Inflation falls to 2% target

South Korea may be nearing the end of its fight against inflation, as the rate of rising prices eased to the 2 percent target last month, backed by a retreat in the prices of international crude oil and farm produce, data showed Tuesday. The Consumer Price Index, a key gauge of inflation, advanced 2 percent on-year last month, according to Statistics Korea. It was the lowest advance since 1.9 percent in March 2021. CPI inflation, which remained at 1.9 percent in March 2021, reached its peak at 6

EconomySept. 3, 2024

Ripple CEO slams SEC chair to win back Korean investors

Brad Garlinghouse, CEO of San Francisco-based Ripple Labs, on Tuesday sharply criticized US Securities and Exchange Commission Chair Gary Gensler over the recently concluded legal tug-of-war with the regulator. Reflecting on Ripple’s recent legal win against the SEC, Garlinghouse doubted Gensler’s tenure would continue regardless of the outcome of the US presidential election, saying, "I'll make a gentleman's bet that won't happen," during a press conference

IndustrySept. 3, 2024

BMW’s Korean expansion driven by local sourcing, innovation

BMW Group emphasized Tuesday it has been actively involved in South Korea for the past three decades, focusing on sourcing parts from local companies, investing in infrastructure and contributing to corporate social responsibility initiatives. The company’s activities in the region reflect its commitment to maintaining and expanding its presence in the Korean market, the group said. In 2023, BMW Group purchased parts worth 6.53 trillion won ($4.86 billion) from Korean companies. This fig

MobilitySept. 3, 2024

Samsung rolls out artwork subscription service for premium TVs

Samsung Electronics introduced Tuesday an annual artwork subscription service for The Frame, the company’s premium TV, offering access to more than 2,500 pieces of art in a vivid 4K QLED display all year round. Samsung Art Store is the company’s digital curator service, delivering 4K-quality artworks from the most distinguished artists, museums and industry tastemakers. The subscription service is available on The Frame, the lifestyle TV that doubles as a digital canvas. It displays

IndustrySept. 3, 2024

Coupang pledges over 10,000 hires to boost local economy

South Korean e-commerce giant Coupang announced Tuesday that it will recruit more than 10,000 new personnel as part of its initiative to expand logistics facilities across the nation. This decision follows the company's March announcement of its plan to invest over 3 trillion won ($2.23 billion) in expanding its logistics operations, primarily focused on fulfillment centers, to enhance its one-day delivery service nationwide. The new fulfillment centers in Daejeon and Gwangju, expected to b

CompaniesSept. 3, 2024

Innocean to sponsor Pharrell William’s auction event

Innocean, a South Korean marketing communications agency under Hyundai Motor Group, announced Tuesday that it will serve as the main sponsor for the South Korean debut of Joopiter, the digital auction platform founded by global music and fashion icon Pharrell Williams. An exhibition of its latest online auction “Nothing But a ‘G’-Thang: The Art & Archive of G-Dragon” will offer an exclusive look into the personal archives of the K-pop icon G-Dragon’s career, fea

CompaniesSept. 3, 2024

Hyundai Motor to sponsor Korea-US-Japan leadership forum

Hyundai Motor Group announced Tuesday that it will sponsor the second Trilateral Executive Dialogue, or TED, a leadership seminar between South Korea, the United States and Japan, set to take place at Grand Hyatt Seoul on Wednesday. TED, which held its first gathering in San Francisco last year, aims to explore opportunities for democracy and shared prosperity through in-depth discussions on expanding the trilateral ties’ comprehensive mutual benefits such as economic development and natio

MobilitySept. 3, 2024

[Photo News] Kia showcases defense vehicles in Poland

Kia is bringing its latest military innovations to the European stage at the MSPO International Defense Industry Exhibition 2024, being held from Tuesday to Friday in Kielce, Poland. The centerpiece is the European debut of the Kia Medium Tactical Vehicle (on the right). The KMTV excels in rugged terrain, with features like a 60 percent slope climb and 1-meter water fording. Kia is also displaying its Kia Light Tactical Vehicle bare chassis (on the left), featuring mine-resistant floors, which

IndustrySept. 3, 2024

[Photo News] US navy ship arrives for overhaul in Geoje

The USNS Wally Schirra, a critical US Navy logistics ship, is docked at Hanwha Ocean's Geoje facility on Monday for a three-month maintenance overhaul. The 210-meter vessel, which delivers supplies like ammunition and fuel to warships, will receive comprehensive maintenance, including engine repairs and hull inspections. This project marks Korea's first US warship maintenance deal. (Hanwha Ocean)

IndustrySept. 3, 2024

CJ to host K-culture gathering

South Korean food and entertainment giant CJ Group said Tuesday that it will host a celebratory event on Wednesday to mark the return of Frieze Seoul, the Korean franchise of the international art fair. This year, Frize Seoul is being held Wednesday to Saturday at Coex in southern Seoul. On the first day, CJ will invite some 400 global cultural figures from home and abroad to a special gathering. Participants include foreign and domestic art professionals such as curators from art galleries and

