S. Korean economy grows 1.4 % in 2023, unchanged from earlier estimate: BOK

South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6

EconomyMarch 5, 2024

[From the Scene] Staying 'senior-friendly': Next normal of banking

Orange, green and blue -- the mixture of these vibrant colors is not something you would commonly expect to see at a commercial bank's branch in Korea. Yet welcoming customers into Shinhan Bank's Sillim-dong branch are color-coded floor lines guiding customers to their respective services. For instance, following the green line leads to desks handling simple tasks like deposits and withdrawals. This Sillim-dong branch, situated in southern Seoul's Gwanak-gu district, is among Shin

EconomyMarch 4, 2024

Hugel receives FDA approval for botulinum toxin Letybo

Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea

IndustryMarch 4, 2024

[KH Explains] Shipping constraints shackle Korea's auto export boom

Korean automakers are grappling to maintain their export momentum due to a shortage of car carriers to transport them, driven by the increasing volume of Chinese automotive exports and stringent maritime environmental regulations. The scenario has led to an unprecedented rise in the cost of chartering vehicle transport vessels. This comes as South Korea's auto production exceeded 4 million units for the first time in five years in 2023, with auto exports reaching a record $70.9 billion, con

MobilityMarch 4, 2024

World Battery Forum kicks off in Seoul

The battery associations of South Korea, the US, the EU and Japan announced the launch of the World Battery Forum in Seoul on Monday. The WBF has been established to accelerate the battery industry's net-zero energy transition, analyze worldwide battery regulations to push for an eco-friendly energy policy environment and make joint efforts to secure fair and free trade and investment as well as stable global battery supply chains. The WBF will meet every year and change location in the ord

IndustryMarch 4, 2024

Seoul shares close higher on extended foreign buying

South Korean stocks closed higher Monday as foreigners extended their buying streak to seven consecutive sessions, with technology and financial shares leading the overall rise. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.91 points, or 1.21 percent, to 2,674.27. Trade volume was moderate at 383 million shares worth 12.2 trillion won ($9.22 billion), with losers slightly outpacing gainers 442 to 436. Foreigners were net buyers, scooping

MarketMarch 4, 2024

LG Display to issue W1.29tr of shares in renewed OLED push

LG Display confirmed Monday that it is issuing new shares to raise 1.29 trillion won ($970 million) to bolster investments in OLED displays for smartphones and other mobile gadgets while improving its financial stability. The move comes as the display maker has recently recovered from operating losses. In a regulatory filing earlier in the day, the company said it is issuing new shares at 9,090 won apiece, which is lower than the 10,070 won fixed in the previous capital increase in January. The

IndustryMarch 4, 2024

Kuala Lumpur subway station renamed ‘Samsung Galaxy Station'

A subway station in Kuala Lumpur, Malaysia, was renamed “Samsung Galaxy Station“ on Feb. 29 as part of the tech giant’s big push into the Southeast Asian market. Samsung said Monday that Tun Razak Exchange Station, the nation’s largest interchange station, was renamed TRX Samsung Galaxy Station. The new station name comes as the Korean tech giant has partnered with the city‘s metro company, MRT and follows a similar deal signed with Bangkok’s Siam Station last

IndustryMarch 4, 2024

Hyundai Mobis applies for 2,500 patents in 2023

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it had applied for 2,500 patents in and out of South Korea last year, with almost half of them related to its core business area of future mobility. According to Hyundai Mobis, about 1,200 patent applications were in future mobility sectors such as automation, autonomous driving and in-vehicle infotainment systems. “Hyundai Mobis' patent reinforcement activities are aimed at securing a competitive ad

MobilityMarch 4, 2024

Hanwha Foodtech acquires robot-powered Stellar Pizza

Hanwha Foodtech has acquired the US-based robot pizza brand, Stellar Pizza, as part of its efforts to drive technological innovation in the food service industry. In January, Hanwha Foodtech signed a memorandum of understanding with Serve Automation, the parent company of Stellar Pizza, for a transfer of assets. Contractual documents for the acquisition were finalized Thursday. The acquisition was facilitated by Hanwha Foodtech Global, the US subsidiary of Hanwha Foodtech, the company said Monda

CompaniesMarch 4, 2024

Kumho Tire inks technology deal with Saudi's Blatco

South Korea's Kumho Tire announced Monday a technology licensing agreement with Blatco, a tire company based in Saudi Arabia, the largest automobile consumer and import country in the Middle East. Under the deal, Kumho will provide its tire production technology to Blatco for the next two decades, focusing on tires for passenger vehicles. In alignment with Saudi Arabia's Vision 2030, Blatco is set to expand its factory in Saudi Arabia's western industrial complex to 281,000 square

