[Photo News] Last spurt for Busan Expo

Hyundai Motor Group’s flagship electric vehicles -- the Ioniq 6 and EV6 -- bearing the slogan “Busan is Ready,” are parked in front of Le Palais des Congres d'Issy in Paris, where voting to select the host country for the 2030 World Expo is to take place Tuesday. The automaker said the art cars promoted Busan’s bid to host the global event in Paris by driving around the voting site as well as major tourist attractions including the Arc de Triomphe and the Louvre sinc

MobilityNov. 26, 2023

LG, UNESCO partner to promote AI ethics

LG AI Research, LG Group's artificial intelligence think tank, said Sunday it has signed a letter of intent with UNESCO in Seoul to jointly foster knowledge and awareness of the ethics of AI. LG highlighted the agreement as the first of its kind, where UNESCO has partnered with a Korean firm to promote the ethical development and use of AI technology. Under the letter of intent, the two sides agreed to advance AI technology that would contribute to both humanity and sustainable development,

IndustryNov. 26, 2023

Posco's charity foundation donates W90b

South Korean steel giant Posco Group marked the 10th anniversary of the Posco 1% Foundation, the group's social outreach body, highlighting the voluntary participation of employees and executives as the key to long-running donations. Established in 2013, Posco 1% Foundation is financed by its employees who make regular donations using 1 percent of their monthly wages. As of 2023, over 98 percent of Posco’s workers are participating in programs to help support underprivileged communi

IndustryNov. 26, 2023

Manufacturing sentiment grows for first time in 4 months in December

South Korea's manufacturing confidence rose for the first time in four months in December, thanks to solid signs of recovery in global demand for semiconductors, a poll showed Sunday. The professional survey index for the manufacturing sector's business conditions came to 100 for next month, up from 97 for this month, according to the Korea Institute for Industrial Economics & Trade. A PSI reading above 100 means optimists outnumber pessimists. The survey was conducted earlier this

EconomyNov. 26, 2023

Samsung Electronics makes final pitch in Paris for Busan's bid to host 2030 World Expo

Samsung Electronics Co. has been making its final pitch for Busan's bid to host the 2030 World Expo with displays in Paris, company officials said Sunday. Samsung has displayed a message of support for the southeastern port city's expo bid across billboards at various places in France's capital, including Paris Charles de Gaulle Airport, major shopping areas and tourist attractions, according to the officials. Samsung has also put up a giant advertising post promoting its latest f

CompaniesNov. 26, 2023

LG infuses year-end reshuffle with younger fresh blood, focuses on performance

LG Group, the country’s fourth-largest conglomerate, announced its year-end executive reshuffle on Friday, seeking to infuse the top brass with younger blood. From Wednesday to Friday, affiliates of LG Group held board meetings to appoint three new chief executive officers and promote 136 executives. Among the 99 to become executives, 97 of them were born after 1970 and five were born in the 1980s, the conglomerate said. “The latest executive reshuffle sought to reform the leadership

IndustryNov. 24, 2023

SK Group chief vows last-ditch effort to support Busan's expo bid

SK Group Chairman Chey Tae-won reinforced his commitment to supporting Busan’s bid to host the 2030 World Expo on Thursday, days before the final voting takes place in Paris to choose the host. Busan, South Korea's second-largest city, is competing against Saudi Arabia’s Riyadh and Italy’s Rome to host the global event. “When we first jumped into this international race, the prospect of Busan winning the expo bid seemed almost impossible," Chey wrote in an Insta

IndustryNov. 24, 2023

Choo calls for WGBI listing in London

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi

EconomyNov. 24, 2023

Korea Life Insurance Association taps new chairman

The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

IndustryNov. 24, 2023

Kakao T to launch ride-hailing service in Asia, Middle East

The ride-sharing service Kakao T will be available in Australia, Taiwan, the United Arab Emirates, Jordan and Kuwait from next week, Kakao Mobility announced Friday. Users of the Kakao T app will be able to hail local taxis, premium sedans and midsize SUVs in the five countries from Nov. 30 onward, bringing Kakao's ride-hailing services to a total of 37 countries worldwide. The company said it also plans to enter the US market within this year. According to Kakao Mobility, the latest expans

