S. Korea, Saudi Arabia to form W208.4b joint investment fund

South Korea and Saudi Arabia will form a 208.4 billion won ($155 million) joint fund to help Korean startups attract investments and advance to the Middle Eastern market, government officials said Sunday. Saudi Arabia will inject 195.4 billion won into the fund and Korea Venture Investment Corp. will invest the remaining 13 billion won in it, according to the Ministry of SMEs and Startups. From Saudi Arabia, Saudi Venture Capital Co. and Public Investment Fund (PIF) Jada will make an investment

EconomyJune 11, 2023

[Herald Interview] Canada a crucial partner for Korea in reducing China risks

Canada has high potential to become a key trading partner for South Korea in its ongoing efforts to reduce geopolitical risks fueled by the escalating US-China rivalry, according to partners from an Ottawa-based international law firm. As Korea looks to make the most of the Inflation Reduction Act in the US, more companies are seeking to expand their presence in Canada, appreciating its proximity to the all-important US market and abundant natural resources. “Korea has the technology and C

IndustryJune 11, 2023

[Photo News] 'Milkflation' on the way

A shopper browses in the milk section at a supermarket in Yangjae, southern Seoul, on Sunday. Dairy farmers and retailers have started talks to adjust the price of raw milk. Discussions are set to increase the base price from the current 69 won ($0.05) to 104 won per liter. According to the Korea Diary Committee, more than 300 dairy farmers have shut down their businesses in the past two years following the sharp decline in net income amid soaring raw materials costs.

ConsumerJune 11, 2023

Samsung's chip division to introduce custom AI Services for employees

Samsung Electronics reportedly plans to launch an in-house artificial intelligence-based service for internal use this year amid security concerns raised over OpenAI’s highly-advanced chatbot ChatGPT, according to industry sources on Sunday. Sources on condition of anonymity said the company’s co-CEO Kyung Kye-hyun, who oversees the tech giant’s chip business, recently unveiled the plan during a recent lecture attended by Samsung executives and employees. During the lecture, Ky

TechnologyJune 11, 2023

[Behind the wheel] Toyota Crown Hybrid sets standard for hybrid cars

With the yearslong boycotting of Japan-made products in Korea showing signs of abating, Japanese auto giant Toyota is seeking to turn the tables here with the Crown Hybrid crossover utility vehicle, which shows off its latest technological advancements in combining a combustion engine and electric motor. The Crown was Toyota’s first mass-produced car model, with the longest history of 69 years and its bestselling premium sedan at home. But in Korea, the car has long been absent after it

MobilityJune 11, 2023

[KH Explains] Mobility alliance win-win for Samsung, Hyundai

South Korea’s top makers of chips and cars, Samsung Electronics and Hyundai Motor Group, announced their first-ever partnership last week, fueling speculation that their rare tie-up could further extend in the field of future mobility. Under the deal, Samsung will supply automotive chips for Hyundai’s upcoming cars. Since the late 1990s, when Samsung ditched its car-making business, the nation’s two largest conglomerates have distanced themselves from being involved in direct c

MobilityJune 11, 2023

KB, Japan’s Sompo team up for nursing care services

KB Financial Group, the leading financial services provider in South Korea, said Sunday it has signed a memorandum of understanding with Japanese insurance giant Sompo Holdings with an aim to facilitate collaboration in developing customized nursing care services. The signing ceremony was held at Sampo’s headquarters in Tokyo on Thursday, with KB Financial Chairman Yoon Jong-kyoo and Sampo Holdings Chairman Sakurada Knego in attendance. Sompo Holdings is Japan's largest insurance grou

IndustryJune 11, 2023

[Contribution] Not just K-crops on Korean dinner tables

By Stefan Schmitz Executive director of the Global Crop Diversity Trust Just as the colorful mosaic of banchan dishes enhances a dinner table, Korean – and global – food security is enhanced by crop diversity. Dishes such as kimchi, bibimbap and japchae all contain crops that originated in far-away countries and speak to how we are all interconnected in what we eat. In an interconnected world facing complex challenges, few things are certain. But we must all eat – and I thi

ConsumerJune 11, 2023

Solar power emerging as major energy source in S. Korea

Solar power generation accounted for close to 40 percent of South Korea's overall electricity demand at one point in April, industry data showed Sunday, suggesting it has emerged as a major source of energy in the country. A total of 21,778 megawatts was generated through solar power between noon and 1 p.m. on April 9, accounting for 39.2 percent of the country's total power use of 55,577 megawatts, according to data from the Korea Power Exchange and state utility Korea Electric Power

EconomyJune 11, 2023

Samsung Electronics most preferred stock as gifts in May

South Korean tech giant Samsung Electronics Co. was the most preferred stock as gifts among domestic investors last month, a local brokerage analysis showed Sunday. Shares in Samsung Electronics topped gifting stock services of the home trading and mobile trading systems operated by the country's seven securities companies in May, according to the brokerages' analysis. The seven securities firms are NH Investment & Securities Co., Samsung Securities Co., Hana Securities Co., KB Sec

