KT launches new mobile plans for foreign residents

South Korea's leading telecom carrier, KT Corp., announced Sunday that the company will introduce new 5G mobile plans for foreign national residents starting Monday. “KT decided to introduce new mobile plans as there are not enough plans specifically for foreigners despite the increasing number of foreign residents in the country,” KT said. According to the Ministry of Justice, the number of long-term residents with nationalities other than Korean here grew to 1.9 million as of

IndustryApril 28, 2024

[KH Explains] No more 'Michael' at Kakao Games

Kakao Games has decided to scrap using English names among its employees, becoming the first Kakao affiliate to backtrack on the IT front-runner’s attempt to make a more bottom-up working environment with open communication. Kakao Games CEO Han Sang-woo, whose English name is Michael, announced the decision in a meeting with employees on April 17, noting that there had been confusion as its workers had to use English names inside the company but went by their Korean names for external comm

TechnologyApril 28, 2024

[Photo News] Shinhan supports families

Shinhan Financial Group Chairman Jin Ok-dong on Friday cleans up the home of a family with multiple children, as part of the group’s volunteer program to support financially vulnerable groups. Shinhan plans to donate 150 million won ($109,000) to aid financially vulnerable families with multiple children. Following Friday's activity, Jin noted, "Shinhan Financial Group will continue paying attention to families with many children and will spare no effort in addressing the natio

IndustryApril 28, 2024

Samsung chief bolsters ties with Germany’s Zeiss

Samsung Electronics Chairman Lee Jae-yong met with top executives of German optics manufacturer Zeiss, a crucial partner for the Korean tech giant's push to lead the burgeoning market for artificial intelligence chips, during his recent trip to Europe. According to Samsung on Sunday, its chief toured the Zeiss headquarters in Oberkochen on Friday and discussed long-term partnerships with Zeiss Group CEO Karl Lamprecht and Zeiss Semiconductor Manufacturing Technology CEO Andreas Pecher. Lee&

IndustryApril 28, 2024

Woori Financial jumps in race to take over Lotte Insurance

The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financial Official Lee Sung-wook stated Friday that the company is reviewing the acquisition of the insurer "to fortify our competitiveness in the nonbanking sectors." The remarks came during the company's quarterly conference call. The move represents Woori's effort to reenter

IndustryApril 28, 2024

KT&G CEO highlights Indonesia as new global production hub

KT&G’s newly-appointed CEO Bang Kyung-man recently embarked on a business trip to Indonesia, a nation the company projects as a new production hub on the global stage, according to the South Korean cigarette manufacturer on Sunday. The business trip is Bang's first since assuming the role of CEO last month. Following shareholder approval during the company's annual general meeting on March 28, Bang, formerly the company's vice president, ascended to his new leadership

CompaniesApril 28, 2024

Cost of eating up, particularly in Seoul: data

The prices of dishes at local eateries have been on the rise in South Korea, following the rising prices of agricultural, fishery and livestock products reported last week. According to the Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission, the average prices for eight major dining options have all gone up in Seoul in March, compared to March of last year. In a bid to provide a general understanding of the dining costs in South Korea, the agency discloses the monthly average

ConsumerApril 28, 2024

HD Hyundai CEO to co-chair WEF Special Meeting

HD Hyundai Vice Chairman and CEO Chung Ki-sun will serve as a co-chair of the Special Meeting of the World Economic Forum held in Riyadh, Saudi Arabia from Sunday to Monday. This session convenes 900 leaders from a broad array of sectors, including public and private enterprises, international organizations, NGOs, academia and civil society. The agenda is centered on addressing critical global challenges that are vital to sustainable growth: revitalizing global cooperation, fostering inclusive g

IndustryApril 28, 2024

Nongshim launches dance challenge for new ramyeon products

Leading ramyeon producer Nongshim has announced the launch of a dance challenge event to mark the release of its latest products: Pu Phat Phong Guri Big Bowl and Kimchi Jja Guri Big Bowl. The newly launched products are inspired by Thai curry and Korean kimchi and pork stew, respectively. The product name "Guri" comes from the Korean word for raccoon, "Neoguri." The new initiative, tailored to resonate with the younger demographic’s love for dance challenges, also aims

IndustryApril 28, 2024

More eateries went out of business in 2023 than pandemic years

Roughly 1 out of 5 businesses in the food service industry here went out of business in 2023 -- a higher rate than during the years of economic slump sparked by the COVID-19 pandemic -- according to figures disclosed by a local data analysis firm. According to Finda, 176,258 restaurants, takeout joints and food delivery locations across the country shut down for good last year, accounting for 21.5 percent of the 818,867 eateries in total. It implied that the food service industry had a worse yea