TechnologyNov. 24, 2023

Seoul shares snap 4-day rise amid Fed's rate path woes

Seoul shares closed lower Friday, snapping a four-day winning streak, with no major guidance in the markets due to the Thanksgiving holiday in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index was down 18.33 points, or 0.73 percent, to close at 2,496.63. Trade volume was slim at 352.2 million shares worth 6.38 trillion won ($4.9 billion), with gainers outnumbering decliners 452 to 413. Institutions and individuals bought a combined 194

MarketNov. 24, 2023

BIS, BOK top officials visit Naver's 2nd headquarters

Top officials from the Bank for International Settlements and the Bank of Korea visited Naver 1784, the tech giant's second headquarters, to discuss ways to integrate artificial intelligence technology in the financial sector, Naver said Friday. BIS General Manager Agustin Carstens and BOK Senior Deputy Gov. Ryoo Sang-dai were among the officials visiting the Naver's second headquarter building in Seongnam, Gyeonggi Province. The officials were greeted by Naver's top executive

IndustryNov. 24, 2023

SK affiliates sign largest renewable energy deal in Korea

SK Group announced on Friday that nine of its affiliates have entered a long-term agreement to procure 537 gigawatt-hours of renewable energy annually from SK E&S, a clean energy provider within the group. The 20-year deal is the largest direct renewable energy purchase agreement, or PPA, ever in Korea, and is expected to cut 5 million metric tons of greenhouse gas emissions over two decades, the group said, equivalent to planting some 20 million pine trees nationwide. The size of the deal

IndustryNov. 24, 2023

[Photo News] Samsung makes final push for Busan Expo in Europe

Samsung Electronics said Friday it is launching an outdoor advertisement campaign in major cities in Europe, including London and Madrid, to ramp up promotional efforts for Busan’s bid to host the 2030 World Expo. The ads feature famous attractions in the South Korean port city. In London, cabs sporting similar wrap-around ads will drive across the city, the company said. The tech giant will run the campaign through Nov. 28, when the host city of the global event is to be determined in a v

IndustryNov. 24, 2023

Seoul shares open higher amid higher-for-longer rate woes

Seoul shares opened higher Friday, with no major guidance in the markets due to the Thanksgiving holiday in the United States on Thursday. The benchmark Korea Composite Stock Price Index rose 3.38 points, or 0.13 percent, to 2,518.34 in the first 15 minutes of trading. Market participants expected the Federal Reserve is near the end of its hiking cycle and rate cuts are likely in 2024. But the latest Fed minutes said officials have no intention to ease the monetary policy. In Seoul, large-cap st

MarketNov. 24, 2023

[Graphic News] S. Korea’s beverage exports hit all-time high this year: data

South Korea’s exports of beverages reached a record high during the first nine months of 2023 in line with the popularity of Korean food and the overall culture, the customs agency said. The export value of beverages, excluding alcoholic drinks and mineral water, amounted to $529 million during the January-September period, up 6.3 percent from a year earlier, according to the data from the Korea Customs Service. It is the highest level ever for a nine-month tally. Last year, the country lo

MarketNov. 24, 2023

Two CEOs to lead Mirae Asset Global Investments

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

CompaniesNov. 23, 2023

Top conglomerates to start executive reshuffles

South Korean conglomerates are set to carry out regular reshuffle of executives to gear up for the coming year, starting with LG Group this week. Samsung Electronics, SK Group and Hyundai Motor Group, the top three conglomerates in order, are expected to conduct their regular executive reshuffles as late as early December. On Thursday, LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in the regular reshuffle on Thursday. Jeong is an LG vete

IndustryNov. 23, 2023

LG Display appoints LG Innotek chief as new CEO

LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in a regular reshuffle on Thursday. The display panel maker said its board of directors appointed Jeong, an LG veteran who has served at a number of LG Group affiliates including LG Display and LG Chem for 40 years, as its new CEO in the board meeting earlier in the day. Jeong will start his work at LG Display from on Dec. 1 and the appointment will be made official at the general shareholder

IndustryNov. 23, 2023

S-Oil builds technical center to advance R&D competitiveness

South Korean oil refiner S-Oil said Thursday that the company has completed the construction of the Technical Service & Development Center in western Seoul to strengthen its future business areas with sustainability. “The TS&D Center will work to minimize the impact of our products on the environment and to enhance the safety of consumers amid tightening environmental regulations globally and growing consumer expectations of high-quality and green products and it will position itse

IndustryNov. 23, 2023