[Photo News] Savings back in favor

A bank employee sorts 50,000 won ($38) notes at Hana Bank in Jung-gu, Seoul, Monday. The 50,000 won notes are back in circulation as key interest rates and bank rates for savings accounts have been continuously on the rise since 2021. (Yonhap)

MarketAug. 7, 2023

[Photo News] Power demand nears peak

Real-time electricity usage is displayed at the Korea Electric Power Corp.’s Seoul branch on Monday. Electricity demand is expected to peak this week, amid a record-breaking heat wave that has persisted nationwide. The government said it will closely monitor the supply situation to prevent any interruptions. (Yonhap)

IndustryAug. 7, 2023

K-water offers accommodation, transportation for Singaporean scouts

Korean Water Resources Corp. (K-water) has provided one of its buildings in Daejeon to accommodate scouts from Singapore after they left the World Scout Jamboree campsite in Saemangeum, North Jeolla Province due to safety concerns last Saturday. During the 65 Singaporean scouts' stay at the institute for five days, K-water provided them with tour programs to explore the industry, culture, history and nature of Daejeon and South Chungcheong Province. On Monday morning, the scouts visited the

IndustryAug. 7, 2023

LG Display named as Bosch’s top supplier

LG Display announced Monday that it has won a Bosch Global Supplier Award for its technological prowess, becoming the first company in the industry to gain global recognition in the automotive display sector. The Bosch Group, the world’s No. 1 automotive parts manufacturer, reserves the award for only 46 suppliers from the pool of its 35,000 global partners worldwide. Since 1987, the award has recognized outstanding performers in the manufacturing and supply of raw materials, products and

IndustryAug. 7, 2023

Carrot Insurance hires ex-Apple AI specialist as CTO

Carrot General Insurance, the nation’s largest digital insurer, said Monday it has hired Lee Jin-ho, a former Apple specialist in artificial intelligence and machine learning, as its new chief technology officer. "Incorporating my expertise and experience gained in Silicon Valley, I am committed to supporting Carrot General Insurance in its transformation into a data-driven platform business," Lee said in a statement. Carrot General Insurance is a joint venture set up by Hanwha G

IndustryAug. 7, 2023

Samsung-backed Rainbow Robotics to co-develop firefighting robots

South Korean humanoid robotics company Rainbow Robotics said Monday it is joining a 17.4 billion won ($13.36 million) state-run project to develop robots specialized for firefighting. Overseen by the Korea Institute of Robot and Convergence, affiliated with the Ministry of Trade, Industry and Energy, the project aims to create two advanced firefighter robots by 2028. One robot is designed to navigate disaster zones, with the ability to swiftly and precisely locate human presence. The other is ex

TechnologyAug. 7, 2023

SK Nexilis to supply copper foil to German battery maker Varta

SK Nexilis Co., a South Korean copper foil maker, said Monday it has signed a deal with German battery manufacturer Varta A.G. to exclusively supply its product for what will be Varta's first mass production of electric vehicle batteries. SK Nexilis said it is also in talks with Varta over a possible long-term supply agreement, at least for over five years, considering the potential additional demand from Varta should it increase production. SK Nexilis did not provide any further details ab

IndustryAug. 7, 2023

S. Korea's cathode exports to US nearly triple this year on EV battery demand, IRA effects

South Korea's export of cathodes, a key secondary battery material, to the United States surged almost threefold in the first seven months from a year earlier, on growing demand for electric vehicle cells and the new US law on promoting green technologies, data showed Monday. Outbound shipments of cathode materials to the US amounted to $1.83 billion in the January-July period, up 177.8 percent from $661 million the previous year, according to the data by the Korea International Trade Assoc

EconomyAug. 7, 2023

Seoul shares start lower on decline in autos, chemicals

South Korean stocks started a tad lower Monday, led by losses in market heavyweights, such as automakers and chemical companies. The benchmark Korea Composite Stock Price Index fell 4.23 points, or 0.16 percent, to 2,598.57 in the first 15 minutes of trading. Large caps led the decrease, with No. 1 carmaker Hyundai Motor declining 1.56 percent and its smaller affiliate Kia falling 2.98 percent. Top oil refinery SK Innovation retreated 1.48 percent, and major chemicals maker LG Chem dropped 0.94

MarketAug. 7, 2023

KB chief decides not to seek reappointment

KB Financial Group Chief Yoon Jong-kyoo has decided not to seek his fourth term, the group said on Sunday, just days before the conglomerate's planned announcement of its shortlist of candidates for the head position. Yoon said he made the decision for the group's "new future and transformation." The incumbent chairman has held the post since 2014 and his three-year-long third term is set to expire on Nov. 20. Yoon also hoped to see a new chief driving sustainable growth, ena

