[Photo News] Disruptor designer of the year

Hyundai Motor Group won two awards at Newsweek’s World’s Greatest Auto Disruptors awards held Tuesday. Chief Creative Officer Luc Donckerwolke (right) was named the disruptor designer of the year, while Genesis House New York, a flagship luxury showroom, won the disruptor marketing of the year award. Last year, Executive Chair Chung Euisun was given the top visionary of the year award.

April 5, 2023

Thinking out of the box: Walter Cho’s leadership shines in crisis

Amid prolonged lockdowns and closed borders, the COVID-19 pandemic had been particularly brutal on the aviation sector. But Korean Air, the nation’s flag carrier, was a rare case that turned the crisis into a blessing under the leadership of CEO Walter Cho. In November 2020 when the coronavirus pandemic was rampant around the world, Korean Air announced a bid of 1.8 trillion won ($1.37 billion) to acquire its crosstown rival Asiana Airlines, paving the way for it to become the largest ai

April 5, 2023

Foreign reserves grow in March on dollar's descent

South Korea's foreign reserves grew in March as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Wednesday. The country's foreign reserves had come to $426.07 billion as of end-March, up $780 million from the previous month, according to the data from the Bank of Korea. The dollar's fall last month boosted the converted value of holdings denominated in other currencies, the BOK explained. The dollar index that gauge

April 5, 2023

Seoul stocks open higher on tech, auto gains

Seoul shares opened higher Wednesday helped by gains in techs and autos amid renewed concerns over the US banking crisis. The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.4 percent, to 2,490.52 in the first 15 minutes of trading. The main index bucked losses on Wall Street. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq Composite shed 0.5 percent amid a sell-off in banks. Citigroup Inc., Wells Fargo & Co. and other US lenders pl

April 5, 2023

S. Korea to diversify trade partnerships, portfolio amid uncertainties: finance minister

South Korea will diversify its free trade partnerships with more nations to address the growing economic uncertainties and jitters in the global supply chain, the finance minister said Wednesday. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting, where economy-related ministers discussed various issues, including expanding free trade deals and coping with protectionism from major countries, according to the Ministry of Economy and Finance. "Recently, the global e

April 5, 2023

Korea aims to become 7th nation to host Olympics, World Cup, World Expo

South Korea could become the seventh country to host the three major international events, the Olympic Games, the World Cup and the World Expo, if it succeeds in its bid to host the World Expo in Busan in 2030. Currently, France, the US, Canada, Germany, Italy and Japan are the only six countries that have hosted all three international events. In terms of the World Expo, South Korea would become the 12th country to host the global event. Previously, the World Expo was held in 11 countries, incl

April 4, 2023

Seoul shares end up on tech gains amid inflation woes

Seoul shares ended higher Tuesday helped by tech gains, with OPEC+ members' plan to cut oil output raising concerns over inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.33 percent, to close at 2,480.51. Trading volume was moderate at 808.77 million shares worth 12.72 trillion won ($9.7 billion), with gainers outpacing decliners 634 to 242. The oil producers' surprise decision to cut output came just days after

April 4, 2023

Busan could generate W60tr as host of 2030 World Expo

Competition is fierce for countries around the world to win the bid to host the 2030 World Expo -- not only would the event significantly raise a nation's status, but it could also potentially provide a huge boost to the region's economy and the domestic business ecosystem. According to research conducted by South Korea's 2030 Expo Bid Promotion Headquarters, if Busan wins the contest to host the event, the country will be able to raise more than 60 trillion won ($45 billion) duri

April 4, 2023

Masta Electric looks to support SME owners

Masta Electric Vehicle on Tuesday signed a partnership with the Korean federation of small and medium business (SME) groups to support SME owners and expand its presence in the market. The two sides inked a memorandum of understanding at Masta Electric Vehicle’s exhibition booth at the Seoul Mobility Show held at Kintex in Gyeonggi Province. Representing some 20 SME groups and their 7 million members nationwide, the SMEs federation bought 400 units of Masta Him, the automaker’s small

April 4, 2023

Household loans at major banks continue to decline

The trend of Korean households being less willing to take out loans due to burdensome high lending rates continued in March, according to industry sources. In March, the remaining balance of household loans at the five major banks -- KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup -- decreased by 4.68 trillion won ($3.55 million) compared to the previous month, to 680.7 trillion won. This downward trend has been persistent for 15 consecutive months since January last year. The reduction in the

