FSC to expand information disclosure on banks' rate differentials

South Korea's financial regulator said Friday it will expand the disclosure of information on loan-deposit rate differences as part of efforts to promote competition in the banking sector amid criticism that it has been bent on making profits from the "interest business" without diversifying income sources. Banks have been providing information on deposit-loan spreads on new lending and savings since mid-2022 in a bid to enhance transparency in their operation and provide customer

MarketMarch 3, 2023

S. Korea, China agree to increase flights to pre-pandemic levels

South Korean and Chinese aviation authorities have agreed to gradually increase the number of flights on their bilateral routes to pre-pandemic levels, the South Korean transport ministry said Friday. Seoul and Beijing have the rights to provide 608 flights a week on routes to each other's country, and they used to offer a combined 1,100 weekly flights before the COVID-19 hit the airline industry three years ago, the Ministry of Land, Infrastructure and Transport said in a statement. "

MobilityMarch 3, 2023

KT, Intel join hands to launch world's first Wi-Fi 7

South Korean telecommunications giant KT said Thursday it is joining hands with Intel to introduce Wi-Fi 7 technology as the first network service operator. KT and Intel signed an agreement on Tuesday to work together to develop and promote Wi-Fi 7 technology, next-generation Wi-Fi standard, on the sidelines of this year’s Mobile World Congress in Barcelona, Spain, the Korean telecommunications giant said. Wi-Fi 7 would pack more data into each transmission and raise the speed significantl

IndustryMarch 3, 2023

Seoul shares open higher on hopes of pause in Fed rate hikes

South Korean stocks opened marginally higher Friday, on growing hopes that the US Federal Reserve may not raise the interest rates as aggressively as expected. The benchmark Korea Composite Stock Price Index rose 5.75 points, or 0.24 percent, to 2,433.6 in the first 15 minutes of trading. Federal Reserve Bank of Atlanta President Raphael Bostic said Thursday that he believes the Fed should go "steady" on interest rate hikes, a dovish remark from someone known as one of the most hawkish

MarketMarch 3, 2023

Amorepacific pivots away from China

South Korean cosmetics giant Amorepacific is reconstructing its brand image in a bid to wean its sales off a dependence on China and ramp up its sales in North America and Europe. According to Amorepacific, the company on Wednesday released First Care Activating Serum VI, the six edition of Sulwhasoo's flagship serum. Sulwhasoo is Amorepacific's luxury skincare subsidiary brand that accounts for some 40 percent of the Korean beauty giant's total annual cosmetics sales. The company

IndustryMarch 2, 2023

Weak chip demand pushes economy recovery off track

  Sluggish demand for chips, the country’s key export item, continues to hinder Korea from getting the economy on a recovery track, the finance minister said Thursday, Asia’s fourth-largest economy logged a fall in exports for a fifth month in a row in February due to weak global demand for semiconductors amid an economic slowdown. “Without a rebound in the semiconductor industry, limits on export recovery are inevitable for the time being,” Finance Minister Choo Kyu

EconomyMarch 2, 2023

Seoul shares rise on China recovery hope

South Korean stocks closed higher Thursday, snapping a two-day losing streak, as data suggesting China's economic recovery from the COVID-19-driven slowdown helped spur investor appetite for risky assets. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 15 points, or 0.62 percent, to close at 2,427.85. Trading volume was moderate at 422.3 million shares worth 9.48 trillion won ($7.3 billion), with gainers outpacing decliners 495 to 389.

MarketMarch 2, 2023

[KH Explains] Would Renault-Nissan alliance affect Renault Korea?

Last month, auto giants Renault and Nissan announced that they were reshaping their decades-old strategic alliance, calling Europe a top priority market in their renewed green push. With an Asia strategy missing in the landmark deal, experts here warn that Renault Korea Motors could be downgraded as a production base for the French carmaker unless sizeable investments are made in developing its own new cars. Decades-old alliance reshaped On Feb. 6, Renault and its Japanese partner Nissan u

MobilityMarch 2, 2023

[Photo News] Smart cottage

LG Electronics introduces a new residential concept of its Smart Cottage, a small modular house equipped with LG's advanced energy and air conditioning technology and filled with differentiated premium home appliances. The smart cottage prototype unveiled has a two-story one-room structure. The living room and kitchen are in one space, and the toilet and powder room are separate.