EconomyJune 11, 2023

HanmiGlobal to promote employees expecting third child, introduce policies encouraging birth

South Korean construction management firm HanmiGlobal announced a new welfare policy Friday under which it will promote any employee who will have a third child, and offer financial support for all workers expecting a child. The company said any employee expecting a third child will be promoted, regardless of the employee’s performance or the length of their service at the company. For those employees who will have a fourth child, HanmiGlobal will give financial support for hiring babysitt

IndustryJune 9, 2023

Seoul shares end higher ahead of Fed's rate decision; Korean won sharply up

Seoul shares ended higher Friday amid expectations that the US Federal Reserve may pause its rate hike march next week. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 30.31 points, or 1.16 percent, to close at 2,641.16. Trading volume was moderate at 569.97 million shares worth 10.79 trillion won ($8.4 billion), with gainers outpacing losers 488 to 376. Institutions and foreigners bought a combined 842 billion won worth of stocks, offsetti

MarketJune 9, 2023

Oriental Brewery beers win 7 Superior Taste Awards in Belgium

South Korea’s top brewer, Oriental Brewery, announced Friday that it has proven its global quality standards by winning the "Superior Taste Award" in seven categories organized by the International Taste Institute this year. OB Beer's seven brands -- Cass Fresh, Hite, Cass Light, Cass 0.0, Cass White, OB Lager, and OMG -- received a total of 13 stars, with each brand being honored with an award. Cass Fresh and Cass Light have won the award for four consecutive years, while C

ConsumerJune 9, 2023

Repair cost for Asiana plane forced open in mid-air estimated to be W640m: ministry

The Ministry of Land, Infrastructure and Transport estimates the repair cost of an Asiana Airlines aircraft that was forced open by a passenger mid-air, to be about 640 million won ($494,000), according to data released by a lawmaker Friday. In its interim probe, the ministry found the aircraft involved in the incident suffered damages to three areas, the emergency door and slides, according to data from the Transport Ministry received by office of Rep. Jang Chul-min of the main opposition Democ

IndustryJune 9, 2023

Hahn & Co. to acquire medical device maker Lutronic

South Korea’s largest private equity firm, Hahn & Company, announced Friday it has signed a definitive agreement with Lutronics jointly to launch a tender offer for all remaining shares of the Korean medical device maker, worth 957 billion won ($735.9 million). Lutronic, established in 1997, has been expanding its global presence supplying aesthetic medical devices in overseas markets, according to Hahn & Co. In 2022, Lutronic reported sales of over 264 billion won in 2022, with 40

IndustryJune 9, 2023

Business lobbies of S. Korea, Japan to work together on Busan expo bid

The chambers of commerce of South Korea and Japan agreed Friday to work together to promote Busan's bid to host the 2030 World Expo, the Korea Chamber of Commerce and Industry said. The agreement was reached between the KCCI and the Japan Chamber of Commerce and Industry during a meeting held on Friday in Busan, attended by KCCI Chair Chey Tae-won and JCCI Chair Ken Kobayashi. Under the partnership, the KCCI will support its Japanese counterpart for a successful opening of the Osaka-Kansai

IndustryJune 9, 2023

South Korea joins world's 1st digital trade pact to boost exchange

South Korea has become the fourth country to join the world’s first multilateral digital trade agreement, the Digital Economic Partnership Agreement, to boost its digital content and service exchange, the Trade Ministry said Friday. Trade Minister Ahn Duk-geun met with his counterparts from the three DEPA member states -- Singapore, New Zealand and Chile -- on the sidelines of their Organization for Economic Cooperation and Development ministerial council meeting in Paris, to finalize the

IndustryJune 9, 2023

S. Korea's current account returns to deficit in April

South Korea's current account returned to a deficit in April due to decreased dividend payments from overseas and a deficit in the travel-related account, central bank data showed Friday. The country's current account deficit reached $790 million in April, swinging from a surplus of $160 million a month earlier, according to the preliminary data from the Bank of Korea. In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments

EconomyJune 9, 2023

Seoul shares open higher ahead of Fed rate decision

Seoul shares opened higher Friday, tracking overnight gains on Wall Street, with investors awaiting the US Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index rose 10.85 points, or 0.42 percent, to 2,621.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 33,833.61 and the Nasdaq Composite climbed 1 percent to 13,238.52. In Seoul, tech, auto and airline stocks led gains. Market bellwether Samsung Elect

MarketJune 9, 2023

S. Korea, France discuss cooperation on green industry, supply chains

South Korea on Thursday called on France not to discriminate against foreign carmakers under its recent bill to boost green industry sectors by offering a tax credit for eco-friendly investments, the industry ministry said Thursday. Last month, the French government presented a green industry bill with a budget of 500 million euros ($535 million) annually to offer tax credits and other benefits for electric vehicles (EVs) and other green fields in response to the United States' Inflation Re

Leaders'ClubJune 8, 2023