NH NongHyup Bank sets up London branch

NH NongHyup Bank said Thursday it has launched a branch office in London to make inroads into the UK’s banking industry, as part of the lender’s overseas business strategies aimed at expanding its global presence.  “It is meaningful that (NH NongHyup Bank) has entered the UK market, Europe‘s major global finance center and the birthplace of financial cooperatives, in 2021, which marks its 60th anniversary. We will speed up efforts to become a global cooperative b

Aug. 12, 2021

Korea’s ESG bond issuance sets annual record

South Korea has floated more bonds associated with environmental, social and sustainability issues this year than in all of 2020, setting an annual record in the fast-growing market, data showed Thursday. Since January, 116 Korean entities issued green bonds, social bonds and sustainable development bonds worth a combined 60.6 trillion won ($52.3 billion), according to data compiled by the Korea Exchange. This beat the previous annual record of 58.9 trillion won floated by 23 entities in 2020

Aug. 12, 2021

Mobile messenger Line’s crypto to be listed on Bithumb

Naver’s mobile messenger Line’s blockchain subsidiary said Thursday its crytocurrecy Link will be listed on the country’s exchange Bithumb and start trading in the market on Friday. Line Blockchain and Bithumb said that the deposit and withdrawal address of the cryptocurrency account will be released soon. Link is a cryptocurrency issued by its Sinpapore branch Line Tech Plus, using “Link chain,” a blockchain mainnet made by Line itself, where the actual transact

Aug. 12, 2021

Fears over milk price hike as inflation pressure mounts

Upward pressure is growing on retail milk prices, following an increase in the price of raw milk this month, but the government seeks to delay the price hike until the end of this year amid rising inflation. In July last year, the Korea Dairy Committee decided to raise the price of raw milk by 21 won to 947 won per liter starting this month, according to industry sources. The retail price of milk has yet to increase, but consumers will not learn until later this month, which is when major dai

Aug. 12, 2021

S. Korea to offer more shipping services amid freight price hike

South Korea's trade ministry said Thursday it plans to add more chartered shipping services for exporters as the global freight costs hit yet another record high level amid strong demand. Under the plan, the country will begin operating at least six new shipping services monthly in September, rising sharply from around two to three ships operated prior to June, according to the Ministry of Trade, Industry and Energy. A record high number of 18 ships will be added in August as well. "It i

Aug. 12, 2021

Delivery workers will take a break from Aug. 14-16.

Parcel deliveries will not be made from Saturday to next Monday to give delivery workers a break, following calls last year to improve the working conditions of delivery workers. According to industry officials Thursday, four major logistics companies – CJ Logistics, Lotte Logistics, Hanjin Transportation and Logen -- agreed to have Saturday, Aug. 14, as a “no parcel day,” allowing delivery workers a three-day holiday until next Monday. Monday has been designated as a subs

Aug. 12, 2021

S. Korea, Turkey sign first currency swap

South Korea and Turkey have signed their first currency swap agreement, in a move to boost trade between the two nations, the Bank of Korea (BOK) said Thursday. The three-year agreement, signed by the BOK and the Central Bank of the Republic of Turkey, allows for the exchange of local currencies between the two countries of 2.3 trillion won ($2 billion), the BOK said in a statement. "This agreement is designed to promote bilateral trade through a swap-financed trade settlement facility an

Aug. 12, 2021

GM, LG to win Van Fleet Award for battery partnership

General Motors Co. and South Korean company LG Corp. will receive the 2021 Van Fleet Award for their contribution to strengthening ties between South Korea and the United States, a non-profit business organization said Thursday. The Korea Society, a nonprofit organization established to promote Korea-US relations, has annually given the Van Fleet Award since 1992 to individuals and organizations that helped strengthen the bilateral ties. The organization said it will deliver the award to the c

Aug. 12, 2021

S. Korea to speed up FTA talks with Mercosur

South Korea said Thursday it seeks to speed up its free trade negotiation with a group of South American countries, as the country aims to further expand its export portfolio. South Korea launched its negotiations with Mercosur -- Brazil, Argentina, Paraguay and Uruguay -- in 2018. The four countries make up around 70 percent of the population in South America and 68 percent of the region's economy. The seventh round of negotiations is slated to be held later this month. "The trade agree

Aug. 12, 2021

ICT exports reach fresh high in July

South Korea's exports of information and communication technology (ICT) products hit a record high in July, data showed Wednesday, rising for the 14th consecutive month thanks to global demand for chips and displays. Outbound shipments of ICT products stood at $19.5 billion last month, up 30.2 percent from a year earlier, according to the data from the Ministry of Science and ICT. The figure marks a fresh high for July after reaching $18.5 billion in 2018. Imports reached $11.32 billion last mon

Aug. 12, 2021

[SPECIAL] Dreaming of equal educational opportunity, local blockchain firm AMAXG launches virtual class platform on metaverse