IndustryMarch 2, 2023

SK Ecoplant's subsidiary sets up 4th plant in US

SK Ecoplant announced Wednesday that it has completed construction of its e-waste and waste battery recycling base in Las Vegas, through its overseas subsidiary TES. The 3,700-square-meter IT asset disposition plant in Las Vegas is TES' fourth US base, following others in Seattle, Atlanta and Fredericksburg, Virginia. IT asset disposition mainly refers to the complete destruction of information stored in IT assets, ranging from smartphones to data center equipment. TES is developing ITAD as

IndustryMarch 2, 2023

JB Financial names new CFO

JB Financial Group announced Thursday that it has named Senior Vice President Song Jong-keun as its new chief financial officer. An industry veteran, Song has extensive experience in finance and business management as well as a deep knowledge and understanding of the challenges facing the traditional banking industry, JB said. Born in 1965, he received both his bachelor's and master's degrees in international economics at Seoul National University before completing his MBA at the Unive

MarketMarch 2, 2023

L&F wows investors with $2.9b Tesla deal

South Korean battery materials maker L&F is expected to continue growing after it recently wowed investors around the world by signing a $2.9 billion supply deal with US electric vehicle giant Tesla, according to analysts Thursday. L&F on Tuesday posted in a regulatory filing that it will provide high-nickel cathode materials to Tesla for two years from Jan. 1, 2024, to Dec. 31, 2025. The two-year contract is almost four times bigger than L&F’s total sales of 971 billion won ($

TechnologyMarch 2, 2023

Internet-only K-Bank reaps record profits

K-Bank, a South Korean internet-only bank, posted record-high profits last year, extending gains after it swung to black for the first time in 2021. The bank recorded a net profit of 83.6 billion won ($63.7 million) in 2022, marking a 272 percent increase from the previous year's net profit of 22.5 billion won, according to K-Bank on Thursday. K-Bank’s net profit in 2021 was a turnaround from a loss of 105.4 billion won in 2020. It was the first annual net profit that the internet-o

IndustryMarch 2, 2023

[Photo News] Off-road experience

Jeep has opened its first dealership with an off-road experience zone in Guri, Gyeonggi Province, Stellantis Korea said Thursday. With the latest opening, Jeep now has 21 dealerships across the country.

MobilityMarch 2, 2023

Siita, the world's first zero-waste company

South Korean vegan cosmetics brand Siita said Thursday that it has been recognized as one of the first zero waste companies globally by a sustainable fashion and lifestyle platform affiliated with the United Nations. The Conscious Fashion and Lifestyle Network is an UN-hosted online platform for industry stakeholders, NGOs, and governments to seek collaborations and report progress for the implementation of the Sustainable Development Goals. Siita was introduced as one of the model cases that ha

ConsumerMarch 2, 2023

Seoul shares open higher on China data

South Korean stocks opened moderately higher Thursday, buoyed by strong manufacturing data in China that indicated it is on a path for an economic recovery. The benchmark Korea Composite Stock Price Index rose 21.75 points, or 0.9 percent, to trade at 2,434.60 won in the first 15 minutes of trading. Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing s

MarketMarch 2, 2023

Industrial output up 0.5% in January; retail sales down for 3rd month

South Korea's industrial output edged up 0.5 percent on-month in January, while retail sales extended losses to a third month, data showed Thursday. The latest rise in the industrial production came after the figure remained unchanged the previous month, according to the data from Statistics Korea. The industrial output earlier shed 1.2 percent and 0.4 percent on-month in October and November, respectively. The rebound came as the combined output in the mining, manufacturing, gas and electr

EconomyMarch 2, 2023

Korea looks to grant full autonomy, flexibility for new space body

South Korea aims to establish a space agency based on a special law granting a degree of autonomy and flexibility the country’s public sector has never seen, reflecting the government’s all-out efforts to develop and support the space sector. The Ministry of Science and ICT on Thursday announced the beginning of the advanced publication of legislation for the special law on the establishment and operation of the country’s new space agency. The space agency has been tentatively

TechnologyMarch 2, 2023

Britain OKs Korean Air-Asiana Airlines merger

Britain's antitrust regulator said Wednesday it has approved the integration of South Korea's Korean Air with its smaller local rival Asiana Airlines. Britain's Competition of Markets Authority (CMA) said in a statement that undertakings given by Korean Air are "appropriate" to remedy or mitigate a lessening of competition in the market. Korean Air proposed supporting a new Incheon-London route of British airliner Virgin Atlantic Airways, as the CMA had demanded Korean A

MobilityMarch 1, 2023

Booyoung donates 200 buses to Phnom Penh

South Korean construction giant Booyoung Group said Wednesday it has donated a total of 200 buses to the Cambodian capital of Phnom Penh as part of its ongoing social contribution activities in the Southeast Asian country. Booyoung Group founder and Chairman Lee Joong-keun and Phnom Penh Municipal Gov. Khuong Sreng attended the delivery ceremony held Tuesday (local time), with dozens of city and company officials and Korean residents there present. The latest donation, worth $8.83 million, aims

IndustryMarch 1, 2023