Hana Bank extends KFA sponsorship until 2033

Hana Bank announced on Wednesday that it has renewed its official sponsorship contract with the Korea Football Association and the Korean national football team. "Hana Bank will continue to support the Korea Football Association and the national football team. We have been together during important moments in our soccer history such as the time when our national football team reached the round of 16 matches in the FIFA World Cup in Qatar last year," Hana Financial Group Chairman Ham Yo

June 21, 2023

[Herald Interview] Korea’s 1st-generation activist fund aims to become corporate savior, not raider

South Korean private equity house Korea Corporate Governance Improvement’s Managing Partner Lim Hyun-chol said the performance of activist funds should not be judged by the time frame of their investments. “The significance lies not in the length of the investment period but rather in the actual changes brought about in the company after the activist fund's calls,” Lim said during a recent interview with The Korea Herald. “We see that it is unfair to accuse us of &

June 21, 2023

Higher rates, economic slowdown, slump in real estate market pose risks to financial system: BOK report

South Korea's financial system remains relatively stable, but a variety of factors -- higher rates, a delay in economic recovery and an extended slump in the real estate market -- may pose risks to its stability, a central bank report said Wednesday. According to the report from the Bank of Korea, debt repayment burdens have soared in tandem with rising market rates, and borrowers will face heightened difficulties in repaying debts if economic recovery is delayed further than expected. A de

June 21, 2023

7 firms to recall over 320,000 vehicles over faulty parts

Hyundai Motor Co., Mercedes-Benz Korea Co. and five other companies will voluntarily recall more than 320,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Kia Corp., GM Korea Co., Volkswagen Group Korea, Ford Sales & Service Korea and FMK, which sells Ferraris and Maseratis in the country, are recalling a combined 326,723 units of 22 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems tha

June 21, 2023

S. Korea to push for 'circular economy' of major resources

South Korea will push for a 'circular economy' of key resources, focusing on recycling in major industries, such as steel, petrochemicals and batteries, with the goal of cutting carbon emissions, the government said Wednesday. Under the drive named the "CE 9" project, the country will focus on seeking sustainable growth in nine segments: petrochemicals, steel, non-ferrous metals, batteries, electronics, fabrics, cars, machinery and cement, according to the Ministry of Trade,

June 21, 2023

Exports up 5.3% during first 20 days of June

South Korea's exports rose 5.3 percent on-year in the first 20 days of June, although shipments of semiconductors remained sluggish, data showed Wednesday. The country's outbound shipments reached $32.9 billion in the June 1-20 period, compared with $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 11.2 percent on-year to $34.5 billion during the period, resulting in a trade deficit of $1.6 billion. In May, South Korea's overa

June 21, 2023

Seoul shares open lower as Powell's testimony looms

South Korean stocks opened lower Wednesday, tracking Wall Street losses overnight as investors awaited the US Federal Reserve chairman's congressional testimony. The benchmark Korea Composite Stock Price Index slid 6.04 points, or 0.23 percent, to 2,598.87 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, as a recent market rally paused ahead of Fed Chair Jerome Powell's congressional testimony slated for Wednesday and Thursda

June 21, 2023

Producer prices down for second month in May

South Korea's producer prices declined for the second consecutive month in May as a fall in the prices of industrial goods led the overall decline, offsetting a gain in the prices of agricultural products and utilities, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.3 percent in May from a month earlier, following a 0.1 percent on-month dip in April, according to the data from the Bank of Korea. From a year earlier, the index ro

June 21, 2023

S. Korea to freeze Q3 electricity rates amid mounting public burdens

South Korea's state power firm said Wednesday it would freeze electricity rates for the third quarter in a move to ease the burdens on people following two consecutive quarters of hikes. The planned freeze came as the government jacked up electricity rates by 5.3 percent on-year for the second quarter, or by 8 won per kWh, following a 13.1 won increase per kWh in the first quarter due to high global energy costs and the mounting losses of the Korea Electric Power Corp. KEPCO decided to fix

June 21, 2023

[Graphic News] South Korea’s exports of tractors hit fresh record in 2022

South Korea’s exports of agriculture tractors hit a record high in 2022 by advancing 23 percent on-year, data showed, amid growing demand for small-sized models. The value of tractors shipped overseas came to $1.24 billion in 2022, rising from $1 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The amount also marked a sharp rise from $657 million posted in 2020, the data showed. The customs office said the increase was driven by rising demand fo

