FSC to ease regulation on Korean investment firms' foreign lending

The Financial Services Commission will revise the net capital ratio regulation to create a more favorable environment for Korean investment firms' overseas lending business, the financial regulator said Monday. At a seminar held at the Korea Exchange Monday, many securities firms here -- including Mirae Asset Securities -- raised the issue on how the current regulation makes it difficult to conduct their business outside of Korea. Currently, all investment firms are obligated to maintain a

IndustryApril 17, 2023

[Photo News] 1st rollable display for cars

Hyundai Mobis said Monday it has developed a rollable display for cars -- the first of its kind globally. The 30-inch display can be rolled up and down depending on the mode the driver chooses. The automotive parts unit affiliated with Hyundai Motor Group said it aims to secure orders from luxury carmakers globally.

MobilityApril 17, 2023

Pet spending surges during pandemic

South Korean's annual expenditure per capita on pets, along with the nation's pet-related businesses, is growing steadily, data released Monday showed. Purchase records from 2019 to 2022 compiled by the big data center at major Korean card firm Shinhan Card showed that the average annual spending per person at a slew of pet-related services or products -- such as animal hospitals, dog hotels, dog cafes, and dog salons -- recorded 353,000 won ($268) last year, the highest in four years.

IndustryApril 17, 2023

[Photo News] Robot chefs

Doosan Robotics on Monday launched a food and beverage collaboration robot that can aid basic operations in the kitchen. According to the company, the robot arm can lift up and carry objects weighing up to 5 kilograms with an operational reach of 90 centimeters. Doosan Robotic said it will look to expand the application of the robot arm to bakeries and fast food restaurants.

TechnologyApril 17, 2023

S. Korea to send economic delegation to Hungary, Poland, Slovakia

South Korea will send a delegation to Hungary, Poland and Slovakia this week to discuss ways to boost economic and trade ties with the respective European countries, the industry ministry said Monday. The delegation led by First Vice Industry Minister Jang Young-jin will visit the three European nations from Monday through Friday to meet with senior officials from the nations for talks on enhancing cooperation on steel, batteries and other major industry fields and to hold business forums involv

IndustryApril 17, 2023

Seoul shares open slightly lower on rate hike concerns

South Korean stocks opened marginally lower Monday as investors took to the sidelines amid lingering concerns over rake hikes. The benchmark Korea Composite Stock Price Index shed 3.74 points, or 0.15 percent, to 2,567.75 in the first 15 minutes of trading. The Kospi finished higher Friday for a sixth consecutive session after softer-than-expected US economic data showed that inflation is slowing, adding to hopes the Federal Reserve will dial back its aggressive rate-hike cycle. Wall Street, how

MarketApril 17, 2023

[Graphic News] Smartphone sales slide

Sales of smartphones in South Korea fell 6 percent last year from a year earlier, industry data showed. Samsung Electronics, the world’s leading smartphone maker, saw its smartphone sales decline 2 percent on-year in its home country in 2022, while sales of Apple’s iPhone inched down 0.4 percent from a year ago, market analyst firm Counterpoint Research said. Sales of others tumbled 71 percent on-year last year due to a base effect stemming from LG Electronics’ exit from the mo

ConsumerApril 17, 2023

Finance minister rules out extra budget

South Korea was not considering planning a supplementary budget, its finance minister has said, despite a looming decline in this year's tax income. "We are not mulling a supplementary budget at this point," Finance Minister Choo Kyung-ho said during a meeting with reporters in Washington on Thursday (U.S. time), where he attended the G20 Finance Ministers and Central Bank Governors' meeting. The comment came as South Korea's tax income declined 15.7 trillion won ($12 billion) as of Fe

EconomyApril 16, 2023

LG chairman files suit over 'excessive' inheritance tax

LG Group Chairman Koo Kwang-mo is belatedly found to have filed a complaint against the South Korean tax administrative agency, claiming that the inheritance taxes imposed on him were excessively hefty, according to the business circles on Sunday. Koo took legal action against the head of the National Tax Service’s regional office in Yongsan-gu, central Seoul, in the latter half of last year to request the cancellation of inheritance tax overpayment. The chairman jointly filed a suit with

IndustryApril 16, 2023

Online luxury sellers suffer losses as shoppers return in-store

A slew of Korean online luxury retailers have capped last year with sharp falls in their profits as consumers have begun returning in-store while competition among online malls grow fierce. Korean luxury goods platform Must-it's operating losses widened by 68 percent on-year to 16.8 billion won ($12.9 million), according to the firm's regulatory filing on Friday. Other Korean major platforms also were in the red in 2022, with Korean luxury goods retailer Balaan seeing its operating los

