Samsung Town sold for W1.1tr to offset market concerns

Koramco REITs Management & Trust, a real estate asset manager based in Seoul, has completed the sale of a landmark property to Samsung SRA Asset Management for 1.1 trillion won ($841 million), marking South Korea's largest commercial real estate deal this year. The Asset is an 81,117-square-meter skyscraper located in the Gangnam Business District in southern Seoul. The office property forms part of Samsung Town, an office complex housing the affiliates of Korea’s top conglomera

Sept. 30, 2024

Incheon Airport to replace Narita as Delta Air Lines’ Asian hub

ATLANTA – Incheon International Airport has been named the new Asian hub of Delta Air Lines, replacing Japan’s Narita Airport. Incheon International Airport Corporation announced on Monday that it will collaborate with Delta to expand the Asia-Pacific network, alongside the upcoming launch of the Incheon-Salt Lake City route in June, following a meeting between IIA President and CEO Lee Hag-jae and Delta Air Lines CEO Edward Bastian at Delta's headquarters in Atlanta, on Wednesd

Sept. 30, 2024

Seri Pak & Annika Invitational Asia to be held at Serenity resort

Serenity Golf and Resort said Monday that it will serve as a venue for the second annual junior golf tournament, Seri Pak & Annika Invitational Asia, in Cheongju, North Chungcheong Province, from Oct.1 to 3. Aiming to nurture young talent, the event is jointly organized by the Seri Pak Hope Foundation and the Annika Foundation with support from the Royal and Ancient and the Korea Golf Association. The 78 participants, aged 13 to 18, include top Asian players from the World Amateur Golf Ranki

Sept. 30, 2024

Hyundai Motor hits 100m vehicle milestone

Hyundai Motor Company marked the global cumulative production of 100 million cars Monday, a landmark record coming 57 years since the carmaker’s foundation. The company held a celebratory event at the car manufacturing plant in Ulsan earlier in the day, joined by Lee Dong-suk, head of domestic sales and chief strategic officer at Hyundai Motor Group, and Moon Yong-moon, head of the company’s labor union. The executives and staff marked the production of the first car after passing th

Sept. 30, 2024

Air mobility leaders to convene in Dubai next week

Global leaders in advanced air mobility are heading to Dubai for the fifth edition of the Airtaxi World Congress, slated to take place at the Grand Hyatt Dubai Conference & Exhibition Center from October 7-10. The next-generation clean air mobility event is expected to gather about 1,000 major players in the AAM sector such as airlines, airports, original equipment manufacturers, startups, investors and regulators. This year’s event participants include the US Federal Aviation Administ

Sept. 30, 2024

Seoul shares open tad higher on battery, steel gains

Seoul shares opened slightly higher Monday, led by gains in battery and steel shares. The benchmark Korea Composite Stock Price Index rose 0.05 percent, or 1.3 points, to 2,651.08 in the first 15 minutes of trading. Battery and steel shares led the overall gains, with industry leaders LG Energy Solution and Posco Holdings increasing 2.53 percent and 1.94 percent, respectively. Bio and internet service operators also added momentum. Samsung Biologics rose 0.91 percent, and top internet portal ope

Sept. 30, 2024

Industrial output rises for first time in 4 months in August

South Korea's industrial output increased for the first time in four months last month on the rising production in the auto and semiconductor sectors, data showed Monday. Retail sales, a gauge of private spending, also rose by the most in 18 months in August, but facility investment ended two months of on-month growth and fell markedly, according to the data compiled by Statistics Korea. Industrial output advanced 1.2 percent on-month in August, the first increase since April. The figure fe

Sept. 30, 2024

[Herald Interview] Korea, Chile eye two-way benefits in green energy

With a renewed push toward a leading green energy supplier with its vast energy resources, Chilean government officials urged South Korea, which shares similar goals in reducing dependence on fossil fuels, to expand investments to Chile and boost strategic partnerships. “The challenge today for Chile is to increase the participation of Korean companies in the Chilean economy and the flows of Korean capital into Chile,” Chilean Ambassador Mathias Francke told The Korea Herald at the E

Sept. 29, 2024

KT and Microsoft to develop AI models for Korea

South Korean mobile carrier KT has forged a five-year, multibillion-dollar partnership with Microsoft to develop customized artificial intelligence solutions for Korea and to build a tech innovation center, the company said Sunday. Signing the agreement at the Microsoft headquarters in Redmond, Washington, Friday, the two sides agreed to collaborate in the areas of AI, cloud technologies and information technology, and for Microsoft to commit its resources in the areas of infrastructure and peop

Sept. 29, 2024

KFCC unites global leaders to promote digital financial inclusion

The Korean Federation of Community Credit Cooperatives, the nation's leading mutual financial institution, held an international forum in collaboration with the United Nations to discuss ways to boost digital financial inclusion in Jeju last week. The event drew ministers from 15 UN member states, financial experts from Japan and Italy, and representatives from global tech giants such as Google and GSMA. The forum tackled two primary topics: expanding financial access and fostering sustaina

