[Photo News] Samsung-Aramco 5G partnership

Samsung Electronics and Aramco, Saudi Arabia’s state-run oil and gas company, have signed a memorandum of understanding for a strategic partnership to accelerate the industrial adoption of 5G network technology in the largest Middle Eastern country by area. Under the agreement, the two companies will promote the digital transformation of Saudi Arabia’s industrial sectors by adopting LTE and 5G high-speed network technologies.

March 24, 2023

Former bank officials convicted for recruitment scandal

Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)

March 24, 2023

Samsung Electronics chief to attend China Development Forum

Samsung Electronics Executive Chairman Lee Jae-yong is currently in China to attend the China Development Forum, according to sources Friday. Lee arrived in Beijing on Thursday to attend the high-profile annual forum, slated to run at the Diaoyutai State Guesthouse from Saturday till Monday. The meeting will run under the theme of "Economic Recovery: Opportunities and Cooperation," focusing on "opportunities in the Chinese market, stabilization of global industrial chains, and gre

March 24, 2023

Seoul shares open lower amid rate concerns

South Korean stocks opened lower Friday, despite Wall Street gains overnight in hopes that the US Federal Reserve is nearing the end of its rate hike cycle. The benchmark Korea Composite Stock Price Index dropped 4.88 points, or 0.2 percent, to 2,419.6 in the first 15 minutes of trading. Overnight, US shares finished higher after traders placed their bets on the Fed possibly winding down its aggressive monetary tightening soon amid recession woes, after its nine consecutive rate hikes in the spa

March 24, 2023

Hyundai, Kia to recall over 570,000 vehicles in US due to fire risk

Hyundai Motor Co. and its smaller affiliate Kia Corp. said Friday they will recall over 570,000 vehicles in the United States because the vehicles could pose a fire risk. The South Korean carmakers have submitted their recall reports to the US National Highway Traffic Safety Administration. A faulty tow hitch harness module in the specified vehicles can take on water or dust and experience an electrical short, increasing the risk of fire, the companies said. The affected vehicles are model years

March 24, 2023

Improved ties with Japan to boost exports, consumption: finance minister

South Korea and Japan's latest efforts to restore bilateral ties will give a "significant positive spillover" to Asia's No. 4 economy, the finance minister said Friday. On Thursday, South Korea completed procedures to drop a complaint it filed with the World Trade Organization against Japan over Tokyo's trade curbs as it began domestic procedures to put Japan back on its "white list" of trusted trade partners. The move came after President Yoon Suk Yeol held su

March 24, 2023

[Herald Interview] Rolls-Royce’s 1st EV Spectre to make Asia debut in Korea

Rolls-Royce Motor Cars will present the Spectre -- the British high-end carmaker’s first and much-anticipated electric vehicle -- in Korea in June for the first time in Asia, according to CEO Torsten Muller-Otvos. “Korea is one of the fastest-growing markets for us worldwide. We decided that Spectre will be first shown here in Korea for Asia,” said Muller-Otvos in an interview with the Korea Automobile Journalists Association in Seoul on Wednesday. According to the Korea Automo

March 23, 2023

Busan to build new rail system for World Expo

Busan will build a high-speed rail system that will connect Busan’s key districts with Gadeok New Airport, which is also set to open years ahead of schedule in a bid to attract the 2030 World Expo to the port city of Busan. Busan Mayor Park Heong-joon revealed the plan to build the BuTX railway during a media briefing held at the Busan city government office, Thursday. BuTX is a hydrogen-fueled high-speed transportation infrastructure that will run 47.9 kilometers between Gadeok New Airpor

March 23, 2023

SPC opens 1st Paris Baguette store in Canada

South Korean food and bakery giant SPC Group said Thursday that Paris Baguette has opened its first store in Canada. Paris Baguette, the nation’s No. 1 bakery chain, operates some 450 stores in a total of 10 countries around the world, with its latest Canadian opening adding to the list. The latest Canadian store is located on the first floor of the Yonge Sheppard Center in Toronto. “SPC will accelerate its international expansion, targeting the $9 trillion global food market,”

March 23, 2023

Hyundai’s global COO joins board to boost expertise

Hyundai Motor Company has bolstered its global expertise by adding global chief operating officer Jose Munoz to the board of directors, the automaker said Thursday. The proposal to add Munoz to the board was approved at the 55th general shareholders’ meeting held at the company’s headquarters in southern Seoul earlier in the day. Munoz, who has 30 years of experience in the global auto industry, joined the Korean company in May 2019. He has played an integral role in securing Hyundai