ConsumerApril 16, 2023

LG Chem, Huayou Cobalt to build W1.2tr battery material plant in Korea

LG Chem, South Korea’s chemical giant, and Huayou Cobalt, China’s leading cobalt refiner, will invest 1.2 trillion won ($918 million) to build a battery material plant in Gunsan, North Jeolla Province, according to reports Sunday. Citing anonymous industry sources, the reports said the two companies will officially sign the partnership Wednesday to jointly establish a production site for precursors. Precursors are core materials of cathode materials, one of the four critical battery

IndustryApril 16, 2023

Major crypto exchanges delist paycoin

Paycoin, the cryptocurrency issued by PayProtocol, was delisted from three major virtual asset trading platforms in South Korea after the issuer's petition for a preliminary injunction against the removal was rejected by a Seoul court on Friday. PayProtocol, a subsidiary of payment service company Danal, filed the petition on April 8, after the Digital Asset Exchange Alliance (DAXA) -- consisting of five major crypto exchanges-- announced on March 31 that it would stop trading paycoin on Bi

IndustryApril 16, 2023

[Photo News] Polestar among luxury brands

Polestar, a Swedish all-electric vehicle maker, has become the first auto importer to open a pop-up store at the Hyundai Department Store in Pangyo, Gyeonggi Province. According to Polestar Korea, the EV maker will operate the pop-up store on the first floor alongside luxury brands such as Gucci, Hermes and Tiffany & Co. through May 14. Customers can check out the Polestar 2 on display, take the vehicle for a test ride and receive their orders at the department store.

MobilityApril 16, 2023

ReWorld Forum to explore sustainable future

The SDX Foundation, a nonprofit seeking sustainable growth based on digital transformation, said Sunday it will hold the ReWorld Forum in Seoul on April 26 under the themes of net-zero transition as well as environmental, social and corporate governance. The upcoming forum will focus on exploring “transition finance,” which offers financial services to high carbon-emitting industries for their carbon-neutral transition. In Asia alone, the market for transition finance is expected to

IndustryApril 16, 2023

[KH Explains] Is US-China rivalry spilling over to displays?

The rare visit of Chinese President Xi Jinping to LG Display’s local manufacturing facility in China last week came as a surprise to South Korea’s display industry, raising both excitement and concerns over the intention behind the visit amid the intensifying Washington-Beijing tech rivalry. In his visit to the LG plant in Guangzhou, Guangdong Province on Wednesday, Xi underscored how China can provide an excellent ground for foreign businesses to thrive, and expressed hopes for fore

IndustryApril 16, 2023

Samsung’s Neo QLED TVs receive carbon footprint certification

Samsung Electronics, the world's largest TV maker by shipments, said Sunday that six of its Neo quantum-dot light-emitting diode TVs have been globally certified for carbon footprint by Carbon Trust, a UK-based carbon management and reduction organization. The models -- three of its 75-inch Neo QLED 8K and three of its 75-inch Neo QLED 4K screens -- obtained the certification in recognition of Samsung’s efforts to reduce the products’ weight and power consumption compared to pr

TechnologyApril 16, 2023

S. Korean finance minister to meet Japanese counterpart next month amid thawing relations

WASHINGTON -- South Korean Finance Minister Choo Kyung-ho has said he will meet with his Japanese counterpart, Shunichi Suzuki, next month, the first meeting between the finance ministers of the two neighbors in nearly seven years in the latest sign of a thaw in diplomatic relations. The agreement was made in Washington where the two attended the G20 Finance Ministers and Central Bank Governors' meeting, Choo said last Thursday. "Since the two leaders initiated a watershed moment (for

EconomyApril 16, 2023

[KH Explains] Why Hanwha’s DSME takeover has not yet gained approval at home

Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49.3 percent stake in DSME from the state-run Korea Development Bank in December last year, Hanwha, the nation’s seventh-largest conglomerate, has obtained approval from other necessary antitrust authorities o

IndustryApril 16, 2023

[Herald Interview] BMW Motorrad offers upbeat outlook for Korean sales

South Korea’s burgeoning two-wheeler market could see further growth with more policy support for motorcyclists here, the head of Region Asia, China, Pacific and Africa at BMW Motorrad urged. “South Korean motorcycle market is witnessing continuous growth every year with an increasing number of motorheads,” said Markus Mueller-Zambre during a recent interview with The Korea Herald. “Although there have been some movements to allow riding bikes on motorways, it is (one of

MobilityApril 14, 2023

[Photo News] Samsung wins 80 iF Design Awards

Samsung Electronics said Friday its Bespoke Infinite built-in home appliance lineup has snatched a gold award at the International Forum Design Award 2023. This year, the tech giant has won a total of 80 awards -- a record figure -- at the German design competition. (Samsung Electronics)

IndustryApril 14, 2023