Posco, South Korea's top steelmaker, said Tuesday it has raised $2 billion by selling debts overseas, its largest-ever overseas debt sale. The three-tranche debt comprises three-year bonds worth $700 million, five-year bonds worth $1 billion and 10-year debts valued at $300 million, according to the steelmaker. Posco's bond sale marks the first time a South Korean firm has sold dollar-denominat...

Merck Electronics CEO calls going local key to success in Korea

KB Financial Group Chairman Yoon Jong-kyoo on Friday asked employees to prepare to endure the coming winter of the financial market with the group’s core competitiveness during a business strategy meeting for the first half of 2023. More than 270 executives from the holding company and its 12 subsidiaries, including KB Kookmin Bank, attended the meeting at the Grand Walkerhill Seoul. “KB must p...

US chipmaker Broadcom has voluntarily come up with corrective measures, including a fund of 20 billion won ($16.1 million), to support the local chip industry amid an ongoing antitrust probe into the company's alleged abuse of power against Korean clients, including Samsung Electronics. On Monday, South Korea's Fair Trade Commission unveiled the measures tentatively agreed upon with Broadcom. In...

SK geo centric, a subsidiary of SK Innovation, signed a licensing contract with British company Plastic Energy to jointly build a plastic waste recycling plant in Ulsan. Under the deal inked at the CES tradeshow in Las Vegas, the factory will have an expected capacity of 66,000 metric tons of end-of-life plastic waste input. The pyrolysis plant will be situated in the Ulsan plastic recycling co...

S-Oil President Ryu Yul attended CES 2023 in Las Vegas where the Korean oil refiner announced its transformation into a future clean energy supplier. In the company's booth installed in the world's largest consumer electronics exhibition, S-Oil introduced venture companies that it has directly invested in search of new business opportunities. “By experiencing new future technologies on the grou...

South Korea's imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier on its growing popularity here, data showed Monday. The value of the country's coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea's ye...

South Korea will set up safety standards and an insurance system for the launch of Level 4 autonomous vehicles in the country by next year, the transport ministry said Sunday. Land, Infrastructure and Transport Minister Won Hee-ryong also said the government will "dramatically" ease regulations involving autonomous cars during his visit on Jan. 7 (local time) to the booth of Motional at this yea...

Top 4 commercial banks offering lump sums to shed some 3,000 workers by end of January

Hana Financial Group said Sunday that Chairman Ham Young-joo took time to look around different booths at the Consumer Electronics Show 2023 in Las Vegas on Thursday. Along with more than 20 young managers from the group’s affiliates, Ham tried out different products at booths of local conglomerates such as SK and LG Electronics, as well as global firms, according to Hana Financial Group. “It i...

Korean companies have achieved a higher level of customer satisfaction despite the lingering impact of the COVID-19 pandemic that placed a prolonged drag on economic activity and daily lives in 2022, according to an annual survey by the Korea Productivity Center. The KPC’s National Customer Satisfaction Index, or NCSI, for 2022 logged 78.4 points, up 0.3 point from 2021 and the highest since the...

South Korean customers were more satisfied with their goods and services in 2022, compared to those in the US, Japan and Singapore, according to the National Consumer Satisfaction Index published annually by the Korea Productivity Center. The index is not only a measure of consumer satisfaction, but an indicator of the economic performance by companies, government agencies, and the macroeconomy ...

CEO remains mum about possible partnership on 'Apple Car' project

CEO renews commitment to elevating ailing market share in China

Sales of red ginseng health supplement brand CheongKwanJang held the largest market share in the global ginseng market for 10 years in a row, Korea Ginseng Corp. said Sunday. According a report published by market research firm Euromonitor International, the global ginseng retail market was valued at about 3.13 trillion won ($2.5 billion) last year. Among them, sales of CheongKwanJang, a brand u...