S. Korea to raise guard against market instability after Fed rate hike

South Korea's chief economic policymaker warned Thursday of the possibility of further instability in the global financial market, such as a recent bank turmoil sparked by the failure of American lenders, amid the continued monetary tightening moves by the United States and major economies. Finance Minister Choo Kyung-ho made the assessment during an emergency meeting on the macroeconomic situation, which was also attended by Bank of Korea Gov. Rhee Chang-yong and other officials. On Wednes

March 23, 2023

[Graphic News] Internet banking customers up 8.5% in 2022

The umber of customers who use internet banking in South Korea continued to grow in 2022, thanks to increased availability of online services and people’s preference to make transactions on the go, Bank of Korea data showed. Registered customers for mobile banking totaled some 207.04 million at the end of last year, up 8.5 percent from a year earlier, according to the data from the BOK. The figure includes customers who hold multiple accounts. The daily average transactions made through in

March 23, 2023

China, Singapore approve Hanwha's plan to take over Daewoo Shipbuilding

Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and

March 22, 2023

Dongwon's takeover bid for vaccine maker falls through

  South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have

March 22, 2023

SK Ecoplant, Bloom Energy build power plant at US hospital

SK Ecoplant said Wednesday that the company and its US partner Bloom Energy have completed installation of a fuel cell power plant at Stamford Hospital in Connecticut. Bloom Energy specializes in solid-oxide fuel cells, which can be used for electricity generation and hydrogen production. Previously, SK Ecoplant made 300 billion won ($229 million) of equity investment in Bloom Energy and is preparing for additional 400 billion won of investment in March. According to SK Ecoplant, its US arm SK

March 22, 2023

Hana Financial vows to fight falling birthrate

Hana Financial Group said Wednesday that it has signed an agreement with Cha University Medical Center, a medical group specializing in fertility treatments, to make joint efforts to tackle the nation’s chronic low birthrate. The two institutions held a signing ceremony for the new partnership at Cha Bio Complex in Pangyo, Gyeonggi Province, with their leaders, including Hana Financial Group Chairman Ham Young-joo, in attendance. Korea’s birthrate – the average number of childr

March 22, 2023

Korea, Japan to expedite trade talks after summit

South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday. W

March 22, 2023

Samsung Group celebrates low-key 85th anniversary

South Korea's largest conglomerate, Samsung Group, on Wednesday marked the 85th anniversary of its founding in a low-key manner. It is the first year that the big day has been celebrated following de facto leader Lee Jae-yong’s promotion to executive chairman of Samsung Electronics. Industry sources and Samsung officials said the group commemorated this year’s anniversary without organizing any official events as in other years. There was no special message delivered to employ

March 22, 2023

Samsung, SK breathe tentative sigh of relief over US chip subsidy rules

The United States has revealed the details of its “guardrail” proposal for global chipmakers who wish to receive its chips subsidy and have production facilities in China, "loosening" the restriction by allowing the limited expansion of production capacity in China. Home to two of the world's largest memory chipmakers, Samsung Electronics and SK hynix, Korea's chip industry is somewhat relieved that the guardrail statute “slightly opens up the windpipe&rd

March 22, 2023

[Contribution] Scaling up SMEs, startups as key export players

By Cho Ju-hyeon South Korea’s small and medium-size enterprises and startups are facing challenges in exports amid bleak economic outlook and Chinese-dependent business. For survival, small companies should alter their course to diversify exports. As of February, the total amount of exports has decreased for five consecutive months, along with a trade deficit for 12 consecutive months. Exports from SMEs, which came to $117.5 billion last year, however, has been on a downward trend since

March 22, 2023

Kyobo Life CEO joins father to win top industry honor

Kyobo Life Insurance CEO Shin Chang-jae has been named as the recipient of the 2023 Insurance Hall of Fame Laureate award by the International Insurance Society, the company said Wednesday. The latest feat is especially meaningful for the 70-year-old CEO as he follows in his father's footsteps to win the top industrial honor. His late father Shin Yong-ho was the founder of Kyobo Life, and won the same award in 1996. The company said it is the first case that both a father and son have bee

