Chinese automotive exports and stringent maritime environmental regulations. The scenario has led to an unprecedented rise in the cost of chartering vehicle transport vessels. This comes as South Korea's auto production exceeded 4 million units for the first time in five years in 2023, with auto exports reaching a record $70.9 billion, con

MobilityMarch 4, 2024

World Battery Forum kicks off in Seoul

The battery associations of South Korea, the US, the EU and Japan announced the launch of the World Battery Forum in Seoul on Monday. The WBF has been established to accelerate the battery industry's net-zero energy transition, analyze worldwide battery regulations to push for an eco-friendly energy policy environment and make joint efforts to secure fair and free trade and investment as well as stable global battery supply chains. The WBF will meet every year and change location in the ord

IndustryMarch 4, 2024