Trump's executive orders ripple through Korean industries

US President Donald Trump wasted no time on his first day back in the White House, signing a flurry of executive orders on Monday aimed at achieving his vision to “put America first.” The sweeping actions included rescinding nearly 80 Biden-era policies and addressing issues such as immigration, climate change and gender. These orders, while centered on US domestic policy, could also have huge implications for South Korean businesses. What is an executive order? An executive order is a directive

Jan. 22, 2025

FSC chief signals Korea's growing openness to cryptocurrency

Regulator to set up fund under KDB to help companies respond in Trump 2.0 era With US President Donald Trump expected to be a powerful ally to the virtual assets industry, South Korea’s move to institutionalize cryptocurrency could accelerate, the chief of the country’s top financial regulator indicated Wednesday. "Though Trump did not mention virtual assets in his inaugural address, the US is likely to be more proactive (about virtual assets), considering his past pledges,” Financial Services C

Jan. 22, 2025

S-Oil shares tteokguk to celebrate Seollal

Korean oil refiner S-Oil on Wednesday held a donation event where the company shared tteokguk, or rice cake soup, with local residents in need to celebrate the Lunar New Year, Seollal. The event, held at Yeom-li Social Welfare Center in Mapo-gu, western Seoul, was attended by S-Oil CEO Anwar al-Hejazi, along with around 30 employees of the company. The tteokguk, served by the volunteers, is a traditional New Year dish symbolizing a fresh start. This year, the holiday falls on Jan. 29. “S-Oil has

Jan. 22, 2025

Resort operator Sono Hospitality eyes T'way Air takeover

Korea’s leading resort operator, Sono Hospitality Group, has formally begun efforts to acquire management control of the local budget airline T’way Air with the aim of leveraging the aviation sector as a key growth engine. Sono International Co., the holding company of Sono Hospitality Group, announced on Wednesday that it plans to actively participate in T’way Air’s management. Its efforts include demanding operational improvements, seeking access to the shareholder registry and submitting shar

Jan. 22, 2025

Hyundai Mobis unveils advanced in-cabin monitoring system

Hyundai Mobis, a leading Korean automotive parts manufacturer affiliated with Hyundai Motor Group, is set to launch a vehicle safety system that analyzes passengers' bio-signals and provides tailored safety recommendations in a wide range of situations. According to Hyundai Mobis on Wednesday, the company will begin promoting its "In-Cabin Monitoring System" to global automakers. Developed in 2023, the system uses a camera that analyzes the behavior and condition of passengers, along with softwa

Jan. 22, 2025

[Photo News] Expat banking in Gimhae

Shinhan Bank has opened a branch dedicated to serving foreign customers in Gimhae, South Gyeongsang Province. The branch integrates an "operational office," where customers can efficiently handle key financial tasks -- such as account opening, international remittances and document updates -- through in-person consultations, with a "digital lounge" offering video chat consultation services tailored to foreign customers. Prioritizing areas with low financial accessibility for foreigners, Shinhan

Jan. 22, 2025

Instagram starts Teen Accounts in Korea

Parental supervision features strengthened to protect from explicit content Instagram launched Teen Accounts in South Korea on Wednesday, a feature designed to protect teen users from explicit content and inappropriate contact. Since introducing the initiative last September, the social media app rolled out the protective account settings in the US and Australia before expanding to other locations. “(The Teen Account) aims to help keep teens safe on Instagram by limiting unwanted contact, showin

Jan. 22, 2025

Why Trump is courting Korea for Naval shipbuilding efforts

Rise of China’s naval forces may trigger Trump administration to outsource building military ships in Korean shipyards Anticipation for Korean shipbuilders continues to build up as the second Trump administration is actively seeking ways to revamp its naval fleet to countermeasure China’s overwhelmingly dominant shipbuilding sector and formidable maritime forces. After the US president mentioned Korea’s cooperation in the maintenance, repair and overhaul, or MRO, business in a call with now susp

Jan. 22, 2025

[Advertorial] Eximbank to offer W200b loan support for supply chain firms

The Export-Import Bank of Korea, or Eximbank, announced Wednesday it has signed a memorandum of understanding with the Korea Credit Guarantee Fund (Kodit) and the Korea Technology Finance Corporation (Kibo) to launch a financial support program aimed at stabilizing supply chains. The new initiative combines Eximbank’s loans with guarantees from the two institutions to provide financial relief for small and medium-sized enterprises and mid-tier companies involved in supply chain projects. The pro

Jan. 22, 2025

US overnight stockbroker Blue Ocean opens office in Seoul

Blue Ocean ATS, an alternative trading service that bridges the gap between the trading hours in South Korea and the US, has set up an office in Seoul, in light of a system shutdown in August that left local investors in frustration. Blue Ocean Technologies, the operator of the exchange platform, announced Wednesday it has established a new office in Yeouido, western Seoul, known as the financial hub of Seoul. It explained the Seoul office will serve as a key base for Blue Ocean's operations acr

Jan. 22, 2025

Govt. to closely monitor trade environment amid weak export outlook for Jan.

South Korea's industry ministry said Wednesday it will closely monitor the global trade environment amid concerns over growing uncertainties at home and abroad following the launch of the second Donald Trump administration. "In January, exports are expected to slow temporarily due to the global slowdown in demand for information technology products, a decline in chip prices and a reduced number of business days," First Vice Industry Minister Park Sung-taek said. The number of business days in Ja

Jan. 22, 2025

Corporate fines jump 26% in S. Korea last year

Corporate fines imposed by South Korea's antitrust regulator jumped 26 percent in 2024 from a year earlier, with e-commerce giant Coupang Inc. receiving the biggest penalty, a corporate data tracker said Wednesday. The Fair Trade Commission imposed fines totaling 550.15 billion won ($384 million) on local companies last year for unfair market practices, up from 434.98 billion won in 2023, according to CEO Score. Coupang and one of its subsidiaries, Coupang Private Label Brands, topped others wit

Jan. 22, 2025

S. Korea to open natl. AI computing center by 2027

South Korea will work to open a national artificial intelligence computing center by 2027 as part of efforts to strengthen its competitiveness in the fast-evolving technology, the science ministry said Wednesday. The government will create the AI center with a computing capacity of 1 exaflops through a joint investment worth 2.5 trillion won ($1.7 billion) from the public and private sectors, according to the Ministry of Science and ICT. Prior to the official opening of a new AI computing center

Jan. 22, 2025

Fescaro CTO stresses comprehensive approach to vehicle cybersecurity

Addressing hacking threats to vehicle software programs has become increasingly critical as vehicles evolve into "computers on wheels," relying more heavily on chips and software. Lee Hyun-jung, the chief technology officer at mobility software solutions provider Fescaro, emphasizes the need for a comprehensive approach to ensure robust vehicle cybersecurity. Based in Suwon, Gyeonggi Province, Fescaro collaborates with Korean automakers to provide security software that protects vehicles from ha

Jan. 22, 2025

Natl. space agency to invest 806.4 b won in R&D projects this year

The national space agency said Wednesday it will invest a combined 806.4 billion won ($562.5 million) in research and development projects this year as part of efforts to turn South Korea into one of five global leaders in the aerospace sector. The agency's R&D budget for 2025 marks a 43.3 percent increase from that of last year, according to the Korea AeroSpace Administration. In detail, some 187.4 billion won will be funneled into R&D projects by the Korea Aerospace Research Institute and the

Jan. 22, 2025