Supreme Court rules in favor of Woori Financial Group head

The Supreme Court on Thursday upheld lower courts’ decision to accept an injunction request by the head of Woori Financial Group against the financial watchdog's penalty for improperly selling derivatives-linked products. Since 2017, Woori Bank has been selling derivatives-linked products that were designed for investors to earn large amounts of money when the interest rates of major economies stay above a certain level. The problem occurred in 2019 when the interest rate around the

Dec. 15, 2022

US Fed’s half-point rate hike widens gap with Korea

The US Federal Reserve decided to slow down its interest rate hike pace, raising the benchmark interest rates by a half-point. The Korea-US gap widened, which could lead to the outflow of foreign funds and volatility in currency exchange. Upon concluding a two-day meeting of the Federal Open Market Committee, the US central bank raised its benchmark rate by 50 basis points to a 4.25 percent to 4.5 percent target range. Expectations are growing over whether the central bank will take a step bac

Dec. 15, 2022

Huawei vows to go greener with Korean partners

Huawei Technologies Korea will continuously stay committed to working with its partners to develop green and low-carbon technologies to attain carbon neutral goals, its top executive said Thursday. “We promise to cooperate with South Korean partners to build a better green digital life in the following year,” Sun Luyuan, the chief executive officer of the Chinese tech giant's Korean unit said in a year-end press conference at the Grand Hyatt Hotel in Seoul. Huawei's green

Dec. 15, 2022

Fashion powerhouse inks exclusive contracts with overseas designer brands

Hyundai Department Store's fashion retail arm Handsome said Thursday it inked three separate exclusive domestic distribution contracts with foreign designer brands, in a drive to expand its overseas fashion portfolio. The fashion retailer clinched exclusive deals with US designer brands Gabriela Hearst, Veronica Beard and Swedish fashion brand Toteme. French luxury brand Chloe's creative director Gabriela Hearst's eponymous clothing brand was launched in the US in 2015 and focuses

Dec. 15, 2022

LS Cable & System acquires shares in underwater construction firm

South Korean cablemaker LS Cable & System seeks to expand its business horizon to the clean energy sector by acquiring 16 percent shares in underwater construction firm KT Submarine. LS Cable & System purchased the shares in the marine construction company for 25.2 billion won ($19.3 million) in Nov. 30, making itself the second largest shareholder after KT Group. With a call option that the firm already decided to exercise next year, LS Cable & System is expected to become the large

Dec. 15, 2022

US cargo airline to build large maintenance facility at Incheon airport

Atlas Air of the United States, one of the world's largest air cargo carriers, plans to build a large-scale aircraft maintenance facility at Incheon International Airport, west of Seoul, the airport's operator said Thursday. Incheon International Airport Corp., the operator of the nation's largest airport, said it signed a formal agreement with Atlas Air Worldwide Holdings, which owns Atlas Air, and Sharp Technics K, a South Korean company specializing in aircraft maintenance, on

Dec. 15, 2022

Samsung to underline 'sustainable innovation' at CES 2023

Samsung Electronics Co. will present its vision for "sustainable innovation" at the Consumer Electronics Show next month, its top executive said Thursday, continuing its focus on developing products that are both highly connected and sustainable. As a major technology company, "Samsung Electronics has a responsibility to establish an eco-conscious value chain through our innovative technologies and products," Han Jong-hee, CEO and head of the Device eXperience division, said

Dec. 15, 2022

Public sector debt hit record high last year amid pandemic: data

South Korea's public sector debt exceeded the 1,400 trillion-won ($1.08 trillion) mark for the first time last year on the government's expansionary policy to cope with the fallout from the COVID-19 pandemic, the finance ministry said Thursday. The country's public sector debt, known as D3, came to 1,427.3 trillion won last year, up 11.5 percent from the previous year, according to the data from the ministry. It was the highest level since the government began compiling related da

Dec. 15, 2022

Bioindustry output jumps over 20 % in 2021 on robust exports

The South Korean bioindustry's output surged more than 20 percent in 2021 from a year earlier on the back of brisk exports amid the coronavirus pandemic, data showed Thursday. The industry's production came to about 21 trillion won ($16.2 billion) last year, up 22.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy and the Korea Biotechnology Industry Organization. It marks the first time that the bioindustry's output has exceeded t

Dec. 15, 2022

Seoul shares open lower on Fed's hawkish stance

Seoul shares opened lower Thursday tracking falls on Wall Street as the US Federal Reserve signaled that its rate hikes would continue next year. The benchmark Korea Composite Stock Price Index fell 11.58 points, or 0.48 percent, to 2,387.67 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.4 percent to 33,966.35, and the tech-heavy Nasdaq Composite declined 0.8 percent to 11,170.89. The drops come after the Federal Open Market Committee raised its benchmark

