Abu Dhabi welcomes Korean touch in boosting creative economy

ABU DHABI, United Arab Emirates – A fleet of chartered busses lined up to drop off Chinese tourists at the entrance of the Louvre Abu Dhabi, the Arab franchise of the famous French museum – a rare scene in the capital of the United Arab Emirates where most of the visitors come from India, Saudi Arabia, the US, and the UK. Located on a 24,000 square-meter site within the city’s Saadiyat Cultural District, the museum, known for its enormous metallic silver canopy, is a testament

March 5, 2024

[Photo News] Woori Bank in Hanoi Koreatown

Woori Bank said Tuesday that it has recently opened a new branch office in the My Dinh district of Vietnam's capital Hanoi, as part of service expansion for Korean customers living abroad. Located in the residential district that is home to many Koreans, the new office will also provide digital banking services for small business owners, such as a real-time alert system for point-of-sale transactions. (Woori Bank)

March 5, 2024

SK hynix denies being pressured to support merger of smaller rivals

SK hynix, the world’s second-largest memory chipmaker, on Monday denied Japanese reports that the Korean government pressured the company to support the merger of its rival chipmakers, Western Digital and Kioxia Holdings. Japanese news outlets, including Asahi Shimbun, citing unidentified sources, reported that Western Digital of the US and Kioxia of Japan, the world’s No. 3 and 4 memory chipmakers, are resuming their merger talks in April. In the deal process, they added, SK hynix,

March 5, 2024

LG launches battery swap service for e-scooters

LG Energy Solution said Tuesday that KooRoo, its company-in-company operating the battery swapping station business for electric two-wheelers, is kicking off full-scale operations following a successful pilot program. KooRoo's service allows users to easily swap the depleted batteries of electric scooters for fully charged ones, seeking to offer delivery riders reduced operating costs and increased convenience compared to conventional vehicles. A recent pilot program in collaboration with d

March 5, 2024

Net art pioneer Shu Lea Cheang wins 2024 LG Guggenheim Award

LG Group said Tuesday that Shu Lea Cheang, a Taiwanese-American multimedia artist, has been named this year’s winner of the LG Guggenheim Award for her pioneering artistic journey of integrating art and technology over the past decades. The annual award serves as a cornerstone of the LG Guggenheim Art and Technology Initiative, a dynamic five-year project aimed at supporting innovative contemporary artists dedicated to digital artwork. Cheang, a trailblazer in the realm of Net art, has bee

March 5, 2024

JB Financial Group expands outside board directors

JB Financial Group said Tuesday it appointed two new members to its outside board of directors, aligning with the government's initiative for increased inclusivity in the financial sector. The group is welcoming two distinguished members to its outside board of directors -- Lee Hee-seung, a capital market expert and the current director of the investment division at Leading Ace Capital, and Lee Myung-sang, a corporate lawyer from Lee Kim & Partners and a former member of the Financial D

March 5, 2024

Kakao's new tech chief faces backlash over stock sales

Jung Gue-don, the former chief technology officer of Kakao Bank, has recently been nominated as the tech chief of Kakao, the Internet giant and the online-only lender's largest shareholder, according to industry sources on Tuesday. The new appointment, however, is facing a backlash, as Jung had come under fire for selling off some 7.6 billion won ($5.7 million) of stocks in Kakao Bank for a quick profit. He dumped 90 percent of his shares just three days after the lender’s market debu

March 5, 2024

[Photo News] First recycled tires for EVs

Hankook Tire & Technology on Tuesday unveiled its iON tire brand specifically designed for electric vehicles. The tire utilizes recycled PET (plastic polyethylene terephthalate) in partnership with local materials firms Hyosung Advanced Materials and SK Chemical. This is the first time in Korea that chemically-recycled PET has been used in tires for the mass market. (Hankook Tire & Technology)

March 5, 2024

[Investor] Korean startups suffer setback as Chinese e-commerce titans pounce

In a whirlwind of fierce competition, Chinese e-commerce powerhouses AliExpress and TEMU have been dampening the once-vibrant spirit of retail business startups in Korea. The surge of Chinese e-commerce companies has delivered a significant blow to Korea's startup scene. Their mega-scale, low-cost strategies have left local businesses struggling to keep up, ultimately stifling the creation of new ventures in the retail business, according to a report from local daily Herald Business. Recent

