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Korea posts worst Q1 growth among major economies
South Korea’s economy was the worst-performing among 19 major countries with available data, held back by its demographic challenges, according to data released Sunday by the Bank of Korea. Data from the central bank’s Economic Statistics System, based on figures from the OECD, showed that the country’s real gross domestic product — a key indicator of economic growth — contracted by 0.246 percent in the January-March period. This 0.246 percent contraction was the poorest economic performance amo
May 11, 2025 -
Woori Financial pledges W2tr to boost aerospace industry
Woori Financial Group has signed a multilateral memorandum of understanding with Korea Aerospace Industries, the Korea Aerospace Industries Association and Korea Technology Finance Corporation to support the development of the nation’s aerospace sector. The agreement, signed May 9, aims to establish a cooperative framework to foster technological independence and strengthen global competitiveness in aerospace, recognized as a strategic future industry for Korea. As part of the initiative, Woori
May 11, 2025 -
CU makes convenience global with new visa service
As convenience chains work to redefine their role as lifestyle hubs here, CU is pushing ahead with services aimed squarely at the country’s expanding population of foreign nationals. Among the most recent additions is CU’s in-store visa support service, launched this month, which links customers with local visa service provider K-Visa. CU is the first convenience store chain in the country to offer such a service. Foreign customers can access the service by scanning a QR code, which connects the
May 11, 2025 -
SK Telecom debuts USIM reset tech without chip swap
Korea’s top mobile carrier SK Telecom said Sunday it is introducing the new USIM reset solution that allows users to update specific USIM authentication data without physically replacing the chip. The technology alters part of the user identification and authentication information stored on the chip, leaving other user-saved data, such as mobile contact lists, prepaid transportation cards like T-money and mobile certificates, untouched. Unlike traditional USIM swaps, it eliminates the need to re
May 11, 2025 -
US top trade negotiator Greer to visit South Korea this week
The US Trump administration's top trade negotiator, Jamieson Greer, is set to visit South Korea this week for the first time since taking office, raising expectations of progress as tariff talks between the two countries are underway. Greer, the US Trade Representative, is scheduled to arrive here on Thursday for a two-day visit to attend the Asia-Pacific Economic Cooperation trade ministers meeting to be held on the southern Jeju Island, according to government officials on Sunday. During his v
May 11, 2025 -
S. Korea to decide by August on Google's potential transfer of high-precision map data
The South Korean government will decide by August whether to allow Google to transfer the country's high-precision map data overseas amid heated debates over national security, digital sovereignty and other trade issues, officials said Sunday. In February, the US tech giant submitted an application to the state-run National Geographic Information Institute, seeking approval for the transfer of 1:5,000-scale high-precision map data to its data centers abroad. The review panel must notify Google o
May 11, 2025 -
Coupang targets expat shoppers with English app service
South Korean e-commerce giant Coupang has rolled out a beta version of its English-language interface on its mobile app, in a bid to improve accessibility for the growing population of residents here who have difficulty using the app in Korean. According to the company on Sunday, the English service enables users to browse and search for products, review detailed descriptions and complete purchases, all in English. The company explained that a dedicated translation team reviews and refines the E
May 11, 2025 -
LS to build power grid for Bhutan smart city project
Korea's infrastructure and energy conglomerate LS Group announced Friday that it will take part in building the power grid for a planned city in Bhutan by forming a joint venture with the country’s state-run city development agency. LS Group signed an agreement in Seoul earlier in the day with Bhutan’s Gelephu Investment and Development Corporation to establish the joint venture LS GIDS Pte. Ltd. The joint venture will provide essential infrastructure components — such as transformers, energy st
May 11, 2025 -
Korean Air to acquire 10 pct stake in Canada's WestJet to boost N. American operations
Korean Air Lines Co., South Korea's leading air carrier, said Friday it will acquire a 10 percent stake in WestJet, Canada's second-largest airline, in a bid to strengthen its presence in the North American market. The South Korean airline's board approved the $220 million deal earlier in the day, the company said in a press release. Delta Air Lines, Korean Air's joint venture partner in the United States, will also purchase a 15 percent stake in WestJet for $330 million. Founded in 1994, WestJe
May 9, 2025 -
PEF-backed Lotte Insurance faces regulatory heat over bond redemption
Lotte Insurance, backed by private equity firm JKL Partners, is under intensified regulatory scrutiny after South Korea’s financial watchdog blocked its attempt to redeem 90 billion won ($64.2 million) in subordinated bonds ahead of maturity. Financial Supervisory Service Governor Lee Bok-hyun on Thursday issued a sharp rebuke, saying he was “gravely concerned” about the company’s push to exercise the call option despite falling short of financial stability requirements. “The company’s K-ICS ris
May 9, 2025 -
Celltrion logs strongest Q1 sales
South Korean biopharmaceutical firm Celltrion reported record first-quarter revenue and a sharp jump in profit, as robust global demand for its next-generation biosimilars improved margins. Operating profit soared a whopping 870 percent from a year earlier to 149.4 billion won ($107 million) in the January-March period, while consolidated revenue rose 14.2 percent to 841.9 billion won, the South Korean biopharmaceutical firm said Friday. The earnings boost was attributed to the end of amortizati
May 9, 2025 -
SK On increases global EV battery market share as Korean rivals slip
SK On emerged during the first quarter as the sole South Korean battery maker to increase its market share in the global EV battery market outside China, defying headwinds from fast-growing Chinese rivals. The company captured 10.6 percent of the global market between January and March, up from 9.9 percent a year earlier, overtaking Samsung SDI to become the world’s No. 3 EV battery supplier, according to a report Friday from SNE Research. Battery usage in newly registered EVs reached 10.4 gigaw
May 9, 2025 -
KT&G resumes heated tobacco device supply after relocation to Malaysia
KT&G has normalized the supply of its next-generation heated tobacco device, lil Hybrid 3.0, following the relocation of its production base from Vietnam to Malaysia earlier this month. KT&G supplier Elentec had produced the lil Hybrid 3.0 at its Hanoi plant, but operations stopped in December due to sudden regulatory changes. The disruption forced KT&G to temporarily halt domestic sales of the device in February. By expediting the relocation process, the company has managed to restore stable di
May 9, 2025 -
Seoul shares snap 3-day rise on profit hunting
South Korean stocks fell slightly to end a three-session winning streak Friday as investors hunted for profits by dumping battery and bank shares despite eased tariff woes on a US-Britain trade deal. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.21 points, or 0.09 percent, to close at 2,577.27. The index had risen for three consecutive sessions since Friday. The local financial market was closed Monday and Tuesday for the Children's Day and
May 9, 2025 -
Hyundai gears up for Russian comeback as Chinese rivals stall on production
Hyundai Motor Group could seize an opportunity to return to the Russian market as Moscow looks to curb auto imports and Chinese automakers hesitate to set up local production sites, according to a report from the Korea Automotive Technology Institute released Friday. The Russian government has been increasing its recycling fee, essentially a tariff on auto imports, since October last year, and the KATECH report noted that these hiked levies would have the biggest impact on Chinese automakers. Ac
May 9, 2025