Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Eased rules for financial firms' overseas biz to be out in July
Korea's top financial regulator announced that regulatory revisions made to support the overseas expansion of Korean financial companies will be unveiled in July, during a conference organized by Financial Services Commission on Monday at the Korea Federation of Banks building in Seoul. The Financial Services Commission has announced that the regulatory changes will be made based on extensive discussions held during a series of conferences and seminars with insiders from the local financial
June 19, 2023
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[Photo News] Samsung backs Busan expo bid
The facade of Paris' Palais Garnier is covered in a Samsung Electronics' advertisement promoting its mobile phones and Busan's 20230 World Expo bid, in this photo provided by the tech giant on Monday. Samsung is launching a two-day promotion event on Tuesday supporting Busan's bid in Paris, where the general assembly of the Bureau International des Expositions is slated to take place in November. The host country of the World Expo 2030 will be decided there.
June 19, 2023
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Hanwha Solution to build W380b industrial park for chips
Hanwha Solution said Monday it is poised to build an industrial complex for manufacturing semiconductors and auto parts in Hwaseong, Gyeonggi Province, in a move to offset its sluggish oil and gas business. According to the company, Hwaseong City has approved its business plan to construct the industrial zone, called H-Techno Valley. With a joint investment worth 380 billion won ($296 million) by the firm and the city government, the construction project is scheduled to be completed by 2027 in t
June 19, 2023
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Daesang acquires US food company Lucky Foods to expand kimchi business
South Korea's leading kimchi maker Daesang Corp. said Monday it has acquired US food company Lucky Foods as part of its efforts to expand its kimchi business in the United States. Daesang said it acquired all of the shares and facilities of Lucky Foods after securing a 38 billion won ($29.7 million) fund through a paid-in capital increase. Founded in 2000, Lucky Foods is an Asian food company based in Oregon whose main products include Seoul Kimchi, Korean-style sauces, including Seoul Goch
June 19, 2023
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KT, Samsung Medical Center join hands to export medical tech
South Korean telecommunications giant KT and Samsung Seoul Medical Center are teaming up to export Korea's medical services and digital technology for hospitals, KT said Saturday. The two sides signed an agreement on Friday, under which they will work together to come up with a monitoring system that uses digital health care devices to check up on patients, and to conduct joint research on ways to use artificial intelligence in hospitals using big data. KT is currently preparing to open a m
June 18, 2023
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Philips Korea plogs at Han River
Philips Korea, the Korean unit of multinational health technology company Philips, said it recently participated in a "plogging" event in Seoul as a part of its efforts to bolster environmental, social and governance management practices, according to the company on Sunday. The company said some 70 employees and executives including Park Jae-in, the CEO of Philips Korea, went plogging, a new trend in the environmental movement to jog while picking up litter, at Yeouido Hangang Park in
June 18, 2023
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Hyundai Elevator wins largest-ever order
Hyundai Elevator said Sunday it has won a contract for its largest-ever order, worth 43.4 billion won ($33.9 million), to build elevator and escalator units at a large apartment complex in Seoul. The order involves the installation of 314 elevator and escalator units in the reconstruction of Dunchon Ju-gong Apartment in Gangdong-gu, Seoul. This is the largest contract that Hyundai Elevator has ever secured in terms of both the total number of units and the contract sum, the company said. "T
June 18, 2023
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KakaoBank taps into Thailand's internet-only banking market
KakaoBank, South Korea's largest internet-only bank, is seeking to obtain a virtual bank license in Thailand by partnering with a leading financial group in the country, making its first move after announcing its plan for business expansion into Southeast Asian economies. The Korean digital lender announced on Friday that it has signed a memorandum of understanding with SCBX, Thailand's financial technology group, to obtain a license to run a digital banking platform from the central b
June 18, 2023
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[Photo News] LG promoting Busan's Expo bid in Paris
An LG banner promoting Busan's bid to host the 2030 World Expo is hung on the digital billboard near Charles de Gaulle International Airport in Paris on Thursday ahead of next week’s general assembly of the Bureau International des Expositions, the intergovernmental body that oversees the World Expo. LG Corp. said it will support the port city’s Expo bid by installing a total of 110 banners near the BIE gathering venue for two weeks. (LG Corp.)
