Korea bets big on gas, oil prospects in East Sea

South Korea has approved a large-scale project to carry out exploration drilling of potentially massive gas and oil reserves, which could hold up to 14 billion barrels of gas and oil in the deep sea off the country’s southeastern coast, President Yoon Suk Yeol announced Monday. Yoon highlighted that the maximum amount of buried gas and oil would be enough for the country to use for 29 years and four years, respectively. He said the government entrusted Act-Geo, a top global deep-sea techno

June 3, 2024

Chey apologizes for 'public concern' after massive divorce settlement

SK Group Chairman Chey Tae-won issued an apology on Monday after his high-profile divorce settlement ruling -- ordering him to pay a record 1.38 trillion won ($1 billion) to his ex-wife -- raised concerns for the company's employees and stakeholders. Taking part in an extraordinary meeting held by the SK Supex Council, the conglomerate's top decision-making body, Chey also vowed to do his best to make sure his personal affairs do not have negative impacts on the company’s busines

June 3, 2024

[KH Explains] Korea yet to welcome spot crypto ETFs

While the US Securities and Exchange Commission made another move to embrace cryptocurrency by approving exchange-traded funds tied to the price of ether, the most famous crypto after bitcoin, spot cryptocurrency ETFs remain out of reach for South Korean investors. On May 23, the US SEC gave the green light for eight spot ether ETFs, potentially paving the way for the funds to begin trading later this year. The decision came four months after its landmark approval on spot bitcoin ETFs. For Korea

June 3, 2024

[KH Explains] Hyundai eyes IPO to leverage presence in India

Hyundai Motor Group is aiming to list its Indian subsidiary, Hyundai Motor India, in the coming months, raising up to $3 billion in a landmark initial public offering, according to industry sources Monday. HMI reportedly plans to file for the IPO in June, with Kotak and Morgan Stanley newly joining the syndicate as the deal advisers. If successful, it could surpass the $2.5 billion raised by the Life Insurance Corporation of India in 2022, potentially setting a new record in the Indian stock mar

June 3, 2024

Hyundai rally team wins third WRC race in Italy

Hyundai Motor Co. said Monday it clinched its third consecutive victory of the 2024 World Rally Championship season on Sunday at the Rally Italia Sardegna. The Hyundai World Rally Team secured a win in the sixth round of the 2024 WRC season on the Italian island of Sardinia, held from Thursday to Sunday. Rally Italia Sardegna, known for its challenging narrow and rough roads and sweltering early summer weather, is considered one of the toughest events in the WRC calendar. Hyundai's Ott Tana

June 3, 2024

Daesang to ramp up kimchi production in Vietnam

South Korea's food maker Daesang announced Monday the expansion of its manufacturing plant in Vietnam with an investment of approximately 30 billion won ($21.8 million). Vietnam is a key market for Daesang's global business. Fueled by the K-food wave, Daesang’s food and materials sales exceeded 200 billion won last year. In line with this success, Daesang’s subsidiaries, Daesang Vietnam and Daesang Duc Viet, have each completed their second factories in Hai Duong Province a

June 3, 2024

Korea Ginseng's fermented red ginseng boosts immunity

Korea Ginseng, a ginseng brand of Korean health product and cosmetics retailer DAV International, has introduced red ginseng products to combat exhaustion and weakened immunity due to recent temperature fluctuations. Red ginseng is renowned for its immune-boosting properties, particularly its antioxidant and blood flow benefits. These benefits are largely attributed to saponins, compounds found in ginseng that help defend against external factors such as viral infections. Specifically, ginsenosi

June 3, 2024

Govt. to extend tax incentives, tailored support for SMEs' scale-up

The government will extend greater tax benefits and tailored support to smaller companies to help them become second-tier midsized firms in an effort to create quality jobs and spur growth momentum, the finance ministry said Monday. A set of such supportive measures were presented during an economic ministers' meeting presided over by Finance Minister Choi Sang-mok, which also called for extending an additional 7 trillion won ($5.07 billion) of funding to exporters. "A smaller number o

June 3, 2024

Seoul shares open higher on rate-cut hopes

South Korean stocks got off to a strong start Monday as moderate US inflation raised hopes for a possible rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index rose 33.76 points, or 1.28 percent, to 2,670.28 in the first 15 minutes of trading. The US personal consumption expenditures price index, excluding food and energy costs, increased 0.2 percent in April, meeting market expectations. The PCE index is one of the key barometers for the US central bank to set its ton

