KEF chief, European Parliament delegation discuss green drive

The head of the Korea Enterprises Federation has met a delegation from the European Parliament to stress the need for bolstering cooperation between European Union and South Korea amid the supply chain crisis and inflation risks. "Korea and the EU are mutually important trade and investment partners. Even during the pandemic, we saw the most trade and investment ever based on the free trade agreement held between Korea and EU last year,” said KEF Chairman Sohn Kyung-shik at a luncheon

IndustrySept. 22, 2022

Yoon underlines digital freedom at NYU forum

President Yoon Suk-yeol has emphasized the importance of digital technologies in contributing to the expansion of freedom, a day after he called for collective efforts to decrease the digital gap across the world in his speech at the United Nations General Assembly. “We have to gather our wisdom so that digital technologies can contribute to expanding freedom and set up an autonomously and rationally normative system,” said Yoon during his keynote speech at the Digital Vision Forum

TechnologySept. 22, 2022

KB Financial to support global expansion of startups

KB Financial Group said Thursday it is making efforts to support the overseas expansion of homegrown startups. The financial giant held a launch ceremony for KB Global Fintech Lab in Singapore, with Kim Moon-hwan, director of the Korea SMEs and Startups Agency, local startup officials and KB executives including KB Financial Group Vice Chairman Yang Jong-hee in attendance. The newly launched lab will support domestic and international startups entering the global market and help them utilize glo

IndustrySept. 22, 2022

KAIST, NYU open joint campus in NY

Korea Advanced Institute of Science and Technology and New York University have unveiled the official signage of their joint campus to mark the beginning of a new global academic partnership, KAIST announced Thursday. Under the partnership, the two universities will begin joint research in the first half of next year with a focus on artificial intelligence, convergence neuroscience, biomedical engineering, cybersecurity, next-generation wireless communication and sustainability. The schools also

TechnologySept. 22, 2022

Seoul's stocks down, currency dips to over 13-yr low following Fed's rate hike

South Korean stocks closed down on Thursday, as investors were spooked by growing worries over a global economic recession following the US Federal Reserve's sharp rate hike decision. The Korean won fell to a 13-year low against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.9 points, or 0.63 percent, and closed at 2,332.31. Trading volume was light at 436.1 million shares worth 7.3 trillion won, with decliners outnumbering gainers 579 to 299. After starting

MarketSept. 22, 2022

NPS, BOK to sign currency swap deal as Korean won tumbles

South Korea's pension operator and the central bank are taking steps for a currency swap agreement as the Korean won tumbled to its lowest level against the US dollar in 13 years on Thursday. The National Pension Service will borrow the greenback it needs to invest overseas from the Bank of Korea, instead of buying it from the foreign currency market, and loan Korean won to the bank in return. The last currency swap deal between the two was dissolved in 2008 as the BOK demanded an end, citing a

EconomySept. 22, 2022

Korean won hits 1,400 per dollar after giant Fed rate hike

SEJONG -- The Korean currency dropped to the 1,400 won range per dollar on Thursday in the wake of another “giant step” rate hike of 75 basis points from the US Federal Reserve. In addition, foreign and institutional investors turned to net sellers on the nation’s main bourse, pulling down the Kospi. The local currency, which started at 1,398 won per US dollar during the Thursday trading session, closed at 1,409.7 won. The Korean currency became cheaper by more than

MarketSept. 22, 2022

Upbit operator picks NFT venture with BTS’ Hybe as most anticipated project

BUSAN -- The chief of Dunamu, the operator of Korea’s No. 1 cryptocurrency exchange Upbit, chose the firm’s non-fungible tokens venture with the K-pop powerhouse behind boy band BTS as its most anticipated project, at this year’s Upbit Developer Conference held Thursday. “Crypto exchange operators face many restrictions when expanding blockchain businesses,” Dunamu CEO Lee Sirgoo said in a press conference held on the sidelines of the UDC in Busan. “For us,

MarketSept. 22, 2022

Court orders Namyang Dairy to sell controlling stake to Hahn & Co.

A Seoul court on Thursday ordered Namyang Dairy Products shareholders to sell off its controlling shares to local buyout firm Hahn ＆ Co., brushing off the troubled dairy company’s claims that its stock transfer deal with the private equity fund had been “rigged.” The Seoul Central District Court sided with Hahn ＆ Co. after the buyout firm last year filed a lawsuit against Namyang shareholders, including its Chairman Hong Won-sik for failing to abide by a binding contract to se

MarketSept. 22, 2022

LG CNS showcases AI-based English learning app

South Korean information technology service provider LG CNS showcased its artificial intelligence-based English-learning app, Speaking Class, on Thursday at Edtech Korea Fair 2022, which is being held for three days starting Thursday at Coex in Gangnam, southern Seoul. The app, geared toward students in elementary through high school, hosts 71 textbooks including those from major textbook writers such as YBM, Dong-A Publishing and Mirae N. The IT firm said that unlike other English-learning apps

