FSS chief vows to facilitate Korean financial firms’ global expansion

Lee Bok-hyun, chief of the Financial Supervisory Service, pledged to help local finance companies beef up their presence in the overseas market on Monday. The country's financial watchdog will first hold talks with counterparts in Southeast Asia, which are considered the major market for domestic financial firms. “I understand that there are demands from local banks and securities firms, asking the FSS to communicate with foreign financial watchdogs in markets that they have entered,&

IndustryFeb. 6, 2023

SK Innovation CEO pledges to accelerate green transition

Kim Jun, CEO of South Korea’s largest energy company SK Innovation, reaffirmed the company’s commitment to go net zero with more detailed action plans to be implemented across the firm. In a recent interview with the firm’s official news channel SKinno News, Kim revealed that this will be the first year to begin implementation of its greenhouse gas emission reduction plan called “All Time Net Zero.” The All Time Net Zero vision was announced last year during the 60t

IndustryFeb. 6, 2023

Fint provides investors safety net through AI risk management

At times of high financial volatility, Korean fintech firm Fint’s artificial intelligence-powered investment service designed for minimizing risk can play its part, said an executive from the startup behind the service. Launched by startup December & Co. in 2019, Fint is a digital version of a fund manager that implements an investment strategy and manages the portfolio through trading activities in global exchange-traded funds based on its AI engine named ISAAC. "The service hi

MarketFeb. 6, 2023

BOK renews W9.6tr currency swap deal with Australia

South Korea and Australia have agreed to extend their currency swap agreement by another five years, in a bid to continue to increase trade and improve financial stability. Under the extension, the Bank of Korea and the Reserve Bank of Australia can exchange their local currencies up to 9.6 trillion won or 12 billion Australian dollars ($7.69 billion). The deal follows the previous agreement made in February 2020. The initial currency swap agreement between South Korea and Australia was sealed i

EconomyFeb. 6, 2023

Chong Kun Dang signs licensing deal with Synaffix to develop ADCs

Korean pharmaceutical firm Chong Kun Dang said Monday that it signed a licensing deal with Dutch company Synaffix to gain access to the latter's technologies needed to develop new antibody drug conjugates. The size of the deal, which was inked Friday, is estimated at around $132 million, plus tiered royalties on commercial sales in the future. “The company will speed up development of next-generation anti-cancer treatment through the latest deal with Synaffix,” said Chong Kun Da

TechnologyFeb. 6, 2023

Seoul stocks end lower amid Fed rate hike woes

Seoul shares ended lower Monday, as strong US jobs data fueled fears of further rate hikes to tame inflation. The Korean won fell sharply to a monthly low against the US dollar. The benchmark Korea Composite Stock Price Index fell 42.21 points, or 1.7 percent, to close at 2,438.19 points. Trading volume was moderate at 554 million shares worth some 7.54 trillion won ($6 billion), with decliners outnumbering gainers 464 to 416. On Friday, the Dow Jones Industrial Average dropped 0.4 percent, and

MarketFeb. 6, 2023

[Herald Interview] Raising retirement age is key solution for pension reform: French economist

  French President Emmanuel Macron's recent proposal to raise the retirement age from 62 to 64 is believed to be the optimal solution to tackle the country's soon-to-run-out public pension reserves, French economist Philippe Aghion said during an interview with The Korea Herald on Jan. 24. "The best way to deal with the pension deficit is to increase how much time you spend in life working, and that’s what the reform (in France) intends to do – increase the number of years

IndustryFeb. 6, 2023

[Herald Interview] 'Premium laptops essential to complete Galaxy ecosystem'

SAN FRANCISCO -- Samsung Electronics is hoping to expand its presence in the global laptop market where it remains a tiny player, as people are replacing their laptops more frequently after pandemic disruptions. “The replacement cycle of laptops is getting shorter from the previous life span of five years on average since the electric devices are turning into true ‘personal computers’ during the pandemic years,” said Lee Min-cheol, corporate vice president of Samsung&rsqu

TechnologyFeb. 6, 2023

SK ecoplant renews North America push

SK ecoplant, the engineering and construction unit under SK Group, announced Monday that its North American unit has been renamed from BETEK to SK ecoplant Americas as part of efforts to renew its commitment to the all-important market. Under the new name, SK ecoplant Americas plans to ramp up efforts to expand its presence in environment and energy sectors, as well as existing fuel-cell businesses. Its core fuel-cell business, based on a value chain from product development to application techn

EconomyFeb. 6, 2023

IBK to open Poland office to accelerate entry into Eastern Europe

The Industrial Bank of Korea will open an office in Poland in the first half of this year as part of its overseas expansion into the European market, the state-run lender said Monday. On Jan. 24, the company submitted a license approval application for the Polish office to local financial supervisory authorities. The establishment of the Polish office, which had been delayed due to the COVID-19 pandemic and the Ukraine crisis, is one of the priority items under IBK Chairman Kim Seong-tae's

