Corporate Korea bets big on Jokowi’s $34b capital relocation plan

Corporate Korea is betting big on Indonesia’s $34 billion capital relocation plan as they are expected to play a leading role in building futuristic infrastructure for smart city and flying cars. During this week’s Group of 20 summit held on the resort island of Bali, South Korea and Indonesia on Monday signed a total of 10 memoranda of understanding to boost economic partnership between the two countries, whose official ties will reach the 50th anniversary next year. The 10 agreem

Nov. 15, 2022

Porsche Korea supports esports team to lure younger customers

Porsche Korea aims to strengthen its brand presence in esports as part of its marketing strategy to reach out to younger customers and let them experience the brand in a new way, according to the carmaker. In response, Porsche Korea signed a partnership agreement with the South Korean esports team DRX last year to support them for three years and host various esports activities. Team DRX, sponsored by Porsche Korea, won the LoL World Championship finals in San Francisco on Nov. 6, scoring 3-2 an

Nov. 15, 2022

Smilegate founder’s divorce could affect ownership

Kwon Hyuck-bin, founder of South Korea’s gaming giant Smilegate and the nation's fifth richest person in terms of asset value, is going through an expensive divorce, according to legal sources Tuesday. Kwon’s wife was recently ruled in favor of her claim banning her husband from selling company shares until the divorce is finalized. Kwon controls 100 percent shares of Smilegate that is best known for its popular shooting game “Crossfire.” If the court orders Kwon t

Nov. 15, 2022

Medicube operator eyes IPO on upbeat sales

APR, operator of Korean street fashion brand Nerdy and dermocosmetics brand Medicube, said Tuesday it posted record-high sales in the third quarter this year. The company’s sales surged on-year by 306 percent to 95 billion won ($72 million) while its net income jumped 81 percent to 12 billion won from July to September. Accumulated sales and income through the third quarter were 269 billion won and 18 billion won, respectively, surpassing last year’s performance. The company attrib

Nov. 15, 2022

ASML to strengthen foothold in Korea: CEO

ASML, the world-leading Dutch equipment supplier for semiconductor manufacturers, will expand its foothold in South Korea with the planned construction of new facilities and add more capacity with the global chip industry’s growth forecast, the company’s CEO Peter Wennink said Tuesday. Acknowledging that the global chip industry may struggle in the short term due to worldwide inflation and geopolitical issues, Wennink underlined that more semiconductors are going to be needed to mee

Nov. 15, 2022

SK Geocentric wins W475b loans on ESG initiatives

SK Geocentric, a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it had secured loans worth 475 billion won ($358 million) from global banks, in recognition of the company's future plans for its environmental, social and governance initiatives. SK Geocentric held a signing ceremony for a three-year agreement for sustainability-linked loans with five global financial institutions: France's BNP Paribas, Agricultural Bank of China, Bank of China, Japan's M

Nov. 15, 2022

Textile maker Hansae marks 40th anniversary

To commemorate its 40th anniversary, South Korean clothing manufacturer Hansae is preparing to take a leap forward with its textile business by undertaking an efficient and sustainable working process, according to the company on Tuesday. "We aim to have the company reach one hundred years by discovering new growth engines with a creative and innovative corporate culture," said Kim Ik-hwan, vice chairman of Hansae. As part of its aim to work under a more efficient production process, t

Nov. 15, 2022

Britain raises concern over Korean Air-Asiana combination

Korean Air Co. said Tuesday that Britain's antitrust regulator has expressed concerns over its planned integration with smaller local rival Asiana Airlines Inc., citing monopoly worries on routes between the two countries. In a statement released Monday, Britain's Competition and Markets Authority said the buyout of Asiana by Korean Air could lead to higher prices for passengers flying between London and Seoul, as well as impacting air cargo services. "Korean Air and Asiana Airlin

Nov. 15, 2022

Import prices up for second straight month in Oct. on energy costs, weak currency

South Korea's import prices rose for the second straight month in October on high energy prices and the weak local currency that drove up overall import bills, central bank data showed Tuesday. The import price index rose 1.5 percent in October from a month earlier, following a 3.4 percent on-month increase in September, according to the preliminary data from the Bank of Korea. Compared with a year earlier, the index jumped 19.8 percent. The BOK attributed the increase to high crude oil pri

Nov. 15, 2022

Seoul shares open higher despite US losses

South Korean stocks opened higher Tuesday, despite overnight losses on Wall Street, on the back of gains in big-cap tech shares. The benchmark Korea Composite Stock Price Index added 9.38 points, or 0.38 percent, to 2,484.03 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.63 percent, and the tech-heavy Nasdaq Composite lost 1.12 percent as investors moved to take profits from last week's rally. In Seoul, tech and bio shares led the overall market advan