TechnologySept. 22, 2022

2022 Upbit Developer Conference kicks off in Busan

The Upbit Developer Conference, the nation’s largest annual blockchain developer conference, will kick off Thursday, addressing the latest issues and trends in the blockchain industry, the company said Wednesday. The two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, will be held at the Busan Port International Exhibition ＆ Convention Center in person after two years of pandemic disruptions. The theme of this year’s gathering is “Imaging Your B

MarketSept. 22, 2022

Seoul's stocks open over 1% lower after Fed's sharp rate hike

South Korean stocks opened more than 1 percent lower on Thursday as worries over a global recession mounted after the US Federal Reserve delivered another sharp rate hike to tame runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.75 points, or 1.14 percent, to 2,320.46 as of 9:15 a.m. Overnight, the Fed raised its benchmark federal funds rate by 0.75 percentage point for a third consecutive time, and its chair Jerome Powell voiced strong resolution to continue

MarketSept. 22, 2022

Won dips below 1,400 mark for 1st time in over 13 years after Fed's rate hike

The South Korean currency on Thursday sank below the 1,400 mark against the US dollar for the first time in more than 13 years during its intraday trading following the Federal Reserve's rate hike. The Korean currency was trading at 1,403.80 won against the dollar as of 9:07 a.m., down 9.60 won from the previous session. The won fell to as low as 1,404.70 at one point. The won had fallen through the 1,400 mark for the first time since March 31, 2009, when the local currency hit 1,422 won per the

EconomySept. 22, 2022

Finance minister declines to comment on possibility of currency swap deal with US

Finance Minister Choo Kyung-ho said Wednesday that a currency swap agreement with the United Sates would "definitely" help stabilize the foreign exchange market but declined to comment on the possibility of such a deal.   He made the remarks after a local media outlet reported that a US$60 billion currency swap agreement with the US is expected to be announced as early as this week. The Bank of Korea denied the report as "different from the facts."   "A currenc

EconomySept. 21, 2022

Samsung's Lee to meet SoftBank's Masayoshi Son possibly over Arm deal

Samsung Electronics Vice Chairman Lee Jae-yong said Wednesday that he plans to meet SoftBank founder Masayoshi Son next month as the Japansese tycoon visits Seoul. "Next month, Son is expected to visit Seoul," Lee told reporters at Seoul Gimpo Business Aviation Center Wednesday afternoon as he wrapped up a two-week overseas trip. "Probably, Son might come up with such a proposal, but I have no idea what that is," he said when asked whether he met any Arm officials during his

TechnologySept. 21, 2022

Rep. Yoon Sang-hyun meets Palantir COO to discuss ways to combat global crises

Rep. Yoon Sang-hyun of the ruling People Power Party discussed ways to cope with the current global economic crisis and collapse of the supply chain during a meeting with a leading cybersecurity firm on Wednesday. On a luncheon meeting, Shyam Sankar, chief operating officer at Palantir Technologies, and Rep. Yoon spoke about how Palantir provides a platform that provides data-based decisions to combat economic crises and supply chain disruptions caused by Russia's invasion of Ukraine. &ldqu

IndustrySept. 21, 2022

[Herald Design Forum 2022] Genesis designer on 3 elements that built the brand’s success

When designing a Genesis car, Yoon Il-hoon, vice president of HMC Genesis Design Group, says he focuses on three key pillars -- audaciousness, progressiveness, and infusing Korean traits. “The journey of Genesis has not been that long but we are always owning up to audacious challenges when designing new models by exploring progressively and incorporating the most Korean-like traits that can accentuate the brand’s originality,” Yoon said in an interview with The Korea Herald.

MobilitySept. 21, 2022

[From the Scene] Manpower shortage amid travel surge strikes Schiphol Airport

Korea Herald correspondent AMSTERDAM -- Upon arrival at Schiphol Airport, the third-busiest airport in the world, hundreds were lined up at closed check-in counters. For a flight that was to take off at 9 p.m. to Incheon, South Korea, there were more than 200 people waiting in line already for the check-in counter to open at 4 p.m. “We came here as early as possible because our tour guide told us Schiphol Airport is extra busy these days due to a manpower shortage. He said we could miss ou

MobilitySept. 21, 2022

Trade deficit casts clouds on markets, growth

SEJONG -- South Korea is likely to record a trade deficit for the sixth consecutive month, as the nation suffered a trade deficit of $4.1 billion for the first 20 days of September, down 8.7 percent on-year, state data showed Wednesday. According to the Ministry of Trade, Industry and Energy, the nation posted $32.9 billion in exports while imports increased 6.1 percent on-year to $37 billion over the corresponding period. It would be the first time in 25 years for Asia's fourth-largest econom

EconomySept. 21, 2022

ADB cuts Korea’s 2023 growth outlook to 2.3%

The Asian Development Bank lowered South Korea’s growth outlook for next year by 0.3 percentage point to 2.3 percent in its updated outlook published Wednesday, while keeping its forecast for this year at 2.6 percent. It also maintained Korea’s inflation outlook at 4.5 percent for this year, and 3 percent for 2023. “(Korea’s) private consumption is expected to slow in the second half of the 2022 as stimulus from the economy’s reopening fades and interest rate increa

EconomySept. 21, 2022