Trade balance worsens from China, Russia factors

SEJONG -- South Korea’s trade-related officials are striving to overcome the worsening trade balance in the wake of declining exports to major destinations, including China and Russia, from a variety of incidents. Trade Minister Yeo Han-koo on Monday presided over a meeting to map out countermeasures against external negative factors which involve China’s possible lockdown of more major cities aside from Shanghai against variants of COVID-19 and the war between Ukraine and Russia.

EconomyMay 2, 2022

Authorities, Woori Bank missed W61b swindle despite 11 audits

South Korea’s financial authorities failed to notice a mammoth embezzlement scheme at a top bank here, in which an employee withdrew a combined 61.4 billion won ($48.84 million) from 2012 to 2018, despite carrying out 11 audits during the period, sources said Monday. 　 Police arrested the employee surnamed Jeon, who is in his 40s, last Wednesday mere hours after Woori Bank had reported the theft. Jeon -- who had worked at Woori Bank for almost a decade -- turned himself in. The employee

MarketMay 2, 2022

[LIVE] The Korea Herald, AmCham Korea hold Metaverse Forum 2022

With the growing buzz around the metaverse driven by every sector of industry around the world, The Korea Herald and the American Chamber of Commerce (AmCham) in Korea are co-hosting a forum to discuss what the hyper-interactive virtual world holds for the future.The two-hour forum invites a number of business leaders and experts, who are leading the rise of the metaverse to share their insights on the recent frenzy and how it will shape the next generation digital era.Steve Park, Faceboo

BusinessMay 2, 2022

Meritz Securities Q1 net jumps 33% on IBs, investment gains

Major South Korean securities firm Meritz Securities Co. said Monday its first-quarter net profit rose 33.4 percent from a year ago on the back of good performance at its investment banking unit (IB) and solid returns from its investment. Net profit stood at a quarterly record of 282.4 billion won ($224.9 million) in the January-March period, the company said in a regulatory filing. Its operating income rose 32.4 percent on-year to a record high of 376.9 billion won in the quarter, and revenue s

IndustryMay 2, 2022

Seoul shares open sharply lower on Wall Street plunge

South Korean stocks opened sharply lower Monday, as investors here are concerned about a sharp dip on Wall Street last week that stemmed from weaker-than-expected earnings reports from market heavyweights and persistent woes over the Fed's aggressive tightening. The Korea Composite Stock Price Index (Kospi) fell 21.35 points, or 0.79 percent, to trade at 2,673.7 in the first 15 minutes of trading. On Friday, the tech-heavy Nasdaq tumbled 4.17 percent on investors' fears about the tightening US m

MarketMay 2, 2022

GS Caltex, Posco International team up for biofuel push

South Korean refiner GS Caltex said Sunday it has teamed up with Posco International, the trading unit of steel giant Posco, to make a big push into the burgeoning biofuel market amid growing calls for emissions cuts globally. Under the deal, the two firms seek to build an extensive biofuel value chain combining GS Caltex’s manufacturing technology and Posco International’s refinery infrastructure. As the first step, the two firms agreed to build a biodiesel plant along with refi

IndustryMay 1, 2022

How will Hyundai’s entry reshape used car market?

South Korea’s used car market, which has long been dominated by brick-and-mortar dealers, is bracing for a major change after large companies, especially carmakers with extensive sales networks and quality control systems, have gotten the green light to enter the market starting next year.  Industry watchers are pinning high hopes on the fresh entry of large companies -- the outcome of a 10-year tug of war -- to drastically improve transparency in the whole transaction process to be

IndustryMay 1, 2022

The Korea Herald, AmCham Korea to hold Metaverse Forum 2022

With the growing buzz around the metaverse driven by every sector of industry around the world, The Korea Herald and the American Chamber of Commerce (AmCham) in Korea are co-hosting a forum on Monday to discuss what the hyper-interactive virtual world holds for the future. The two-hour forum, held from 1 p.m. at Four Seasons Seoul, has invited a number of business leaders and experts, who are leading the rise of the metaverse to share their insights on the recent frenzy and how it will shape

TechnologyMay 1, 2022

Seegene eyes US facility for molecular diagnostics

South Korea biotech firm Seegene is expected to build production facilities for molecular diagnostics in West Coast of the US in a bid to expand its presence in the all-important market, its US chief hinted in a recent media interview. “Seegene Technologies will move beyond serving as a distribution channel of Seegene-made products and self-produce bio products tailored to the needs of the US market,” Richard S. Creager, CEO of the US affiliate Seegene Technologies, said in an int

IndustryMay 1, 2022

Hyundai sees surge in IONIQ 5 purchase orders in Indonesia

Hyundai Motor Co. said Sunday it has bagged purchase orders for more than 1,500 of the all-electric IONIQ 5 in Indonesia within about a week after its official release in the Southeast Asian country. The South Korean automaker clinched purchase deals for 1,587 vehicles in the first five days since its official release on April 22, Hyundai's sales unit in Indonesia said. The amount of purchase orders marks double the number of entire EVs sold in Indonesia for all of last year, reflecting the grow

