Hana Financial to strengthen digital, global sectors with revamped leadership

Hana Financial Group said Monday it is revamping its organization under three vice chairmen in a move to strengthen its competitiveness in the digital and global sectors, as well as its core financial business. The group appointed two vice chairmen -- Park sung-ho and Kang Seong-muk -- while retaining Vice Chairman Lee Eun-hyung. Park, 58, joined Hana Bank back in 1987. He will focus on the group’s digital sector and will also be responsible for finding and developing new business opportu

Dec. 27, 2022

Fintech firms to set up disaster response centers

South Korea's Financial Services Commission on Monday announced that it will mandate big tech companies with financial services to establish disaster recovery centers. The new regulation plan came in the wake of Kakao’s extensive internet, banking and messenger service disruption caused by a fire at SK C&C’s data center in October. During the FSC’s fifth financial regulatory innovation meeting, it decided to establish a new task force during the first half of next year

Dec. 27, 2022

Bold goals set to tackle trade loss next year

South Korea on Tuesday laid out a set of bold goals to support private-sector-led growth in 2023, promising financial aid to achieve a trade surplus and attract foreign investment in a bid to minimize the impacts of a global economic slowdown. While 2023 is expected to be challenging for the economy amid growing uncertainties in the global market, the government said it will achieve $680 billion in exports and attract more than $30 billion of foreign investment, while investing some 100 trillion

Dec. 27, 2022

[KH Explains] Why are whiskey prices so high in Korea?

Whiskey in South Korea is notoriously expensive. Prices may have fallen slightly over the decades, but whiskey is still considered to be pricey here. For example, the retail price of Jack Daniels Whiskey in a 750-milliliter bottle on Amazon in the US is $24.99, whereas the same whiskey is priced at 60,000 won, or around $47, on SSG.com, an e-commerce platform owned by retail giant Shinsegae Group. There could be many variables to decide the retail prices of distilled spirits. Price policies are

Dec. 27, 2022

[Photo News] Santa on wheels

Hyundai Motor has sponsored 107 million won ($84,300) to host Christmas parties and deliver holiday gifts for some 1,200 children at 32 child welfare institutions across S. Korea, the carmaker said Tuesday. Dubbed "Santa Expedition," Hyundai Motor has conducted the year-end social contribution program annually since 2016 in collaboration with ChildFund Korea to give gifts to a total of 4,700 children in the country. (Hyundai Motor Group)

Dec. 27, 2022

Yuanta shares on rollercoaster ride over rumors of buyout talks

Rumors about the possible sale of the Korean unit of Yuanta Securities, a Taiwanese investment bank, to Korean banking conglomerate Woori Financial Group have reemerged, causing the former’s stock price to spike by over 20 percent on Tuesday. Earlier in the day, a local media outlet reported that Yuanta Financial Holdings is in talks to sell its Korean unit to Woori Financial Group with the transaction expected to be closed early next year. The sale price was lowered from 1.5 trillion wo

Dec. 27, 2022

Samsung drives 63% surge in foldable phone sales in Q3

Global shipments of foldable smartphones shot up more than 60 percent in the third quarter this year, despite the stagnant smartphone market, owing to high sales of Samsung Electronics’ foldable devices, according to industry tracker Counterpoint Research on Tuesday. From July to September, foldable smartphone shipments worldwide surged about 63 percent on-year to 6.08 million units. Although the global smartphone market posted stagnant sales, foldable items accounted for 2 percent of th

Dec. 27, 2022

NCSoft CEO voices confidence in first console title

NCSoft’s first console title “Throne and Liberty” will be a “play for all” title that can revive the authentic feel of a massively multiplayer online role-playing game, or MMORPG, the South Korean game maker’s CEO said Tuesday. “Throne and Liberty has been developed as a ‘play for all’ game that everyone can enjoy. The PC and console platforms can express the characteristics of TL and make it fun. The value and feel of an MMO that can’t

Dec. 27, 2022

SK Inc. wins top grade in MSCI ESG ratings

SK Inc., the investment arm of SK Group, said Tuesday it received an AAA rating from the Morgan Stanley Capital International ESG Ratings. The MSCI ESG Ratings assess 3,077 firms globally and ranks them based on their ability to manage environmental, social and corporate governance risks. It groups the firms into three categories: leader, firms with AAA and AA ratings; average, A, BBB and BB; and laggard, B, CCC. SK Inc. became one of only two South Korean companies in 2022 to receive the highes

Dec. 27, 2022

BOK's reserve management team expects dollar to bounce back amid recession woes

The US dollar's recent downward move will likely continue for the time being, but its value could bounce back next year when global recession woes arise, the foreign reserve management team of South Korea's central bank said Tuesday. The dollar has recently been under downward pressure after gaining marked ground against major currencies thanks to aggressive monetary tightening in the United States. The Korean won has also rebounded recently after tumbling through the 1,400 mark in Sep

