Seoul shares open lower on Fed's hawkish rate outlook

South Korean stocks opened lower Monday, as some US Federal Reserve officials' comments backing additional rate hikes sapped hopes for an end to its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.48 percent, to 2,613.19 in the first 15 minutes of trading. Fed Gov. Christopher Waller on Friday said the core inflation was not coming down like he expected. Richmond Fed President Thomas Barkin advocated more rate hikes, citing persistent i

June 19, 2023

[Hello Hangeul] Race heats up for Hangeul AI

The following series is part of The Korea Herald’s “Hello Hangeul” project which consists of interviews, in-depth analyses, videos and various other forms of content that shed light on the stories of people who are learning the Korean language and the correlation between Korea’s soft power and the rise of its language within the league of world languages. – Ed. Amid the immense popularity of Korean-made content from music to TV shows, an increasing number of peopl

June 18, 2023

Fukushima water fears stoke soaring salt demand

Online transactions of salt surged by more than 800 percent in a week as Korean consumers feared the release of wastewater from the defunct Fukushima nuclear power plant into the sea could affect food safety, a recent analysis by an online tracking firm showed. The amount of online transactions of salt products increased by 817 percent between June 7-13, compared to the same period a week earlier, according to online price comparison service provider Danawa. Sales of salt at offline stores als

June 18, 2023

KT, Samsung Medical Center join hands to export medical tech

South Korean telecommunications giant KT and Samsung Seoul Medical Center are teaming up to export Korea's medical services and digital technology for hospitals, KT said Saturday. The two sides signed an agreement on Friday, under which they will work together to come up with a monitoring system that uses digital health care devices to check up on patients, and to conduct joint research on ways to use artificial intelligence in hospitals using big data. KT is currently preparing to open a m

June 18, 2023

Philips Korea plogs at Han River

Philips Korea, the Korean unit of multinational health technology company Philips, said it recently participated in a "plogging" event in Seoul as a part of its efforts to bolster environmental, social and governance management practices, according to the company on Sunday. The company said some 70 employees and executives including Park Jae-in, the CEO of Philips Korea, went plogging, a new trend in the environmental movement to jog while picking up litter, at Yeouido Hangang Park in

June 18, 2023

Over 35,000 EV chargers built in Korea in 5 months: report

More than 35,000 new electric vehicle chargers were built nationwide in the first five months of this year, bringing the total number to over 240,000 units, a report showed Sunday, amid the nation’s fast-growing demand for clean transportation. As of May, 240,695 units of EV chargers were installed nationwide, according to a report from Rep. Park Sang-hyeok of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport, and the Minis

June 18, 2023

Hyundai Elevator wins largest-ever order

Hyundai Elevator said Sunday it has won a contract for its largest-ever order, worth 43.4 billion won ($33.9 million), to build elevator and escalator units at a large apartment complex in Seoul. The order involves the installation of 314 elevator and escalator units in the reconstruction of Dunchon Ju-gong Apartment in Gangdong-gu, Seoul. This is the largest contract that Hyundai Elevator has ever secured in terms of both the total number of units and the contract sum, the company said. "T

June 18, 2023

Pixar movies to run on Samsung’s Onyx Cinema LED screens

Samsung Electronics has joined hands with Pixar Animation Studios to run animated movies on its Onyx Cinema LED screens, offering significantly enhanced picture quality, the company said Sunday. Under their partnership, Pixar made its latest movie, “Elemental,” available for 4K HDR resolution. HDR produces a brighter, clearer image when compared to the conventional SDR resolution. Samsung’s Onyx Cinema LED screen is the world’s first LED cinema screen. The extraordinary d

June 18, 2023

KakaoBank taps into Thailand's internet-only banking market

KakaoBank, South Korea's largest internet-only bank, is seeking to obtain a virtual bank license in Thailand by partnering with a leading financial group in the country, making its first move after announcing its plan for business expansion into Southeast Asian economies. The Korean digital lender announced on Friday that it has signed a memorandum of understanding with SCBX, Thailand's financial technology group, to obtain a license to run a digital banking platform from the central b

June 18, 2023

[Photo News] Hyundai Promotes Busan Expo

Hyundai Motor Group’s flagship electric vehicles -- Ioniq 5 and 6, and EV6 -- are parked across the Eiffel Tower in Paris on Sunday to promote Busan’s bid to host the 2030 World Expo. Ten EVs will offer transport services for the South Korean delegations and travel around the city’s popular tourist attractions during the 172nd General Assembly of the Bureau International des Expositions, the intergovernmental body that oversees the event, on Tuesday and Wednesday.

