Korea's household debt burden ranks No. 2 globally

Korea’s household debt is rising at an alarming pace, coming in second in terms of size and growth rate among major economies, data showed Monday. According to a report issued by the Bank of International Settlements, a financial institution based in Basel, Switzerland, the debt service ratio for households in Korea stood at 13.6 percent last year, the second highest among 17 major countries in the world, just behind Australia at 14.7 percent. The DSR gauges how much a borrower has to pay

July 17, 2023

Daewoo E&C, Poland’s ERBUD sign memorandum

Daewoo Engineering & Construction announced Monday that the South Korean builder has signed a memorandum of understanding with ERBUD, Poland’s third-largest construction firm, to carry out new projects in the European country, including the construction of nuclear power plants. The partnership was inked Friday in Warsaw as representatives from Daewoo E&C accompanied President Yoon Suk Yeol on his trip to Europe as members of the presidential delegation. The new partnership came in

July 17, 2023

Hyundai E&C to rebuild Ukraine's largest airport

Hyundai Engineering & Construction said Monday that the company would join a postwar reconstruction project in Ukraine, signing an agreement with Boryspil International Airport Corporation for the airport's future expansion project. Boryspil International Airport is the largest airport in Ukraine. Located about 29 kilometers southeast of Kyiv, the airport is responsible for 62 percent of the country’s passenger traffic and 85 percent of its airborne cargo shipping. Under the agree

July 17, 2023

Public affairs strategies reshaping at chaebol groups

South Korea’s top four chaebol groups are gearing up to secure supply chain resilience and salvage their global businesses from the rising geopolitical uncertainties reshaping industrial dynamics. From expanding their public affairs organizations to hiring seasoned ex-government officials, the conglomerates are coming up with measures to minimize the impacts of increasingly protectionist policies around the world, especially in the US and Europe. Their spending on lobbying activities has

July 17, 2023

Monsoon rain ravages farms, kills livestock

Nearly 30,000 hectares of farmland across the country were damaged by the recent torrential rain, raising concerns that agricultural product prices -- which have recently soared due to a heat wave -- will consequently rise even more. Some 27,094 ha of farmland have been damaged between July 10 and Monday due to record rainfall, according to a report released by the Ministry of Agriculture, Food and Rural Affairs. By region, North Jeolla Province suffered the most damage, with 14,569 ha of land f

July 17, 2023

Korea to dominate 75% of battery separator market by 2030: report

South Korean battery materials makers are expected to take up 75 percent of separator film production within North America and Europe by 2030, a report showed Monday. Of the Korean companies, SK IE Technology, an electronics materials maker affiliated with SK Group, is projected to control the largest market share of 33 percent with an annual production capacity of 380 million square meters of separators in the cited period, according to energy market tracker SNE Research. Battery separator fi

July 17, 2023

Korea Post vows to strengthen ties with post alliance group

The state-run Korea Post said Monday that it plans to bolster cooperation with the Kahala Posts Group, an alliance of 11 postal operators, to enhance the quality of international mail services and joint market expansion. Korea Post Director General Kim Hong-jae presented the current status and performance of Korea’s international postal services and its goals while attending the Kahala Post Group's annual meeting in Paris, France, Thursday. KPG was launched in 2002 by six major postal

July 17, 2023

S. Korea, Thailand discuss enhanced ties on EVs, advanced industries

Senior officials of South Korea and Thailand discussed ways Monday to expand bilateral cooperation on electric vehicles and other future industries, Seoul's industry ministry said. The discussion was made during a meeting between Deputy Trade Minister Jeong Dae-jin and Nattapol Rangsitpol, permanent secretary of Thailand's industry ministry, in Seoul, as the Thai official was visiting the country as part of his government's economic delegation, according to the Ministry of Trade,

July 17, 2023

[KH Explains] SK hynix, Samsung compete head-on for HBM leadership

Competition is heating up between Samsung Electronics and SK hynix to take the lead in the next-generation High Bandwidth Memory chip market, which holds great potential for growth with the rise of artificial intelligence and high-performance computing. Even though the market is still in its nascent stage, the world’s top two memory chip makers have already started a war of nerves, each claiming they take the majority of the market share. High Bandwidth Memory or HBM is a new type of DRAM

July 17, 2023

Seoul shares open lower as inflation concerns linger

Seoul shares opened lower Monday amid lingering rate hike concerns despite a series of data showing inflation is cooling. The benchmark Korea Composite Stock Price Index shed 10.4 points, or 0.4 percent, to 2,617.9 in the first 15 minutes of trading. Wall Street finished mixed Friday as US Federal officials said it was too early to declare victory over inflation. The Dow Jones Industry Average gained 0.33 percent following big banks' earnings results, while the tech-heavy Nasdaq Composite t

July 17, 2023

Foreign workers make up 15% of Korea's construction labor force

Foreign laborers account for nearly 15 percent of construction workers here, according to a local report Sunday. According to the Construction Workers Mutual Aid Association, the number of foreign construction workers came to 109,865 as of March this year, accounting for 14.8 percent of the total 741,698 workers at construction sites. Of them, 99,836 were men, up 4,147 on-year, while the number of women increased slightly to 10,029. The increase was fastest among workers in their 20s, with a 22.

