[Photo News] Pups and cups

Starbucks Korea said Thursday that it will open Friday a new branch in Guri-si, northeast of Seoul, where visitors will be allowed to bring their pets -- the first of its kind operated by a coffee franchise here. The two-story building is 644.6 square meters with a total of 143 seats. Customers can take their pets to the second floor where private booths and pet seating are prepared. Pets must be on a leash and are not allowed on the first floor where beverages are made. "We hope the Guri

Jan. 4, 2024

S. Korea's auto exports to U.S. reach 1.17 mln units in Jan.-Nov.: data

South Korean automobile exports to the United States exceeded 1 million units during the January-November period, already beating its previous all-time annual record from eight years ago, industry data showed Sunday. In the first 11 months of this year, South Korea's car shipments to the U.S. reached 1,172,612 units, according to the data from the Korea Automobile & Mobility Association. The annual tally is expected to grow when counting December shipments. The 11-month total is already

Dec. 31, 2023

Taeyoung E&C files for debt workout, government urges self-rescue efforts

The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its main lender, the state-owned Korea Development Bank. The company has been suffe

Dec. 28, 2023

Bank Shinhan Indonesia secures $200m funding from IFC

South Korea's Shinhan Bank said Friday its Indonesian unit, Bank Shinhan Indonesia, has won a $200 million investment from the International Finance Corp. The funding is a result of a memorandum of understanding signed between Shinhan Financial Group and the IFC in May, aiming to expand cooperation in global expansion and environmental, social and governance drives. Initially, the IFC will provide $100 million, followed by an additional $100 million financing within a year. Bank Shinhan Ind

Dec. 22, 2023

Business sentiment for January falls over sluggish economy, high interest rates: poll

South Korea's business sentiment index for January fell amid prolonged concerns over a slowdown of the global economy and high interest rates, a poll showed Wednesday. The business survey index for 372 out of the country's top 600 companies by sales stood at 91.1 for January, down 2.9 points from this month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposit

Dec. 20, 2023

Coupang to buy British online retailer Farfetch

South Korean e-commerce giant Coupang announced Tuesday it plans to acquire the British luxury online platform Farfetch, in a bid to strengthen its competitiveness in the fashion and luxury industry. Coupang will inject $500 million into the London-based retailer that sells high-end fashion and jewelry from more than 1,400 luxury brands. The funding will give a boost to Farfetch, which has struggled with weak sales amid an economic slowdown. By combining its logistics know-how with Farfetch'

Dec. 19, 2023

LG Display eyes 1.36 tln-won rights issue to hone OLED competitiveness

South Korean panel titan LG Display Co. said Monday that it will raise 1.36 trillion won (US$1.05 billion) via a rights offering in an effort to boost the competitiveness of its premium organic light-emitting diode (OLED) panel business. LG Display will issue some 142 million new common shares at a price of 9,550 won per share and sell them to its shareholders, the company said in a regulatory filing. The final issue price will be determined on Feb. 29 next year after two estimation processes. P

Dec. 18, 2023

MBK ups ante in Hankook bid

Seoul-based private equity firm MBK Partners is gearing up for a second round in a battle for control of Hankook & Co., the holding company behind Korea's largest tire maker, Hankook Tire & Technology. On Friday, MBK said through Ventura, a special purpose company set up for the bid, that it has raised its offer for the public tender for Hankook & Co., from 20,000 won ($15.34) to 24,000 won per share. "This would be the first and last price raise," MBK said in a statem

Dec. 17, 2023

[Herald Interview] Constantine eyes Korean partnership for Canada project

Constantine Enterprises CEO Robert Hiscox pinned high hopes on the company’s latest condominium development project near Toronto, which could become the beginning of a potential partnership with two Korean partners, Daewoo Engineering & Construction and Hyundai Asset Management. Hiscox and Rogers Communications Chairman Edward Rogers co-founded the real estate company Constantine Enterprises back in 2013. The company works as a developer, construction builder and manager of property pr