March 5, 2024

Seoul shares open lower on profit taking

South Korean stocks opened lower Tuesday as investors sought profit after a sharp rise the previous session, with tech and auto shares leading the losses. The benchmark Korea Composite Stock Price Index fell 8.26 points, or 0.31 percent, to 2,666.01 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 0.25 percent and the tech-heavy Nasdaq Composite losing 0.41 percent. In Seoul, tech shares opened mostly bearish, with Sam

March 5, 2024

S. Korean economy grows 1.4 % in 2023, unchanged from earlier estimate: BOK

South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6

March 5, 2024

[From the Scene] Staying 'senior-friendly': Next normal of banking

Orange, green and blue -- the mixture of these vibrant colors is not something you would commonly expect to see at a commercial bank's branch in Korea. Yet welcoming customers into Shinhan Bank's Sillim-dong branch are color-coded floor lines guiding customers to their respective services. For instance, following the green line leads to desks handling simple tasks like deposits and withdrawals. This Sillim-dong branch, situated in southern Seoul's Gwanak-gu district, is among Shin

March 4, 2024

Hugel receives FDA approval for botulinum toxin Letybo

Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea

March 4, 2024

[KH Explains] Shipping constraints shackle Korea's auto export boom

Korean automakers are grappling to maintain their export momentum due to a shortage of car carriers to transport them, driven by the increasing volume of Chinese automotive exports and stringent maritime environmental regulations. The scenario has led to an unprecedented rise in the cost of chartering vehicle transport vessels. This comes as South Korea's auto production exceeded 4 million units for the first time in five years in 2023, with auto exports reaching a record $70.9 billion, con

March 4, 2024

World Battery Forum kicks off in Seoul

The battery associations of South Korea, the US, the EU and Japan announced the launch of the World Battery Forum in Seoul on Monday. The WBF has been established to accelerate the battery industry's net-zero energy transition, analyze worldwide battery regulations to push for an eco-friendly energy policy environment and make joint efforts to secure fair and free trade and investment as well as stable global battery supply chains. The WBF will meet every year and change location in the ord

March 4, 2024

Seoul shares close higher on extended foreign buying

South Korean stocks closed higher Monday as foreigners extended their buying streak to seven consecutive sessions, with technology and financial shares leading the overall rise. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.91 points, or 1.21 percent, to 2,674.27. Trade volume was moderate at 383 million shares worth 12.2 trillion won ($9.22 billion), with losers slightly outpacing gainers 442 to 436. Foreigners were net buyers, scooping

March 4, 2024

LG Display to issue W1.29tr of shares in renewed OLED push

LG Display confirmed Monday that it is issuing new shares to raise 1.29 trillion won ($970 million) to bolster investments in OLED displays for smartphones and other mobile gadgets while improving its financial stability. The move comes as the display maker has recently recovered from operating losses. In a regulatory filing earlier in the day, the company said it is issuing new shares at 9,090 won apiece, which is lower than the 10,070 won fixed in the previous capital increase in January. The

March 4, 2024

Kuala Lumpur subway station renamed ‘Samsung Galaxy Station'

A subway station in Kuala Lumpur, Malaysia, was renamed “Samsung Galaxy Station“ on Feb. 29 as part of the tech giant’s big push into the Southeast Asian market. Samsung said Monday that Tun Razak Exchange Station, the nation’s largest interchange station, was renamed TRX Samsung Galaxy Station. The new station name comes as the Korean tech giant has partnered with the city‘s metro company, MRT and follows a similar deal signed with Bangkok’s Siam Station last

March 4, 2024

Hyundai Mobis applies for 2,500 patents in 2023

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it had applied for 2,500 patents in and out of South Korea last year, with almost half of them related to its core business area of future mobility. According to Hyundai Mobis, about 1,200 patent applications were in future mobility sectors such as automation, autonomous driving and in-vehicle infotainment systems. “Hyundai Mobis' patent reinforcement activities are aimed at securing a competitive ad

March 4, 2024

Hanwha Foodtech acquires robot-powered Stellar Pizza

Hanwha Foodtech has acquired the US-based robot pizza brand, Stellar Pizza, as part of its efforts to drive technological innovation in the food service industry. In January, Hanwha Foodtech signed a memorandum of understanding with Serve Automation, the parent company of Stellar Pizza, for a transfer of assets. Contractual documents for the acquisition were finalized Thursday. The acquisition was facilitated by Hanwha Foodtech Global, the US subsidiary of Hanwha Foodtech, the company said Monda

March 4, 2024