April 4, 2023

Biz leaders circle the Earth more than 64 times to drum up Expo support

Top conglomerate leaders have traveled over 2.5 million kilometers, equivalent to the distance of 64 1/2 rounds around the Earth, to lead diplomatic efforts in support of Busan’s bid to host the World Expo 2030. Since June last year, the World Expo Bidding Committee, a business-led civilian organization made of 11 companies including SK, Samsung and Hyundai, have visited 84 countries for negotiations related to the final vote regarding the host city of the global fair, according to the Kor

April 4, 2023

KG Mobility unveils roadmap for reboot

KG Mobility, formerly SsangYong Motor, said Tuesday it will be reborn as a futuristic mobility company focusing on electric vehicles, autonomous driving and software-defined vehicles. “Unlike other global automakers, we don’t consider exporting cars as our one and only goal,” said KG Mobility Chairman Gwak Jae-sun during a press conference at Kintex, Ilsan, Gyeonggi Province. “Instead, we will strive to produce cars made from our own (automotive) technology.” With

April 4, 2023

National debt hits all-time high on pandemic spending

South Korea's national debt is growing at an alarming pace, posting a record high of over 1,067 trillion won ($811 billion) last year, the Finance Ministry said Tuesday. The country’s debts – the amount owed by central and provincial governments, excluding state and public bonds owned by national institutions such as the National Pension Service -- came to a record 1,067.7 trillion won last year, according to a report on the 2022 national settlement of accounts approved at a C

April 4, 2023

Users can now decline KakaoTalk group chat invites from non-friends

KakaoTalk, South Korea’s ubiquitous mobile messenger app, has finally let users decline unwanted group chat invites from people outside of their friend list, a much-anticipated move for those who have experienced stress or discomfort over exiting group chats. However, if the inviter is on a user's KakaoTalk friends list, the user will be automatically added into the group chat. The new feature, which was added as part of a KakaoTalk system update last week to version 10.1.5, requires

April 4, 2023

[Photo News] Genesis' 1st coupe SUV

Genesis, Hyundai Motor Group's premium auto brand, unveiled its first coupe sports utility vehicle -- GV80 Coupe Concept -- at the Genesis House in New York on Monday. The carmaker said the GV80 Coupe Concept is developed to fit various lifestyles by combining practicality and sportiness based on the design philosophy of athletic elegance.

April 4, 2023

[K-Food] Binggrae taps into niche markets with K-snacks

This is the fifth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Korean snacks, which have survived a saturated market at home by gaining the approval of one of the most gastronomic and difficult-to-please consumers in the world, are making aggressive inroads into overseas markets in a bid to further tempt global consumers' palates. “In order for Korean snacks to successfull

April 4, 2023

BIE members feel Seoul's fever for Busan Expo

The Bureau International des Expositions (BIE) committee visited Gwanghwamun Plaza in central Seoul on Monday evening, where promotional events were held to support Busan to win the bid for World Expo 2030. Representatives of the BIE came to South Korea on Sunday, and are scheduled to meet government officials and visit Busan to assess the city's suitability to host the World Expo. The eight members of the BIE took a stroll around the LED rose garden, and listened to explanations of the gia

April 4, 2023

Seoul stocks open higher despite inflation woes

Seoul stocks opened a tad higher Tuesday despite the inflation concerns fueled by OPEC+'s surprise plan to cut oil output. The benchmark Korea Composite Stock Price Index rose 13.03 points, or 0.53 percent, to 2,485.37 in the first 15 minutes of trading. Overnight, US shares closed mixed amid concerns of an energy price hike after OPEC+ announced a cut in oil production. The Dow Jones Industrial Average rose 0.98 percent, while the tech-heavy Nasdaq Composite dipped 0.27 percent. South Kore

April 4, 2023

S. Korea's consumer prices up 4.2 % in March

South Korea's on-year growth in consumer prices fell to the lowest level in a year in March, data showed Tuesday, in the latest signal that inflation could slow throughout this year. Consumer prices, a key gauge of inflation, rose 4.2 percent last month from a year earlier, slowing from the rise of 4.8 percent tallied in February, according to the report from Statistics Korea. It marked the lowest level since a 4.1-percent growth tallied in March 2022. Inflation stayed above 2 percent --

April 4, 2023

Hanwha-DSME merger still awaits Korean approval

South Korea’s Fair Trade Commission is closely reviewing Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering as it could lead to unfair trade practices if completed, officials said Monday. “The issue is that ships are used in battle. They are weapons. In terms of the weapons system, Hanwha has a high market share and possesses control over the market. There are other companies that make military ships other than DSME. In this case, there is a possibility th

April 3, 2023