First glimpse of Hyundai Motor's new landmark complex in Gangnam

Hyundai Motor Group revealed Monday new concept images of its envisioned landmark named Global Business Complex with an emphasis on creating a foothold in global innovation for the future mobility industry and an eco-friendly site in Seoul. The auto conglomerate said the change in the GBC’s name, which was originally known as the Global Business Center, highlights the new landmark’s inclusiveness for visitors. Hyundai Motor plans to build two 55-story buildings at a height of 242 met

May 20, 2024

[Photo News] Give a boost to K-finance

From left: Blackstone Group CEO Stephen A. Schwarzman, KB Financial Group Chairman Yang Jong-hee and Financial Supervisory Service Gov. Lee Bok-hyun pose for a photo during a memorandum of understanding signing ceremony between the US alternative investment management firm and the Korean financial holding firm held in New York on Thursday. The two companies agreed to go beyond their current cooperation in alternative asset funds to expand their partnership by making joint investments in various

May 20, 2024

After 6-year hiatus, Kia to return to Paris Motor Show in Europe push

Kia will make a comeback at the Paris Motor Show this October after a six-year hiatus, seeking a bigger footing in Europe's competitive electric vehicle market. Kia France published a LinkedIn post on Sunday revealing that Kia will attend the 2024 Paris Motor Show, starting on Oct. 14 at the Paris Expo Porte de Versailles. “Let's celebrate Kia's big return to the Paris Motor Show this fall. Novelty, innovation, and mobility will be the key themes of this event. Kia will show

May 20, 2024

K-water CEO shares tech knowhow at UN meeting

Korea Water Resources Corp. or K-water, CEO Yun Seog-dae recently attended a UN meeting to share the state-run agency’s technological know-how to tackle the water crisis. According to the agency on Monday, Yun delivered a keynote speech at the UN’s High-level Experts and Leaders Panel on Water and Disaster (HELP) held in Bali, Indonesia, on Sunday. HELP, convened in 2007, aims to discuss ways to bolster readiness for water-related disasters. In his speech, Yun presented the agency&rs

May 20, 2024

SK Ecoplant extends waste management service for Coupang

SK Ecoplant said Monday that it is extending its waste management service for Coupang Fulfillment Services, the logistics arm of Korean e-commerce giant Coupang. SK Ecoplant has been offering an integrated waste management service using its WAYBLE circular platform that handles the collection and transportation of waste materials. Under the new deal, the service will include connecting to final waste disposal facilities, which will allow Coupang to conduct a comprehensive analysis of its waste d

May 20, 2024

Doosan Robotics sets up Europe headquarters in Germany

Doosan Robotics announced Monday the establishment of its European branch, Doosan Robotics Europe, in Dusseldorf, Germany, aiming to expand its sales channels and respond more effectively to local demand. Doosan Robotics Europe will collaborate with system integrators and dealers in major European markets, including Germany, the United Kingdom, the Netherlands, and Italy. This new branch will promote and sell automation solutions that are particularly sought after in Europe. These solutions incl

May 20, 2024

LG CNS launches Orelo conference interpreting solution

Korean IT service provider LG CNS said on Monday it has launched a multi-lingual video conference interpretation solution, called “Orelo,” which can simultaneously interpret up to three different languages in real-time. The solution can distinguish about 100 languages by voice alone and provides simultaneous interpretation in the languages used by the meeting participants. It recognizes the statement in a certain language and immediately translates it into selected languages and prov

May 20, 2024

Yoon's office apologizes for flip-flop on overseas direct purchases ban

The presidential office apologized Monday for causing confusion among consumers by reversing its plan to ban direct overseas purchases of products that do not have a national certification mark. Sung Tae-yoon, director of national policy at the presidential office, made the remark after the government backtracked on its proposed ban on direct overseas purchases of 80 types of goods that have not received the Korea Certification (KC) safety mark. The policy confusion comes amid criticism that the

May 20, 2024

Seoul shares open higher on continued rate-cut hopes

South Korean stocks started higher Monday on continued hopes for a possible US rate cut. The benchmark Korea Composite Stock Price Index gained 19.76 points, or 0.73 percent, to 2,744.38 in the first 15 minutes of trading. On Wall Street on Friday, US stocks rallied to hit a record high, with the Dow Jones Industrial rising 0.34 percent to top the 40,000 point line for the first time. In Seoul, market heavyweights opened bullish. Top cap Samsung Electronics jumped 1.16 percent, and its chipmakin

May 20, 2024

CJ Logistics to build cold chain logistics center in central US

CJ Logistics, South Korea's biggest logistics company, said Sunday it will build a cold chain logistics center in the United States as part of efforts to expand its foothold in the North American market. The new center, tailored for the delivery of cold storage products and frozen goods, will be set up in New Century, Kansas, where a major railway is nearby, according to the company. The 27,034-square-meter center will start operations in the third quarter of next year and be able to delive

