Renault XM3 named hybrid SUV of the year

Renault Korea Motors’ XM3 E-Tech Hybrid has been named the Hybrid SUV of the Year at the Car of the Year event hosted by the Korea Automotive Journalists Association, the carmaker said Sunday. The XM3 has so far won three awards at the event, following two wins last year for Small SUV of the Year and Design of the Year. Produced at the carmaker’s Busan plant and exported around the world, the XM3 is a global project led by researchers at Renault Technology Korea. The coupe-type SUV

Feb. 12, 2023

China’s reopening to boost Korea’s economic growth for 2023: KITA

With China as its biggest trade partner, South Korea will likely see its economy growth aided by the neighboring country’s reopening of its borders in an easing of the yearslong COVID-19 pandemic restrictions, a Korean trade lobby group said Sunday. In a report, the Korea International Trade Association said China’s reopening would add 0.16 percentage point to South Korea’s growth rate of 1.6 to 1.7 percent predicted for this year, with the margin making up 10 percent of the

Feb. 12, 2023

[Herald Interview] Mohegan Inspire aims to become post-COVID leisure landmark in Incheon: CEO

Ray Pineault, CEO of Mohegan, the US-based global resort developer, has shared his vision for Asian expansion, unveiling the company’s ambitious plan to open a massive resort complex near Incheon International Airport, the nation’s main gateway, later this year. “We had already expanded internationally in North America when we entered into Canada. But the growth of tourism in Incheon and the amount of visitation that comes to Korea create tremendous opportunity for us to brin

Feb. 12, 2023

[Photo News] LG job training class in Cambodia

Cambodian students learn from an LG Electronics engineer on how to repair an air conditioner during a four-day training program held in Phnom Penh last week. The program, part of the tech giant’s social contribution activities, aims to help young job seekers in lower income countries. In Cambodia alone, LG operates similar classes at three job training schools. Another program in Ethiopia has seen almost 400 graduates since its 2014 launch.

Feb. 12, 2023

[Photo News] Eco-friendly mobile accessorizes

Samsung Electronics said Sunday it is operating a pop-up store featuring Samsung Eco Friends accessories made of eco-friendly materials such as recycled plastic and vegan leather. Launched by Future Generation Lab, consisting of Samsung employees in their 20s, the company said, the accessory line aims to appeal to conscious consumption trends among younger consumers.

Feb. 12, 2023

KOMSCO CEO promotes Korean mint products in meeting with global counterparts

The future of the coin and bank note printing industry hinges on creative product planning amid the growing diversification of payment methods, the head of the state-run Korea Minting, Security Printing & ID Card Operating Corporation said. During a gathering with delegates of global minting agencies, CEO Bahn Jahng-shick spoke of the KOMSCO's continued efforts to expand its coining business revolving around Korean cultural icons and content. “Now, more than ever, technological co

Feb. 10, 2023

Big 4 financial groups post record-high net profit of nearly W16tr

South Korea’s top four financial groups -- Shinhan, KB, Hana and Woori – saw their combined net profit last year hitting a record high of 15.85 trillion won ($12.53 billion), largely buoyed by robust interest. This figure broke last year’s record of 14.54 trillion won, as there was an 8.99 percent increase in net profit on-year. Shinhan reclaimed the top position among the four financial firms in Korea by posting a net profit of 4.64 trillion won. Following Shinhan, KB marked

Feb. 10, 2023

Porsche Korea launches crowdfunding campaign for bee conservation

Porsche Korea on Friday launched a two-week crowdfunding campaign for its bee conservation project, "Bee'lieve in Dreams," the automaker said. The first batch of honey that was harvested last year from the carmaker's 247-square-meter bee garden in Daemo Mountain, Seoul, has been put up for sale on Wadiz, a crowdfunding platform in Korea, until Feb. 24. All proceeds will be donated to efforts for growing honey plants and protecting bees from the risk of extinction, the Korean

Feb. 10, 2023

Seoul shares end lower amid Fed rate hike worries

Seoul shares ended lower Friday amid the prospect of further rate hikes by the Federal Reserve to tame inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 11.79 points, or 0.48 percent, to 2,469.73. Trading volume was moderate at 653.41 million shares worth 8.3 trillion won ($6.6 billion), with decliners outpacing gainers 607 to 283. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 perc

Feb. 10, 2023

Kakao to join AI battle with Korean-language KoGPT

Kakao, the operator of South Korea’s No. 1 messenger app KakaoTalk, said Friday that it plans to expand its vertical Korean language-based artificial intelligence services based on an AI language model called KoGPT this year. Kakao CEO Hong Eun-taek said in its earnings conference that his group would seek to compete against global AI services with a specialized Korean language service. “The rise of hyperscale AI models like ChatGPT is both an opportunity and a crisis for Kakao,&rd

