Foreign exchange reserves fall for third consecutive month

South Korea's foreign exchange reserves fell for the third consecutive month in October, according to data released by the Bank of Korea on Friday. At the end of October, foreign exchange reserves stood at $412.87 billion, down $1.24 billion from the previous month's $414.12 billion. South Korea's foreign exchange reserves remained in ninth place among major countries in October, also for the third consecutive month. In June, South Korea surpassed Hong Kong to regain the eighth

IndustryNov. 3, 2023

Woori Bank establishes Bangladesh regional headquarters

Woori Bank, one of South Korea’s top four commercial banks, announced Friday that it has opened a new regional headquarters in Bangladesh that will be in charge of managing six other branches in the country. The Korean bank said it has turned the Dhaka branch into the country's main headquarters on Tuesday, with the purpose of serving as a control tower of financial management, internal control and risk management, marketing, and consulting service for Korean companies seeking to expa

EconomyNov. 3, 2023

Volvo expands presence in Korean market

Volvo is putting the pedal to the metal as it inches closer and closer to overtaking Audi’s third place in South Korea’s auto import market that has long been led by the three German brands: Mercedes-Benz, BMW and Audi. According to the Korea Automobile Importers and Distributors Association’s monthly report released Friday, the Swedish automaker sold 1,263 units in the country in October. Audi which sold 1,141 vehicles in the same period. With that, Volvo Cars Korea became the

MobilityNov. 3, 2023

Samsung files complaint in US against BOE for allegedly leaking trade secrets

Samsung Display has filed a complaint against BOE Technology and seven of its affiliates to the United States’ International Trade Commission, claiming the Chinese display makers violated trade secret regulations, an ITC document revealed on Friday. According to the document from the ITC, Samsung Display filed the complaint on Oct. 31, accusing the Chinese rival of violating a US Tariff Act in the US' importation and sales of organic light-emitting diode display modules and compon

IndustryNov. 3, 2023

Seoul shares open higher on US advance

South Korean stocks opened higher Friday tracking overnight gains on Wall Street amid expectations that the Federal Reserve's monetary tightening mode has passed. The benchmark Korea Composite Stock Price Index shot up 20.62 points, or 0.88 percent, to 2,363.74 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average advancing 1.7 percent and the Nasdaq Composite rising 1.78 percent. The Fed has kept its benchmark lending rate steady at a

MarketNov. 3, 2023

Asiana Airlines to sell cargo biz to smooth merger

The board of Asiana Airlines, the nation’s second-largest air carrier, on Thursday approved a plan to sell off the company’s cargo business, a decision widely seen as crucial for its high-profile merger with its bigger rival Korean Air. Asiana said in a regulatory filing that its board approved the sell-off plan. Korean Air said in the afternoon that the company had immediately submitted its revised merger plan, including Asiana’s cargo unit sell-off, to the European Commission

IndustryNov. 2, 2023

Paris Baguette inks sponsorship deal with Paris Saint-Germain

Paris Baguette, South Korean bakery giant SPC Group's flagship bakery chain, announced Thursday that the company has signed a sponsorship deal with French football club Paris Saint-Germain. Of around 30 companies that have partnered with the Paris-based football club, including Nike, Qatar Airways, Coca-Cola and McDonald’s, Paris Baguette is the only Korean brand. Paris Saint-Germain is an internationally popular French football club which is widely known for its superstar, Kylian Mba

IndustryNov. 2, 2023

Indonesia’s upcycling startup wins Korea-ASEAN pitch competition

South Korea’s SMEs and Startups Ministry and Indonesia’s Cooperatives and SMEs Ministry unveiled the final winners of the 4th Korea-ASEAN Business Model Competition for SDGs 2023 at a hotel in Jakarta, Indonesia, on Tuesday. Launched in 2020, the annual competition aims to boost hundreds of startups and SMEs from South Korea and Southeast Asian countries to adopt the Sustainable Development Goals set by the United Nations to their business models. While this year’s competition

IndustryNov. 2, 2023

[Photo News] Merger move

Korean Air and Asiana Airlines aircraft are parked at Incheon International Airport, west of Seoul, Thursday. The board of Asiana Airlines, Korea's second-largest carrier, earlier in the day decided to sell its cargo business, clearing another obstacle in Korean Air's path to win approval from the European Union's antitrust body for its takeover of Asiana Airlines. (Yonhap)

IndustryNov. 2, 2023

[Photo News] Korea-Ireland business roundtable

Korea Enterprises Federation Chairman Sohn Kyung-shik (fifth from left, front row), who also serves as CJ Group chairman, Ireland's Minister for Enterprise, Trade and Employment Simon Coveney (fourth from left, front row) and government and business officials of both countries pose for a photo following a roundtable meeting held at a Seoul hotel on Thursday. (KEF)