May 19, 2024

Korean builders nervous about possible setbacks in Middle East

South Korean builders remain alert against geopolitical risks rising across the Middle East that could throw cold water over their expectations to take a ride on the region's construction boom. Instability in the Middle East, a key market for Korean construction companies overseas, has been sparking concerns over possible setbacks in infrastructure and maintenance projects undertaken by the builders. "Oil-exporting (Middle East) economies are heavily dependent on oil prices, which ar

May 19, 2024

[KH Explains] Why Korea's so tough on short selling

Since November, South Korea has intensified its crackdown on illegal short selling by institutional investors, uncovering widespread practices among global banks. In an interim results announcement earlier this month, the Financial Supervisory Service revealed that all nine banks investigated had engaged in illegal short selling totaling approximately 211.12 billion won ($155.8 million) in Korean stocks. With ongoing investigations into the remaining foreign five banks, this figure is expected t

May 19, 2024

HD Hyundai chair receives honorary doctorate from HUFS

HD Hyundai Chairman Kwon Oh-gap has been bestowed an honorary doctorate in business from Hankuk University of Foreign Studies, the company said Sunday. HUFS conferred Kwon, an alumnus, for his contributions to the national economy by securing firm’s competitiveness, fulfilling social responsibilities, and fostering a culture of sharing. Joining the firm in 1978, Kwon has led the shipbuilding giant to become a technology-driven, globally competitive heavy industry leader. As the shipbuildin

May 19, 2024

SC Bank Korea offers special interest rate for new members

Standard Chartered Bank Korea said Friday it will offer a special promotion for new customers who open a money market deposit account with a deposit of 30 million won ($22,125) or more, up to an individual limit of 2 billion won. Running until May 30, the promotion provides a special interest rate of up to 3.4 percent for 60 days maximum from the date of opening the account. The money market deposit account is a flexible savings account that offers daily compounding interest rates that vary base

May 19, 2024

Hyundai-Kia marks 40 years of partnerships with over 100 suppliers: report

There are more than 100 suppliers that have been working with Hyundai Motor Group for more than 40 years, the auto giant’s recent shared growth report found Sunday. As of the end of last year, Hyundai and Kia, the two Hyundai brands, have been doing business with 105 suppliers for over four decades, which compared to 95 suppliers in 2022. The figures represent primary parts suppliers and exclude the group’s parts affiliates such as Hyundai Mobis and Hyundai Wia. Of them, 36 percent w

May 19, 2024

Woori, KB ink QR code payment partnership with Cambodia

Woori Bank, one of the leading South Korean lenders, has joined hands with the National Bank of Cambodia to develop a cross-border quick response code payment system, the bank announced Friday. An agreement ceremony for the partnership was held Thursday on the sidelines of the Korea-Cambodia business forum, on the occasion of a summit between President Yoon Suk Yeol and Cambodian Prime Minister Hun Manet in Seoul. Business and political figures from Korea and Cambodia, including Woori Bank CEO C

May 19, 2024

Samsung eyes W1tr in sales of pricey capacitors for cars

Samsung-Electro Mechanics, a leading electronic parts maker affiliated with Samsung Electronics, has set a sales goal of 1 trillion won ($736 million) for its flagship Multi-Layer Ceramic Capacitor or MLCC products this year, strategically targeting the automotive sector. "Leveraging our technological prowess nurtured in the IT sector, the company aims to expand its portfolio to servers for AI services and automotive solutions, the two burgeoning markets for MLCC," Kim Wi-heon, the MLC

May 19, 2024

Jeonbuk Bank to develop cross-border credit rating system with Cambodia

Jeonbuk Bank signed a memorandum of understanding with Credit Bureau Cambodia and Korea Credit Bureau, the leading credit rating agencies in Cambodia and Korea respectively, to provide credit information services for Cambodian customers. The signing ceremony, held during the Cambodia-Korea Business Forum in Seoul on Thursday, was attended by Cambodian Prime Minister Hun Manet, Korean Industry Minister Ahn Duk-geun and other officials from both governments. Jeonbuk Bank, in collaboration with the

May 19, 2024

LG Uplus unveils new slogan for AI innovation

LG Uplus, one of the nation's top telecom carriers, on Sunday unveiled a new brand slogan “Growth Leading AX Company" to accelerate innovation centering on the artificial intelligence transformation, referred to as AX. The company said the latest announcement came during an internal online session held on Friday to look back on its first quarter performance and share future business directions and plans. During the meeting, CEO Hwang Hyeon-sik noted that it became necessary to

May 19, 2024

S. Korea's exports of instant noodles surpass $100m for 1st time in April: data

South Korea's exports of instant noodles surpassed the $100 million mark for the first time last month on the growing popularity of Korean culture and food, data showed Sunday. Exports of instant noodles, or "ramyeon" in Korean, reached $108.6 million in April, up 46.8 percent from a year earlier, growing at the fastest pace since May 2022, according to the Korea Customs Service. It marks the first time the monthly figure has exceeded $100 million, the agency said. Ramyeon exports have

May 19, 2024