IndustryMay 1, 2022

Hyundai Glovis, Swisslog join hands for smart logistics

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Sunday it is launching a new smart logistics business supplying cutting-edge solutions for clients to better respond to the latest tech trends and improve operational efficiency overall.  The market for smart logistics solutions, based on diverse technologies such as artificial intelligence, big data and robotics, is fast growing on the robust demand for larger and more sophisticated warehouses, especially for the burgeoning e-

IndustryMay 1, 2022

Posco’s Park1538 wins three iF Design Awards

Posco’s cultural complex space Park1538 located in Pohang, North Gyeongsang Province, has won International Forum Design Awards, the steel giant said Sunday. In the category of urban, landscape design and wayfinding system, Posco’s Park1538 has been recognized by the Germany-based forum for integrating its headquarters, company memorial, visitor center and parks, converting the whole site into open and public space under concept of sustainable connection and autogenous vitalization

IndustryMay 1, 2022

Hyundai, Kia exports of eco-friendly cars top 100,000 units in Q1

South Korea's leading carmakers Hyundai Motor Co. and Kia Corp. saw their combined exports of eco-friendly cars top 100,000 units in the first three months of this year, thanks to the brisk sales of all-electric and plug-in hybrid vehicles, data showed Sunday. In the January-March period this year, the two carmakers exported a total of 111,252 units of eco-friendly cars -- gasoline hybrid, plug-in hybrid and all-electric vehicles -- according to the data compiled by the Korea Automobile Manufact

IndustryMay 1, 2022

Budget carriers reopen, expand Guam routes amid eased COVID-19 entry curbs

Jeju Air Co., South Korea's biggest low-cost carrier, said Sunday it will offer more flights to Guam starting this month to meet the growing travel demand amid relaxed COVID-19 entry restrictions. Jeju Air will run four flights a week for the Incheon-Guam route, from the current two, the company said in a release. It plans to add more flights to the Incheon-Saipan route that currently operates two flights a week. Air Busan Co., a budget carrier unit of Asiana Airlines Inc., also said it has resu

IndustryMay 1, 2022

S. Korea's exports up 12.6% in April, trade deficit widens on high energy prices

South Korea's exports rose 12.6 percent in April from a year earlier on the back of brisk demand for chips and petroleum products, but the trade deficit widened on soaring global energy prices, data showed Sunday. Outbound shipments stood at $57.69 billion last month, up from $51.23 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest tally for any April since the ministry began compiling related data in 1956. The previous reco

EconomyMay 1, 2022

[Newsmaker] [Reporter's notebook] What's all the fuss over the weak Korean won?

SEJONG -- Policymakers repeatedly sent alerts to the foreign exchange market last week as the Korean currency sharply lost its value against the US dollar. The greenback surpassed 1,250 won in the wake of investors’ preference in safe havens amid expanding global uncertainty, which include Russia’s Ukraine invasion, high raw materials prices and moves to raise the interest rate in major countries. This is not the first time that increased volatility in won-dollar rates have rung bel

EconomyApril 29, 2022

AmCham suggests president-elect lift regulations for foreign investment

American Chamber of Commerce in Korea suggested lifting regulations to make Korea an attractive investment destination for global companies to the new incoming Yoon Suk-yeol administration Friday. The AmCham Board of Governors sent a letter signed by its 34 members to the Transition Committee with some policy recommendations. They include the need to improve the flexibility of employment conditions, mitigate CEO risk, restore the flat tax rate for foreign residents and improve the regulatory e

IndustryApril 29, 2022

Pokemon gets ice cream, doughnut treat

South Korean food company SPC Group said Thursday that it will be adding Pokemon themed items to the menu at its donut and ice cream franchises. Baskin Robbins said it will launch two new flavors — Pika Pika Pikachu and Come out! Squirtle — in May. Pika Pika Pikachu is a banana flavored ice cream with chocolate flakes, popping candies and a custard ribbon, while Come out! Squirtle is a soda and lemon ice cream mix. Customers can enjoy the ice cream in Pokemon themed cones, said BR

IndustryApril 29, 2022

Samsung under fire for controversial ad of women running at night

Samsung Electronics is under fire for being “tone deaf” over women‘s safety, as the South Korean tech giant issued an apology Friday for an advertisement of a woman running down a street after midnight. The advertisement was meant to promote health and wellness as part of its “Night Owls” campaign, as well as a multidevice experience using Samsung’s wearable devices such as wireless earbuds and a smart watch. The advertisement, created by Ogilvy, had over 15

TechnologyApril 29, 2022

Genesis GV70 rated above BMW X3, Lexus RX350

The Genesis GV70 3.5T Sport was rated as the best sports utility vehicle by Car and Driver, an American auto magazine, outpacing BMW X3 M40i and the Lexus RX350 F Sport, Hyundai Motor said Friday. Car and Driver evaluated these three cars based on four categories including vehicle, powertrain, chassis, and experience. Genesis GV70 3.5T Sport took the throne with a total score of 213 out of 240, followed by BMW X3 which scored 205, and Lexus RX350 178. The new luxury compact crossover under Ge

MobilityApril 29, 2022