June 18, 2023

Kia to launch all-electric EV9 SUV in S. Korea this week

Kia Corp., South Korea's second-biggest carmaker, said Sunday it will launch its all-electric EV9 flagship SUV in the domestic market this week as part of its electrification efforts. The three-row seater is Kia's second model equipped with Hyundai Motor Group's dedicated electric vehicle platform, called E-GMP, after the EV6 SUV launched in 2021. The two-wheel-drive EV9 comes with a 99.8 kilowatt-hour battery and can travel 501 kilometers on a single charge. An all-wheel-drive mo

June 18, 2023

Inflation expected to soon slow to 2% level: Choo

South Korea's consumer prices are expected to grow at a 2 percent level around June or July, the finance minister said Sunday, amid signs of eased inflationary pressures. "In general, consumer prices are gradually finding stability," Finance Minister Choo Kyung-ho said during a program aired by KBS. "I think the inflation will hit the 2 percent level this month or the following one." Consumer prices, a key gauge of inflation, rose 3.3 percent in May from a year earlier,

June 18, 2023

S. Koreans' purchase of Japanese yen up nearly fivefold in May

South Koreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data. The increase apparently came as more people took advantage of the weak yen in recent weeks, whi

June 18, 2023

GM names marketing veteran as new Korea chief

General Motors said Friday it has appointed Hector Villarreal, vice president of vehicle sales, service and marketing at GM Mexico, as its Korean unit’s new president and CEO, effective from Aug. 1. Kicking off his career at GM Mexico in 1990, Villarreal has held various positions within the company across several branches. He has served as president and managing director of GM Operations in Uzbekistan, managing director of GM Russia and president of GM Southeast Asia. In his most recent p

June 16, 2023

[Photo News] LG promoting Busan's Expo bid in Paris

An LG banner promoting Busan's bid to host the 2030 World Expo is hung on the digital billboard near Charles de Gaulle International Airport in Paris on Thursday ahead of next week’s general assembly of the Bureau International des Expositions, the intergovernmental body that oversees the World Expo. LG Corp. said it will support the port city’s Expo bid by installing a total of 110 banners near the BIE gathering venue for two weeks. (LG Corp.)

June 16, 2023

SK chief calls on CEOs to strengthen action plans amid uncertainty

SK Group Chairman Chey Tae-won called on chiefs of the group’s affiliates to set up organic responses, based on case-by-case scenarios, to various management uncertainties and opportunities, South Korea's second-largest business conglomerate said Friday. "We are now living in a global transition period where it is difficult to survive with the management approaches that we took in the past,” Chey said in a keynote speech at the 2023 Extended Management Meeting in Seoul on T

June 16, 2023

Rolls-Royce Spectre makes Asia-Pacific debut in Seoul

Rolls-Royce Motor Cars on Friday showcased its first all-electric vehicle, Spectre, in South Korea for the first time in the Asia-Pacific region. “I must say that Korea has the largest number of preorders for this Rolls-Royce Spectre in the Asia-Pacific region and this is the reason why our Korean customers will be the first to see the Spectre in the Asia-Pacific region,” said Irene Nikkein, regional director of Asia-Pacific at Rolls-Royce Motor Cars, in a media unveiling event held

June 16, 2023

Korea’s startups minister meets with LVMH chief at Paris tech show

South Korea’s Minister of SMEs and Startups Lee Young met with Bernard Arnault, chairman of French luxury goods conglomerate LVMH Group, to exchange opinions on possible collaboration between Korean startups and LVMH brands, the ministry said Friday. The minister was visiting Paris to attend the Viva Technology 2023, one of the largest startup and tech events held in Paris from Wednesday through Saturday this week. During the event, she met with several executives from French companies to

June 16, 2023

CJ Logistics signs memorandum of understanding with Taiwan's Evergreen Marine to expand global business

CJ Logistics Corp., a major South Korean logistics company, said Friday it has signed an initial agreement with Taiwanese shipping company Evergreen Marine Corp. to expand its global business. With the memorandum of understanding, CJ Logistics and Evergreen Marine will operate a joint business for containers to be transported between Northeast Asia and Southeast Asia, according to the company. The two companies will also cooperate to provide reasonable fares and freight space for containers ship

June 16, 2023

Finance ministry assesses 18 public firms as 'lackluster' or below

South Korea's finance ministry said Friday that 18 state-run companies were rated "lackluster" or below during its annual management assessment, noting it plans to order such firms to cut bonuses and take corresponding measures. Under the comprehensive performance evaluation of 130 state-run companies, which divides them into six tiers, 14 were labeled "lackluster," according to the Ministry of Economy and Finance. The other four, including the Korea Railroad Corporation

June 16, 2023