South Korean Blockchain research company AMAXG has launched “BIZA-Metaversity,” a metaverse-based AI education platform, to tap into the fast growing virtual technology sector worldwide. 　 The metaverse refers to virtual worlds shared by people online. Users interact through digital avatars in the virtual environment while carrying out real life activities. AMAXG plans to gather education institutions in the BIZA-Metaversity and provide an all-in-one education service across borde

Aug. 12, 2021

[SPECIAL] Korean IT solutions provider 3K Group aims to lead in blockchain security, data

South Korean IT solutions and services provider 3K Group has opened a research center to further its research and business in AI, big data and blockchain. According to the company, the “3K AI Center,” a four story building located in Jamsil, southeastern Seoul, will play a key role in leading the company’s research and development. “The AI center is a stepping stone for enhancing efficiency in R&D between the group’s subsidiaries and their partners, and acce

Aug. 12, 2021

Samsung Electro-Mechanics develops 2 MLCCs for self-driving vehicles

Samsung Electro-Mechanics, a component supplier of Samsung Electronics, said Thursday it has developed two key multi-layer ceramic capacitors for autonomous driving systems. One is the smaller than any MLCCs currently available for advanced driver assist systems, or ADAS, measuring 0.6 millimeters in length and 0.3 mm across, the firm said. The other boasts storage of 47 microfarads. The company expects the new products to be widely used for self-driving cars in the foreseeable future. T

Aug. 12, 2021

Samsung, SK hynix stocks plunge amid concerns of memory demand slowdown

Shares in Samsung Electronics Co. and SK hynix Inc. -- South Korea's two largest chipmakers -- plunged amid concerns of a slowdown in memory demand, analysts said Thursday. As of 10:30 a.m., Samsung was trading at 77,600 won ($67) after a 1.15 percent decline, while SK hynix slipped 3.79 percent to 101,500 won. On Wednesday, Samsung shed 2.1 percent to close at 78,500 won, moving under the 80,000 mark for the first time since Aug. 2. SK hynix finished at 105,500 won after losing 6.2 percent, i

Aug. 12, 2021

Korean Air to resume flights to Hawaii in Nov.

Korean Air Lines Co., South Korea's biggest carrier by sales, said Thursday it plans to resume flights to Hawaii in November, in line with South Korea's aim to achieve herd immunity against COVID-19. Korean Air plans to operate three flights a week on the route from Incheon to Hawaii starting in November and expand the number of flights to five in December depending on the pandemic conditions, a company spokeswoman said over the phone. The national flag carrier made the decision as it expects

Aug. 12, 2021

Samsung Fire & Marine Insurance Q2 net gains 16%

Samsung Fire & Marine Insurance Co. said Thursday its earnings rose more than 16 percent in the second quarter of the year from a year earlier. Net income came to 312.6 billion won ($270 million) in the April-June period, up 16.1 percent from a year earlier, the leading non-life insurer said in a regulatory filing. Operating income stood at 452.3 billion won in the three-month period, up 16.6 percent from a year earlier. In the first half of the year, the company's net profit soared nearl

Aug. 12, 2021

Seoul stocks open nearly flat on US tapering jitters

South Korean stocks opened nearly flat Thursday amid concerns about an early tapering in the United States and the resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.34 points, or 0.04 percent, to 3,221.96 points in the first 15 minutes of trading. Stocks got off to a choppy start as investors took a wait-and-see mode against uncertainties about whether the estimate-beating consumer prices in July would hasten the timeline for the US Federal Res

Aug. 12, 2021

E-commerce giant Coupang hemorrhages in Q2 despite record sales

South Korean e-commerce giant Coupang Inc. said Thursday its sales hit a new high in the second quarter of the year, but it posted big losses due largely to a one-off cost. Sales stood at $4.48 billion in the April-June period, up 71 percent from a year earlier, the New York-listed e-commerce behemoth said in a regulatory filing. It marks the first time that Coupang's quarterly top line has exceeded the 5 trillion-won ($4.33 billion) mark. Coupang's sales have been jumping 50 percent on-year f

Aug. 12, 2021

Online food market soars 45% in H1 amid pandemic

South Korea's online food market jumped more than 45 percent in the first half of the year from a year earlier due to the fallout from the coronavirus pandemic, data showed Thursday. The value of online food transactions in Asia's fourth-largest economy stood at 27.8 trillion won ($24 billion) in the January-June period, up 45.4 percent from a year earlier, according to the data from Statistics Korea and industry sources. It was the largest half-year tally that breached the previous record of

Aug. 12, 2021

Samsung’s new foldables more practical, but lack ‘wow’

Samsung Electronics is making a big bet on the fate of its smartphone business by replenishing its flagship lineup for the remaining 2021 with cheaper, more durable foldable smartphones. The Korean tech giant presented the Galaxy Z Fold3 and Galaxy Z Flip3, two models of the Galaxy Watch4 and the wireless ear buds Galaxy Buds2, in a Galaxy Unpacked show that was live-streamed from Seoul at 11 p.m. Wednesday. The third-generation models of the inwardly folding Z Fold and clamshell-type Z Fl

Aug. 11, 2021