Seoul mayor promotes K-beauty in Japan

Seoul Mayor Oh Se-hoon vowed to support South Korean beauty firms making a foray into Japan, the third-biggest market for cosmetics in the world, during his official visit to the neighbor country, the city government said Tuesday. According to the Seoul Metropolitan Government, Seoul Business Agency, an investment agency under the city government, and eBay Japan signed a memorandum of understanding to foster the online growth of small and medium-sized Korean cosmetics companies in the Japanese b

ConsumerJune 27, 2023

JB Financial celebrates 10th anniversary

JB Financial Group celebrated its 10th anniversary with an event held in Muju-gun, North Jeolla Province, according to the financial firm on Tuesday. The event on Saturday, held under the slogan, "10 Years of Partnership, New Leap," was attended by over 3,500 executives and employees, including JB Financial Group Chair Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CE

IndustryJune 27, 2023

Posco International inks partnership with Danish firm on offshore wind power development

Posco International Corp. said Tuesday it has signed an agreement with a Danish investment company to work together on the development of offshore wind power and cooperate in other green businesses. The memorandum of agreement was signed with Copenhagen Infrastructure Partners on Monday, under which they will work to develop offshore wind power projects in Pohang, an industrial city located 262 kilometers southeast of Seoul, Posco International said in a release. They will work together to find

EconomyJune 27, 2023

Amore Pacific Group signs MOU with retail giant A.S. Watson Group to expand global business

South Korean cosmetics giant Amore Pacific Group said Tuesday it has signed an initial pact with international health and beauty retailer A.S. Watson Group to expand its global business. With the memorandum of understanding, the two companies agreed to cooperate to seek the growth of Amore Pacific's brands that have already entered A.S. Watson's platforms, including Innisfree, Etude and Mise-en-Scene. The companies also agreed to cooperate to help more Amore Pacific brands, such as Ill

CompaniesJune 27, 2023

Seoul shares open lower on weak techs ahead of Powell remarks

South Korean stocks opened lower Tuesday, driven by a decline in big tech companies, as investors wait to hear what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index fell 9.59 points, or 0.37 percent, to 2,572.61 in the first 15 minutes of trading. Investors have remained cautious after Powell said last week that US interest rates will need to be raised once or twice more this year, dampening hopes for the

MarketJune 27, 2023

Seoul ups the ante against 'ramen inflation'

The South Korean government on Monday met with local milling companies, upping the pressure on them to lower wheat prices in the fight on inflation, especially for daily food items such as instant noodles and milk. The Ministry of Agriculture, Food and Rural Affairs held a closed-door meeting Monday afternoon with officials from local milling firms including Daehan Flour Mills Corp., CJ CheilJedang and Samyang – the big three players in the industry. A ministry official declined to put too

IndustryJune 26, 2023

Korean firms fight talent exodus as chip tech war intensifies

A former Samsung employee was banned from moving to US rival Micron Technology after the Korean tech giant took the issue to court amid growing concerns over illicit tech transfer. Seoul Central District Court on Sunday accepted Samsung Electronics’ petition for an injunction to ban a key employee from moving to US chip rival Micron Technology just three months after quitting the Korean chipmaker. "DRAM technology is designated as national strategic technology and protection of the te

IndustryJune 26, 2023

Seoul shares end higher on tech, auto gains

South Korean stocks closed higher Monday on advances in tech and auto shares. The local currency went down against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index climbed 12.10 points, or 0.47 percent, to 2,582.20. Trading volume was moderate at 473 million shares worth 8.3 trillion won ($6.4 billion) with gainers outstripping decliners 494 to 381. The index opened lower on losses on Wall Street amid US Federal Reserve Chairman Jerome Powell's remarks re

MarketJune 26, 2023

[Contribution] Strategies to secure Korea's chip supremacy

By Koo Hyuk-chae Director-general of R&D policy bureau Ministry of Science and ICT Starting with the invention of the transistor at Bell Labs in the United States in 1947, semiconductors have constantly advanced and are now embedded in all devices that require computing power. Last year, the global semiconductor market size amounted to approximately $640 billion, of which 20 percent, or $130 billion, was occupied by the Korean semiconductor industry. The semiconductor industry is the No. 1

TechnologyJune 26, 2023

Hyundai Card bolsters ties with Visa in digital push

Korean credit card issuer Hyundai Card and Visa, a world leader in digital payment, on Monday announced that they have signed a strategic business partnership deal to collaborate on businesses using analyzed data. The partnership signing ceremony was held at Visa’s headquarters in San Francisco on Wednesday with top executives, including Hyundai Card Vice Chairman and CEO Chung Tae-young and Visa CEO Ryan McInerney in attendance. “Hyundai Card and Visa have agreed to prioritize colla