IndustryMarch 4, 2024

Hana Bank upgrades digital certificates for foreign users

Hana Bank, a leading commercial bank in South Korea, unveiled Monday the latest upgrade to its tailored banking app for foreign exchanges, Hana EZ, with a focus on delivering an enriched and user-friendly mobile banking experience for foreign residents in the country. A key improvement lies in the integration of translation services during the registration stages of a lender’s digital certificate, called the Hana Certificate, which is now available in 16 different languages. This feature s

IndustryMarch 4, 2024

[Photo News] The New Ioniq 5

Hyundai Motor Company on Monday announced the launch of the new Ioniq 5, the first product enhancement model of the automaker's signature all-electric vehicle since its debut in 2021. Equipped with an 84-kilowatt-hour battery, the upgraded EV has a driving range of up to 485 kilometers per charge, an increase of 27 km from the previous model. The EV also comes with the next-generation infotainment system called connected car navigation cockpit to offer the experience of a software-defined v

MobilityMarch 4, 2024

S. Koreans spend 40 hours a month watching YouTube on phones

An average South Korean spends about 40 hours a month using YouTube on smartphones, a local report showed Monday, as the video-sharing platform's popularity on its mobile platform proved to be higher than in any other country across the globe. Market analysis firm Wiseapp/Retail/Goods analyzed the apps used by South Koreans via Android and iOS mobile operating systems, which, combined account for roughly 98 percent of smartphones in the country. They found that the combined number of hours

TechnologyMarch 4, 2024

Industrial output rises for 3rd month amid weak investment in January

South Korea's industrial output rose for the third consecutive month in January despite the marked fall in semiconductor production, data showed Monday. Retail sales also gathered ground for the second month, while facility investment and construction orders tumbled amid weak domestic demand, according to the data compiled by Statistics Korea. Industrial output gained 0.4 percent on-month in January, following a 0.3 percent increase in November last year and 0.4 percent growth in December.

EconomyMarch 4, 2024

Seoul shares open higher on techs, cars, following holiday break

South Korean stocks started higher Monday following a three-day break including the weekend on the back of robust gains from tech and automobile shares. The benchmark Korea Composite Stock Price Index added 30.66 points, or 1.16 percent, to 2,673.02 in the first 15 minutes of trading. Tech shares led the overall gains, with Samsung Electronics rising 1.36 percent and No. 2 chipmaker SK hynix climbing 4.03 percent. Leading carmaker Hyundai Motors added 1.2 percent, and its smaller rival Kia Motor

MarketMarch 4, 2024

Tequila may be next big thing in Korean liquor market

South Korea's alcoholic beverage industry has been embracing quickly changing trend cycles -- from wine to whiskey cocktails and cognac -- with rising demand from young consumers to try new types of drinks. The next type of alcohol that is expected to boom here is tequila, according to industry sources. According to Samjeong KPMG’s report, South Korea’s wine consumption decreased significantly last year. The value of wine imports dropped 9.6 percent from $560 million in 2021 to

IndustryMarch 3, 2024

Finance giants boost female board numbers amid government initiative

Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eun-ju, a media expert from Seoul National University, and Park Sun-young, an economics professor from Dongguk University, will replace the company's first and only female outside director, Song Soo-

IndustryMarch 3, 2024

[Photo News] Tops in efficiency

Hyundai Motor's all-electric Ioniq 6 has been recognized as the most fuel-efficient 2024 model year vehicle by the US Department of Energy and Environmental Protection Agency, the South Korean automaker said Sunday. The Ioniq 6 long-range, rear-wheel driving model with 18-inch wheels scored a combined 140 miles per gallon equivalent, or 59.5 kilometers per liter equivalent. The EPA's rating estimates the distance a car can travel on 33.7 kilowatt-hours of electrical energy. (Hyundai Mo

MobilityMarch 3, 2024

[KH Explains] Korea’s next-generation space rocket project off to bumpy start

Korea’s 2 trillion won ($1.5 billion) next-generation space launch vehicle project got off to a bumpy start, as the bidding process to select a private entity to lead the large-scale task is likely to be a one-man show. Officially named the Korea Space Launch Vehicle-III, the goal of the next-generation rocket project is to assemble a launch vehicle capable of sending a lunar lander to the moon in 2032. The improved rocket will have a mission capacity some three times stronger than the hom

IndustryMarch 3, 2024