[Global Finance Awards] Hana Financial paves way for future female leaders

Hana Financial Group has strengthened its unwavering support to keep promising women on the road to success via Hana Waves, an annual in-house program that has nurtured nearly 100 future female leaders since its establishment in 2021. Under the slogan “Women’s Actions, Voice, Emotion,” Hana launched Hana Waves with an aim to boost the group's gender diversity efforts at the senior executive level. The members were recommended by CEOs of Hana affiliates as potential femal

MarketNov. 30, 2023

[Global Finance Awards] Mirae Asset ETF taps into Chinese market

Mirae Asset Global Investments has tapped into mainland China’s exchange-traded fund market, becoming the first Korean asset manager to do so. The Global X Hang Seng Tech ETF is the first eligible ETF under Mirae Asset to participate in the Hong Kong-China ETF Connect. The Global X Hang Seng Tech ETF is operated by the asset manager’s ETF arm Global X based in Hong Kong. Tracking the Hang Seng Tech index, the investments are concentrated in the 30 largest companies that are active in

MarketNov. 30, 2023

[Global Finance Awards] KB Bank retains No. 1 spot with customer-first strategy

KB Kookmin Bank has been striving to be a first mover that takes initiatives in the banking industry and develops innovative financial services by growing in line with its customers. For nine consecutive years, KB Kookmin Bank has ranked at No. 1 in the banking category of the National Customer Satisfaction Index, and once again secured first place in the latest report, released in early November. With “kookmin” meaning “people” in Korean, KB Kookmin Bank CEO Lee Jae-keun

CompaniesNov. 30, 2023

Industrial output, retail sales, investment all fall in Oct.: data

South Korea's industrial output fell in October on a marked decline in the production of the semiconductor sector, data showed Thursday. Retail sales and facility investment also declined last month, and it was the first time in three months that the three major indicators on industrial activities logged an on-month fall, according to Statistics Korea. Industrial production dropped 1.6 percent on-month in October following two months of gains. It was the sharpest decline since April 2020, w

EconomyNov. 30, 2023

Seoul shares open lower ahead of BOK's rate decision

South Korean stocks started lower Thursday, as investors are waiting for the central bank's key rate decision later in the day. The benchmark Korea Composite Stock Price Index lost 7.98 points, or 0.32 percent, to 2,511.83 in the first 15 minutes of trading. In a rate-setting meeting, the Bank of Korea is widely expected to keep the rate unchanged at 3.5 percent. Major shares went south, with market bellwether Samsung Electronics falling 0.28 percent and LG Energy Solution, the second-bigge

MarketNov. 30, 2023

OECD revises up S. Korea's 2024 growth outlook to 2.3 pct

The Organization for Economic Cooperation and Development revised up the outlook for South Korea's economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul's finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent made in September, according to the Ministry of Economy and Finance. The latest outlook is rosier than those by the International Monetary Fund and the Bank of Korea,

EconomyNov. 29, 2023

GS Group carries out largest executive reshuffle

GS Group, the South Korean energy, retail and construction conglomerate, on Wednesday said it promoted 50 executives across its affiliates, the most the group has carried out in its annual reshuffle since its establishment in 2005. The promotions include Kim Seong-min, new CEO at GS Caltex, Yoo Jae-young, CEO of GS Power, and Cheong Yong-han, CEO of GS Entec. Kim, along with Hur Sae-hong, the incumbent CEO of GS Caltex, will serve as independent heads of the oil refiner. GS Group last month appo

IndustryNov. 29, 2023

Corporate Korea explores new opportunities in Expo bid

Despite Busan’s disappointing loss in its bid to host the 2030 World Expo, Korea's economic circle viewed its rallying efforts in the past year and a half as having "expanded the horizon" for companies with new opportunities in the global market. Saudi Arabia's Riyadh was chosen to host the World Expo in 2030 on Tuesday, garnering 119 votes out of 165 in a secret ballot held during the Bureau International des Expositions general assembly in Paris. Busan and Rome were k

IndustryNov. 29, 2023

SK Bioscience to supply Novavax’s new COVID-19 vaccine in Korea

SK Bioscience announced Wednesday that the company would supply Novavax's updated COVID-19 vaccine in South Korea, as part of the government’s winter vaccine program running early next year. SK Bioscience's announcement was made after the Ministry of Food and Drug Safety of South Korea gave emergency use authorization for the Novavax COVID-19 vaccine earlier in the day. The Korean government’s approval marks the third of its kind for Novavax’s protein-based updated CO

IndustryNov. 29, 2023

BlockSquare Seoul reads crypto market trends

BlockSquare Seoul, under the wing of its holding company Youth Meta, provides virtual currency trading assistant services based on algorithms powered by artificial intelligence technology. Founded in 2016, the firm’s robo advisor, Goyabot, offers market prediction for some 180 cryptocurrencies, speculating future price movements by using data generated from real-time market monitoring. Goyabot predicts crypto price fluctuations by analyzing buy and sell orders entered on exchanges, trans

