[Photo News] Final sprint for Busan Expo

Hyundai Motor Group said Thursday that it has begun a monthlong campaign in Paris to support Busan's bid to host the World Expo 2030 by playing a promotional video on 270 digital screens across famous locations and shopping malls in the French capital. Members of the Bureau International des Expositions will vote to decide the host city of the global mega event on Nov. 28. in Paris. Saudi Arabia's Riyadh and Italy's Rome are vying to host the Expo. (Hyundai Motor Group)

MobilityNov. 2, 2023

[Photo News] Last push for 2030 Expo

Samsung Electronics said Thursday it has put up a total of 14 billboards to promote Busan's bid to host the 2030 World Expo at Charles de Gaulle International Airport in Paris. The tech giant will be carrying out promotional activities in the French capital until Nov. 28, when the host city of the upcoming expo is to be decided in a vote during the 173rd General Assembly of the Bureau International des Expositions. (Samsung Electronics)

IndustryNov. 2, 2023

Industry ministry checks supplies of oil, gas over Middle East conflict

South Korea's industry ministry said Thursday it held a meeting with relevant authorities to check supplies of oil and gas as concerns grow over price volatility due to the widening Israel-Hamas war. "There have been concerns over prices in the early stages of the conflict, but no disruptions have been reported so far," Yoo Beop-min, director general of the ministry's resources policy, told the meeting. Prices of gasoline and diesel currently remain "relatively stable,&q

EconomyNov. 2, 2023

S. Korea's inflation grows faster, stays over 3 pct for third month in Oct.

South Korea's inflation grew at a faster pace in October, staying above 3 percent for the third consecutive month, due to higher prices of energy and farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.8 percent last month from a year earlier, compared with a 3.7 percent on-year increase the previous month, according to the report from Statistics Korea. It is the third month in a row that the annual price growth has picked up pace, though inflation has genera

EconomyNov. 2, 2023

Seoul shares open higher on Fed's rate freeze

South Korean stocks kicked off higher on Thursday after the US Federal Reserve held its key rate steady as widely expected. The benchmark Korea Composite Stock Price Index shot up 37.01 points, or 1.61 percent, to 2,338.57 in the first 15 minutes of trading. Overnight, the Fed held its benchmark lending rate steady at a 22-year high for a second consecutive time as it keeps striving to bring down inflation to its 2 percent target. US stocks closed higher, with the Dow Jones Industrial Average ad

MarketNov. 2, 2023

US Fed keeps key lending rate unchanged for second consecutive time

The US Federal Reserve held its benchmark lending rate steady at a 22-year high for a second consecutive time during a monetary policy meeting on Wednesday, as it keeps striving to bring down inflation to its 2-percent target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent. But it left open the possibility of a rate change later to achieve "maximum" employment and its inflation target. In t

EconomyNov. 2, 2023

Posco secures W6tr supply deal from Lotte Energy Materials

Posco International announced Wednesday that the company will provide 6 trillion won ($4.4 billion) worth of raw materials for Lotte Energy Materials’ high-end copper foil production. Posco International said the company and Lotte Energy Materials signed a memorandum of understanding at Signiel Seoul on Wednesday. Under the agreement, Posco International will supply around 600,000 tons of raw materials to Lotte Energy Materials through 2033. The two companies have also established a joint

IndustryNov. 1, 2023

Celltrion wins UNDP tender to supply anticancer treatments to Turkmenistan

Celltrion Healthcare, South Korean biosimilar giant Celltrion’s sales unit, announced Wednesday that the company has won the United Nations Development Program’s tender to supply anticancer drugs to Turkmenistan. The UNDP is a UN agency dedicated to eradicating poverty and reducing inequalities through the sustainable development of nations in more than 170 countries and territories. Celltrion Healthcare said the company joined the tender that opened in May this year, and that the re

IndustryNov. 1, 2023

LG Energy Solution debuts new battery-based EV financing

South Korea’s top battery maker LG Energy Solution said Wednesday it is partnering with financial service provider Hyundai Capital to launch a new financing product for electric vehicle drivers called Battery Lifecare, offering incentives based on battery life. Battery Lifecare, an industry first, is designed to benefit those leasing or renting EVs from Hyundai Motor Group, including Hyundai’s Ioniq 5 and Ioniq 6, Kia's EV6 and the Genesis GV60. By offering better trade-in value

IndustryNov. 1, 2023

BOK-KCCI seminar explores impact from US-China rivalry

Korea Chamber of Commerce Industry Chairman Chey Tae-won, who also doubles as SK Group chairman, called for Korean companies to explore new markets beyond the US and China during a seminar jointly hosted by the Bank of Korea and the KCCI. "The conflict between the US and China, upon which our country heavily relied, is significantly disrupting our exports," Chey said in his opening remarks. "It is imperative for us to now turn our attention to smaller markets that we previously ov