IndustryFeb. 6, 2023

[Herald Interview] DHL to triple logistics capacity at Incheon Airport: CEO

With the exponential growth of South Korea’s e-commerce market during the pandemic, Frank Appel, CEO of global logistics giant Deutsche Post DHL Group, has vowed to triple the company’s logistics capacity at Incheon Airport, the nation’s main gateway, this year. “DHL base in Incheon is our key Asia-Pacific network that connects Singapore, Taiwan, Hong Kong, China and other major countries of imports and exports. This investment highlights the strategic position of South

MobilityFeb. 6, 2023

[Photo News] UAM alliance for Busan Expo bid

From left: Hanwha Systems CEO Eo Sung-cheol, Korea Airports Corp. CEO Yoon Hyung-joong, Yoon Sang-jik, secretary-general of the Bid Secretariat for World Expo 2030 Busan, SK Telecom CEO Ryu Young-sang and T Map Mobility CEO Lee Jong-ho pose after signing a memorandum of understanding on urban air mobility business to boost Busan’s World Expo bid. If Busan is selected, visitors will be able to hop on the future mobility vehicles to attend Expo events.

MobilityFeb. 6, 2023

LG’s symbolic headquarters to be refurbished in decade

LG Group said Monday it has kicked off the construction to renovate the lower floors of its symbolic LG Twin Towers, a landmark in Yeouido, western Seoul, where its major affiliates including LG Electronics are headquartered. Since the buildings were established in 1987, it is the second time the nation's fourth-largest conglomerate carries out a renovation of the two skyscrapers. It renovated the working spaces in the upper level floors in 2009, and it is the it is the first time the group

IndustryFeb. 6, 2023

Seoul shares open lower on US losses amid rate hike worries

Seoul shares opened lower Monday, tracking losses on Wall Street, as the US Federal Reserve said last week it will continue to raise rates for a while to tame inflation. The benchmark Korea Composite Stock Price Index fell 30.8 points, or 1.24 percent, to 2,449.60 points in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average dropped 0.4 percent to 33,926.01 points, while the tech-heavy Nasdaq Composite declined 1.6 percent to 12,006.95 points. The Fed raised the benchmar

MarketFeb. 6, 2023

Hyundai gains momentum with high-performance cars

With the automotive industry underscoring technology as a key driver of growth, high-performance brands under leading car manufacturers are becoming the testbed to enhance their car models’ driving features, ranging from speed to durability. Hyundai Motor Group, South Korea's No. 1 carmaker, is also gaining momentum with its performance line, N Brand, by testing its popular models in tour car racing, a motorsport that uses modified versions of mass-produced cars. “The biggest op

MobilityFeb. 5, 2023

[Photo News] NFT art in Times Square

Non-fungible artworks by renowned artist Barry X Ball are showcased on LG Electronics’ digital billboard in iconic Times Square in New York City on Sunday. The attached QR code allows visitors to experience the tech giant’s NFT art trade platform LG Art Lab.

TechnologyFeb. 5, 2023

KT&G aims big for overseas expansion

KT&G, South Korea's dominant tobacco company, is making aggressive inroads into overseas markets in a bid to increase its sales and market share abroad, according to the company on Sunday. Aiming to foray into foreign markets, the company recently signed its first long-term sales and purchase agreement with global tobacco maker Philip Morris International. Under the 15-year agreement that lasts until January 2038, KT&G will be providing PMI with its heat-not-burn "lil" bra

ConsumerFeb. 5, 2023

New EU rules picked No. 1 ESG concern this year

Four out of six South Korean companies picked the European Union’s upcoming due diligence act as the No. 1 concern for their ongoing environmental, social and governance efforts this year, saying heightened regulations could pose a direct threat to export-driven companies that are not yet fully ready. A survey of 300 companies affiliated with the Korea Chamber of Commerce and Industry, the nation’s biggest lobby, showed Sunday that 40.3 percent of the responding companies selected th

IndustryFeb. 5, 2023

LG unveils net-zero goals in first group-wide report

LG Group, the nation’s fourth-largest conglomerate, renewed its commitment to achieving net-zero goals by 2050 in a groupwide report on emissions reduction Sunday -- a first among major conglomerates in South Korea. In the report, titled "LG Net Zero Special Reporting: Placing the First Stepping Stone," the group outlines the plans and strategies LG companies will adopt to achieve the net-zero goals. Seven affiliates have signed on to the plan, including LG Electronics, LG Displa

IndustryFeb. 5, 2023

'Energy inflation' hits 25-year high in January

South Koreans have faced surging electricity, gas and heating bills, with the January inflation index hitting a new high since the 1998 financial crisis. According to the Korean Statistical Information Service on Sunday, the public utility price index -- calculated based on the consumer price index that is considered an inflation barometer -- logged 135.75 points in January, up 31.7 percent from the same month last year. This indicates the highest on-year inflation of monthly energy prices that

IndustryFeb. 5, 2023