CompaniesNov. 29, 2023

[Herald Interview] Decoding crypto through charts

The answers are all out there in the charts for Iron Won, who leads Youth Meta, the holding company of crypto trading service operator BlockSquare Seoul. After a prolonged period of uncertainty in the cryptocurrency market, the crypto winter seems to have come to an end. As market sentiment lightens up, Won has one piece of advice for investors -- to predict market trends by tracking asset movements. “It is nearly impossible for an average person to approach the crypto market, as it is exp

CompaniesNov. 29, 2023

Posco completes Korea’s first lithium hydroxide plant

Posco Holdings said Wednesday that the steel giant has completed the construction of the country’s first lithium hydroxide factory, a move to strengthen its competitiveness in the global lithium race. The new facility is located within the Yulchon Industrial Complex in Suncheon, South Jeolla Province. The plant can annually produce 21,500 metric tons of lithium hydroxide, one of the key components used for batteries for electric vehicles. The plant is owned by Posco-Pilbara Lithium Solutio

IndustryNov. 29, 2023

Seoul shares close tad lower ahead of BOK's rate decision

South Korean stocks finished slightly lower Wednesday as investors remained cautious ahead of the central bank's rate-setting meeting this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.95 points, or 0.08 percent, to close at 2,519.81. Trading volume was moderate at 571.6 million shares worth 9.27 trillion won ($7.19 billion), with losers beating winners 598 to 272. Institutions sold a net 140.9 billion won worth of l

MarketNov. 29, 2023

Hyundai Elevator, Erbud team up to rebuild Ukraine

Hyundai Elevator has joined hands with Erbud, the third-largest constructor in Poland, to cooperate on a reconstruction project in Ukraine, the Korean company said Wednesday. Hyundai Elevator and Erbud signed a memorandum of understanding in Warsaw, Poland, on Tuesday. The signing ceremony was attended by Hyundai Elevator’s Managing Director of Global Sales Division Cho Cheol-ho, Erbud’s Vice President Jacek Leczkowski and other company officials. Erbud specializes in commercial and

IndustryNov. 29, 2023

Samsung promotes execs in 30s, 40s for future growth

Samsung Group's key technology affiliates -- Samsung Electronics, Samsung Display and Samsung SDS, Samsung SDI and Samsung Electro-Mechanics -- on Wednesday promoted a swath of young executives in their 30s and 40s as part of their ongoing efforts to build a foundation for future growth. Samsung Electronics promoted a total of 143 executives in a year-end reshuffle, a decrease from last year’s 183. The total number of executives promoted this year was the lowest since May 2017 marked

TechnologyNov. 29, 2023

Hillstate Gayang flats in Daejeon to go on sale

Some 350 flats at Hyundai Engineering & Construction's new apartment complex, Hillstate Gayang The Wise, located in Gayang-dong, Daejeon, will go on sale in December. The 358 units at the three-building apartment complex range from 84 square meters to 155 square meters. At 49 stories high, Hillstate Gayang The Wise will become the tallest residential building in East Daejeon. Residents are expected to move in starting from next October. The complex is right next to the Daejeon bus termi

IndustryNov. 29, 2023

Yuhan-Kimberly wins first GMP certification for sanitary pads

Yuhan-Kimberly, the country’s leading hygiene product manufacturer, earned the first Good Manufacturing Practice recognition for a sanitary pad manufacturing facility. The firm on Wednesday said its factory in Chungju, North Chungcheong Province, acquired the Ministry of Food and Drug Safety’s GMP accreditation, awarded to manufacturers that meet the authority’s production and quality control standards. The Chungju plant is Yuhan-Kimberly’s manufacturing base for its fema

IndustryNov. 29, 2023

Korean Air orders 20 Airbus A321neo aircraft

Korean Air, South Korea's leading airline, said Wednesday that it has ordered 20 additional Airbus A321neo aircraft, as part of efforts to deliver a modern flight experience to its customers. With the latest order, the total number of its A321neo aircraft has reached 50. The Airbus A321neo is a small-sized, single-aisle airliner with a total of 182 seats. Its eight "Prestige" seat options in business class allow travelers to relax comfortably on a 180-degree fully horizontal sea

IndustryNov. 29, 2023

Hyundai Motor says Expo bid bolstered global partnerships

Hyundai Motor Group, one of the most avid supporters of the ultimately unsuccessful Korean campaign to host the World Expo 2030 in Busan, reports having strengthened its worldwide business opportunities and global partnerships through the campaign-backing efforts across the globe. The Korean government came up short as the country lost to Riyadh, Saudi Arabia in the first round of voting by the members of the Bureau International des Expositions in Paris on Tuesday. Despite the loss, Hyundai Mot

MobilityNov. 29, 2023

KT SAT to integrate Starlink for rapid, robust maritime internet

KT SAT, Korea's sole satellite service provider, announced Wednesday its plan to enhance its maritime communications service by integrating SpaceX's Starlink satellite technology. With this integration, KT SAT aims to address the growing demand for more robust and higher-speed internet at sea, driven by factors such as increased data usage on modern, sensor-equipped ships for optimizing routes and remote technical assistance. Starlink's network promises high-speed, low-latency per

IndustryNov. 29, 2023