Sept. 29, 2024

Hyundai Steel's Hcore Store evolves to boost B2C sales

South Korean steelmaker Hyundai Steel is seeking to beef up its online sales capabilities through Hcore Store, the company’s e-commerce platform dedicated to steel products for construction, by diversifying offerings and introducing services to enhance customer convenience on the platform. Launched in July 2023, Hcore Store initially focused on promoting Hyundai Steel’s earthquake-resistant building material brand, Hcore. The platform began with core construction materials like rebar

Sept. 29, 2024

LG Energy Solution seeks top talent at battery event

LG Energy Solution continues to put efforts into gathering top battery talents as the company looks for future leaders in the industry by hosting recruitment events. According to the battery maker Sunday, it held a Battery Tech Conference, or BTC, the company’s annual offline recruitment event, at LG Science Park in western Seoul on Friday. The last BTC took place in New York in May this year, gathering some 40 master’s and doctoral candidates from top-ranked schools in the US includ

Sept. 29, 2024

Sales start for Hyundai E&C's Hillstate in Daejeon

Hyundai Engineering & Construction has started sales for its latest residential complex Hillstate Gayang The Wise with easy access to transportation and abundant living infrastructure in Daejeon, the firm said Sunday. The high-rise complex in Dong-gu district consists of three 49-story towers with four underground levels, offering 358 units ranging from 84 to 155 square meters. The planned Dongbu Station on Daejeon Metro Line 2, the complex is poised to become a prime residential area once t

Sept. 29, 2024

Banks' household loans inch down amid tightening efforts

Banks' household loans inch down amid tightening efforts Despite banks' move to tighten household lending, home-backed loans fell a mere 5 percent on-month in September from a record high level a month earlier, data showed Sunday. The daily average amount of new mortgages extended by five major lenders came to 301.8 billion won ($230.1 million) in Sept. 1-26, down 16 percent from the daily average logged in August, according to data from the banks. Excluding the three-day Chuseok holid

Sept. 29, 2024

Credit card loans hit record high this year: data

Credit card loans have risen sharply to reach an all-time high this year as banks have tightened lending and small businesses have suffered financial difficulties amid weak domestic demand, officials said. Loans extended by eight major credit card firms reached 44.67 trillion won ($34.05 billion) during the first eight months of 2024, surpassing the total amount for all of 2023, which stood at 41.55 trillion won, according to data from the Financial Supervisory Service and released by Rep. Kang

Sept. 29, 2024

Delta Air Lines to launch new Incheon-Salt Lake City route in June next year

ATLANTA – Delta Air Lines is launching a new route between Incheon and Salt Lake City in June next year to become the only route connecting Asia and the US city. While flight schedules and operating hours are yet to be finalized, the new route is set to operate seven times a week. During a press conference at Delta Air Lines' headquarters in Atlanta on Thursday, Joe Esposito, the airline's senior vice president of network planning, expressed his excitement about the upcoming laun

Sept. 28, 2024

AmCham reaffirms Korea-US partnership in Washington

The American Chamber of Commerce in Korea said Friday it has completed the five-day business trip to Washington DC held earlier this month, reasserting Korea-US economic partnership. The AmCham delegation comprising senior executives from key member companies, such as LG Energy Solution and Posco Holdings, met with US senators and representatives from 12 states and 10 US government organizations including the White House National Economic Council (NEC) and the Office of the Vice President. Throu

Sept. 27, 2024

GS, LlamaIndex host seminar on AI innovation

South Korean energy, retail and construction giant GS Group said Friday it hosted its GenAI Connect Day workshop at its Yeoksam headquarters to share global trends in artificial intelligence. The event was jointly organized with LlamaIndex, a San Francisco-based company specializing in AI services for large language model applications. In Silicon Valley, LlamaIndex is acknowledged as one of the key innovators in the generative AI industry. Pierre-Loic Doulcet, founding engineer of LlamaIndex, an

Sept. 27, 2024

Young Poong says no better offer for Korea Zinc

Amid the intensified dispute over the management of Korea Zinc, the world’s largest zinc smelter, a Young Poong executive stressed Friday that the company was placed in a “desperate” position as its decadeslong partnership with Korea Zinc fell through. “Young Poong was desperate enough to give away the title as the largest shareholder (of Korea Zinc) to MBK Partners," Young Poong President Kang Seong-doo said at a press conference. “(The alliance with MBK) is a

Sept. 27, 2024

Seoul shares close lower on profit taking despite US gains

Seoul shares closed lower Friday as investors took profit following strong gains in recent sessions despite overnight success on Wall Street. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 0.82 percent, or 21.79 points, to 2,649.78. Trading volume was moderate at 402.1 million shares worth 11.4 trillion won ($8.65 billion), with losers outnumbering winners 457 to 414. Institutions dumped a net 421.6 billion won worth of local shares, while

Sept. 27, 2024