Number of working Koreans past 60 hits record high

A retired police officer, who wished to be identified by his last name Park, 63, believes “60 is the new 40.” “After retiring from my job I started watching over kids as a ‘school sheriff’ at an elementary school nearby. I just was not used to staying at home without a job,” Park told The Korea Herald. Last month, the number of overall employed workers increased by 310,000 on-year, and this rise was largely led by workers like Park, who are in their 60s, a

IndustryMarch 19, 2023

Eximbank to boost trade finance for Latin American market

The Export-Import Bank of Korea is making strides to expand its network with financial institutions based in Latin America to clear the path for South Korean companies to enter emerging markets in the region. Eximbank Chairman Yoon Hee-sung attended the 2023 Annual Meeting held by the Inter-American Development Bank in Panama from March 16 to 19. At the event, he signed a Confirming Bank Agreement with James Scriven, CEO of IDB Invest -- the private sector arm of IDB Group -- to solidify Eximban

MarketMarch 19, 2023

Starbucks opens new 'socially responsible' cafe in ESG push

Starbucks Korea said Sunday it opened its 13th eco-friendly outlet in the country, as part of its continuous attempts to recycle waste and create jobs for socially disadvantaged people. Called "Zero waste: eco-star cafe," according to Starbucks, the pilot store recently opened in Incheon, and is jointly operated by the Korea Environment Corp. and Starbucks to ramp up the coffee franchise's environmental, social and corporate governance, or ESG, efforts. "We will continue to e

IndustryMarch 19, 2023

Samsung, SK hynix likely to suffer deficit in Q1 chip business

South Korea's leading semiconductor makers, Samsung Electronics and SK hynix, are likely to post deficits of billions of won in the first quarter of this year amid weakening memory chip prices and higher inventories. Posing great challenges for the firms are accumulated substantial amounts of inventory and slowing consumer spending. According to Samsung’s regulatory filing to DART, the Financial Supervisory Service’s electronic disclosure board, Sunday, its inventory assets re

IndustryMarch 19, 2023

Shilla, Shinsegae, Hyundai shortlisted for Incheon airport duty-free licensing

Hotel Shilla, Shinsegae DF and Hyundai Department Store Duty Free were shortlisted for duty-free licensing at Incheon International Airport, the airport operator said Friday. Incheon International Airport Corp. announced the result of the first round of assessment of bids for the five duty-free zones at the nation's main airport, located west of Seoul. The three domestic retail giants were selected as final candidates, while two other bidders, Lotte Duty Free and China Duty Free Group Co. (

IndustryMarch 17, 2023

OECD slashes S. Korea's 2023 growth outlook to 1.6 percent

The Organization for Economic Cooperation and Development (OECD) on Friday revised down South Korea's growth outlook for 2023 to 1.6 percent, as the global economy continues to stand on "fragile" grounds amid uncertainties. The latest outlook, released through the Paris-based organization's interim report, marked a 0.2 percentage-point drop from a 1.8 percent growth projection in November. The downward revision is in line with the Bank of Korea's assessment released

EconomyMarch 17, 2023

Posco to relocate headquarters to Pohang

Posco Holdings, a unit of South Korean steel giant Posco Group, will relocate its Seoul headquarters to the industrial city of Pohang, North Gyeongsang Province, as the plan was approved at a shareholders meeting Friday. “We have decided to relocate the headquarters to coexist with the local community of Pohang, which enabled the growth of Posco,” Posco Group Chairman Choi Jeong-woo said. Pohang is home to the group’s key steel mills and other production facilities. While some

IndustryMarch 17, 2023

Yoon calls for Korea-Japan cooperation on chips, batteries

South Korean President Yoon Suk Yeol called for close cooperation of businesses of South Korea and Japan, especially in cutting-edge fields of semiconductors and batteries, during a meeting of entrepreneurs of the two countries, Friday. The two biggest business groups of South Korea and Japan, Korean Federation of Industries and Japan Business Federation -- commonly known as Keidanren -- hosted the Korea-Japan Business Roundtable on the second day of Yoon's two-day visit to Tokyo. Yoon held

IndustryMarch 17, 2023

Seoul stocks end up on eased banking jitters

Seoul stocks finished higher Friday as investors' jitters eased on news that a group of banks would throw a lifeline to a troubled US bank. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 17.78 points, or 0.75 percent, to 2,395.69. Trading volume was moderate at about 355 million shares worth some 8.38 trillion won ($6.4 billion), with gainers outnumbering losers 672 to 224. Institutions and foreign investors bought a net 155 billion won wor

MarketMarch 17, 2023

KAI CEO denies sellout rumor

Korea Aerospace Industries will spend 4.5 trillion won ($3.5 billion) in research and development to achieve a quantum jump in the global aerospace industry, according to its CEO on Friday. “In the aerospace industry, you cannot survive if you are not looking ahead 40 to 50 years from now. From the perspective of a CEO, (spending money on) research and development drags down (short-term) performance because it cuts down revenue. But if we don’t (invest in R&D) now, KAI will not h