Feb. 10, 2023

Hyundai Motor Group tops US vehicle dependability rankings

Hyundai Motor Group has once again topped the J.D. Power US Vehicle Dependability Study with all of its three auto brands -- Hyundai, Kia and Genesis -- ranked in the top 10, the South Korean automaker said Friday. According to J.D. Power’s report that assessed 31 auto brands, Genesis ranked second while Kia and Hyundai placed third and eighth, respectively. The Korean automaker said its three brands had the best overall average score of the 16 global auto groups in the study for the secon

Feb. 10, 2023

Seoul shares open lower amid Fed rate hike worries

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors remain concerned over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.4 percent, to 2,471.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent, and the tech-heavy Nasdaq Composite lost 1 percent. Fed officials said interest rates need to remain high for a while to battle inflation, weighing o

Feb. 10, 2023

Kakao 2022 net down 38% due to base effect

Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to

Feb. 10, 2023

[Graphic News] S. Korea’s kimchi imports hit new high in 2022

South Korea’s imports of kimchi touched an all-time high in 2022 amid galloping consumer inflation in the country, government data showed. Inbound shipments of the spicy Korean traditional side dish came to $169.4 million last year, up 20.4 percent from a year earlier, according to data from the Korea Customs Service. The on-year growth rate was the highest since the 53.8 percent surge recorded in 2010. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and h

Feb. 10, 2023

KT&G posts record earnings on upbeat sales of e-cigarettes abroad

South Korea’s largest cigarette and ginseng maker KT&G said Thursday its 2022 sales hit a record high of 5.85 trillion won ($4.65 billion), a 12 percent jump from a year prior, largely driven by its hot-selling heat-not-burn tobacco products. During the same period, the company reported 1 trillion won in net income, up 3 percent on-year. The company was especially buoyed by upbeat sales of HNB products abroad that also stood at a record of 1.42 trillion won, a 13.8 percent growth year-

Feb. 10, 2023

JB Financial Group posts record-high net profit in 2022

JB Financial Group said Thursday its net profit hit a record high last year on higher net interest income and operational efficiency. The financial group logged 601 billion won ($477.5 million) in net profit in 2022, up 18.6 percent from a year ago, according to its earnings report. The amount marks the largest since the financial holding company was launched in 2013. “The group will seek to continue its stable growth this year by focusing on profitability-oriented and substantial manage

Feb. 9, 2023

KT to restart recruiting process for next CEO

South Korea’s telecom giant KT Corp. said Thursday it will restart the appointment process for its new CEO, accepting applications from potential candidates until Feb. 20. Earlier in December, the company’s CEO candidate review committee appointed the incumbent CEO, Ku Hyeon-mo, as the final candidate to take the helm. But the decision faced opposition from the state-run pension fund and the company’s largest shareholder National Pension Service. Even though Ku seeking his seco

Feb. 9, 2023

Posco donates $1m to Turkey earthquake relief

Korean steelmaking conglomerate Posco Group has pledged to donate $1 million to the Korean Red Cross to support emergency relief efforts in Turkey after a massive earthquake hit the country Monday. The group operates three facilities in Turkey, including the stainless steel plant Posco Assan TST, the manufacturing center Posco-TNPC and the Istanbul branch of Posco International. Although the three facilities are located far from the epicenter of the disaster and remain unaffected, some local wor

Feb. 9, 2023

LIG Nex1, Romania's Romarm agree to bolster missile partnership

South Korean defense firm LIG Nex1 announced Thursday that it has signed a memorandum of understanding with Romania's state-run defense company Romarm as it seeks to export its anti-aircraft missiles to the European country. Lee Hyun-soo, LIG Nex1’s overseas business manager, and Florentina Micu, president of Romarm, signed the memorandum in Bucharest, the capital city, with Romania's Economy Minister Florin Marian Spartaru and South Korea’s Ambassador to Romania Rim Kap-so

Feb. 9, 2023

Companies better prepared to handle workplace safety law after 1 year: report

A year after the country’s introduction of a workplace safety law, more companies have launched teams overseeing safety and gained a better understanding of the controversial act, a report said on Thursday. The latest report by the Korea Chamber of Commerce and Industry revealed that the number of companies who have launched a team to specifically handle workplace safety and health almost doubled in the past year. The latest survey was conducted in January and the previous one was carried

Feb. 9, 2023