CompaniesSept. 3, 2024

Seoul shares open higher on large cap gains

South Korean shares opened higher Tuesday, helped by large cap gains amid growing hopes for a US rate cut. The benchmark Korea Composite Stock Price Index added 12.33 points, or 0.46 percent, to 2,693.33 in the first 15 minutes of trading. The index has closed higher for two consecutive sessions, with a growing number of investors expecting the United States to start cutting interest rates as early as this month. The US Federal Reserve is set to hold its rate-setting meeting on Tuesday and Wedne

MarketSept. 3, 2024

Hansung Motors appoints new CEO

Hansung Motors, one of the top official Mercedes-Benz dealers in South Korea, has appointed Marco Kim as its new CEO, the company announced Monday. Marco Kim brings extensive global expertise in the luxury automotive sector, having held key leadership and consulting roles with several prestigious car brands. Born in South Korea and raised in Australia, Kim holds a medical degree and an MBA from the University of Queensland. He later became a chartered accountant and joined Deloitte Motor Industr

MobilitySept. 2, 2024

Hanwha Industrial Solutions launches as new subsidiary under Hanwha Group

Hanwha Industrial Solutions officially launched Monday with a founding meeting at The Plaza Hotel in Seoul. The new company, established as a subsidiary of Hanwha Vision and Hanwha Precision Machinery, represents Hanwha Aerospace’s move to consolidate and lead Hanwha Group’s industrial solutions business. During the inaugural meeting, key agenda items included the formal establishment of the company, the appointment of leadership and the enactment of company bylaws. Ahn Soon-Hong,

CompaniesSept. 2, 2024

Blockchain platform Kaia aims to become ‘Asia's gateway to Web3’

Blockchain network Kaia, formed through the merger of platforms launched by Korean tech giants Line and Kakao, announced Monday it hopes to serve as a gateway between Web2 and Web3 in Asia and beyond. The merger between Kakao's blockchain platform Klaytn Foundation, and Finschia Foundation under Naver's affiliate Line Tech Plus was completed under the name “Kaia” on Thursday. The two platforms' respective tokens will be integrated under the name "Kaia," which

IndustrySept. 2, 2024

Would Samsung benefit from Intel exit from foundry race?

Facing its worst earnings crisis in its 56-year history, Intel is reportedly reconsidering its lackluster foundry business, where it has set the goal of beating Samsung Electronics to become the industry's No. 2 by 2030. For Samsung, which is seeking to carve out its share in the foundry market dominated by Taiwan-based TSMC, Intel's exit could be beneficial, removing a potential threat, according to experts here. On Sunday, Bloomberg reported that Intel, the world's leading chipm

IndustrySept. 2, 2024

HIT Forum to shed light on new norm -- business diplomacy

Sharpening diplomatic skills is becoming an inevitable mission for Corporate Korea to give new traction to its export-oriented growth amid rising economic fragmentation. The unparalleled technology and unique cultural content that made-in-Korea products hold have led the country to be a trendsetter for Asia and beyond. This year, Korean companies faced new challenges and opportunities induced by major elections taking place around the world, coupled with growing protectionism and trade tension

IndustrySept. 2, 2024

Seoul shares rise ahead of US Fed meeting

South Korean shares rose Monday, as investors bet on a US rate cut. The local currency slightly lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 6.69 points, or 0.25 percent, to close at 2,681.00. Trade volume was moderate at 262.5 million shares worth 8.5 trillion won ($6.35 billion), with losers outnumbering gainers 534 to 325. Foreign investors ended their six-day selling streak, purchasing a net 239 billion won worth of local shares, while institutions

MarketSept. 2, 2024

LG Electronics eyes IPO in India to spur growth

LG Electronics is mulling a stock debut in India, a burgeoning market where the Korean tech giant has made efforts to secure a firmer footing for almost two decades. In a recent interview with Bloomberg Television, LG Electronics CEO Cho Joo-wan hinted at the possibility of an initial public offering of the company’s Indian unit, saying the company is closely monitoring the Indian market to meet its sales target of 100 trillion won ($74.6 billion) by 2030. “(An IPO) is one of many op

IndustrySept. 2, 2024

Better Korea-Mongolia cooperation can reduce trade reliance on China: officials

South Korea and Mongolia need to strengthen cooperation on the supply of critical minerals to lessen their trade reliance on China, officials and experts from the two countries said at the Korea-Mongolia Vision Forum in Ulaanbaatar, Mongolia. Co-hosted by Herald Media Group and the Ahnsei Foundation, the forum was held at the Novotel in the Mongolian capital on Aug. 27. During the session titled “Core Minerals Cooperation Plan," participants discussed ways for the two countries to wor

EconomySept. 2, 2024

[Photo News] HD Hyundai HeeMang Foundation

HD Hyundai officially launched the HeeMang Foundation on Monday, an initiative dedicated to supporting the families of workers who lost their lives in major shipyard accidents. The foundation, whose name means "hope" in Korean, will provide scholarships and financial assistance to bereaved family members, fulfilling a proposal made by HD Hyundai Chairman Kwon Oh-gap (first from left) earlier this February. Former Minister of Employment and Labor Lee Ki-kwon (fourth from left), appointe

CompaniesSept. 2, 2024