July 16, 2023

KB pledges to become purpose-driven company

South Korean financial giant KB Financial Group hopes to become a company that can have a good influence on the community, its chairman said Friday. “We will all make efforts to become a purpose-driven firm that has a positive influence on the community,” Chairman Yoon Jong-kyoo said at the group’s strategy meeting held at a Seoul hotel under the title "Toward the Future.” The meeting was held to discuss management strategies for the latter half of 2023 to seek cha

July 16, 2023

Woori to step up its game in corporate financing

South Korean financial giant Woori Financial Group plans to expand its corporate financing, according to its chairman Friday. "During the first half of 2023, we prioritized risk management such as controlling financial soundness and capital adequacy as the uncertainty in financial markets both in and out of Korea escalated,” Woori Financial Group Chairman Yim Jong-yong said at a workshop held at the group’s headquarters in central Seoul. "It was a meaningful time when bold

July 16, 2023

[Photo News] Mercedes-Benz Mobile Academy

Mercedes-Benz Korea said Sunday that a total of 11 South Korean college students have visited the carmaker’s facilities in Germany, including a smart factory in Sindelfingen and an AMG factory as part of an industry-university cooperation program, named Mercedes-Benz Mobile Academy. Since the program’s 2014 launch, more than 150 students have visited the European country. “I hope this year’s headquarters visit program will serve as a good referendum for the young traine

July 16, 2023

[Herald Interview] UK firm lures Korean trendsetters with 'transparent phones'

UK smartphone maker Nothing Technology Limited made its Korean debut last week with its second-generation flagship device, Phone 2. In a market dominated by two big names -- Samsung and Apple, the three-year-old company says it is targeting a niche but lively audience here. “We wanted to have a design identity that’s really strong and authentic to Nothing and something that could be recognized two meters away without looking at the (brand) logo because all smartphones look more the s

July 16, 2023

Hyundai’s N brand hits 100,000 unit sales

Hyundai Motor Group said Sunday its high-performance N brand has hit the 100,000 sales mark since its official launch in 2015. The brand’s six cars, including the very first i30 N and the recent Kona N, sold a total of 103,947 units globally as of the day. The South Korean auto giant offered an upbeat outlook for sales of the N brand, with the latest launch of the Ioniq 5 N -- the brand’s first full-electric car -- scheduled to make its commercial debut in September. Under the slogan

July 16, 2023

Eximbank joins forces with BGK, K-Sure to bolster Korea-Poland ties

Korea Eximbank announced Sunday that it had signed a trilateral memorandum of understanding with Korea Trade Insurance Corporation (K-Sure) and Bank Gospodarstwa Krajowego from Poland to enhance economic and financial cooperation between the two countries. BGK, established in 1924 for the country’s economic and industrial development, is the sole state-owned bank in Poland that provides loans and operates and manages government funds. The signing event was held Thursday at BGK’s head

July 16, 2023

Korea to stick to previous aspartame regulation, as WHO states limited carcinogenicity

South Korea’s Ministry of Food and Drug Safety said Friday it has decided to allow companies here to retain their existing internal standards for the use of aspartame in foods and beverages, despite the assessment of a WHO agency concluding that the artificial sweetener is "possibly carcinogenic to humans." The International Agency for Research on Cancer announced Friday it has determined aspartame should be reclassified as a Group 2B carcinogen on the basis of limited cancer in

July 14, 2023

Kia's India plant manufactures 1m vehicles in 4 years

Kia’s manufacturing plant located in Anantapur, India, celebrated the manufacturing of its 1 millionth vehicle after four years on Thursday. Since setting up production in India in 2019, Kia has produced some 532,450 units of the compact SUV Seltos, accounting for the majority of those made there. Other vehicles produced there include 332,450 of compact SUV Sonet, 120,516 Carens and 14,574 of the Carnival minivan. At a ceremony celebrating the plant’s manufacturing milestone, executi

July 14, 2023

Seoul shares up for 4th day on easing inflation concerns

Seoul shares ended spiked nearly 1.5 percent Friday, extending their winning streak to a fourth day, as easing US inflation helped assuage rate hike fears. The South Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 37.07 points, or 1.43 percent, to finish at 2,628.30. Trading volume was moderate at 561.21 million shares worth 14.01 trillion won ($11.06 billion), with winners outpacing losers 442 to 428. Institutions and foreigners bought a ne

July 14, 2023