Incheon Airport passenger traffic to recover during Chuseok holiday

Tourism during South Korea’s Thanksgiving holiday of Chuseok is expected to rebound to pre-COVID-19 levels, industry sources said Sunday. According to Incheon Airport, the number of passengers who will be using the country's main gateway between Sept. 27 and Oct. 3 is expected to reach 1.2 million, an average of about 170,000 each day. The number has also recovered to 96.6 percent of the corresponding figure in 2019. The figure is also up by 186.7 percent compared to the previous ye

Sept. 24, 2023

FSS issues advisories to fisheries cooperatives federation for W50b investment loss

The Financial Supervisory Service, South Korea's primary financial regulatory body, has issued management advisories to the National Federation of Fisheries Cooperatives after losing approximately 50.1 billion won ($37.5 million) it poured into an alternative high-yield overseas investment, as revealed by industry sources on Sunday. The NFFC, the umbrella organization for regional fishers' cooperatives throughout the country, reportedly lost the entire principal amount of its investmen

Sept. 24, 2023

[Test Drive] Toyota’s minivan Alphard boasts sedanlike drive

Toyota launched its fourth electrification model in Korea for this year, the luxury hybrid minivan Alphard that features a chauffeured, sedanlike driving experience. The fourth generation of the multipurpose vehicle that has sold some 150,000 units in Japan and abroad hopes to offer “omotenashi” -- a Japanese expression that describes hospitality and mindfulness -- to customers ranging from company executives who need private space, to family car lovers. “Compared to the previo

Sept. 24, 2023

Hyundai Engineering wins US gas-to-liquid facility project

Hyundai Engineering on Thursday secured an order from US energy firm GTL Americas to build a plant in the US that will turn natural gas into high-grade diesel, naphtha and jet fuel. Under the project, the gas-to-liquid or GTL facility will be established near the city of Pine Bluff, Jefferson County, Arkansas, to generate some 41,000 barrels of fuel per day, including synthetic diesel or high cetane synthetic fuel, and paraffinic synthetic naphtha. The GTL procedure is a high-tech process that g

Sept. 24, 2023

S. Korean firms urge US to clarify 'foreign entity of concern'

South Korean companies have asked the United States to clarify from which foreign companies they are not required to import critical electric vehicle battery minerals under the US Inflation Reduction Act, industry sources said Sunday. Senior executives of South Korean battery and material companies made the request to US Deputy Secretary of Commerce Don Graves during a closed-door meeting in Seoul on Friday. The executives who attended the meeting were from South Korea's three leading car b

Sept. 24, 2023

KFCC promotes financial inclusion via branches in developing nations

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Friday it had further expanded its global financial inclusion model for developing countries, allowing greater access to financial services that can help them alleviate poverty. “Under the Sustainable Development Goals, a universal call to end poverty and inequality by the United Nations, we will continue to practice environmental, social and corporate governance effort

Sept. 24, 2023

Golden apples: Why fruit prices are national issue in early autumn

When the grip of summer loosens and the air turns cooler, Koreans pay particular attention to the price trends of two specific fruits -- apples and pears. At their freshest and most flavorful during this time, the two fruits are the quintessential autumn fruits in South Korea, but there are a few other reasons why people are particularly sensitive to their prices. A time-honored tradition during Chuseok, one of the two biggest traditional holidays here, is to prepare a table full of food offerin

Sept. 24, 2023

S-Oil shares songpyeon with low-income neighbors

South Korean oil refiner S-Oil held the company’s annual charity event, dubbed “Sharing Songpyeon with S-Oil,” on Friday, for the upcoming Chuseok holiday. S-Oil CEO and some 100 employees made songpyeon -- traditional half-moon-shaped rice cakes served during Chuseok -- and 500 gift packages, spending 50 million won ($37,400) in total. “Korea’s Chuseok is a meaningful holiday that celebrates a plentiful harvest with families, gathering together to eat special foods

Sept. 22, 2023

Seoul shares close lower amid woes over Fed's drawn-out rate hike cycle

South Korean stocks closed lower for the second consecutive day Friday amid concerns the US Federal Reserve may keep its benchmark lending rate higher for longer. The local currency climbed against the US dollar. The benchmark Korea Composite Stock Price Index had declined 6.84 points, or 0.27 percent, to finish at 2,508.13. Trading volume was moderate at 425.5 million shares worth 6.9 trillion won ($5.2 billion), with decliners outpacing winners 595 to 285. Individuals purchased a total of 206.