June 16, 2023
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SK chief calls on CEOs to strengthen action plans amid uncertainty
SK Group Chairman Chey Tae-won called on chiefs of the group’s affiliates to set up organic responses, based on case-by-case scenarios, to various management uncertainties and opportunities, South Korea's second-largest business conglomerate said Friday. "We are now living in a global transition period where it is difficult to survive with the management approaches that we took in the past,” Chey said in a keynote speech at the 2023 Extended Management Meeting in Seoul on T
June 16, 2023
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CJ Logistics signs memorandum of understanding with Taiwan's Evergreen Marine to expand global business
CJ Logistics Corp., a major South Korean logistics company, said Friday it has signed an initial agreement with Taiwanese shipping company Evergreen Marine Corp. to expand its global business. With the memorandum of understanding, CJ Logistics and Evergreen Marine will operate a joint business for containers to be transported between Northeast Asia and Southeast Asia, according to the company. The two companies will also cooperate to provide reasonable fares and freight space for containers ship
June 16, 2023
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[Contribution] Korea’s green leadership shines in combating desertification, land degradation
By Nam Sung-hyun Minister of the Korea Forest Service The United Nations General Assembly designated June 17 as "World Day to Combat Desertification and Drought" in December 1994. The annual UN observance day aims to raise awareness of global efforts to combat desertification, land degradation and drought. In 2023, the UN day holds special significance for Korea, as this year commemorates the 50th anniversary of Korea's national reforestation plan launched in 1973. Land and fore
June 16, 2023
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Dasan Networks to join infrastructure reconstruction in Ukraine
South Korean telecommunications equipment provider Dasan Networks said Thursday it is seeking to join forces to rebuild the power grid and communication network of Ukraine. The company’s European business chief, Ra Gil-joo, attended the annual conference of the International Energy Cluster held in Kyiv on June 7, during which he introduced the company’s will to help rebuild the war-torn country. “We plan to participate in the prioritized reconstruction of power and communicatio
June 15, 2023
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Korea unfazed by new EU battery law
The South Korean government dismissed concerns over the domestic battery makers’ status in the European market after the European Parliament passed a sustainable battery law on Wednesday. “The law does not contain provisions that discriminately apply to certain companies or work against only Korean companies, so it is not expected that the implementation of the law will shake our companies' market status in the EU,” the Ministry of Trade, Industry and Energy said in a stat
June 15, 2023
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Top chaebol groups search for breakthrough strategies
Major conglomerates are holding management meetings to review their performance in the first half of the year and to discuss strategies to avoid crisis in the remaining half of 2023. SK Group, South Korea's second largest conglomerate group by revenue, held the 2023 Extended Management Meeting on Thursday, gathering top executives of its affiliates to discuss the group's action plans for the second half of the year, and to share their long-term visions. SK Chairman Chey Tae-won attende
June 15, 2023
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[Photo News] Joining forces to rebuild Ukraine
A delegation from Ukraine, led by Shkurakov Vasyl (front left), the first deputy minister for communities, territories and infrastructure development, tours the plant of HD Hyundai Construction Equipment in Ulsan on Tuesday. According to the Korean firm on Thursday, the visiting Ukraine government officials met with executives to discuss supplies of machinery for its reconstruction projects.
June 15, 2023
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Qatar seeks to bolster strategic ties with Korea
Qatar called for investments from South Korea companies amid expanding economic ties between the nations, vowing diverse incentives that include 100 percent foreign ownership of listed firms and drastic tax cuts, at an investment forum hosted by the Korea Chamber of Commerce and Industry and the Embassy of Qatar to Korea in Seoul, Wednesday. "Qatar has grown as the key pillar of the Gulf Cooperation Council economy through the means of diversifying its carbon-dependent economic structure, s
June 15, 2023
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IBK, Shinhan, Woori join NH-led STO consortium
NongHyup Bank announced Thursday that the nation’s top three banks -- Industrial Bank of Korea, Shinhan Bank and Woori Bank -- have joined its consortium for security token offerings formed in April. Aside from the lenders, other financial tech firms, including real estate fractional investment company Funble, fintech firm Aton’s subsidiary Trackchain and Artipio, a fractional art investment subsidiary of culture platform operator Yes24, also joined the consortium to increase the tot
June 15, 2023
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ING Korea head named ECCK chairperson
Philippe Van Hoof, the head of ING Korea, has been appointed as the new chairperson of the European Chamber of Commerce in Korea, according to the European business lobby group on Thursday. Van Hoof will lead the business lobby group until early 2025, taking over from Dirk Lukat, CEO of Schenker Korea, who concluded his third term ahead of schedule as he is preparing for his career outside Korea, according to ECCK. Since August 2021, Van Hoof has held the position of country manager at ING Bank
June 15, 2023
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Korea Forest Service bolsters ties with UNCCD
This year marks the 50th anniversary of South Korea’s postwar land restoration initiative. To commemorate this anniversary and contribute to global restoration and reforestation, the Korea Forest Service is actively engaging in various programs with the United Nations Convention to Combat Desertification, or UNCCD, to prevent the proliferation of land degradation and desertification in developing countries. The Korea Forest Service first joined the UNCCD -- one of the UN’s three en
June 15, 2023