Shinhan Bank taps incumbent vice chief as next CEO

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

MarketFeb. 8, 2023

Apple Pay to kick off service in Korea after years of rumors

IT behemoth Apple announced Wednesday it will launch its mobile payments service Apple Pay in Korea, where rival Samsung has already enjoyed a dominant position in the market for years. “Apple will launch Apple Pay in Korea,” Apple said in a statement without further details. Apple's local partner, Hyundai Card, also released a statement saying it looks forward to collaborating with Apple to introduce the digital wallet to South Korea. "We will share more details in the c

IndustryFeb. 8, 2023

LG Electronics makes big B2B push in US, Europe

LG Electronics CEO Cho Joo-wan recently visited the US and Europe to strengthen the company’s presence in the global business-to-business market, seeking ways to expand partnerships with its major clients, the tech firm said Wednesday. Beginning with his attendance at this year’s Consumer Electronics Show in Las Vegas in early January, the CEO discussed the electric vehicle component solutions business with LG's strategic overseas partners, including GM and Magna. Cho also trave

IndustryFeb. 8, 2023

Seoul shares open higher after Powell's comments

Seoul shares opened higher Wednesday, tracking gains on Wall Street, as Federal Reserve Chair Jerome Powell expected that this year may see a significant drop in inflation. The benchmark Korea Composite Stock Price Index rose 21.12 points, or 0.86 percent, to 2,472.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the tech-heavy Nasdaq Composite climbed 1.9 percent to 12,113.79. Powell said disinflation has begun, though further

MarketFeb. 8, 2023

S. Korea's current account turns to black in Dec. but sharply smaller than prior year

South Korea's current account swung back to the black in December from the previous month, but the amount was quite smaller than a year before as exports dwindled amid growing global recession woes, central bank data showed Wednesday. The country's current account surplus came to $2.68 billion in December, compared with a shortfall of $220 million a month earlier, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.

EconomyFeb. 8, 2023

S. Korea seeks enhanced ties with African nations on key minerals

South Korea on Tuesday attended a meeting of the United States-led Minerals Security Partnership meeting and discussed ways to boost cooperation on supply chains of major minerals with resource-rich African nations, the industry ministry said. The meeting of the partnership was held in Cape Town on the day, involving 12 member nations, including Australia, Canada and France, as well as South Africa, Tanzania and Congo, according to the Ministry of Trade, Industry and Energy. Launched in June 20

IndustryFeb. 7, 2023

Pulmuone pushes for ready-meal vending machines in Korea

Korean food giant Pulmuone is in talks with US food-tech company Yokai Express to sign a deal before July for the launch of vending machines that can cook instant meals, the firm said Tuesday. "Pulmuone is in due process of securing exclusive rights to distributing and installing Yokai Expresss' vending machines that will sell Pulmuone's products in Korea," a Pulmuone official told The Korea Herald. "We aim for the contract to be signed during the first half of this year

ConsumerFeb. 7, 2023

Seoul shares rebound on blue-chip tech gains

South Korean stocks rose Tuesday as investors picked up big-cap tech bargains following a sharp fall the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.52 points, or 0.55 percent, to 2,451.71. Trading volume was moderate at 443.14 million shares worth 7.48 trillion won ($5.96 billion), with decliners outpacing gainers 496 to 374. Despite overnight losses on Wall Street, the Kospi opened slightly higher and moved within a

MarketFeb. 7, 2023

Doosan Enerbility partners with Siemens Gamesa on wind power projects

Doosan Enerbility, a leading manufacturer of energy solutions in Korea, announced Tuesday that it has signed a framework agreement with Siemens Gamesa Renewable Energy, a multinational provider of wind power solutions, for a strategic partnership in the Korean offshore wind market. Siemens Gamesa’s offshore business CEO Marc Becker and Doosan Enerbility’s Power Services Business Group CEO Park Hong-ook participated in the signing ceremony held in Hamburg, Germany. The two companies p

IndustryFeb. 7, 2023

Foreign shoppers flock back as pandemic nears its end

International shoppers are returning to South Korea amid eased virus restrictions, seeing sales rebound for local department stores. Hanwha Galleria, the retail arm of the Hanwha Group, said on Tuesday that sales in the luxury goods section at the Galleria Department Store in Apgujeong-dong, a posh shopping district in southern Seoul, had increased by 500 percent on-year between August and January. Hanwha Galleria’s Apgujeong branch is one of the most popular tourist destinations in Gangna

ConsumerFeb. 7, 2023

[From the Scene] Samsung store offers new shopping experience to Galaxy aficionados in LA

