[KH Explains] Why Hanwha’s DSME takeover has not yet gained approval at home

Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49.3 percent stake in DSME from the state-run Korea Development Bank in December last year, Hanwha, the nation’s seventh-largest conglomerate, has obtained approval from other necessary antitrust authorities o

April 16, 2023

[Herald Interview] BMW Motorrad offers upbeat outlook for Korean sales

South Korea’s burgeoning two-wheeler market could see further growth with more policy support for motorcyclists here, the head of Region Asia, China, Pacific and Africa at BMW Motorrad urged. “South Korean motorcycle market is witnessing continuous growth every year with an increasing number of motorheads,” said Markus Mueller-Zambre during a recent interview with The Korea Herald. “Although there have been some movements to allow riding bikes on motorways, it is (one of

April 14, 2023

[Photo News] Samsung wins 80 iF Design Awards

Samsung Electronics said Friday its Bespoke Infinite built-in home appliance lineup has snatched a gold award at the International Forum Design Award 2023. This year, the tech giant has won a total of 80 awards -- a record figure -- at the German design competition. (Samsung Electronics)

April 14, 2023

BOK chief says don't expect a rate cut 'any time soon'

Bank of Korea Gov. Rhee Chang-yong underlined that is “too early” to discuss a rate cut, issuing a warning on growing expectations that the central bank may start to cut its base rate soon. With the BOK deciding to hold the rate at 3.5 percent for a second consecutive time on Tuesday, market expectations have grown that the rate hike cycle has ended and a pivot on the BOK’s rate stance could come within the year. Rhee, however, drew a line, saying it is premature to discuss a

April 14, 2023

SPC ups support for minorities in New York

South Korean food and bakery giant SPC Group said Friday it has joined hands with the city government of New York and the American Chamber of Commerce in Korea to boost the US city’s economy by expanding support for minority groups. A signing ceremony for the memorandum of understanding was held in New York on Wednesday, with Mayor Eric Adams, AmCham Chairman James Kim and Paris Baguette North America Chief Strategy Officer Hur Jin-soo in attendance. Under the agreement, SPC will run a six

April 14, 2023

Korea’s pet insurance market lukewarm despite growing pet ownership

The South Korean pet insurance market has been expected to gain traction amid a growing pet population in the country. However, it will take more time for the market to mature, according to industry sources. According to the Korea Credit Information Service, the number of pet owners who have pet insurance plans reached around 55,000 as of October last year, accounting for only 0.8 percent of 7.2 million pet owners in the country. The figure is much lower than other foreign countries such as Swed

April 14, 2023

Top Korean chaebol leaders to accompany Yoon on state visit to US

Top South Korean chaebol leaders are set to join President Yoon Suk Yeol on his state visit to the US later this month, according to industry sources on Friday. Yoon is set to embark on a state visit to the US for a summit with US President Joe Biden on April 26. Upon Yoon’s visit to the US, the Federation of Korean Industries, one of the nation’s major business lobby groups, plans to arrange a business delegation consisting of some 70 business leaders, including chiefs of the nati

April 14, 2023

Seoul shares open higher on eased inflation woes

South Korean stocks opened higher Friday as the latest US economic data raised hopes the Federal Reserve will scale back its hawkish interest rate hikes. The benchmark Korea Composite Stock Price Index rose 11 points, or 0.43 percent, to 2,572.66 in the first 15 minutes of trading. All three major US stock indexes rallied Thursday after the producer prices slowed more than expected in March from a year earlier. Jobless claims last week rose more than expected, showing that the Fed's efforts

April 14, 2023

Uncertainties remain for S. Korean economy but conditions will improve from second half of year: finance minister

The South Korean economy continues to face uncertainties amid global price hikes but conditions are expected to improve from the second half of the year, the country's finance minister said Thursday. Choo Kyung-ho, who is double-hatted as deputy prime minister, also said the country will work to keep prices down. Economic conditions for South Korea "are believed to gradually show signs of improvement," Choo told reporters. The South Korean finance minister is currently on a trip t

April 14, 2023

[Graphic News] Gold bar sales at all-time high

　Investors are buying more gold as prices rise to an all-time high. 　According to the banking industry, gold bars sold at KB Kookmin, Hana, Woori and NH Nonghyup from April 3-6 stood at 2.49 billion won ($1.89 million). 　Gold bar sales at the four major banks increased from 1.98 billion won in January to 3.29 billion won in February and 3.95 billion won in March. 　Gold prices have risen as investors kept an eye on safe assets due to instability in global financial markets.

