I&OK eyes global expansion through metaverse platform

South Korean ICT start-up I&OK said that it has inked an agreement with global artificial intelligence-based company iStaging to establish a joint venture called iStaging Asia. The signing event was held at I&OK's office in Seoul on July 3, with top executives including I&OK CEO Song Min-jae and iStaging’s CEO Johnny Lee in attendance. Under the agreement, iStaging Asia aims to collaborate with leading retail and financial companies in Korea to operate metaverse business

IndustryJuly 13, 2023

BOK holds key rate steady at 3.5%

The Bank of Korea kept its key interest rate unchanged for the fourth consecutive time as inflation seems to be on the wane. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Thursday, keeping the base rate steady since February. The BOK’s decision falls in line with the market projection which assumed the central bank would maintain the rate as the consumer prices growth in June fell to the 2 percent range for the first time in 21 months. Korea’

EconomyJuly 13, 2023

S. Korea's fiscal deficit narrows on-year through May

South Korea's fiscal deficit narrowed in the first five months of 2023 from a year earlier as the country cut spending on pandemic-related expenditures, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 52.5 trillion won ($40.9 billion) in the January-May period, compared with a shortfall of 71.2 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. South Korea's tax revenue

EconomyJuly 13, 2023

Seoul shares open higher on eased woes over US inflation

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, as US inflation slowed to a two-year low, easing concerns that the US Federal Reserve will continue its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 17.92 points, or 0.70 percent, to 2,592.64 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.3 percent, and the tech-heavy Nasdaq Composite climbed 1.2 percent. The US consumer price index, a key inflation

MarketJuly 13, 2023

Import prices hit 18-month low in June on strong won, stable oil prices

Import prices fell to the lowest in 18 months in June to extend their on-month decline for the second straight month on the back of the strengthening Korean won and stable oil prices, central bank data showed Thursday. The import price index for June stood at 130.49, down 3.4 percent from May, according to the data compiled by the Bank of Korea. The June reading marks the lowest since December 2021. The index also fell 15.7 percent compared with a year earlier, marking the sharpest decline since

EconomyJuly 13, 2023

Air Incheon launches Incheon-Kuala Lumpur route

South Korean cargo carrier Air Incheon said Wednesday it has launched a new route connecting Incheon and Kuala Lumpur, its second route to a Southeast Asian country following the first one between Incheon and Hanoi. The company said it plans to operate one flight over five days a week, from Tuesday to Saturday. Each flight will take off at 11 p.m. from Incheon Airport, stop for a layover at Haikou, China, and arrive at Kuala Lumpur International Airport at 7:20 a.m., Malaysia Time. According to

IndustryJuly 12, 2023

W8.6b returned to people who sent money to wrong accounts

A total of 8.6 billion won ($6.7 million) was returned to 7,015 people who wired money to the wrong accounts since July 2021, the Korea Deposit Insurance Corporation said on Wednesday. The Misdirected Wire Transfers Recovery Support System, implemented in July 2021, is a system that returns money that was sent by mistake, which applies to those who wired amounts between 50,000 won and 50 million won. Requests for return need to be filed within a year of the date transfer was made. The average am

EconomyJuly 12, 2023

Starbucks to roll out 'trenta' size drinks in Korea

Starbucks Korea will release a limited edition of three popular beverages in a size called "trenta" that is almost 1 liter starting from July 20 to Sept. 30, to commemorate its 24th anniversary of opening in the country. The trenta size will be available as to-go only at select locations, and offered as an option for three popular Starbucks beverages: Cold Brew, Iced Grapefruit Honey Black Tea, and Strawberry Acai Starbucks Refreshers Beverage. The trenta size is currently only availab

ConsumerJuly 12, 2023

HiteJinro’s Kelly hits 100m sales in 99 days

HiteJinro’s new beer brand Kelly sold 100 million bottles in 99 days since its market debut in April, according to the nation’s top beverage company Wednesday. Some 3.3 million boxes of Kelly, HiteJinro’s sixth beer brand and the first lager beer, were sold as of Tuesday. The company said the upbeat sales figure equates to 11.7 beers sold every second or 2.3 beers consumed by one person among the total population that is of legal drinking age. Kelly also set a record with hit

IndustryJuly 12, 2023

[Herald Interview] Daewoong Pharmaceutical steps onto global stage

Korea’s leading pharmaceutical firm Daewoong Pharmaceutical aims to achieve a fivefold increase in overseas sales within the next five years through the introduction of new drugs, according to the company's global business head on Friday. “My personal goal is to see Daewoong’s overseas sales reach 1 trillion won ($772.6 million) within the next five years,” said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during an intervi