IndustryJune 26, 2023

K-beauty sees surging growth in Vietnam

Vietnam is seeing exponential growth in demands for South Korean cosmetics, marking it as a potential replacement market for Korean beauty companies suffering from their recently spluttering performances in the major market of China, according to data Monday. According to the Korea Cosmetics Association's data, Korean cosmetics exports to Vietnam from January to May this year surged 43.4 percent compared to the same period a year earlier, logging $187.5 million in exports. Korea's cosm

ConsumerJune 26, 2023

Choo remains wary of China's reopening

Finance Minister Choo Kyung-ho expressed his concern for the Korean economy as China’s reopening has had only a limited impact, falling below expectations. "The chip industry is yet to recover and the reopening of China, a country which we have a lot of trade with, has not shown much effect,” Choo said at a meeting held with the local business industry on Monday. Representatives of midsized businesses here attended the meeting, including Korea’s largest sauce maker Sempio

EconomyJune 26, 2023

[Photo News] Smile for children

SK Group said Monday that a total of 4,273 children in Vietnam have received surgeries treating facial deformities over the past 27 years as part of the firm's social contribution project there, called Smile For Children. The project was launched in 1996 in partnership with Korean medical institutions and volunteers, with SK covering all costs worth a total of some 4 billion won ($3 million).

CompaniesJune 26, 2023

LG Chem begins mass production of single-crystal cathodes

LG Chem said Monday that it has begun mass production of high-nickel single-crystal cathode materials for next-generation batteries at its plant in Cheongju, North Chungcheong Province, making it the first Korean company to do so. "High-nickel single crystal cathode materials are an innovative solution that will transform the landscape of the future battery material market and address customers' needs,” said Vice Chairman and CEO Shin Hak-cheol. Cathodes are a core component that

IndustryJune 26, 2023

[Test Drive] Lexus’ answer for luxury EV

Unlike other global carmakers going all-out to launch fully electric vehicles, Toyota and its premium brand Lexus have insisted on developing hybrid cars. However, with burgeoning demand for battery-powered EVs (BEVs) in Korean and other major countries’ clean car markets, Lexus aims to expand its footing with the first BEV lineup, The All New Electric RZ. RZ 450e, the first EV in the RZ lineup, is a crossover utility vehicle -- a mix of sedan and sport utility vehicle -- that runs on To

MobilityJune 26, 2023

Seoul shares open tad lower on US losses

South Korean stocks opened a tad lower Monday, tracking losses on Wall Street amid concerns over economic recession and profit taking. The benchmark Korea Composite Stock Price Index fell 3.08 points, or 0.12 percent, to 2,567.02 in the first 15 minutes of trading. All US stock indexes finished lower Friday after US Federal Reserve Chairman Jerome Powell reaffirmed the need for more interest rate hikes at a testimony before Congress last week. In Seoul, mega-cap shares opened mixed. Tech heavywe

MarketJune 26, 2023

Doosan to expand EV materials production in Vietnam

Doosan Corp. has joined hands with Hai Duong, an industrial city east of Vietnam's capital Hanoi, seeking further business opportunities based on its manufacturing techniques for advanced electronic materials, the South Korean conglomerate said Sunday. Doosan Corp. and the city of Hai Duong signed a memorandum of understanding last week in Hanoi with government and company officials in attendance, which took place as part of events celebrating South Korean President Yoon Suk Yeol’s st

CompaniesJune 25, 2023

Weak yen deepens concerns over trade balance

While Korean tourists are flocking to Japan to take advantage of a record-low yen, concerns are deepening among businesses over capital outflow and export slump in the coming months. The Korean currency closed in the 910 won ($0.70) range against 100 Japanese yen on Friday. The won-yen exchange rate had stayed above the 1,000-won range between 2019 and 2022, but the figure continued to fall this year to an eight-year low of 897.49 won last week. The cheaper yen comes as the Bank of Japan sticks

EconomyJune 25, 2023

Samsung chief touts ‘meaningful trip’ to France, Vietnam

Samsung Electronics Executive Chairman Lee Jae-yong returned home Saturday after a seven-day business trip to France and Vietnam. He accompanied President Yoon Suk Yeol on his latest state visits to the two countries. As Lee arrived at Seoul Gimpo Business Aviation Center later in the day, he smiled and told reporters that it was “a meaningful itinerary.” But the Samsung chief declined to answer any of them when he was asked about the possibility of Busan’s winning to host the

IndustryJune 25, 2023

Hyundai Motor chief underlines Vietnamese cooperation

The leaders of Hyundai Motor Group and Vietnam National University, Hanoi, agreed to establish a new cooperation center to nurture professional talent and advance the competitiveness of the Vietnamese auto industry, the South Korean company said Sunday. According to the Korean automaker, Hyundai Motor Group Executive Chair Chung Euisun and Le Quan, the President of Vietnam National University, Hanoi, met Friday on the school’s Hoa Lac campus to discuss various ways for cooperation. “

MobilityJune 25, 2023