April 14, 2023

Seoul shares up for 5th day amid looming recession; Korean won sharply up

South Korea's main stock market closed higher to extend its winning streak to a fifth day Thursday amid the US Federal Reserve's warning of a recession later this year. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index gained 11.02 points, or 0.43 percent, to 2,561.66, managing to extend the winning streak for five straight sessions. Trading volume was high at 826.7 million shares worth 11.7 trillion won ($8.93

April 13, 2023

Financial firms in rush to enter W1000tr OCIO market

South Korea’s securities and asset management firms are racing to capture a bigger piece of the Outsourced Chief Investment Officer market as they expect that more firms and institutional funds will entrust the management of their cash reserves to them. “Institutional investors and private companies used to manage their own investment through an in-house finance team, but once they see an increased amount of cash hoarding, they tend to outsource because it requires complex and prof

April 13, 2023

[K-Food] Sempio spicing up global dishes with K-sauces

This is the sixth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed.   Sauces embody a tradition -- they are a compilation of decades of locals’ know-how for spicing up native cuisine. As such, matching traditional sauces with foreign dishes is rare. However, Korea's largest sauce maker Sempio said it is currently at the vanguard of savory Korean sauces imbuing diverse menu items

April 13, 2023

Posco International unveils future-driven, eco-friendly vision

Following a merger with Posco Energy, Posco International -- the general trading arm of Posco Group -- said Thursday that it is ready to reestablish itself as a company that will specialize in a slew of emerging business sectors, ranging from eco-friendly energy, steel to food. During a ceremony held in Songdo Convensia in Incheon, Posco International announced its goals to aggressively target emerging business sectors and significantly raise its market value. Specifically, Posco International s

April 13, 2023

[Photo News] Snack binge

April 13, 2023

Korean businesses remain wary of China’s reopening: survey

Many Korean businesses are unsure about the actual profits that will come from the reopening of the Chinese economy and are maintaining a conservative stance in business expansion, a recent survey by Korea’s top business lobbying organization showed Thursday. In a survey of 440 export-focused manufacturers conducted by the Korea Chamber of Commerce and Industry, 54.4 percent of the respondents said the reopening will not have much effect on their businesses, while 38.2 percent said it wi

April 13, 2023

Top court finalizes W1tr fine for Qualcomm

The Supreme Court on Thursday finalized a ruling in favor of the South Korean antitrust regulator’s record fine of 1.03 trillion won ($784 million) imposed on US chip giant Qualcomm Inc. for unfair business practices. The top court turned down the appeal by the San Diego-based firm and its two affiliates. Back in December 2016, the Fair Trade Commission slapped a fine on Qualcomm for abusing its dominant market position against smartphone makers. “Under the Fair Trade Act, we reaffir

April 13, 2023

KB to offer upgraded legal consulting for wealthy clients

KB Financial Group said Thursday that it has signed a memorandum of understanding with the nation’s two leading law firms, Sejong and Taepyeongyang, to offer upgraded legal consulting services to customers for its premium private banking and asset management brand KB Gold&Wise the First. The signing ceremony was held at KB Securities’ headquarters in Yeouido, western Seoul, on Wednesday, with top executives including KB Financial Group’s senior managing director in wealth m

April 13, 2023

LG Chem, Gevo team up to commercialize biopropylene

LG Chem said Thursday it has entered into a joint development agreement with US renewable chemicals and biofuels company Gevo to commercialize biopropylene, a raw material for bioplastics, by 2026. Under the agreement, the two companies will develop bioprorylene using Gevo’s patented technologies. Gevo’s Ethanol-to-Olefins, or ETO, conversion technology facilitates the production of low-carbon ethanol to renewable olefins, which can replace traditional olefins – petroleum-based

April 13, 2023

FSS chief reaffirms will to revamp financial systems

Lee Bok-hyun, chief of the Financial Supervisory Service, on Thursday renewed his commitment to establishing a financial ecosystem that meets global standards. "The supervisory authorities have already decided to repeal the registration requirement for foreign investors and also are revamping the system to meet the demands of overseas financial institutions and investors, including establishing a dedicated system for screening foreign funds,” Lee said during the FSS Speaks conference

April 13, 2023