June 21, 2023

Hyundai goes all in for top-tier EV leadership

Hyundai Motor Group said Tuesday it aims to boost its annual sales of electric vehicles in global markets sixfold to 2 million units by 2030 under its revamped electrification strategy. Under its 10-year financial plan worth 109.4 trillion won ($85.1 billion), it plans to inject 35.8 trillion won into electrification. On average, 3.6 trillion won will be invested in EVs and batteries annually, which is higher than last year’s commitment of 2.2 trillion won per year. The operating profit

June 20, 2023

KDB chief reaffirms Busan relocation plan

The chief of the state-run Korea Development Bank said the plan to relocate its headquarters from Seoul to Busan is underway, despite the continued resistance from its employees. “The relocation to Busan is not to reduce or substitute the functions of the bank, but to add a new role of encouraging the revival of the southeastern region of Korea. We will come up with an organization and operating system fit for the role,” KDB Chairman Kang Seog-hoon said at a press conference held in

June 20, 2023

Convenience store CU makes foray into Kazakhstan

BGF Retail, the operator of South Korean convenience store chain CU, announced Tuesday that the company will expand its convenience store business into Kazakhstan. The firm plans to open the first CU store in Kazakhstan during the first half of next year and establish around 500 branches in the country in the next five years. When opened, Kazakhstan will become the first Central Asian country to have CU stores. BGF Retail says it would also be the first foreign convenience stores in Kazakhstan.

June 20, 2023

Mounting national debt erodes S. Korea's competitiveness: report

South Korea's global competitiveness ranking fell by one notch this year, as the country suffers from an expanding fiscal deficit, a report showed Tuesday. Korea ranked 28th in terms of global competitiveness among 64 countries surveyed, according to the 2023 report by the International Institute for Management Development. Korea’s ranking in government efficiency came down to No. 38 this year, moving two places down from 2022. The Switzerland-based international institution has relea

June 20, 2023

Seoul shares edge down after China's moderate rate cut

South Korean stocks slid for the second day in a row Tuesday, as the smaller-than-expected rate cut by China's central bank dampened market sentiment. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index slipped 4.59 points, or 0.18 percent, to close at 2,604.91. Trade volume was moderate at 712.8 million shares worth 10.7 trillion won ($8.35 billion), with decliners outstripping gainers 545 to 325. "The markets had their eyes on whether B

June 20, 2023

Coupang, Naver dominate Korea's e-commerce market

South Korea's no. 1 e-commerce operator, Coupang, and its local archrival, Naver Shopping, are dominating the South Korean e-commerce industry, taking up some 65 percent of the local market, according to a survey Tuesday. According to the consumer data analysis platform Opensurvey's research on 2,500 respondents aged between 20 to 59, Coupang was the most frequently used e-commerce service for Koreans, making up for 37.7 percent of responses. Naver Shopping came in second, with 27.2 pe

June 20, 2023

SK hynix wins int'l certification for automotive memory solution

South Korean chipmaker SK hynix has obtained a high-level European certification recognizing its competency in automotive software development processes, the firm said Tuesday. It also marks the first time a Korean chipmaker has obtained the Automotive Software Process Improvement and Capability Determination (ASPICE) Level 2 certification. ASPICE is a standard of automotive software development introduced by European carmakers to evaluate the reliability and competency of auto part suppliers�

June 20, 2023

LG researcher reappointed to lead Next G Alliance for 6G tech

LG Electronics said Tuesday that one of its senior researchers has been reappointed to lead a working group in an American mobile technology alliance for 6G technology development. Lee Ki-dong, senior researcher in LG Electronics' Chief Technology Officer division, has been reappointed as the chairperson of the Applications Working Group in the Next G Alliance until May 2025. He was first appointed to the position in 2021. The Next G Alliance is an industry initiative launched by the US-b

June 20, 2023

LG CNS, Chung-Ang Univ. to foster talent for security business

Information technology service provider LG CNS will accelerate business cooperation with Chung-Ang University to foster talent for its security business, the firm said on Tuesday. LG CNS signed an industry-academia cooperation agreement for manpower development in digital experience with Chung-Ang University on Monday at the LG Science Park in Gangseo-gu, Seoul. “As security is an essential element of DX implementation, we will concentrate on nurturing security experts to enhance the busin

June 20, 2023

[Photo News] Giving back to society

Mercedes-Benz Korea's corporate social responsibility committee has donated 20 EQB vehicles -- the German automaker's all-electric SUV -- to 20 social welfare organizations across South Korea in cooperation with the Future for Youth Foundation, the company said Tuesday. The committee has donated 64 cars since 2016 to provide comfortable and safe transportation for the underprivileged. This year's charity event marked its single-largest donation to celebrate Mercedes-Benz Korea

June 20, 2023