IndustryNov. 1, 2023

Exports log first rise in 13 months in sign of trade recovery for Korea

South Korea's exports are showing signs of recovery, as the country’s outbound shipments in October rose on-year for the first time in 13 months. The country’s exports in October stood at $55.09 billion, a 5.1 percent increase from the same month last year. Imports declined by 9.7 percent to $53.5 billion, resulting in a trade surplus, according to preliminary data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service. Daily trade volume, taking into c

EconomyNov. 1, 2023

Samsung marks 54th anniversary, highlights unrivaled leadership in technology

Samsung Electronics Vice Chairman Han Jong-hee underscored the importance of maintaining industry leadership in technology as the company celebrated its 54th anniversary on Wednesday. Samsung, one of the world's leading smartphone makers and the world’s largest memory chip producer, held the annual event at its headquarters in Suwon, Gyeonggi Province, with some 400 executives and employees in attendance. "Technology and product quality are the real competitive factors that we should

IndustryNov. 1, 2023

[Photo News] Kimchi for sharing

Hana Financial Group Chairman Ham Young-joo (center) and company officials make kimchi at the group's headquarters in Seoul on Wednesday, as part of its social outreach program, the "Everyone's Hana Day" campaign. Over the next two months, Hana plans to carry out diverse social contribution activities such as making braille tools for people with blindness or low vision, and offering educational programs for children. (Hana Financial Group)

IndustryNov. 1, 2023

KT, Telkom join hands for Indonesia smart city project

South Korean telecommunications giant KT Corp. announced Wednesday that it has secured a partnership with Telkom Indonesia, pushing development for the smart city project in Indonesia’s new capital, Nusantara. On Tuesday, the two telcos signed a memorandum of understanding to collaborate on Indonesia’s smart city project. The signing ceremony was attended by Moon Sung-uk, KT senior vice president and head of global business unit, and Rizal Akbar, manager of smart city development tas

IndustryNov. 1, 2023

SK chief calls on board members to help CEOs make balanced decisions

SK Group Chairman Chey Tae-won called on the board of directors to review the decision-making process of South Korea's second-largest business conglomerate’s overall management activities and actively provide feedback to help CEOs make optimal and balanced decisions, the group said Wednesday. “By making efforts to promote communication with executives and employees, the board of directors will be able to resolve (the group) affiliates’ problems and inconveniences, while pr

IndustryNov. 1, 2023

AmCham reaffirms Korea-US alliance in Washington

The American Chamber of Commerce in Korea said Wednesday that its delegation successfully concluded the three-day trip to Washington from Oct. 24-26, as part of its annual business promotion program it calls “Doorknock.” Over the course of three days, the delegation reaffirmed bilateral ties the two countries have established over the last seven decades, convening with key government officials of the Joe Biden administration as well as members of the US Congress. It also held over 30

EconomyNov. 1, 2023

LG, Hyundai, YouTube team up for in-car infotainment system

LG Electronics said Wednesday that it was supplying its in-vehicle infotainment system for Hyundai Motor Group’s upcoming Genesis vehicles from next year, allowing both drivers and passengers to stream a variety of entertainment content, including YouTube videos. The new system is based on LG’s own webOS that has already been operating on 200 million units of LG smart TVs worldwide. LG, Hyundai and YouTube have teamed up to adjust the system to enable the YouTube app to run on moving

IndustryNov. 1, 2023

HDC to spur digital innovation for efficiency, safety

South Korean real estate developer and builder Hyundai Development Co. is shifting the landscape of construction projects via digital transformation, with the aim of promoting safer and more efficient working processes. In particular, digital innovation is optimizing the entire process of architectural fields, the company said. HDC has invented the HDC Estimate System based on BIM or building information modeling, which enables the developer to immediately calculate the amount of materials neede

IndustryNov. 1, 2023

CJ Olive Young opens foreigner-focused outlet in Seoul

CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, on Wednesday opened a foreigner-focused outlet in Seoul as travelers return to the country after years of the COVID-19 pandemic. CJ Olive Young's outlet in Myeongdong, central Seoul, underwent a large-scale renewal to serve as an online-to-offline (O2O) shopping platform mainly for the convenience of foreign customers. O2O commerce is a business model that draws potential customers from onli

IndustryNov. 1, 2023

Seoul shares open higher ahead of Fed's rate decision

South Korean stocks got off to a strong start Wednesday, tracking overnight gains on Wall Street, as investors picked up tech bargains following a recent sharp fall awaiting the Federal Reserve's rate-setting decision. The benchmark Korea Composite Stock Price Index added 31.57 points, or 1.39 percent, to 2,309.56 in the first 15 minutes of trading. Overnight, US shares finished higher, with the Dow Jones Industrial Average rising 0.38 percent and the tech-heavy Nasdaq Composite going up 0.

MarketNov. 1, 2023