Kakao Bank to halve international wire fees

Kakao Bank, an internet-only bank, launched promotional events on Wednesday for overseas remittance service users, as it recently hit over a cumulative 3 million international wire transfers. Both new and existing customers sending money internationally will automatically receive a 50 percent discount on transfer costs, with no limits on frequency, transfer amount and recipient countries. The event will run until Dec. 20. The current fee, in the range of 5,000 ($3.86) to 10,000 won, will be halv

IndustryNov. 22, 2023

Seoul shares open lower on Fed minutes, Nvidia results

Seoul shares opened lower Wednesday as the Federal Reserve still warned against high inflation and US AI chip leader Nvidia released lower-than-expected earnings results. The benchmark Korea Composite Stock Price Index fell 13.92 points, or 0.6 percent, to 2,496.50 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 35,088.29, and the tech-heavy NASDAQ shed 0.6 percent to 14,199.98. There have been expectations that the Fed is at the end of its hik

MarketNov. 22, 2023

S-Tec System, Vietnam’s Military Bank partner on security services

S-Tec System, a South Korean security services provider, announced Monday that it has signed a memorandum of understanding with Vietnam's Military Commercial Joint Stock Bank. The company aims to capitalize on the Vietnamese bank's network, which includes over 300 branches and 1,000 unattended locations throughout Vietnam. The agreement was signed Friday at S-Tec's headquarters in Seoul, with S-Tec System CEO Lee Byung-hwa and Chairman Luu Trung Thai of the Military Bank in attend

EconomyNov. 21, 2023

KB’s new chief starts term by vowing to give back to society

Yang Jong-hee, the new chairman of KB Financial Group, South Korea's largest financial giant, commenced his official term on Tuesday, putting renewed emphasis on “giving back to society.” "I deeply feel the weight of responsibility that comes with the role of finance," Yang said during his inaugural ceremony held at the group's headquarters in Seoul earlier in the day. "There is a saying that ‘if we want to go far, we go together.’ Without the gro

IndustryNov. 21, 2023

Daewoo E&C chief cements ties with Nigerian leaders

South Korean builder Daewoo Engineering & Construction said Tuesday that Chairman Jung Won-ju has recently concluded a weeklong business trip to Nigeria, in his ongoing push for business expansion abroad. While Korea's local construction market is facing uncertainty, Jung headed to Africa to fulfill his role as a “salesman” representing Daewoo E&C, the builder said. “The chairman’s visit to Nigeria, where diverse planned city projects are actively carried out

IndustryNov. 21, 2023

[Herald Interview] Food trade chief confident of winning official recognition of Kimchi Day in US

The declaration of "Kimchi Day" is not only necessary to raise awareness about the Korean staple food globally, but also to protect it in a decadeslong cultural feud over its origin, according to Kim Choon-jin, CEO of Korea Agro-Fisheries and Food Trade Corp. Kim is a three-term lawmaker who entered South Korea's political scene after having been the dentist of former President Kim Dae-jung. He was appointed as CEO of the state-run food trade agency, known as aT for short, in 2021

IndustryNov. 21, 2023

Seoul shares end up on tech gains ahead of Nvidia results

Seoul shares closed higher Tuesday on tech gains, with investors awaiting earnings results from AI chip leader Nvidia and other US tech firms this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 19.22 points, or 0.8 percent, to close at 2,510.42. Trade volume was moderate at 340.42 million shares worth 7.6 trillion won ($5.9 billion), with gainers outnumbering losers 598 to 271. Overnight, the Dow Jones Industrial Average increased 0.6 perc

MarketNov. 21, 2023

Meritz carries out reshuffle for group synergy

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year. Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overal

IndustryNov. 21, 2023

Hyundai opens innovation center in Singapore

Hyundai Motor Group on Tuesday opened the Hyundai Motor Group Innovation Center Singapore, which aims to transform the traditional auto manufacturing process and move closer to future mobility through automating vehicle production. “Singapore and Hyundai Motor Group have common innovative DNA to move into a better future,” said Hyundai Motor Group Executive Chair Chung Euisun. “Based on this, Hyundai Motor Group is looking to achieve innovation through human-centered technology