Nov. 15, 2022

Hyundai Motor to build air mobility ecosystem in Indonesia’s new capital

Hyundai Motor Group on Monday unveiled a new ambitious plan to build an ecosystem for advanced air mobility (AAM), including flying cars and related infrastructure, in Indonesia’s new capital city of Nusantara that is currently under construction. The Korean auto giant signed a memorandum of understanding with the Nusantara National Capital Authority for the new project on the sidelines of the B-20 Summit Indonesia 2022, which is taking place in Bali this week. Earlier this year, the Ind

Nov. 14, 2022

Watchdog calls on banking giants for transparency

South Korea’s top financial watchdog said Monday that the local banking giants should seek more transparency in how they elect their chief executives, a week after the Financial Supervisory Service’s disciplinary move against one of the chiefs over “junk funds.” The chief of Woori Financial Group -- one of the five biggest banking groups -- is now banned from holding a job in finance for up to five years as part of punishment for having sold funds the regulator says shoul

Nov. 14, 2022

Seoul shares close lower on tech losses

Seoul stocks ended lower Monday as investors moved to cash in part of recent gains on cautions that it would be too early to expect the Federal Reserve to slow down its aggressive rate hikes push. After choppy trading, the benchmark Korea Composite Stock Price Index lost 8.51 points, or 0.34 percent, to close at 2,474.65. Trading volume was moderate at about 499 million shares worth some 7.21 trillion won ($5.43 billion), with gainers outnumbering losers 563 to 301. Foreigners and retail investo

Nov. 14, 2022

Antitrust chief hints at tighter scrutiny of Kakao

South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regula

Nov. 14, 2022

Saudi crown prince to meet with biz moguls in Seoul

Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman expected to visit South Korea later this week, with potential to meet again Korea’s top business leaders as well as sit down with President Yoon Suk-yeol. The crown prince, also referred to as MBS, is scheduled to arrive this Thursday for a two-day stay after he attends the G-20 Heads of State and Government Summit in Bali, Indonesia, according to Korean diplomatic sources Monday. The visit will mark the crown prince’s

Nov. 14, 2022

Korean researchers develop portable virus killer

South Korean researchers have developed a portable virus killer that uses ultraviolet rays to take out COVID-19 in a second, the Korea Railroad Research Institute said Monday. According to the KRRI, the newly developed anti-virus equipment weighs 1.8 kilograms, making it easy for workers to carry it around public transportation such as subways and trains. As the UV ray-using virus killer does not have a risk of fire or leave residue, the KRRI said it can be used for disinfection work in places w

Nov. 14, 2022

[Herald Interview] Jeju striving to develop own unique citrus

JEJU -- Fun fact: Tangerines produced in South Korea’s resort island of Jeju, well-known for these sweet and sour fruits, actually originated from Japan. As time passed, most of the tangerines have been modified for cultivation within Korea, but their histories can still be traced back to Japan. In a move to promote authentic Korean food and reduce dependency on foreign fruits, Jeju is striving to produce its homegrown tangerines, according to an executive from a state-run agricultural a

Nov. 14, 2022

[Newsmaker] S. Korea’s working hours decrease 10% over decade

South Koreans' working hours may have decreased by 10 percent compared to a decade ago, but the country still works longer hours than most of its OECD peers, ranking fifth among them, data found Monday. According to the recent OECD's data, Koreans worked 1,915 hours last year, the fifth-longest among 38 OECD member countries. The hours marked a 10.3 percent decline from 10 years earlier, when the country topped the list with 2,136 hours in 2011. Despite the decrease in average annual hours worke

Nov. 14, 2022

Hyundai Grandeur gets first revamp after 6 years

Hyundai Motor on Monday launched the all-new Grandeur, the seventh-generation fully changed model of its top-selling midsize sedan, a comeback after six years with global sales set to begin in the second quarter next year. Since its debut in 1986, the Grandeur has been considered a luxury sedan here, widely chosen as the executive ride for local chaebol companies. The car's former cachet may have been overshadowed by its younger sibling Genesis' bigger presence in recent years. But the

Nov. 14, 2022

SPC renews commitment to safety management

South Korean food and beverage giant SPC kicked off a new safety management committee on Monday as part of follow-up measures in response to the recent death of a young employee at its affiliated bread-making factory. According to the food giant, the new committee will supervise industrial safety, working conditions and social responsibilities across the facilities of all SPC subsidiaries, and alert the company of potential accidents. SPC said it will guarantee the committee’s autonomy, st

Nov. 14, 2022