Lotto 6/45 marks 20th anniversary with 8,000 jackpot winners

Around 8,000 people have won first prizes for South Korea’s most popular lottery Lotto 6/45 in its 20 years of history, with their combined jackpot totaling 16 trillion won ($12 billion), according to the lottery commission on Monday. According to the Korea Lottery Commission, an organization under the Finance Ministry, the number of first prize winners of the Lotto reached 7,803 as of Nov. 26 this year since its debut back in 2002. On average, 7.5 people won first prizes per draw, which i

Dec. 5, 2022

[Herald Interview] More Korean staff will empower World Bank to deliver change

The World Bank Group seeks to hire more Koreans, especially women, in climate, energy, agriculture and economy in this post-pandemic era, Diarietou Gaye, the organization’s vice president for human resources told The Korea Herald in a recent interview. Gaye noted that the WBG is looking for young Koreans who could bring their experience and contribute to helping other countries end extreme poverty, in an exclusive interview with The Korea Herald in Seoul on Nov. 18. Gaye visited Seoul to

Dec. 5, 2022

Seoul shares end lower amid US rate hike worries

Seoul shares closed lower on Monday as investors remain concerned that the Federal Reserve may continue its aggressive monetary tightening following a stronger-than-anticipated US jobs report. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index retreated 15.01 points, or 0.62 percent, to 2,419.32. Trading volume was moderate at 379.8 million shares worth 7.6 trillion won ($5.87 billion), with decliners outnumbering gainers 446 to 407. Institutions and forei

Dec. 5, 2022

[Photo News] Future Mobility

Hyundai Mobis will showcase its latest future mobility technology for the first time at the upcoming Consumer Electronics Show held in Las Vegas from Jan. 5 to 8, 2023, the company said Monday. The concept vehicle named M Vision TO will feature four pillars that operate sensors for autonomous driving and display technology for mixed reality.

Dec. 5, 2022

Posco Chemical inks $689m battery deal with GM-LG joint venture

Posco Chemical has secured a deal worth $688.6 million with Ultium Cells, a US-based joint venture between LG Energy Solution and General Motors, to supply artificial graphite anode materials, the company said Monday. According to the company’s regulatory filing, Posco Chemical will begin the supply of the key battery material from next year to the end of 2028 under the contract. Artificial graphite anode materials, which are core components used in making batteries for electric vehicles,

Dec. 5, 2022

[Newsmaker] Marketing specialist named Samsung’s first female president outside founding family

Samsung Electronics on Monday appointed a female president, its first who is not a member of the founding family, in a year-end reshuffle that put emphasis on elevating young leaders based on their performances. Lee Young-hee, now president and head of global marketing, is a veteran marketer who joined Samsung in 2007 after serving in various roles at global companies, including Unilever and L’Oreal. The 58-year-old is known for playing a leading role in elevating the awareness of Samsung&

Dec. 5, 2022

Intel CEO likely to meet Lee Jae-yong in Seoul

Intel CEO Pat Gelsinger’s planned visit to South Korea later in the week has raised expectations he will meet with the heads of major conglomerates, including Samsung Electronics Chairman Lee Jae-yong, to discuss cooperation and further partnerships. According to industry sources Monday, Gelsinger is expected to begin his Korea trip on Friday. The Intel CEO’s detailed schedule regarding the length of his stay and the list of people he will meet has not been confirmed. In May, Lee and

Dec. 5, 2022

JB Financial honored with ESG award

JB Financial Group has been honored with the ESG Excellent Company Award by the Korea Institute of Corporate Governance and Sustainability (KCGS) at the Korea Exchange in Yeouido, Seoul, on Friday. “We see this recognition as an opportunity to further strengthen our responsibility and role in taking the lead in sincere and advanced ESG management,” the financial group said in a statement. Since 2011, the KCGS has been evaluating local companies' performance in environment, soc

Dec. 5, 2022

S. Korea to rise to 6th-largest trading country for 1st time

South Korea’s trade volume is expected to stand at 6th in the world -- the highest ranking in Korean history, according to the Korea International Trade Association. “This year, Korea’s exports are expected to exceed $600 billion for the second consecutive year -- recording an all-time high -- and global export ranking is expected to rise from 7th last year to 6th. Import ranking also jumped from 9th to 8th, leading Korea’s volume of trade to leap two notches from No. 8

Dec. 5, 2022

Clothing prices hit all-time high in a decade

Apparel prices surged by the largest margin in more than a decade last month, government data showed Monday. According to data from the Korean Statistical Information Service, in November, the consumer price index for clothing and shoes in the country put prices at 107.33 -- up 5.5 percent from the same month last year. CPI gauges the measure of the average change in prices for a fixed-market basket, or a fixed list of goods and services of constant quantity, purchased by South Korean consumers