IndustryApril 28, 2024

[Photo News] OLED train windows

LG Display said Sunday that it has delivered transparent organic light-emitting displays for the windows of the latest Great Train Express trains, the new high-speed trains connecting the Greater Seoul area. It is the first time that transparent OLED screens have been used in train windows here to display route maps and other entertainment content for passengers. LG has been supplying transparent OLED train windows to China and Japan since 2020, with plans to extend their applications to other i

IndustryApril 28, 2024

S. Korean stock markets' trading volume down 11% in April

South Korean stock markets' trading volume dipped 11 percent in April from a month earlier amid growing uncertainties, including the geopolitical tension stemming from the Middle East, data showed Sunday. The combined daily average trading volume in the main Kospi, tech-heavy KOSDAQ and small businesses-focused KONEX markets, came to 20.2 trillion won ($14.6 billion) in April as of Friday, according to the Korea Exchange, the country's bourse operator. The amount marked an 11 percent d

MarketApril 28, 2024

Naver’s Line ownership in jeopardy as Japan ups pressure

Concerns are mounting that Korean portal giant Naver may lose its management rights for Line, the immensely popular messaging app in Japan it has nurtured over the past 13 years, amid a rare intervention by the Japanese government. Since last month, Japan's Ministry of Internal Affairs and Communications has directed Tokyo-based LY Corp., the operator of Line, to lower its dependency on Naver in the wake of a data breach incident last year. Currently, almost 70 percent of the Japanese popul

IndustryApril 26, 2024

Korea’s top finance firms put aside W1.7tr for Hong Kong-tied ELS compensation

Korea’s top finance firms -- KB, Shinhan, Hana, Woori and NongHhyup -- have set aside a total of nearly 1.7 trillion won ($1.2 billion) in reserve for the compensation of losses related to the misselling of equity-linked securities products tracking the Hang Seng China Enterprises Index in Hong Kong. While KB Financial Group, the top seller of the ELS products, set aside 862 billion won to cover the compensation, NongHyup and Shinhan each allocated 341.6 billion won and 274 billion won.

IndustryApril 26, 2024

Seoul shares rise 1% on tech, financial gains despite overnight US losses

South Korean stocks closed higher Friday as investors purchased tech and financial blue chips despite overnight losses on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 27.71 points, or 1.05 percent, to 2,656.33. Trade volume was moderate at 443 million shares worth 9.93 trillion won ($7.21 billion). Winners outpaced losers 460 to 405. Institutions and foreign investors combined bought a net 537 billion won, while retail investors unl

MarketApril 26, 2024

Jeju Air opts out of Asiana Airlines' cargo division bid

During the bidding process among domestic low-cost carriers for the acquisition of Asiana Airlines' cargo division, Jeju Air, previously considered the front-runner, has chosen not to participate in the bidding. According to industry sources, the main bidding process, organized by financial services firm UBS for the sale of Asiana Airlines' cargo plane division on Thursday, saw the participation of three budget airlines: Eastar Jet, Air Premia and Air Incheon. Jeju Air did not submit a

IndustryApril 26, 2024

Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts

Analysts say that while the recent feud between Hybe Entertainment and its sublabel Ador could result in short-term fluctuations in Hybe's stock prices, any long-term effects on Hybe's performance will be limited due to Ador's limited contribution to Hybe's overall performance. On Friday, shares of Hybe started at 206,000 won ($149) per share, a 11.7 percent drop compared to when the main bourse, Kospi, opened Monday, when they were 233,500 won per share, before the Hybe-Ador

K-popApril 26, 2024

Posco Future M, Honda to launch battery materials venture in Canada

Korean battery materials producer Posco Future M has partnered with Japanese automaker Honda Motor to create a joint venture focused on producing cathode materials for electric vehicle batteries in the Canadian province of Ontario to bolster the supply chain for electric vehicles in North America. Under the agreement signed Thursday, the joint venture will supply cathode materials directly to Honda for use in the production of electric vehicle batteries across the continent. They plan to finaliz

IndustryApril 26, 2024

Samsung mobile chief, Google device head meet in Seoul

Samsung Electronics President and mobile business chief Roh Tae-moon and Google Senior Vice President Rick Osterloh, who oversees the company’s platforms and devices team, met in Seoul on Thursday and discussed ways to strengthen their partnership on artificial intelligence. After a meeting with Roh on Thursday, Osterloh posted later in the day on X, previously known as Twitter, with a picture taken with the Korean tech giant’s mobile chief. “Had a terrific conversation with TM

IndustryApril 26, 2024

Seoul shares open higher on tech, financial gains

South Korean stocks opened higher Friday as investors purchased techs and financials despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index rose 20.16 points, or 0.77 percent, to 2,648.78 in the first 15 minutes of trading. Overnight, Wall Street lost ground as Meta and other big tech companies retreated as the US economy expanded at a sharply slower-than-expected pace in the first quarter. The S&P 500 dropped 0.5 percent, and the tech-heavy Nasdaq shed 0.6

MarketApril 26, 2024