June 3, 2024

[Contribution] Why Korea-Africa summit matters

By Lee Seong-woo Vice president of the Korea Chamber of Commerce & Industry The 2024 Korea-Africa summit is set to be held this week in Seoul. Korea and Africa have hosted ministerial forums to promote exchanges and cooperation since 2006. The upcoming summit is expected to elevate their ties to the next level. Africa may have struggled to achieve economic development and social stability but the region has also been highlighted as the “continent of the future” for many reasons

June 2, 2024

[Herald Interview] Korea’s space sector should strive for ‘balanced portfolio’

The Korea AeroSpace Administration, the government’s new space body, officially began operations last week with the hope of vaulting the country into the category of the top five space leaders across the globe. Steve Chien, a longtime artificial intelligence expert at the US National Aeronautics and Space Administration, says the space sector should try to have a “balanced portfolio.” “You have the government. You have big companies. You have small companies. You have uni

June 2, 2024

Korean biotech firms seek to shine at Bio USA amid China’s boycott

A record number of South Korean pharmaceutical and biotech companies are joining this week’s Bio International Convention to showcase their latest innovations and boost client partnerships amid the absence of their Chinese rivals. The event, also known as Bio USA, will run Monday through Thursday in San Diego. Aligning with this year's theme, "Time for Science to Shine," more than 20,000 biotechnology and pharma leaders have registered for this year's convention. From K

June 2, 2024

HiteJinro marks centennial with renewed growth push

HiteJinro, the nation's oldest liquor-maker marking its centennial this year, on Wednesday renewed its emphasis on product quality and customer engagement. "We believe the key to maintaining a 40 percent share of some 2,729 manufacturing licenses in Korea today is HiteJinro's exceptional products, marketing and sales skills all combined as teamwork," said Kim Hyun-jin, managing director of HiteJinro's sales division, during a press conference in Seoul. HiteJinro traces

June 2, 2024

Naver Webtoon eyes $4b Nasdaq listing

Naver Webtoon, also known as Webtoon Entertainment in the US, has kicked off the initial public offering process, as it filed a registration statement with the US Securities Exchange Commission for listing on the Nasdaq market. Despite the unsettled atmosphere within Naver due to recent controversies surrounding its ownership of Line, the messaging app popular in Japan, the webtoon unit aims to complete its Nasdaq stock listing no later this year. Webtoon Entertainment submitted the statement on

June 2, 2024

HD Korea Shipbuilding unveils safer ammonia-powered ships

HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding and offshore businesses, unveiled its latest advancements in ammonia-fueled vessel technology at the Global Tech Forum on Friday in Athens, Greece. At the forum, which attracted over 100 attendees from the global shipbuilding and maritime industry, the Korean vessel manufacturer introduced its integrated scrubber technology designed to nearly eliminate toxic gas emissions from am

June 2, 2024

Korean builders bet big on Rwanda’s fast-growing economy

Some liken Rwanda to the “Singapore of Africa” due to its fast-growing economy and strategic focus on fintech. South Korean builders and financial firms are also eyeing their expansion in the burgeoning market, pinning high hopes on the upcoming Korea-Africa summit talks in Seoul. Since establishing official diplomatic ties in 1963, Korea and Rwanda have continued elevating their economic partnership. In 2023, Korea’s exports to Rwanda stood at $17.27 million, mainly consisting

June 2, 2024

Korea seeks to bolster ties with Tanzania, key supply chain partner

South Korea has been seeking to bolster ties with Africa, with its vibrant economies, young population and abundant natural resources. Tanzania, among others, is emerging as a key partner at a time when countries around the world are competing to secure high-value natural resources amid fast-reshaping supply chains for key industrial sectors. Korea has also been working to elevate economic ties with Tanzania, home to 633 million people – Africa's fifth-largest nation by population. Th

June 2, 2024

Household loans from 5 major banks expand for 2nd consecutive month in May

Household loans extended by five major lenders in South Korea rose for the second straight month in May on a rise in mortgage and credit loans, industry data showed Sunday. Household loans extended by the five top lenders added 4.7 trillion won ($3.39 billion) from a month earlier to 702.7 trillion won as of end-May, according to data compiled by Yonhap News Agency. It marked the second consecutive on-month growth from 4.4 trillion won in April, following a 2.2 trillion-won drop in March. The ga

June 2, 2024

Exports extend gains to 8th straight month in May

South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday. Outbound shipments rose 11.7 percent on-year to $58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months. It was

June 1, 2024

NPS targets 5.4% return from fund operations over next 5 years

The government has set a target return rate of 5.4 percent for the National Pension Service fund operations over the next five years. On Friday, the NPS announced that its Fund Management Committee had approved the midterm asset allocation plan for the 2025-2029 period, establishing a target return rate of 5.4 percent. In accordance with the committee's decision earlier this month to increase the long-term allocation of investments in high-risk assets to 65 percent, the target asset proport

May 31, 2024