Dec. 15, 2022

Import prices down in Nov. on stronger won, fall in oil prices

South Korea's import prices fell for the first time in three months in November thanks to the local currency's rise against the US dollar and a fall in crude oil prices, central bank data showed Thursday. The import price index stood at 148.07 in November, down 5.3 percent from a month earlier, according to the preliminary data from the Bank of Korea. It was the first on-month decline following 3.4 percent and 1.2 percent gains reported for September and October, respectively. Compar

Dec. 15, 2022

Uncertainty still remains high even after Fed's rate hike: finance chief

The US Federal Reserve's latest interest rate hike was in line with market expectations, but uncertainty still remains high over high inflation and an economic downturn, Seoul's finance chief said Thursday. Finance Minister Choo Kyung-ho made the remarks during an emergency macroeconomic meeting with Bank of Korea Govt. Rhee Chang-yong and top financial regulators after the Fed slowed the pace of its rate hike to a half-point Wednesday (US time) from its previous 75 basis point increas

Dec. 15, 2022

Highlighting elevated ties between Korea, Vietnam

Herald Corp., publisher of The Korea Herald and Herald Business, will co-host a forum on Friday to shed light on how the elevated bilateral relationship engenders new opportunities between the provinces of South Korea and Vietnam. Also coming into focus are the higher standards of living in Vietnam in tandem with the nation's fast economic growth, a burgeoning manufacturing hub in the fourth-largest economy in Southeast Asia, Korea's evolving food technologies that are coming to Vietnam, as well

Dec. 14, 2022

Ministry bets big on fostering food-tech startups

In a bid to strengthen the nation's food technology industry, the government unveiled its plan on Wednesday to incubate 30 unicorn startups and aim to quadruple food-tech related exports by 2027. According to the Ministry of Agriculture, Food and Rural Affairs, food-tech refers to a newly rising industry which applies state-of-the-art technologies such as biotechnology, and artificial intelligence to various processes including preservation, processing, packaging, distribution, and use of

Dec. 14, 2022

[Herald Interview] Retail mogul calls for diaspora support

Administrative and financial support to over 7 million ethnic Koreans living outside South Korea has largely remained insufficient, despite their contributions to the growth of Korea's export-driven economy, claimed a supermarket boss who runs over 130 stores in Vietnam. "Businesses run by ethnic Koreans overseas have been at the forefront of the Korean economy," said Ko Sang-goo, president of the Vietnam-based K-Market supermarket chain operator K&K Global Trading Co., in a r

Dec. 14, 2022

Seoul shares rise to 1-week high on eased US inflation woes

South Korean stocks finished over 1 percent higher Wednesday as a slowdown in US inflation boosted hope for the Federal Reserve's less aggressive monetary tightening. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.13 point, or 26.85 percent, to close at 2,399.25, ending a two-day winning streak. Trading volume was light at 402.37 million shares worth 5.59 trillion won ($4.31 billion), with gainers outstripping decliners 632 to 226. The

Dec. 14, 2022

[Herald Interview] 'Vietnam stands to benefit from shifting supply chains'

HANOI, Vietnam -- In an era of shifting supply chains, Vietnam is poised for a bigger global role and its partnership with China will provide momentum for that, said the chief of the Southeast Asian country’s top economic think tank. “China has pledged to strengthen its economic cooperation with Vietnam and the partnership regarding the supply chain is a big part of that,” Bui Quang Tuan, director general of Vietnam Institute of Economics, told The Korea Herald, at his office

Dec. 14, 2022

[Newsmaker][From the Scene] Daewoo’s Starlake City, a new posh neighborhood in Hanoi

Hanoi, VIETNAM -- In the heart of Vietnam’s capital Hanoi, some 5 kilometers northwest of Hanoi City Hall, lies Daewoo Engineering and Construction’s Starlake City complex of luxury residential, commercial and administrative centers around the West Lake, a spiritual place in the city. Within an area of almost 2 square kilometers, one of the largest urban projects in the city, the South Korean builder aims to feed the dreams of Vietnamese locals who yearn to live a lavish lifestyle. T

Dec. 14, 2022

Hana Financial taps CEO candidates

Hana Life Insurance CEO Lee Seung-lyul, 59, was named the final candidate to be considered as the new head of Hana Bank, in Hana Financial Group’s latest leadership reshuffle, which took place earlier than usual. Hana Financial Group said Wednesday it completed CEO nominations for its affiliates Hana Bank, Hana Securities and Hana Card through a recommendation committee meeting held the day before. It was the first CEO reshuffle to be made after the group's chairman Ham Young-joo to

Dec. 14, 2022

Shinsegae chairwoman's W28b mansion is most expensive in Korea: data

Shinsegae Group Chief Lee Myeong-hee’s Hannam-dong residence maintained its position as the most expensive house in Korea for eight consecutive years, government data showed Wednesday. The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year. The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank. The government reports

Dec. 14, 2022