IndustryJuly 12, 2023

Seoul shares end higher ahead of US inflation report

Seoul shares ended higher Wednesday, led by gains in tech companies and airlines, as investors await a US inflation report for clues on future rate hikes. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 12.23 points, or 0.48 percent, to finish at 2,574.72. Trading volume was moderate at 686.15 million shares worth 12.55 trillion won ($9.7 billion), with gainers outpacing decliners 496 to 362. Overnight, the Dow Jones Industrial Average adv

MarketJuly 12, 2023

LG Electronics sets sights on W100tr in sales by 2030

LG Electronics announced Wednesday its vision to transform into a "smart life solutions company" to expand customer experience, to take a leap from its core identity as a top home appliance brand. The tech giant also set the goal to achieve a global annual revenue of 100 trillion won ($77.5 billion) by 2030, and vowed to invest 50 trillion won to drive the growth. "LG will continue to pursue its bold vision to transform and leap forward as a smart life solutions company that con

IndustryJuly 12, 2023

Korea looks to lure more foreign workers

The Korean government plans to ease the visa quota for foreign workers to resolve growing labor shortage issues. “We will resolve the imbalance in the labor market by improving the working environment and using foreign human resources,” Finance Minister Choo Kyung-ho said at a meeting Wednesday. Choo said the government will lift the quota for the E-7-4 visa for skilled workers from 5,000 to 35,000 within the year and ease the standard on minimum annual income, which currently stands

EconomyJuly 12, 2023

FSS chief urges foreign financial firms to prioritize effective risk management

Lee Bok-hyun, governor of the Financial Supervisory Service, urged foreign financial firms Wednesday to prioritize effective risk management in a roundtable meeting with their CEOs in Seoul on Wednesday. "In light of recent domestic and international uncertainties, I urge foreign financial firms to proactively prioritize the firms' soundness and effective risk management," Lee said during the meeting. Lee, who has been prioritizing the improvement of internal controls for Korean f

IndustryJuly 12, 2023

Pressure mounts on milk producers to cut prices

The Ministry of Agriculture, Food and Rural Affairs recently met with South Korean dairy companies in a bid to increase the pressure on them to minimize price hikes for milk, according to Food Ministry Wednesday. According to a Food Ministry spokesperson, the Food Ministry asked Korean dairy companies during a closed-door meeting to minimize price hikes for milk that are expected to take place amid a forthcoming surge in the price of raw milk. Currently, Korea Dairy Committee, a private organiza

ConsumerJuly 12, 2023

Hanwha, SK team up on renewable energy

Hanwha Solutions and SK D&D have inked a strategic partnership to push for hydrogen fuel cell and solar power energy businesses, the companies said Wednesday. Representatives from the two sides signed a memorandum of understanding on Tuesday. According to officials, their joint hydrogen fuel cell business will aim to enter Korea’s bidding market for hydrogen power development. Hanwha Solutions will be in charge of securing the site for setting up a hydrogen fuel cell plant and obtainin

IndustryJuly 12, 2023

[Photo News] Hana-SKT startup accelerator

SK Telecom CEO Yoo Young-sang (center left) and Hana Financial Group Chairman Ham Young-joo (center right) attend the launch ceremony of the AI Lab for Startups, their joint startup accelerator program, at a Sparkplus co-working office in southern Seoul on Tuesday. The nation’s top telecom and financial firms have teamed up to nurture promising startups specialized in artificial intelligence as part of their strategic partnership signed last year. A total of 15 startups have been selecte

IndustryJuly 12, 2023

Bacardi Korea teams up with Daytona Entertainment for summer campaign

Bacardi Korea, the leading rum brand in South Korea, will be launching its "Do What Moves You" (DWMY) campaign in collaboration with artists Toil and Skinny Brown from record label Daytona Entertainment. Marking the third DWMY campaign in Korea, this year’s campaign is targeted at the younger MZ audience -- an acronym for millennial and Generation Z -- who strive to express themselves confidently and unapologetically without being swayed by others' opinions. The campaign wil

ConsumerJuly 12, 2023

Hanwha Ocean succeeds in localizing key devices of sub sonar

South Korean shipbuilder Hanwha Ocean Co. said Wednesday it has succeeded in developing three key devices of a submarine sonar system. They include a sonic depth finder, a sonar beacon and an underwater environment measuring apparatus, which could help boost the operational capability and viability of a submarine, Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., said. A sonic depth finder, or fathometer, uses sound waves to determine the depth of water, and a sonar beacon

TechnologyJuly 12, 2023

Hyundai workers to hold strike in protest against 'anti-union' government

Unionized workers at Hyundai Motor Co. will hold a partial strike Wednesday in the South Korean carmaker's domestic plants in protest against the "anti-union" Yoon Suk Yeol government, the union said. Hyundai's day-shift and night-shift workers will hold a two-hour strike Wednesday, respectively, under the guidelines of the Korean Metal Workers' Union, a union spokesman said over the phone. The KMWU has been calling on the Yoon government to stop union repression and for

EconomyJuly 12, 2023