March 23, 2023

Seoul shares up for third day after Fed rate hike; won at over 1-month high

South Korean stocks rose for a third day Thursday on big-cap tech gains after the US Federal Reserve raised the interest rates by a widely expected margin amid lingering concerns over a global banking turmoil, analysts said. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index rose 7.52 points, or 0.31 percent, to close at 2,424.48. Trading volume was moderate at 558.79 million shares worth 10.18 trillion won ($7.95 billion)

March 23, 2023

[K-Food] HiteJinro at forefront of raising soju's global profile

This is the fourth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Soju, South Korea’s national drink, has expanded its presence in global markets as the rice-based alcoholic beverage grows in popularity among spirit aficionados around the world. According to market research firm 360 Research Reports, the global soju market is estimated to reach $4.2 billion in sales by 2027. As of

March 23, 2023

NTS chief pledges fair, predictable taxation at ECCK meeting

South Korea’s National Tax Service Commissioner Kim Chang-ki promised fair taxation for European companies doing business in Korea during a roundtable meeting hosted by the European Chamber of Commerce in Korea on Thursday. The tax agency revived the government-industry meeting after a 12-year hiatus as part of its renewed commitment to better communications with the foreign corporate community here. Some 30 ECCK members, including Chairperson Dirk Lucat, attended the meeting held at a Seo

March 23, 2023

US Fed’s quarter-point rate rise eases pressure on South Korea

The US Federal Reserve lifted its base rate by 25 basis points on Thursday, easing pressure for the Bank of Korea, which had been concerned about key rate differences between the two countries. The Federal Open Market Committee went for a quarter-point move, raising the target interest rate from 4.5-4.75 percent to 4.75-5 percent. The quarter-point raise fell in line with the market expectation which projected the Fed will not go for a 50 basis point hike following the recent turmoil in the bank

March 23, 2023

Food trade agency to promote traditional liquors overseas

The Korea Agro-Fisheries and Food Trade Corp. is making strides to establish South Korea as a global agricultural powerhouse by cultivating human resources and promoting traditional Korean liquor. Its CEO, Kim Chun-jin, gave a special lecture to students attending the agency’s Agricultural Marketing College, as well as to members of the Agrifood Frontier Leader Organization during a seminar held in Suwon, Gyeonggi Province, on Tuesday. The lecture outlined the roles that those working in t

March 23, 2023

SK Innovation ups stake in Amogy amid green energy push

South Korea’s largest energy company SK Innovation said Thursday it has invested an additional $50 million in Amogy, a US developer of ammonia-based full-cell systems, as part of efforts to expand its presence in sustainable fuel markets. SK Innovation took part in the latest $139 million Series B-1 funding round for Amogy. Series B-1 refers to the stage of full-fledged business development among the stages of startup investment. This follows SK Innovation's initial $30 million invest

March 23, 2023

Hyundai, Advent to speed up fuel-cell business

Hyundai Motor Group said Thursday it has signed a memorandum of understanding with the US-based Advent Technologies to develop hydrogen fuel cells, with the goal of ramping up its hydrogen car business. Under the partnership, the carmaker plans to acquire key technologies for hydrogen fuel cells that can operate at 200 degrees Celsius from Advent Technologies by 2024. It will provide ion transfer materials and catalysts to the Boston company, who will use them and support the technology requir

March 23, 2023

Kotra holds business roundtable with global logistics firms

The state-run trade promotion agency, Kotra, held a Global Logistics Investors Roundtable event to boost global logistics firms’ investments in Korea, and especially Busan, at the Westin Josun Seoul on Thursday. The event was organized jointly with the Busan Port Authority and the Busan-Jinhae Free Economic Zone Authority. Nine global companies, including German logistics firms DHL Supply Chain and DB Schenker, Japan's Nippon Express and Danish shipping giant AP Moller-Maersk, atten

March 23, 2023

New Shinhan chairman wins shareholder approval

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

March 23, 2023

[Photo News] For Turkey

Hyundai Glovis, a logistics affiliate under South Korean automobile giant Hyundai Motor Group, said Thursday that the company will ship the Korean Red Cross' two 5-ton trucks to Turkey for free to help the earthquake-hit people there. One truck is equipped with clothes washers and dryers, and the other has cooking tools that can provide meals enough for 300 people at once.

March 23, 2023