LX Hausys inks strategic partnership with Belgium’s Reynaers Aluminium

Korean building materials company LX Hausys said Wednesday it will cooperate with Reynaers Aluminium, a Belgian manufacturer of aluminium products, in a bid to accelerate its entry into the domestic aluminum window market. With a memorandum of understanding signed with Reynaers Aluminium in the headquarters of LX Hausys in Seoul, LX Hausys said both companies plan to comprehensively cooperate in the overall process of designing, manufacturing and developing technologies needed to produce high-en

March 29, 2023

Korea cuts tourist red tape, aims to triple visitors this year

  South Korea will exempt visa-free foreign entrants from using the electronic travel authorization system, or K-ETA, normally required when entering the country until next year, in a bid to rekindle tourism, the Finance Ministry said Wednesday. Of 112 visa-waiver countries, the exemption scheme for the Electronic Travel Permit System will be applied to 22 select countries with a large volume of visitors and low rates of visa application rejection, including the United States, Japan, Hong K

March 29, 2023

[KH Explains] Why Korea is pushing for World Government Bond Index inclusion

South Korea is expected to join the World Government Bond Index in September, a crucial step for it to attract more foreign funds, according to industry sources on Wednesday. WGBI, managed by Financial Times Stock Exchange Russell, is one of the three major government bond indices, along with the Bloomberg-Barclays Global Aggregate Index and JP Morgan Government Bond Index-Emerging Markets. Tracked by funds worth $2.5 trillion to $3 trillion, it measures the performance of sovereign bonds from 2

March 29, 2023

Seoul shares up for 2nd day amid eased global banking woes

Seoul shares finished higher for the second straight session Wednesday as investors' anxiety about the global banking system has eased. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 8.98 points, or 0.37 percent, to close at 2,443.92. Trading volume was moderate at about 487 million shares worth some 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 553 to 305. Institutions and foreigners bought a net 329 billion won and 6

March 29, 2023

[Beyond Earth] ‘Korea needs to join inner club of space powerhouses’

South Korea needs to join the “inner club of global space powerhouses” by developing unmatched space technology and becoming an attractive partner within the club, according to the first vice minister of the Ministry of Science and ICT. “There are areas where we need to stand on our own in terms of technology. But we can’t do everything by ourselves. For instance, we can’t do space exploration alone,” said First Vice Minister Oh Tae-seog in a recent interview

March 29, 2023

Hyosung chairman named CEO of the year

Hyosung Group Chairman Cho Hyun-joon on Tuesday received the 38th CEO Grand Prix, one of the top honors given to business leaders in Korea, the textile-to-energy giant said Wednesday. The annual award, presented by the Korean Academic Society of Business Administration, has honored entrepreneurs who contribute to the nation’s economic growth with spirited entrepreneurship and excellent management skills since 1987. The Hyosung chairman, since his inauguration in 2017, was credited for re

March 29, 2023

[Photo News] 5th Apple store in Seoul

Passersby walk past Apple's fifth retail store in Seoul on Wednesday. The Apple Gangnam, located near the Shinnonhyeon Subway Station in southern Seoul, will start operation at 5 p.m. Friday. Some 140 staff will be stationed to offer services not only in Korean, but also in Chinese, Japanese, Thai, French, German and English, the company said.

March 29, 2023

Posco International enters bioplastic recycling biz

Posco International Corp. said Wednesday it has signed a memorandum of understanding with two bioplastic companies to enter the biodegradable plastic recycling sector as part of its bid to expand its green portfolio. Posco International signed the deal with TotalEnergies Corbion, a Netherlands-based bioplastic company, and Esol, a South Korean supplier of polylactic acid, on Tuesday, under which the three companies will collaborate to develop PLA recycling technologies, Posco International said.

March 29, 2023

Inflation expectations inch down for March despite worries over utility bills

South Korea's inflation expectations inched down for March despite worries over rising public utility bills, a central bank survey showed Wednesday. Ordinary people expected consumer prices to rise 3.9 percent for the year ahead, down 0.1 percentage point from what was surveyed a month earlier, according to the poll conducted by the Bank of Korea. It followed two straight months of a rise. "While price increases in processed food, dining out and transportation remain high, oil prices h

March 29, 2023

Incheon Airport boasts logistics leadership

Incheon Airport marks its 22nd anniversary on Wednesday this year, celebrating a rebound in international travel and cargo shipping after the pandemic upended air travel for three years. Despite the setback, it has maintained its status as the second-largest logistics hub in Northeast Asia, Incheon International Airport Corp. said in a statement. Incheon Airport processed the second-largest amount of international cargo in the world both in 2021 and 2022, the airport said. Including passenger pl