IndustryNov. 2, 2023

Yoon hosts private banquet with chaebol chiefs

South Korean President Yoon Suk Yeol invited the chiefs of the country's top conglomerates -- Samsung Electronics, SK Group and LG Group -- to a private banquet Tuesday to discuss pending issues, according to industry sources on Thursday. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo were reportedly invited to the meeting at the presidential office in Yongsan, central Seoul, with Hyundai Motor Group Executive Chair, leader of

IndustryNov. 2, 2023

Asiana to sell cargo biz to help Korean Air win EU approval for takeover

Asiana Airlines Inc., South Korea's second-largest air carrier, said Thursday its board approved a plan to sell the company's cargo business, in a decision that could help Korean Air Co. win antitrust approval from European Union regulators for its takeover of the rival. In a regulatory filing, Asiana announced the board's decision, noting it as a part of remedial measures for Korean Air to be submitted to the European Commission to win approval for the merger. The decision came t

EconomyNov. 2, 2023

BOK breathes sigh of relief after Fed pauses rate hikes

The US Federal Reserve’s second consecutive decision to maintain its key rate has lifted some of the weight off the Bank of Korea, which has been in a standstill amid rising economic uncertainties. The Federal Open Market Committee on Wednesday decided to hold the rate steady between 5.25 percent and 5.5 percent, continuing a rate freeze from September. "With the FOMC’s decision meeting market expectations, the global financial market remained calm in the early morning,"

EconomyNov. 2, 2023

Seoul shares shoot up nearly 2% on Fed's back-to-back rate freeze

South Korean stocks soared nearly 2 percent Thursday after the US Federal Reserve held its key rate steady as widely expected overnight. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index shot up 41.56 points, or 1.81 percent, to close at 2,343.12 Trading volume was moderate at 370 million shares worth 7.57 trillion won ($5.63 billion), with gainers outnumbering losers 693 to 207. Foreigners dumped a net 141.3 billion won worth of local shares,

MarketNov. 2, 2023

[Herald Interview] Merck seeks growth with Korean chipmakers

The global semiconductor industry is struggling to make ends meet amid sluggish demand and price decreases, but German technology firm Merck sees Korea, the home of the world's two largest memory chip producers Samsung Electronics and SK hynix, still an attractive destination for business. “The leading players in the industry that are investing the most amount in new capacity, our Korean customers are at the top of that list. Making sure that we are continuing to engage with the leadi

TechnologyNov. 2, 2023

Yangjae Flower Festa kicks off Friday

Hosted by the Korea Agro-Fisheries and Food Trade Corporation (aT), the 5th Yangjae Flower Festa kicks off Friday at the aT center in Seocho-gu, southern Seoul, with the goal of sharing the value of flowers in our daily lives. Under the slogan “Blossom the Earth,” this year’s three-day flower festival will discuss the future of the floriculture industry amid a global trend of pushing for net zero emissions. This year’s event is the first indoor flower show to be hoste

IndustryNov. 2, 2023

KITA chief touts Ireland’s business-friendly policy

Jeong Marn-ki, vice chairman of the Korea International Trade Association, said South Korea should learn from Ireland's policy for foreign businesses during a networking event jointly organized with Enterprise Ireland on Wednesday at Trade Tower in Seoul. Enterprise Ireland is the government organization responsible for the development and growth of Irish enterprises in world markets. “Thanks to the creation of a business-friendly environment and active attraction of foreign investm

IndustryNov. 2, 2023

KG Mobility, BYD bolster ties on EV batteries, hybrids

KG Mobility, formerly known as Ssangyong Motor, has clinched a deal with China-based electric vehicle maker BYD to set up a new EV battery pack manufacturing plant and develop a hybrid car system in Korea. KG Mobility Chairman Kwak Jae-sun, KG Mobility CEO Chung Yong-won, BYD Chairman Wang Chuanfu, BYD subsidiary FinDreams Battery Chairman He Long and other executives from the two companies participated in the signing ceremony held at BYD's headquarters in Shenzhen, China on Wednesday. &ldq

MobilityNov. 2, 2023

Kia unveils ‘tiger-faced’ new K5

Hyundai Motor Group’s Kia on Thursday unveiled The New K5, the third generation model of its bestselling midsized sedan, setting an ambitious sales target of more than 30,000 units at home in the first year. “More than 6,000 K5 cars were preordered since Oct. 25, with hybrid models taking up the biggest portion, followed by gasoline models,” said Choi Yang-suk, head of the domestic marketing team at Kia, during a press conference held in Seoul on Wednesday. “Although the

MobilityNov. 2, 2023

Iraqi Kurdistan officials visit Korea to glean procurement expertise

South Korea’s government procurement agency said Thursday that a delegation from the Iraqi Kurdistan government visited its headquarters in Daejeon to learn about Korea’s e-procurement system and the latest developments in the country's public procurement administration. The delegation consisted of 14 government officials from various ministries of the autonomous region, including the Ministry of Planning, Ministry of Internal Affairs and Ministry of Construction. The on-site vi

IndustryNov. 2, 2023