Shinhan Financial Group reclaimed the top position among financial firms in Korea by posting net profit outpacing other players last year. According to Shinhan's earnings report released Wednesday, its net profit marked 4.64 trillion won ($3.68 billion) in 2022, surpassing its cross-town rival KB Financial Group’s net profit by more than 200 billion won. Since KB’s net profit outperformed Shinhan for the first time in 2017, the two top-tier banking groups have been running a nec

World’s No. 1 memory chipmaker seemingly takes cautious approach to reduce impact on market sentiment, keeps strategies under wraps

Kim Jong-hoon, chairman of the board of directors at South Korea’s largest energy company SK Innovation, asserted that the company will continue to set a global example on governance structure. In an interview Wednesday with the firm’s official news channel SKinno News, Kim cited the independence and expertise of the board of directors as key to innovating the company’s corporate business structure. “The cultivation of our company value and environmental, social, and gove

South Korean oil refinery company S-Oil announced on Wednesday that it has donated 1 billion won ($793,000) to the Korea National Council on Social Welfare to help vulnerable households affected by the recent spike in winter heating bills. The donation will be used to provide heating cost relief for welfare facilities and households that are in need of energy support as determined by social welfare institutions across the country. Beneficiaries may include grandparents who raise their grandchild

South Korea’s largest shipbuilding conglomerate HD Hyundai said Wednesday it will send 10 medium-sized excavators for reconstruction work to Turkey, which was severely damaged by a strong earthquake that hit southern Turkey and northern Syria on Monday. This is part of the aid given by Korean businesses, as the Korean government dispatched rescue workers on Tuesday with its plan to provide $5 million in emergency humanitarian aid, including medical supplies, to Turkey. “We hope that

Doosan Group announced Wednesday that it will provide about $1 million of Doosan Bobcat construction equipment to help with rescue and recovery work in Turkey, where a devastating earthquake struck Monday. The South Korean conglomerate plans to deliver the equipment through local dealers of Doosan Bobcat, a construction equipment maker, so that it can be used to save lives and restore infrastructure in earthquake-hit regions. Skid-steer loaders and excavators will be used to remove and move debr

Lack of technological infrastructure remains hurdle for Apple Pay's expansion in Korea

CEO visits the US, Europe to meet business partners, set business strategies

South Korea on Tuesday attended a meeting of the United States-led Minerals Security Partnership meeting and discussed ways to boost cooperation on supply chains of major minerals with resource-rich African nations, the industry ministry said. The meeting of the partnership was held in Cape Town on the day, involving 12 member nations, including Australia, Canada and France, as well as South Africa, Tanzania and Congo, according to the Ministry of Trade, Industry and Energy. Launched in June 20

Doosan Enerbility, a leading manufacturer of energy solutions in Korea, announced Tuesday that it has signed a framework agreement with Siemens Gamesa Renewable Energy, a multinational provider of wind power solutions, for a strategic partnership in the Korean offshore wind market. Siemens Gamesa’s offshore business CEO Marc Becker and Doosan Enerbility’s Power Services Business Group CEO Park Hong-ook participated in the signing ceremony held in Hamburg, Germany. The two companies p

K-pop girl band NewJeans members pose for a photo during a fan event celebrating the launch of the NewJeans limited edition of the Gram Style, the latest addition to LG Electronics’ premium laptop lineup Gram.

South Korean aircraft engine producer Hanwha Aerospace announced Tuesday that it has recently signed a memorandum of understanding with ROMARM, Romania’s state-run defense company, to join the European country's military modernization and performance enhancement projects. Hanwha said it aims to further expand its presence in Europe where it is securing a footing by exporting K9 self-propelled howitzers to nine countries in the region, including a deal worth 3.2 trillion won ($2.55 bil

Kakao Pay Corp., the online payment unit of South Korean tech giant Kakao Corp., said Tuesday it swung to the black last year thanks to increased financial income. Kakao Pay logged a net profit of 27.5 billion won ($22 million) on a consolidated basis in 2022, turning from a loss of 33.9 billion won a year earlier, according to its regulatory filing. Revenue rose 13.7 percent on-year to 521.7 billion won from 458.6 billion won, while its operating loss expanded to 45.5 billion won from 27.2 bill

Lee Bok-hyun, chief of the Financial Supervisory Service, pledged to help local finance companies beef up their presence in the overseas market on Monday. The country's financial watchdog will first hold talks with counterparts in Southeast Asia, which are considered the major market for domestic financial firms. “I understand that there are demands from local banks and securities firms, asking the FSS to communicate with foreign financial watchdogs in markets that they have entered,&

Kim Jun, CEO of South Korea’s largest energy company SK Innovation, reaffirmed the company’s commitment to go net zero with more detailed action plans to be implemented across the firm. In a recent interview with the firm’s official news channel SKinno News, Kim revealed that this will be the first year to begin implementation of its greenhouse gas emission reduction plan called “All Time Net Zero.” The All Time Net Zero vision was announced last year during the 60t