Korean Air to expand flights to pre-pandemic levels

Korean Air on Monday said it plans to expand the number of its international flights for the upcoming summer season, elevating its operational rate to nearly 96 percent of pre-pandemic levels. From March 31 through Oct. 26, the company will resume operations of weekly flights to four cities, including China’s Zhengzhou and Zhangjiajie, as well as Zurich and Bangkok. The Incheon-Zurich route will have three weekly flights to meet the high demand for summer travel to the Swiss city among Kor

March 18, 2024

Asiana Airlines wins data transfer certification in China

Asiana Airlines on Monday announced that it has become the first domestic airline to win the Certification of Cross Border Transfers of Personal Information, as mandated by China's Personal Information Protection Law. This certification affirms the company's adherence to the stringent requirements necessary for the secure transfer and management of personal data to regions outside China. The achievement follows China's introduction of updated information protection regulations in

March 18, 2024

S. Korea, OECD hold conference on 'digital finance'

South Korea and the Organization for Economic Cooperation and Development opened a joint conference in Seoul on Monday to discuss ways to help Southeast Asian countries develop and transform their financial systems. The conference will be held for two days and discuss potential problems arising from the digitalization of financial systems in the Association of Southeast Asian Nations member countries and ways to address them, according to South Korea's financial regulator, the Financial Ser

March 18, 2024

Seoul shares open slightly higher on tech gains

South Korean stocks opened a tad higher Monday, buoyed by gains in technology stocks. The benchmark Korea Composite Stock Price Index added 0.72 point, or 0.03 percent, to 2,667.56 in the first 15 minutes of trading. Large caps traded mixed while techs and chemicals were in positive terrain. Tech giant Samsung Electronics gained 0.55 percent, with No. 2 chipmaker SK hynix advancing 0.56 percent. Leading battery maker LG Energy Solution added 0.75 percent, while its local rival Samsung SDI gained

March 18, 2024

[Graphic News] Number of IPOs in S. Korea rises 17% in 2023

The number of initial public offerings rose from a year earlier in 2023 amid signs of easing economic woes, data showed. A total of 82 companies made their debuts on the main Korea Composite Stock Price Index and the tech-heavy Kosdaq markets last year, up from 70 companies going public in 2022, according to the data from the Financial Supervisory Service. However, the amount of funds raised from IPOs dropped sharply to 3.3 trillion won ($2.48 billion) from 15.6 trillion won over the cited p

March 18, 2024

Finance stocks rally despite ELS woes

Despite internal setbacks, South Korean finance giants are forging ahead with a robust rally in the local stock market, as several companies reach historic highs. The share prices of KB Financial Co. and Hana Financial Co., two of the nation's biggest finance holding firms, soared to unprecedented levels Thursday. KB Financial's shares hit 78,600 won ($59) after three consecutive days of record-setting gains, while Hana's reached 64,600 won. Shinhan Financial Co.'s shares als

March 17, 2024

Samsung Electro-Mechanics to launch ‘weatherproof’ camera modules for cars

Samsung Electro-Mechanics is set to start mass production of “weatherproof” camera modules with cutting-edge water-repellent capabilities and heating features for cars this year, the company said Sunday. In the wake of growing demand for enhanced image quality in automotive assistance features and the development of autonomous driving technology, Samsung aims to expand its presence in the camera module industry with its advanced technologies. "Accidents occur when camera sensors

March 17, 2024

Hyundai, Kia hit 5m in eco-friendly car sales

The number of eco-friendly vehicles sold by Hyundai Motor Company and Kia across the globe has surpassed five million, achieving the milestone after 15 years. According to the South Korean automakers on Sunday, the accumulated sales of their eco-friendly vehicles stood at 4,995,891 units as of last year. The carmakers logged 111,841 eco-friendly vehicles sold in January this year, bringing up the total to over 5.1 million. The eco-friendly vehicles include hybrid electric vehicles, plug-in hybri

March 17, 2024

[Herald Interview] Lithium-rich Chile seeks to lure more Korean investment

Chile's Ministry of Public Works and the investment promotion agency, InvestChile, recently visited Seoul to boost the country's infrastructure and technology sectors, inviting investors in Korea to participate in its extensive portfolio of projects. During an interview with The Korea Herald at the Embassy of Chile in central Seoul on Thursday, InvestChile Director Karla Flores and Concession General Director Juan Manuel Sanchez shed light on their strategies to attract new investment

March 17, 2024

[Photo News] Bank for senior customers

A new Hana Bank branch in Daejeon features a cultural space tailored to senior customers. The Hana 50+ Culture Bank, the 10th of its kind, aims to offer diverse cultural and educational programs to better meet the growing needs of the older generations. (Hana Financial Group)

