Finance minister pledges deregulation at AmCham meeting

Finance Minister Choo Kyung-ho on Wednesday pledged to continue efforts to eliminate regulations that do not fit global standards. “The Korean government will work on removing hurdles that hinder US business operators from establishing Korea as a regional headquarters in the Asia-Pacific region,” Choo said at a special luncheon event held at the Grand InterContinental Seoul Parnas Hotel on Wednesday. “To turn Korea into a No. 1 foreign investment destination, we will strive to

IndustryMarch 8, 2023

Female leaders at forefront of BAT’s vision for inclusivity

March 8, International Women's Day, has been a day to rally in support of gender equality and promote inclusivity across all areas globally. British American Tobacco, the cigarette giant, is one of the leading players in advocating the theme, “Embrace Equity,” in multiple areas of its workplace. BAT, which operates regional offices worldwide, including one in South Korea under the name, BAT Rothmans, says female leaders are at the forefront of the company’s vision for incl

IndustryMarch 8, 2023

LG welcomes more rivals entering OLED TV market

LG Electronics, the dominant No. 1 company in the organic light-emitting diode TV market, said Wednesday it welcomes more tech firms, including its archrival Samsung Electronics, entering the fast-growing OLED TV market. Ahead of the official release of its 2023 TV lineup, LG held a press briefing with a group of local reporters at the company's research and development campus in Seoul and boasted its confidence in the quality of its OLED TV products. “As observing an increasing numbe

TechnologyMarch 8, 2023

[Herald Interview] Pernod Ricard Korea enjoys robust growth amid pandemic-fueled liquor boom

It was not just delivery services or online shopping that thrived in South Korea during the pandemic years. The liquor market, especially for high-end whiskeys and wines, has seen dramatic growth, according to Frantz Hotton, CEO of Pernod Ricardo Korea, the Korean unit of the French wine and spirit giant. Hotton, who took the helm in 2021 when COVID-19 was still rampant across the world, said that people's behavioral changes have had a significant impact on how they consume alcoholic bevera

ConsumerMarch 8, 2023

SK Plasma to build $250m blood products plant in Indonesia

SK Plasma, a blood products unit of SK Discovery, announced Wednesday that the company has clinched a deal to build a blood products plant in Indonesia, which is expected to be worth around $250 million. SK Plasma has received final approval from the Indonesian Health Ministry for construction of a plasma fractionation facility, which will produce products like immune globulin and albumin, used for patients with immunodeficiency diseases and hemophilia. The plant will be capable of producing 1 m

TechnologyMarch 8, 2023

Fed’s hawkish stance leaves Korea under pressure

Korean won weakens against dollar following Powell’s remarks forecasting further rate hikes The US Federal Reserve's signaling of further rate hikes weighs on the Korean economy sparking fears of a widening gap between the key rates of the two countries that could cause capital outflow and increase market volatility. US Fed Chair Jerome Powell on Tuesday hinted at a possible rate increase of 50 basis points in the Federal Open Market Committee meeting scheduled for later this month.

EconomyMarch 8, 2023

Samsung CEOs to discuss inclusivity with female employees

Celebrating International Women’s Day this week, Samsung Electronics’ top brass will hold luncheon talks with female executives to discuss woman’s leadership in the workplace, the tech giant said Wednesday. Its Co-CEOs Han Jong-hee, the mobile device and home appliance business chief, and Kyung Kye-hyun, who handles the semiconductor business division, will attend the event dubbed “One Table,” slated for Friday. The leaders are expected to discuss ways to improve ge

IndustryMarch 8, 2023

Bentley unveils first luxury showroom in Seoul

Bentley Motors said Wednesday it has opened Bentley Cube, its first high-end retail showroom, in South Korea, catering to the fast-growing number of luxury customers craving exclusive experiences. Located in Gangnam, southern Seoul, the four-story flagship shop offers a private space for Bentley customers to enjoy the brand’s bespoke luxury lifestyle. “Korea is a leading country in luxury sales, the biggest market in the Asia-Pacific region. (The grand opening of Bentley Cube) is

MobilityMarch 8, 2023

S. Korea to spend 70% of budget for job creation in H1: finance minister

South Korea plans to speed up spending the employment-related budget in the first half of 2023 amid signs of a slowdown in the job market, the finance minister said Wednesday. The remark came after Asia's No. 4 economy reported the largest number of job additions in more than 20 years in 2022 at around 820,000, while the figure is expected to rise at a narrower margin of just 100,000 on-year in 2023 amid economic uncertainties and the country's falling population. "Considering the

EconomyMarch 8, 2023

Seoul stocks open sharply lower on Fed chief's hawkish comments

South Korean stocks opened sharply lower Wednesday on renewed fears over further sharp rate hikes after the Fed chief's hawkish comments. The benchmark Korea Composite Stock Price Index was down 28.76 points, or 1.17 percent, to 2,434.59 in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell cautioned Tuesday that "The ultimate level of interest rates is likely to be higher than previously anticipated," considering that the latest economic data suggests inflation