IndustryAug. 6, 2023

S. Korea-China sea routes resume for first time after pandemic

Sea travel routes between South Korea and China will resume after being suspended for three years and seven months, according to the Korean shipping industry on Sunday. Jiaodong Shipping said it will begin transporting passengers via car ferries on the Weihai-Pyeongtaek route starting Wednesday. Starting Thursday, Yantai Ferry and Weidong Ferry will begin operation of car ferries to ferry passengers on the Yantai-Pyeongtaek and Weihai-Incheon routes, respectively. Weidong Ferry will also begin t

MobilityAug. 6, 2023

KB gets final nod to launch new unit in Cambodia

KB Kookmin Bank said on Sunday that it has received final approval to merge its two affiliates in Cambodia ― Prasac Microfinance and Kookmin Bank Cambodia ― on Friday. This announcement came after the bank sought the green light from Cambodian authorities to merge its two affiliates and launch a new commercial bank, KB Prasac Bank, in early 2022. Preliminary approval for this new commercial bank was granted July 16. In 2009, KB Kookmin Bank made its initial entry into the Cambodian market with t

IndustryAug. 6, 2023

Hana joins hands with State Bank of India to bolster global business

Hana Financial Group announced on Sunday that it had signed a contract with the State Bank of India to establish a strategic partnership, aiming jointly to expand their global business. The SBI is India's largest government-owned commercial bank, operating in 25 different regions worldwide, including the US and China. This partnership came after the two financial firms conducted a sideline business meeting during the 56th annual meeting of the Asian Development Bank Board of Governors in Ma

IndustryAug. 6, 2023

[KH Explains] Competition heats up in foldable phones

Competition over the growing foldable smartphone market is growing fiercer, as Samsung seeks to maintain the market dominance it has enjoyed since the launch of its first foldable phone in 2019, while Chinese rivals are racing to catch up. Xiaomi and Oppo have reportedly passed the Chinese government’s certification and are expected to roll out their new foldable phones, the Mix Fold3 and Find N3, respectively, within this month, according to industry sources on Sunday. Chinese consumer el

TechnologyAug. 6, 2023

Energy demand hits peak this week amid heat wave

Electricity demand is expected to reach its peak nationwide in the next two days as South Korea grapples with a record-breaking heat wave that was raised to the highest alert level Tuesday. Electricity usage in South Korea is projected to reach 92.9 gigawatts both on Monday and Tuesday, to record the highest level this summer, according to the data from the Ministry of Trade, Industry and Energy released Sunday. As the use of air conditioning increases especially at businesses amid the scorchi

IndustryAug. 6, 2023

[KH Explains] Hyundai faces hurdles in acquiring GM’s Indian plant

With global carmakers, mainly Tesla, making forays into the growing Indian market, Hyundai Motor Group is seeking to acquire General Motors’ manufacturing plant there -- but faces challenges in its efforts. The world’s third-largest carmaker plans to complete the acquisition of GM’s Indian plant in Talegaon by this year, however, is still facing opposition from some 1,000 workers formerly employed by the US automaker. On whether the terms of the deal to acquire the plant incl

MobilityAug. 6, 2023

Hotel Shilla CEO Lee Boo-jin becomes director of family-run scholarship foundation

Lee Boo-jin, the president and chief executive of Hotel Shilla, has been appointed as the director of the Dooeul Scholarship Foundation, local reports said Friday. The Dooeul Scholarship Foundation was established in commemoration of Park Doo-eul, the late founder of Samsung Lee Byeong-cheol’s wife in 2000. Lee In-hee, an advisor to Hansol Group and an elder sister of Samsung Group Chairman Lee Kun-hee, ran the foundation until 2019 until she passed away. Since 2019, the director post has

IndustryAug. 4, 2023

Hyundai, Kia recall 91,000 US vehicles as precaution to fire risks

Hyundai Motor and Kia are recalling over 91,000 vehicles in the US due to fire risks tied to a possible defect in certain components that could overheat, according to the Korean automobile manufacturers on Friday. They advised owners to park their vehicles outdoors and away from structures until they are verified for safety or repaired. The affected vehicles include Hyundai's 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra and Kona models, and the 2023-2024 Seltos and 2023 Kia Soul and Spo

MobilityAug. 4, 2023

Hyundai Card tops brand reputation among credit cards in August

Hyundai Card topped the brand reputation chart in August, followed by Shinhan Card and Samsung Card, in a monthly ranking announced by Korea Corporate Reputation Research Institute on Friday. The institute announces the Brand Reputation Index every month, analyzing big data information based on consumer trends online. It looks at six indices which include participation, media, communication, community, social contribution and CEO to evaluate the ranking of the credit card brands. The brand reput

IndustryAug. 4, 2023

Naver marks record operating earning in Q2, net profit jumps 80%

Naver, South Korea’s largest online portal, logged a record quarterly operating profit in the April-June period, backed by its strong performance in commerce, financial technology and content, the company said Friday. In a regulatory filing, the internet giant reported its sales posted 2.4 trillion won ($1.83 billion) in the second quarter this year, increasing 17.7 percent on-year and 5.6 percent compared to the previous quarter. The company’s operating profit stood at 372.7 billion

IndustryAug. 4, 2023