March 29, 2023

[Graphic News] Auto exports hit record high in February

South Korea’s car exports jumped nearly 50 percent in February on-year to reach an all-time high on the back of solid demand for eco-friendly cars. The value of outbound shipments of automobiles came to $5.59 billion last month, up 47.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest monthly figure, with the previous record being set in December last year when exports stood at $5.42 billion. In terms of volume, exports s

March 29, 2023

GoldenBlue blames Carlsberg for canceling sales contract ‘unilaterally’

GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said Tuesday that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month. The company said it will stop selling Carlsberg beer products from Friday, labeling the unilateral notice “tyrannous.” According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but si

March 28, 2023

LG Chem to invest W10tr by 2025

LG Chem, a leading South Korean chemical company, announced Tuesday that the company will invest 10 trillion won ($7.7 billion) in its three business categories of batteries, drugs and sustainable energy solutions. With the investment, LG Chem aims to post 30 trillion won in annual sales by 2030, the company added. “There are many challenges ahead. Economic uncertainty remains high, regulations for carbon emissions are elevated, and the renewable energy sector has become increasingly compe

March 28, 2023

Boryung sets up space mission JV with Axiom Space

Major South Korean health care company Boryung said Tuesday it signed a contract to establish a joint venture with US commercial space station developer Axiom Space, in a bid to ramp up its space business. With the JV, which is scheduled to be established by May, Boryung said it will actively search for a slew of business opportunities in space, while utilizing Axiom Space's space-related infrastructure and space development technologies. According to Boryung, the JV will mainly focus on co

March 28, 2023

KT, LS tie-up gains momentum

KT Submarine, a marine business unit of South Korean telecommunications giant KT Corp., is gaining fresh momentum in sales. The company posted 42.8 billion won ($33 million) in sales last year, a 43.2 percent jump from a year ago, largely driven by global orders in key markets such as the US and the Philippines. Its operating deficit, however, increased from 5.1 billion won to 6.6 billion won during the same period due to one-time expenses for upgrading equipment. “This year, we plan to co

March 28, 2023

2024 budget to boost defense, welfare spending

South Korea will continue to tighten its belt by reducing more than 10 percent of its discretionary expenditure while planning to funnel the budget into boosting national security and creating jobs for young people. Next year's budget plan is expected to remain at around 670 trillion won ($515.9 billion), up about 4.8 percent from this year's 638.7 trillion won, which was proposed as a mid- to long-term plan by the government. The budget will be earmarked for enhancing economic vital

March 28, 2023

Seoul shares up over 1% on easing banking risk

Seoul shares rebounded Tuesday from a two-day loss on the back of the eased banking crisis in the wake of tightening monetary policies in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 25.72 points, or 1.07 percent, to close at 2,434.94 points. Trading volume was moderate at about 516 million shares worth some 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 689 to 190. Institutions bought a net 322 billion wo

March 28, 2023

[Herald Interview] BAT’s design chief pursues perfection in simplicity

BAT's design philosophy for heating tobacco products centers around perfecting the user experience and simplicity, rather than complicated designs, says the head of design at global tobacco giant British American Tobacco. "My priority when designing heating tobacco products was that the item should become one of the three products that consumers can carry with them all the time, along with a phone and wallet," said Ken Kim, the first South Korean to oversee the entire design proce

March 28, 2023

[From the scene] Hype vs. reality of Apple Pay in Seoul

Last Sunday in Seoul’s bustling Hongdae district, a couple in their 20s walked into a crowded Baskin Robbins store, and inquired if they could pay using Apple Pay. Moments later, their payment went through and their faces beamed with joy. “The hype was real. It (Apple Pay) is so fast and convenient. We are addicted to the ‘ding’ sound that we hear when the payment goes through on Apple Pay,” the couple said. Apple Pay made its official debut in Korea on March 21, al

March 28, 2023

KITA warns of trade deficit of $41b as exports slump persists

The Korean trade lobby group on Tuesday warned that Korea's trade deficit could expand by up to $41 billion by the end of the year in the worst-case scenario. If South Korea's export slump persists until the end of the year, Korea International Trade Association sees that the annual export volume could fall by up to 8 percent as well. "While the automotive, shipbuilding and petroleum industries are expected to recover after the second quarter, the semiconductor, computer and dis

March 28, 2023