Dec. 13, 2023

[Herald Interview] Canada’s Rogers bets big on population boom

An expansion of the business into the real estate market and beyond comes as Rogers Communications Chairman Edward Rogers, who leads the Canada-based technology and media company, bets high on the country’s burgeoning economy. Rogers has been focusing on diversifying his business outside of the core telecom space, co-founding the real estate development and management firm Constantine Enterprises with his longtime friend Robert Hiscox in 2013. “It was to take advantage of the amazing

Dec. 13, 2023

Mirae Asset Securities acquires Indian brokerage firm

Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2

Dec. 12, 2023

BlockSquare Seoul helps crypto investors reduce risks

BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin

Dec. 12, 2023

[Herald Interview] BlockSquare CTO on importance of real-time data in navigating crypto market

Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio

Dec. 12, 2023

[From the scene] Convenience store chain riding high on ramen boom

Convenience stores have been emerging as popular lunch spots among office workers in South Korea amid the ever-rising costs of dining out, a trend many in Korea call "lunchflation." Riding high on upbeat sales, convenience store chain CU recently launched a new store specializing in instant ramen products in the bustling Hongdae district in western Seoul. Not only does the store offer a wide variety of ramen products, but it also has an area where customers can prepare and enjoy ramen,

Dec. 11, 2023

Questions raised over Uniqlo’s hefty dividend payouts

South Korean operator of the Japanese fashion giant Uniqlo, FRL Korea, has announced substantial dividends for the second consecutive year, with dividends surpassing the company's net profit for the 2022 fiscal year by 52.8 billion won ($40 million). According to the Financial Supervisory Service's report Monday, FRL Korea distributed 180 billion won in dividends for the 2022 fiscal year. In the 2021 fiscal year, the company allocated 140 billion won in dividends, exceeding its net pro

Dec. 11, 2023

Starbucks Korea launches W500m year-end fundraiser

Starbucks Korea said on Monday it would hold its annual Christmas event to raise funds for nongovernmental organizations and community organizations. The fundraiser is the specialty coffee chain's largest social contribution event, and started in 2015. This year’s event is set to kick off Tuesday for 10 days across its stores nationwide. Throughout the event, Starbucks Korea will raise 500 million won ($378,000) by donating 1,000 won for every order of its “Pink Chamomile Relaxe

Dec. 11, 2023

SK Group creates carbon credit alliance

SK Group said Sunday it has formed an alliance with Korean energy firms and business groups to expand the voluntary carbon market, which allows carbon emitters to offset their emissions by purchasing carbon credits. On Friday, a total of 11 institutions and enterprises signed a multilateral memorandum of understanding to form an alliance for the "Environmental Protection Credit Market," on the sidelines of the 2023 United Nations Climate Change Conference, also called COP28, which take

Dec. 10, 2023

Creta partners with LoL producer Thomas Vu

Diverse, a Korean metaverse and game development company, said Monday that its Web3 gaming platform Creta has secured a new partnership with Thomas Vu, the renowned producer of the League of Legends game. Under the partnership, Creta agreed to support the game incubation business led by Vu, through which promising game developers can obtain ideas, resources and funding opportunities. Vu started his gaming career as a producer at Namco Bandai Games and Electronic Arts -- the publisher of the Sims

Dec. 10, 2023

Hyundai, Kia's combined exports set to hit 2 mln in 2023

Hyundai Motor Co., South Korea's top carmaker, and its sister company, Kia Corp., are set to post combined exports of 2 million units in 2023, data showed Sunday, on the back of the post-pandemic market recovery. Hyundai and Kia shipped 945,062 and 867,136 respective units of automobiles over the January-October period, according to the Korea Automobile & Mobility Association. The combined figure represented a 17.5 percent rise from the same period in 2022, the data showed. Considering

Dec. 10, 2023

[Graphic News] Donations from big firms up 25.1% despite weaker earnings

Top companies in South Korea boosted their donations in the first nine months of the year despite overall weaker earnings, a corporate tracker said. CEO Score, which tracks corporate management activities, said 264 out of the country’s top 500 firms by sales donated a combined 1.42 trillion won ($1.09 billion) to charities during the January-September period, up 25.1 percent from a year ago. CEO Score said the increase came despite the overall lackluster corporate performances during the p

Dec. 6, 2023