March 17, 2024

Korea ranks 8th in crypto gains in 2023: report

South Korea was ranked eighth globally in terms of cryptocurrency profits last year, according to a report by blockchain data analytics firm Chainalysis on Sunday. Investors around the world saw a combined $37.6 billion in their crypto gains in 2023. The figure was a 76 percent plunge from a $159.7 billion profit in 2021 but a drastic rebound from a $127.1 billion loss in 2022. The relatively modest gains last year imply a more cautious approach by investors in liquidating their crypto assets, t

March 17, 2024

Samsung C&T shareholders vote down activists' dividend hike proposal

Samsung C&T has made it through a challenging proxy season with its shareholders backing its 10 percent increase plan for dividend payouts, averting resistance from activist funds that called for significantly higher returns. Its shares sank nearly 10 percent after the general shareholders meeting took place Friday. The company's proposal to pay a dividend of 2,550 won ($1.90) per common share and 2,600 won for each preferred share was approved. Among valid stocks with voting rights, 77

March 15, 2024

Yuhan restores chairperson post after 28 years

South Korean pharmaceutical giant Yuhan has decided to reinstate the chairperson and vice chairperson positions for the first time in 28 years, since Chairman Yeon Man-hee stepped down from his post in 1996. Yuhan shareholders approved changes to the articles of incorporation to reestablish the posts during the 101st general meeting of shareholders on Friday. Who will become the company’s chairperson and vice chairperson, however, has not yet been decided, according to the company. “

March 15, 2024

Naver to reform news service for transparency

Korean internet giant Naver said Friday it would introduce a set of news service policies to enhance transparency and impartiality, with the intention of preventing defamatory media reports and strengthening measures againsts users who leave comments that violate election laws. To protect users who have suffered defamation or infringement of their rights due to media reports, Naver will provide easier access to request corrections and respond to articles online. The company will create a separat

March 15, 2024

Kia CEO: EV3 to lead mass market shift to electric

Kia CEO Song Ho-sung on Friday said the automaker is set to lead the mass adoption of electric vehicles with the upcoming launch of the EV3, its most affordable model to date. “Despite recent fluctuations in demand, the future of electric vehicles is undeniable. Leveraging the success of our EV6 and EV9 models, we are poised to introduce the EV3 this year, finally delivering a viable option for the average consumer,” Song said in the company's annual shareholders' meeting.

March 15, 2024

Overseas direct purchases to lead e-commerce trends: data

Amid escalating competition in Korea's e-commerce landscape, direct overseas transactions between individual sellers and consumers have become a growing trend, according to eBay. On Friday, eBay unveiled insights into this year's online direct purchase market, drawing from comprehensive annual sales data of Korean sellers gathered through its platform. Three major keywords were "Collectibles," "North America" and "March." Particularly, the keyword "Co

March 15, 2024

Seoul shares snap 3-day rise on hotter US inflation; won sharply down

South Korean stocks closed nearly 2 percent lower Friday to end a three-session winning streak, as investors locked in profits following hotter than expected US inflation. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 51.92 points, or 1.91 percent, to 2,666.84. Trade volume was heavy at 575 million shares worth 12.9 trillion won ($9.7 billion), with losers beating winners 557 to 224. Institutional and foreign selling weighed down t

March 15, 2024

Samsung Electronics' workers threaten first-ever strike

Samsung Electronics could face its first-ever labor strike, as unionized workers have secured the right to legally conduct a walkout after wage talks between management and labor have fallen through, according to industry sources Friday. The National Labor Relations Commission, a government agency under the Labor Ministry, held a coordinating session to arbitrate the wage deal between the two parties a day earlier, but ended up deciding to stop the talks as the two sides could not reach an agree

March 15, 2024

Nongshim earns over 50% of its profit from overseas on K-food hype

The sales and operating profit of South Korea's top ramyeon maker Nongshim hit all-time highs last year thanks to the popularity of ramyeon products in foreign markets, the company said Friday. The company’s operating profit in 2023 jumped by 89.1 percent from a year earlier to reach 212 billion won ($159 million), while its annual sales came to 3.4 trillion won, up 9 percent on-year. "As global inflation stubbornly remains high, ramyeon products have appealed to foreign consumer

March 15, 2024

[Investor] Samsung Electronics to receive $6b subsidy in US

The US Department of Commerce is poised to grant Samsung Electronics subsidies exceeding $6 billion, according to a news report Friday. “The US plans to award more than $6 billion to Samsung Electronics, helping the chipmaker expand beyond a project in Texas it has already announced,” Bloomberg reported, citing multiple unnamed sources. The federal funding for Samsung, South Korea’s leading chipmaker, comes alongside significant additional US investments being made by the firm,

March 15, 2024