March 22, 2023

Hankook Tire woos young people with ‘Made in Hankook’ campaign

Hankook Tire & Technology, the world’s sixth-largest tiremaker, said Wednesday it is carrying out various projects under its motor culture brand Made in Hankook for better communication with millennials and Generation Z. Launched in 2021, Made in Hankook pursues a young and dynamic image centered on high technology, innovation, design and motorsports. As Hankook Tire aims to lead innovative changes in future mobility culture, the company is seen to have a broad worldview. Made in Hanko

March 22, 2023

Hyundai Heavy Industries hits 200m horsepower in engine output

Hyundai Heavy Industries, the nation's largest shipbuilder affiliated with HD Hyundai, said Wednesday that its accumulative engine production for vessels has exceeded 200 million horsepower -- a record in the global shipbuilding industry. The company held a ceremony to mark the production milestone as it started a new 74,720-horsepower vessel engine at its engine production plant in Ulsan, an industrial city on the southern coast. The company said the latest feat comes 44 years since it sta

March 22, 2023

Seoul shares open higher on eased banking crisis woes

South Korean stocks opened higher Wednesday, tracking US gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path. The benchmark Korea Composite Stock Price Index added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading. Overnight, US shares rose, as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of turmoil in the global

March 22, 2023

Boryung to set up JV with US space station developer

South Korean drug maker Boryung said Tuesday the company will establish a joint venture with US commercial space station developer Axiom Space in its latest foray into the space health care industry. “(Boryung) came to an agreement with Axiom Space yesterday to establish a joint venture in South Korea," Boryung CEO Jay Kim said during the company's annual shareholders meeting, held at its headquarters in Seoul on Tuesday. According to Boryung, the two companies have signed a lett

March 21, 2023

Seoul shares up on eased global banking system woes

South Korean stocks ended higher Tuesday, as fears over a global banking turmoil have somewhat eased and investors expect the Federal Reserve to have a milder tone regarding monetary tightening ahead of its rate-setting meeting, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 9.15 points, or 0.38 percent, to close at 2,388.35. Trading volume was a bit slim at 345.82 million shares worth 7.14 trillion won ($5.45 billion), with de

March 21, 2023

LVMH CEO visits Korea, meets retail business leaders

Bernard Arnault, CEO of luxury products behemoth LVMH, accompanied by his daughter and the CEO of Christian Dior Delphine Arnault, visited South Korea for the first time in three years after the COVID-19 pandemic, in a bid to discuss the brand's plans regarding duty-free and department store business with major South Korean retailers. During his three-day trip to Korea which ends on Wednesday, Arnault met with Lotte Group Chairman Shin Dong-bin at the Lotte World Tower in Jamsil, southern S

March 21, 2023

Innospace opens new era for space sector

Innospace, a South Korean startup specializing in developing hybrid space rockets, on Tuesday announced that the previous day's launch of the Hanbit-TLV had been successful, opening up a new era for the country’s private space sector. The Hanbit-TLV, which was launched from the Alcantara Space Center in Brazil at 2:52 p.m. on Sunday there, flew for 4 minutes and 33 seconds with its engine burning for 106 seconds after the liftoff, and eventually landed in the safety zone in Brazilian

March 21, 2023

Apple Pay makes Korean debut after 10-year wait

Global tech giant Apple kicked off its mobile payment service Apple Pay in Korea on Tuesday, with more than 170,000 iPhone users rushing for registration earlier in the day. “We're so thrilled to bring Apple Pay to our users here in Korea with Hyundai Card as our first issuer,” Duncan Olby, who is in charge of Apple’s digital wallet services outside America, said in a press conference held at the Hyundai Card Understage in Itaewon, central Seoul. “Users can start p

March 21, 2023

Finance ministers of Korea, Japan may meet after 7 years

Top financial policymakers of Korea and Japan may hold a one-on-one meeting for the first time in seven years, following the recent easing of tensions between South Korea and Japan. The Finance Ministry is looking into launching talks between its minister Choo Kyung-ho and his Japanese counterpart Shunichi Suzuki, following President Yoon Suk Yeol’s state visit to Japan. With the Korean government announcing that a Seoul-backed foundation would compensate victims of wartime forced labor ea

March 21, 2023