MobilityNov. 21, 2023

[From the Scene] Hyundai Motor looks into future of auto production in Singapore

SINGAPORE -- When asked to picture an auto-manufacturing plant, one would easily think of multiple assembly lines filled with engineers and vehicle parts being transported to their next destinations. Hyundai Motor Group Innovation Center Singapore, or HMGICS, is anything but that. Built to illustrate the future of vehicle production, the complex resembles more of a high-tech lab, filled with roaming autonomous robots, a massive smart farming system and a dizzying number of digital screens. Hyund

MobilityNov. 21, 2023

Samsung retains No. 1 spot in TV sales; LG tops OLED market

Samsung Electronics topped the global TV market with a share of nearly 30 percent in total revenue in the July-September period, as runner-up LG Electronics took the lead in the global organic light emitting diodes TV market, data showed Tuesday. According to data by Omdia, a market tracker, Samsung’s share in the total revenue in the third quarter was 29.9 percent, up by 2.4 percentage points on-year. The tech giant also maintained the top rank in the number of units sold, accounting for

IndustryNov. 21, 2023

Hyundai Steel starts new campaign promoting recycled steel

South Korean steelmaker Hyundai Steel has launched a new environmental campaign with the slogan, "A future drawn by steel," as part of its commitment to ESG management, the company said Tuesday. The campaign slogan plays on the meaning of the word "green," which is pronounced '"geurin" in Korean. In Korean, "geurin" means "drawn." This initiative seeks to raise public awareness about the sustainability of steel, emphasizing its role in resou

IndustryNov. 21, 2023

LG Chem boosts diverse ESG campaigns

South Korea’s largest chemical firm LG Chemical is ramping up efforts in social contribution projects as part of its ongoing environment, social, and corporate governance campaign. In August 2020, LG Chem declared its new ESG vision called Green Connector, unveiling its commitment to four key areas: education, ecosystems, economy and energy. To pursue this vision, LG Chem launched its flagship online education program Like Green later that year to educate elementary and middle school stude

IndustryNov. 21, 2023

S. Korea's exports of kimchi up 10% through Oct.

South Korea's exports of kimchi advanced 10 percent on-year through October this year, data showed Tuesday, with the amount widely anticipated to hit a record level for all of 2023. Outbound shipments of kimchi came to $130 million over the January-October period, rising from $118.6 million tallied a year earlier, according to the data compiled by the Korea Customs Service. Kimchi is a traditional Korean side dish typically made from fermented cabbage, salt and hot peppers, and is consumed

EconomyNov. 21, 2023

Exports gain 2.2% from Nov. 1-20 on upbeat chip, auto sales

South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva

EconomyNov. 21, 2023

S. Korea maintaining stable LNG supply amid Israel-Hamas conflict

South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in

EconomyNov. 21, 2023

Seoul shares open higher ahead of Nvidia results

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors await earnings results from AI chip leader Nvidia and other US tech firms. The benchmark Korea Composite Stock Price Index rose 19.92 points, or 0.8 percent, to 2,511.12 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53. Nvidia is set to release quarterly results on Tuesday on the back of str

MarketNov. 21, 2023

[Herald Interview] ‘Battery expansion to prompt strong cobalt, lithium trading’

Korea is likely to see more activity in the metal derivative market amid the growth of battery metals trading, said a CME Group executive in charge of handling the firm’s global metals business. Jin Hennig, managing director and global head of metal products at CME Group, a leading financial derivatives exchange, said Korea can play a critical role in both metal trading and transactions as the overall market is growing at a fast pace. CME Group, as a derivative marketplace, offers futures

MarketNov. 21, 2023

Fire breaks out at SK On's plant during pilot run in China

A fire broke out at SK On's electric vehicle battery factory during a test run in China, but no fatalities were reported, the company said Monday. The blaze occurred at 2.50 p.m. (Chinese time) at the facility in Yancheng, eastern China, the company said in a statement. "No casualties have been reported, and we are investigating the cause of the fire and property damage," the company said. SK On is the battery-making arm of South Korea's leading energy firm, SK Innovation Co.

IndustryNov. 20, 2023

Toss joins race for key payment gateway for tourists

In a bid to cater to more Korean tourists traveling abroad, major mobile payment providers are expanding their services to overseas destinations, with Toss being the latest addition to this trend. On Monday, Viva Republica, the operator of Korean fintech unicorn Toss, announced that its QR-based offline payment service is now available at Alipay+ merchants in 40 more countries for Korean tourists, in addition to China and Malaysia. This development closely follows Naver Pay's announcement o

IndustryNov. 20, 2023