Dec. 5, 2022

Big firms hold back on investment plans for 2023: survey

Nearly half of the nation's top 500 companies by sales have yet to come up with investment plans for next year, amid recession fears on more rate hikes and a strong US dollar, a survey showed Monday. The Federation of Korean Industries business lobby conducted the survey from Nov. 17-25. According to the survey, 10 percent of responding companies said they have no investment plans next year, while another 38 percent said they have yet to come up with concrete plans. Fifty-two percent said t

Dec. 5, 2022

South Korea's foreign reserves up in November on dollar's fall

  South Korea's foreign reserves increased in November as the dollar-converted value of holdings rose thanks to the greenback's fall, central bank data showed Monday. The country's foreign reserves stood at $416.1 billion as of end-November, up $2.09 billion from the previous month, according to the data provided by the Bank of Korea. It marked the first growth in four months. The rise came as the value of its non-dollar holdings increased when converted into the dollar thanks to the greenb

Dec. 5, 2022

Imported car sales jump 50% in November despite chip shortage

Sales of imported vehicles in South Korea jumped 50 percent last month from a year earlier despite the extended chip shortage, an industry association said Monday. The number of newly registered foreign vehicles stood at 28,222 units last month, up from 18,810 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan, the statement

Dec. 5, 2022

Seoul shares open lower amid US rate hike woes

Seoul shares opened lower Monday as investors are concerned that a stronger-than-expected US jobs report may lead to aggressive tightening by the Federal Reserve. The benchmark Korea Composite Stock Price Index fell 2.34 points, or 0.10 percent, to 2,431.99 in the first 15 minutes of trading. The index gained 1.08 percent last week to end at 2,434.33 Friday as the Fed suggested the central bank is heading for a slowdown of rate hikes after four successive 75 basis-point increases to tame inflati

Dec. 5, 2022

Nearly half of big firms have yet to set up 2023 investment plans: poll

Nearly half of South Korea's large companies have no investment plans for 2023 or have yet to set up plans amid high economic uncertainty, a poll showed Monday. The survey of 100 out of the leading 500 companies by sales in Asia's fourth-largest economy showed 10 percent having no investment plans for the coming year. Another 38 percent answered they have not decided on their 2023 investment plans yet. Local pollster Mono Research conducted the survey from Nov. 17-25, which was commiss

Dec. 5, 2022

[Photo News] Healing concert for Hana family

Hana Financial Group Chairman Ham Young-joo (front, center left) and celebrity psychiatrist and author Oh Eun-young (front, center right) pose for a picture following a "healing concert" in Seo-gu, Incheon, Friday, for family members of Hana employees to share their various concerns. Some 500 attendees participated in the event in person, while 2,000 others joined via video links. (Hana Financial Group)

Dec. 4, 2022

How wealthy is 'wealthy' in Korea?

Wealthy Koreans with seed money of 820 million won ($630,000) by the age of 42 was determined as the minimum condition of "being wealthy" here, a report showed Sunday. The 2022 Korean Wealth Report compiled by a think tank under KB Financial Group was based on a study conducted in June and July, including a face-to-face survey with 400 respondents with more than 1 billion won in financial assets. It defined “wealthy” as having financial assets over 1 billion won. There were

Dec. 4, 2022

[Herald Interview] Korea needs to secure ‘irreplaceable technology’

South Korea must work toward securing irreplaceable technologies in critical industries as the country looks to become a tech powerhouse, a top government official at the Ministry of Science and ICT says. “Our country wants to become a strong country, but we are not a big country in terms of the (physical) size. So it’s impossible to have all technologies inside the house,” said Joo Young-chang, vice minister and the ministry's top innovation strategist, in an interview wi

Dec. 4, 2022

LG Chem to supply plant-based plastic first to Mattel

LG Chem, South Korea’s leading chemical firm, said Sunday that it will launch a new acrylonitrile butadiene styrene product using plant-based raw materials, with the first batch being supplied to US toy manufacturer Mattel. ABS is a rigid thermoplastic polymer that boasts higher resistance to heat and impact. LG Chem is the market leader in ABS products with an annual production capacity of 2.4 million tons. ABS products make up almost 20 percent of its overall petrochemicals business sale

Dec. 4, 2022

Korean delegation departs for US to discuss EV subsidies

A South Korean delegation consisting of government officials and lawmakers departed for Washington on Sunday to meet their US counterparts and discuss ways to minimize the impact of the Inflation Reduction Act against local carmakers. The five-day trip aims to put more pressure on the US Congress to revise the controversial bill, which has scrapped generous incentives for electric vehicles made outside of the US. Korean automotive duo Hyundai and Kia, which currently operates no production base

Dec. 4, 2022