Sept. 22, 2023

Lee Seung-min wins KB Women's Amateur Golf Championship

Lee Seung-min, a third-grade student at Gyeongju Hwarang High School, won the 16th KB Financial Group Women's Amateur Golf Championship on Friday. Lee finished the second round of the tournament at Century 21 Country Club in Gangwon Province with a total of 6-under 138 strokes to take the top spot. The final round of the tournament was delayed by about two hours due to heavy fog and ultimately had to be canceled. The winner was determined by the combined scores of the first two rounds. Lee

Sept. 22, 2023

Outpaced by Coupang, Shinsegae carries out major leadership reshuffle

South Korean retail giant Shinsegae Group conducted a large-scale, earlier-than-usual personnel shakeup following its flagging business showings and losing race against fast-growing retail powerhouses such as Coupang. Via an executive appointment conducted a month ahead of its usual timing, 9 out of 25 of Shinsegae Group's chief executive officers, or some 40 percent, were replaced. The reshuffle was made in accordance with Shinsegae Group's new system personnel management system dubbe

Sept. 22, 2023

Mirae Asset continues to lead domestic equity ETF market

Mirae Asset Global Investments has been leading the domestic equity ETF market with its innovative growth ETFs since April 2022, according to data from the Korea Financial Investment Association. In recent years, ETF products have become increasingly popular in Korea and have attracted significant inflows of funds. As a result, the Korean ETF market attracted more than 100 trillion won ($74.77 billion) in investments, with equity ETFs attracting 50 trillion won. Industry sources say Mirae Asset&

Sept. 22, 2023

Apple to launch iPhone15 series in S. Korea on Oct. 13

Apple’s latest flagship smartphone series will likely launch in South Korea next month, according to industry sources Friday. Apple is preparing to sell its new smartphones -- the iPhone15, iPhone15 Plus, iPhone15 Pro and iPhone15 Pro Max -- on Oct. 13 in Korea, taking preorders a week ahead of the official release here, sources said. If the tech giant rolls out its latest smartphone lineup on that date in Korea, it will be about a month after the company first unveiled the iPhone 15 serie

Sept. 22, 2023

Hyundai Motor marks 25 years of supporting pediatric cancer patients

Hyundai Motor Group Executive Chair Chung Euisun has reiterated the importance of corporate responsibility as the South Korean automaker celebrated the 25th anniversary of Hyundai Hope on Wheels, a US-based nonprofit organization established to support pediatric cancer research and childhood cancer patients. “Under the vision ‘Progress for Humanity,’ Hyundai Motor is committed to doing the right things for the entire world including innovating products and fulfilling corporate

Sept. 22, 2023

Lotte opens major shopping complex in Vietnam

Lotte Shopping, the retail arm of South Korean retail giant Lotte Group, said it held the grand opening ceremony for its shopping complex Lotte Mall West Lake Hanoi on Friday, following the company's efforts to expand its presence in the Vietnamese market. Standing on a 354,000-square-meter site, and considered one of the largest shopping complexes in Vietnam, the commercial complex is comprised of a wide selection of facilities -- ranging from a shopping mall, supermarket, hotel, aquarium

Sept. 22, 2023

Seoul shares open lower amid woes over Fed's drawn-out rate hike cycle

South Korean stocks started lower Friday, tracking an overnight tumble on Wall Street, amid concerns the US Federal Reserve will keep its restrictive monetary policy in place for longer than expected. The benchmark Korea Composite Stock Price Index lost 21.67 points, or 0.86 percent, to 2,493.30 in the first 15 minutes of trading. All three US stock indexes fell on Thursday as investors' risk appetite dwindled after the Fed hinted it may go for another rate hike later this year after a rate

Sept. 22, 2023

[From the Scene] HD Hyundai offers a glimpse of second-gen autonomous construction equipment

HD Hyundai Infracore, the construction equipment arm of HD Hyundai, revealed the future of construction technology at Boryeong Proving Ground, a mock construction site in Boryeong, South Chungcheong Province on Wednesday. The company showcased their second-generation Concept-X equipment, an update following the introduction of the first generation in 2019. Concept-X represents the company's concept integrated IT-driven construction management system. This system employs drone 3D scanning to

Sept. 22, 2023

Han Sung Motors wins five trophies in Mercedes-Benz Korea contest

Han Sung Motor, the local importer and distributor of Mercedes-Benz, said Thursday it has won five events in this year’s “Korea TechMaster,” a technician competition held by the German brand. Since 2007, Mercedes-Benz Korea has run the Korea TechMaster competition every two years with the aim of further ramping up the brand’s expertise and customer services. Following the preliminary round attended by 969 service center employees, only 40 people remained in the final tour

Sept. 21, 2023

Khanfilter eyes global expansion with innovative air purifier

Khanfilter, a South Korean supplier of high-performance air filters, has seen early success with its air purifier that uses automotive technology to help it remove over 90 percent of odor and particle matter without losing performance in challenging environments. Traditional filters exhibit a sharp decline in performance when exposed to water vapors or oil mist, a common condition in kitchen spaces. However, Khanfilter’s flagship indoor air purifier Khanpure has provided a timely solutio

Sept. 21, 2023

Asiana Airlines tops customer satisfaction index

Asiana Airlines, South Korea’s second-biggest carrier, said Thursday it received the top marks from a high-rated customer satisfaction index, for ninth consecutive year. According to Asiana, it was ranked No. 1 in the aviation sector of 2023 Korean Customer Satisfaction Index Awards held at Jung-gu, Seoul. This is the 25th time Asiana Airlines has won the category since the customer survey for the aviation sector was first initiated in 1995. Organized by Korea Management Association Consul

Sept. 21, 2023