Dec. 27, 2022

Team KAIST ready to show off latest autonomous driving tech at CES 2023

As the annual Consumer Electronics Show is slated to open in Las Vegas next week, a South Korean team is gearing up for an attention-grabbing autonomous driving competition. "It is very meaningful to participate in the event and try to solve technological challenges of making autonomous driving cars faster and safer," Shim Hyun-chul, a professor who leads Team KAIST, told Yonhap News Agency via phone on Monday. Shim's team, consisting of a handful of graduate students from the lab

Dec. 27, 2022

Seoul stocks open higher amid recession woes

The benchmark Korea Composite Stock Price Index rose 17.51 points, or 0.76 percent, to 2,334.65 points in the first 15 minutes of trading. Investors have remained watchful over the US Fed's next policy direction as its Chair Jerome Powell recently reiterated the Fed will keep an aggressive monetary tightening mode for the time being despite eased inflation pressure. Wall Street was closed Monday for the Christmas holiday. In Seoul, large caps traded higher across the board. Market bellwet

Dec. 27, 2022

China OKs Korean Air-Asiana combination

China's antitrust regulator has approved Korean Air Co.'s integration with smaller local rival Asiana Airlines Inc., with approval yet to come from four countries, Korean Air said Tuesday. The Ministry of Commerce of the People's Republic of China has demanded the merged Korean Air-Asiana entity reduce its market share due to competition concerns, Korean Air said in a statement. In response, Korean Air submitted solutions to a possible monopoly on nine routes between the two count

Dec. 27, 2022

Korean companies suffer from weakening stability, fiscal health

South Korean companies have seen revenue growth this year, but their fiscal health has deteriorated due to increased debt and lowered profitability, according to a report from a major business lobby group Monday. Despite their growing revenue, the slowdown in the growth rate, inventory piling up and soaring borrowing costs draw concerns as the country’s economy is largely expected to see headwinds next year, with sluggish exports and uncertainties in the global market. “Companies h

Dec. 26, 2022

Is KAI on Hanwha’s mind after DSME acquisition?

Hanwha Group’s planned acquisition of Daewoo Shipbuilding and Marine Engineering, the nation’s No. 2 shipbuilder, is once again fueling speculation over its possible attempt to take over Korea Aerospace Industries, the sole aircraft maker here that would complete the conglomerate’s vision to become the Korean version of Lockheed Martin. The rumor of Hanwha looking into buying the state-run Export-Import Bank of Korea’s 26.41 percent stake in KAI began late September after

Dec. 26, 2022

Seoul stocks close slightly higher on institutional buying

South Korean stocks closed slightly higher Monday after a choppy session, backed by institutional buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.45 points, or 0.15 percent, to close at 2,317.14 points. Trading volume was relatively low at about 408 million shares worth some 5.1 trillion won ($4 billion), with the last trading session of 2022 slated for Thursday. Losers outnumbered gainers 483 to 375. Institutions bought a net 661 billio

Dec. 26, 2022

New rules on 'best before' dates to increase products' shelf life

The nation’s 38-year-old food expiration date system will be revised from next year to be based on use-by dates of food items, not sell-by dates, in an attempt to reduce food waste. The use-by date refers to the last day food can be consumed. If the food is older than that date, the consumer should not eat, freeze or cook the food as it may cause food poisoning. For decades, Korea has adopted a scheme based on the sell-by date, which reflects the producer’s estimate of when a food it

Dec. 26, 2022

Battery makers shell out to lure US tech talent

South Korean battery makers are luring tech talent in the US with big welfare benefits and other hefty incentives to fuel their growth momentum in the burgeoning electric vehicle market, industry sources said Monday. Starting from Jan. 1, LG Energy Solution, the largest battery maker here, will extend its medical welfare policy by offering free health insurance to some 2,000 employees working at its Michigan plant along with their family members. Currently, the company covers insurance for denta

Dec. 26, 2022

Public utility charges to rise to cover snowballing debts

The South Korean government will consider increasing public utility fees for the following year to offset widening deficits in the electricity, gas and subway sectors. While the government is set to announce its plan on raising utility prices on electricity and gas within this week, Seoul subway fares are also expected to go up after a yearslong freeze. According to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance on Monday, the two government bodies are at the

Dec. 26, 2022

Hyundai Heavy Industries renames itself HD Hyundai

Hyundai Heavy Industries Group said Monday it is rebranding as HD Hyundai, opening a new chapter in its 50-year history as the nation’s top shipbuilder. The group also unveiled its new mission for the future -- to “pursue innovation that leads the era, and constantly challenge itself to pioneer the future of humanity” -- during its 50th anniversary ceremony held at a research and development center in Pangyo, Gyeonggi Province. It presented a vision for each of its three key bu

Dec. 26, 2022