LOS ANGELES -- After last week's unveiling of the Galaxy S23 smartphone series and Book 3 laptop lineup at this year’s unpacking event in San Francisco, electronic device shoppers and tech aficionados flocked to a Samsung shop in Glendale, in the heart of Los Angeles, on Friday. Situated at the Americana at Brand shopping complex, the Samsung Experience Store is a two-story building with a 1,034 square meter floor space that was opened in February 2019 alongside two other stores loc

TechnologyFeb. 7, 2023

Korea to open up FX market to offshore firms

Financial authorities to push for allowing participation of offshore firms in forex market, while extending operating hours until 2 a.m. In hopes of conforming the Korean market to global standards, Korea is to push for changes in the foreign exchange market, including allowing the participation of offshore firms and extending market hours until 2 a.m. The Ministry of Economy and Finance and the Bank of Korea held a seminar on Tuesday in Seoul, announcing measures to be taken to elevate the st

EconomyFeb. 7, 2023

GMC debuts Sierra Denali in Korea

General Motors on Tuesday announced the launch of the Sierra Denali, GMC’s flagship pickup truck, in South Korea, officially introducing the GMC brand in the country for the first time. “Today we are to introduce the GMC brand in Korea with the launch of an astoundingly advanced and exceedingly premium truck, the GMC Sierra,” said Roberto Rempel, CEO of GM Korea, in a media showcase held on the floating island of Sebitseom in Seoul. Only the Sierra Denali -- the highest trim of

MobilityFeb. 7, 2023

[Photo News] LG Gram Style NewJeans edition

K-pop girl band NewJeans members pose for a photo during a fan event celebrating the launch of the NewJeans limited edition of the Gram Style, the latest addition to LG Electronics’ premium laptop lineup Gram.

IndustryFeb. 7, 2023

Hanwha Aerospace seeks arms exports to Romania

South Korean aircraft engine producer Hanwha Aerospace announced Tuesday that it has recently signed a memorandum of understanding with ROMARM, Romania’s state-run defense company, to join the European country's military modernization and performance enhancement projects. Hanwha said it aims to further expand its presence in Europe where it is securing a footing by exporting K9 self-propelled howitzers to nine countries in the region, including a deal worth 3.2 trillion won ($2.55 bil

IndustryFeb. 7, 2023

[Newsmaker] [From the Scene] Robot shelves, packagers behind Coupang's ultra-fast Rocket Delivery

DAEGU -- Unmanned robots glide about a fulfillment center, depositing goods into boxes. The boxes are each plastered with stickers bearing names of South Korean regions, such as "Daegu 1" and "Jeju Island." Once the boxes are full, delivery trucks come to ship them to their appropriate destinations. The robots sort and move products by delivery destination in just a few seconds with several human employees overseeing the entire station. The robots, which are named “Sort

ConsumerFeb. 7, 2023

Kakao Pay shifts to profit in 2022 on increased financial income

Kakao Pay Corp., the online payment unit of South Korean tech giant Kakao Corp., said Tuesday it swung to the black last year thanks to increased financial income. Kakao Pay logged a net profit of 27.5 billion won ($22 million) on a consolidated basis in 2022, turning from a loss of 33.9 billion won a year earlier, according to its regulatory filing. Revenue rose 13.7 percent on-year to 521.7 billion won from 458.6 billion won, while its operating loss expanded to 45.5 billion won from 27.2 bill

IndustryFeb. 7, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Tuesday as investors picked up tech blue chips following deep losses in the previous session. The benchmark Korea Composite Stock Price Index rose 9.22 points, or 0.38 percent, to 2,447.41 in the first 15 minutes of trading. The gain bucked overnight losses on Wall Street amid rising bond yields and ahead of Federal Reserve Chairman Jerome Powell's remarks on the economy at the Economic Club of Washington. The Dow Jones Industrial Average inched down 0.1 pe

MarketFeb. 7, 2023

[Test Drive] Audi 4Q e-tron, a smooth switch to EV

Many EVs currently available in the market feature futuristic and seamless designs, which have replaced the physical buttons in the center console with touch displays. This poses trouble for first-time drivers, who likely need some time to get used to the car's controls. The Audi Q4 e-tron might be the best option for those hoping to jump right into an EV and be comfortable behind the wheel. At first glance, during a media test drive of the Audi q4 e-tron on Jan. 31, the compact SUV's

MobilityFeb. 7, 2023

[Test Drive] True beauty found inside for Audi A8 L

The Audi A8 L series adds more prestige to the German automaker’s already high-end sedan, the Audi A8. The L represents its long wheelbase. As the wheelbase of a vehicle is the distance between the center of the front wheels and the center of the rear wheels, the Audi A8 L lineups offer more space in the backseat. That is where the Audi A8 L model’s true value can be found. The Audi A8 L 55 TFSI quattro Premium, a revamped model that features an upgraded design, showed where the auto

MobilityFeb. 7, 2023