MarketMarch 8, 2023

[Newsmaker] Women make up just 24% of workforce at major companies

Only 1 out of 4 employees working at major Korean companies were women, with their average yearly income some 30 percent less than that of the men at the companies, according to a report from market tracker Korea CXO Institute. Korea CXO Institute analyzed the 15 South Korean companies with the highest sales across 10 different sectors, in a bid to gain insight into the gender ratio in the Korean workspace and the wage gap between Korean male and female employees. According to the results, the n

IndustryMarch 7, 2023

[K-Financiers] KB seeks firmer footing in Indonesia

This is the first installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global footprint expansion. -- Ed. KB Valbury Sekuritas, an Indonesian brokerage arm of the Korean banking giant KB Financial Group, seeks to seize opportunities in the fast-developing country by arming itself with digital innovation and integrated financial services. KB Financial Group has set its eyes on Indo

MarketMarch 7, 2023

Mastern to expand middle market business in US

Mastern America, the US arm of Mastern Investment Management, said Tuesday it has signed a strategic alliance agreement with New York-based property tech firm Koriny to expand its presence in US middle market properties. Under the partnership, Mastern hopes to offer investors a chance to invest in the US middle market, which refers to a market for office, retail, industrial properties with a market value below about 100 billion won ($77 million). Koriny, which has its Korean office in Yeouido, w

MarketMarch 7, 2023

Corporate Korea sees momentum in reviving ailing Japan business

Amid the budding efforts to patch up the rocky relationship between South Korea and Japan, major Korean firms are expected to see momentum grow for the revival of their ailing Japan business. Japan has long remained a graveyard for Korean companies, even for the most successful ones like Samsung Electronics and Hyundai Motor, because consumers there are known to prefer local brands and like Sony and Toyota -- who also happen to be Korean brands' archrivals in almost all sectors globally. Ov

IndustryMarch 7, 2023

[Photo News] Kona Electric unveiled

Hyundai Motor Group on Tuesday premiered the all-new Kona Electric, the automaker's latest addition to its expanding portfolio of all-battery electric vehicles, in a video on its YouTube channel. According to the carmaker, the latest EV can drive 410 kilometers or more on a single charge, the longest driving length among EVs in the same classification. Hyundai Motor plans to present the all-new Kona Electric for the first time in an offline setting at the upcoming Seoul Mobility Show schedu

MobilityMarch 7, 2023

Samsung’s retail store renamed as ‘Samsung Store’

Samsung Electronics said Tuesday its retail store brand Samsung Digital Plaza will be renamed as Samsung Store from Wednesday – the first revamp since the brand was launched in 2000. In addition to some 360 retail stores nationwide, all shops within department stores and large supermarket chains will also carry the new name, the company said. Samsung said the rebranding aims to liven up its corporate image by focusing more on younger brand names such as Galaxy, Bespoke, SmartThings and Lif

IndustryMarch 7, 2023

[Photo News] Korean debut

Alpha Motor Corporation, a US electric vehicle developer, will make its debut at the upcoming Seoul Mobility Show, which runs from March 30 to April 9 at Kintex in Gyeonggi Province, the event organizers said Tuesday. Established in 2020 in California by a group of automotive, IT and financial experts led by Korean-Americans, Alpha Motor will unveil its EV pickup trucks Wolf and Wolf Plus at the event.

MobilityMarch 7, 2023

SK Inc. Materials seeks expansion in US clean energy market

SK Inc. Materials, an advanced materials unit under South Korea’s SK Group, said Tuesday it is making an additional investment into 8 Rivers, a US clean energy tech firm specialized in developing carbon capture, utilization and storage (CCUS). With the planned investment, the Korean firm is expected to become the largest shareholder of 8 Rivers. Under the renewed partnership, the two firms are set to further strengthen their existing ties on diverse clean energy products within the US. Fou

IndustryMarch 7, 2023

Kakao offers W1.25tr to buy SM shares

IT giant Kakao on Tuesday announced a tender offer for SM Entertainment’s shares held by minority shareholders at a price higher than what Hybe previously offered amid an intensifying race to win over the management rights of the K-pop powerhouse. Kakao and its subsidiary Kakao Entertainment offered 150,000 won ($115.55) per share with a goal to additionally secure up to 35 percent (some 8.3 billion shares) of SM Entertainment. This tender offer begins on Tuesday and ends on March 26. Th

IndustryMarch 7, 2023

[Photo News] AI robots on patrol

SK Telecom said Tuesday that it has teamed up with Neubility, a delivery robot developer, and SK Shieldus, a security services firm, to develop artificial intelligence-based self-driving patrol robots. The telecom giant said the robots are equipped with camera-based solutions instead of high-priced LiDAR sensors. The three companies agreed to sign a deal for the commercialization of the robots in the second quarter, with an aim to make their market debut later this year.

TechnologyMarch 7, 2023