IndustryMarch 17, 2023

HD Hyundai builds industrial alliance for carbon neutrality

South Korea’s HD Hyundai, the world’s largest shipbuilding group, said Friday it is forming the industry’s first alliance for carbon neutrality along with Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, the American Bureau of Shipping and the Korean Register of Shipping. On Thursday, the top three local shipbuilders and international ship classification organizations agreed to carry out a joint project tracking and standardizing their carbon footprint ba

IndustryMarch 17, 2023

NPS to vote against Shinhan Financial chairman nominee

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

MarketMarch 17, 2023

Samsung Biologics to invest W2tr for 5th plant

Samsung Biologics said Friday it is investing 2 trillion won ($1.5 billion) to build its fifth production plant as part of efforts to meet market demands and bolster its manufacturing competitiveness. The company announced the plan after an approval from the board of directors earlier in the day. Last year, the company’s revenue exceeded the 3 trillion-won mark for the first time within the bio pharma industry, with its operating profits reaching some 1 trillion won. While its fourth pla

TechnologyMarch 17, 2023

Economic slowdown persists on weak exports, biz sentiment: finance ministry

South Korea's finance ministry said Friday that Asia's No. 4 economy continues to experience an economic slowdown amid sluggish exports and weak business sentiment. "While the inflation has slowed recently, the recovery in domestic consumption has become moderate. With exports remaining sluggish and manufacturers' business sentiment contracting, the trend of an economic slowdown has continued," the Ministry of Economy and Finance said. It marked the second consecutive mo

IndustryMarch 17, 2023

Seoul stocks open higher as banking jitters ease

Seoul stocks opened higher Friday on news that a group of banks would throw a lifeline to a troubled US bank. The benchmark Korea Composite Stock Price Index added 15.84 points, or 0.67 percent, to 2,393.75 in the first 15 minutes of trading. Overnight, Wall Street finished up after 11 American banks vowed to inject $30 billion into the ailing San Francisco-based First Republic Bank, reassuring investors of the financial soundness of the US banking system. The Dow Jones Industrial Average gained

MarketMarch 17, 2023

SpaceX sets up subsidiary in S. Korea for Starlink service

US space firm SpaceX has set up a subsidiary in Seoul to launch satellite internet services using Starlink here, industry sources said Thursday. SpaceX established Starlink Korea LLC on March 8, and Lauren Ashley Dreyer, SpaceX's senior director of Starlink business operations, has been appointed as representative, according to the sources. In January, the space firm owned by Elon Musk applied for business registration with the South Korean government, as it seeks to launch Starlink in the

IndustryMarch 16, 2023

Tokyo lifts export curbs; Seoul withdraws WTO complaint

South Korea and Japan's easing of trade tensions has spurred hope among Korean businesses, as the two agreed to bolster economic ties on the sidelines of the summit talks held in Tokyo on Thursday. Earlier in the day, Japan announced it would lift restrictions on exports of key semiconductor materials to Korea, while Korea in return decided to withdraw its complaint filed with the World Trade Organization against the export curbs. Both countries also plan to continue talks to reinstate each

EconomyMarch 16, 2023

Hyundai Steel to sell Beijing unit after years of sluggish sales

Hyundai Steel, South Korea’s second-largest steelmaker, said Thursday that it would sell its Beijing unit, Hyundai Steel Beijing Process, after years of sluggish sales compounded by the shrunken market share of Hyundai Motor and Kia cars in China. Hyundai Steel will still keep its Tianjin unit for its business in China, the company added. "(Hyundai Steel) has completed signing a memorandum of understanding with a potential buyer for the Beijing plant. The company will soon engage in

IndustryMarch 16, 2023

E1 pledges $100,000 in aid for earthquake victims in Turkey

South Korean eco-friendly energy company E1 announced Thursday that it will donate $100,000 to support earthquake victims in Turkey. Having already participated in LS Group’s Turkey relief fund in February, E1 said it has decided to make additional donations considering the severity of earthquake damage. E1 has communicated with BGN, an energy trading company in Turkey, for the selection of local donation sources, while the relief fund and supplies will be delivered to Turkey’s Disas

IndustryMarch 16, 2023

Samsung ups stake in Rainbow Robotics

Samsung Electronics has purchased more shares in Rainbow Robotics, a local humanoid robotics company, in an apparent move to ramp up its presence in the burgeoning robotics market. In a regulatory filing on Wednesday, Rainbow Robotics reported its Chief Executive Officer Oh Jun-ho and other special interest groups sold their combined 4.8 percent stake in the company to Samsung for 27.8 billion won ($21.2 million). Adding to its 10.22 percent stake purchased in January, Samsung now owns a tota

IndustryMarch 16, 2023