National, household debt surpasses 3,000 tr won amid lower state revenue

The combined debt of the government and households in South Korea has surpassed 3,000 trillion won ($2.26 trillion) for the first time, driven by lower tax revenue, increased bond issuance and aggressive borrowing from households for real estate investments, government data showed Sunday. According to data from the finance ministry and the central bank, the country's combined national debt and household debt reached a record 3,042 trillion won as of the end of the second quarter. This amoun

Aug. 25, 2024

Seoul shares snap 3-day rise ahead of Fed chief's speech

South Korean stocks ended slightly lower Friday, snapping three consecutive sessions of gains, as investors sat on the sidelines ahead of Federal Reserve Chair Jerome Powell speech later in the day. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Indexfell 5.98 points, or 0.22 percent, to close at 2,701.69. Trade volume was moderate at 324 million shares worth 8.1 trillion won ($6.05 billion), with gainers outnumbering losers 429 to 428. Foreigners sold a

Aug. 23, 2024

Korea's private consumption to pick up after H2: BOK

South Korea’s domestic consumption is expected to recover gradually after the latter half of this year, but an aging population and sluggish self-employed businesses could dampen the rebound hope, the country’s central bank said Friday. The Bank of Korea said that the recovery of private consumption remains delayed as the debt repayment burden has risen due to high prices and interest rates in a report analyzing the current economic situation. It said deferral in corporate performa

Aug. 23, 2024

[Photo News] Art meets high-tech at Samsung’s TV exhibition

Samsung Electronics kicked off an exhibition Friday that features a 10-meter art wall displaying contemporary works of art on its QLED TVs. "Bazaar Exhibition: Under/Stand with Samsung The Frame" is a collaborative event the tech giant is hosting in partnership with the fashion magazine Harper’s Bazaar. The show will run at Process Itaewon in Seoul through Sep. 14. The exhibition suggests new ways of enjoying artwork through The Frame, Samsung's lifestyle series mid-range QL

Aug. 23, 2024

Hanwha Aerospace opens 1st overseas plant in Australia

Hanwha Aerospace announced Friday that it has completed the construction of the Hanwha Armored Vehicle Centre of Excellence, or H-ACE in Geelong, Australia, signifying the first overseas production foothold for a Korean defense company. “This facility represents Hanwha's commitment to Geelong, Victoria and Australia, demonstrating that the company is focused on the future of programs in this region, including howitzers, vehicles and other technological advancements beyond our current

Aug. 23, 2024

Hanwha heir makes W54.4b tender offer for Galleria shares

Kim Dong-sun, the youngest heir of Hanwha Group and vice president of Hanwha Galleria, has initiated a public tender offer to increase his control over the retail subsidiary. According to a regulatory filing released Friday, Kim has offered to purchase 34 million shares, representing 17.54 percent of Hanwha Galleria, from Aug. 25 to Sept. 11. The offer price is set at 1,600 won ($1.19) per share, a 23 percent premium over the previous day's closing price of 1,303 won. The filing noted that

Aug. 23, 2024

Sung Kim to receive US diplomatic award

Sung Kim, a former United States ambassador to South Korea and currently an adviser for Hyundai Motor Group, has been chosen as this year’s recipient of the National Committee on American Foreign Policy’s George F. Kennan Award for Distinguished Public Service, the Korean auto conglomerate said Friday. The NCAFP, which was established in 1974 as a think tank for supporting the US government’s diplomatic and foreign policies, underscored that Kim has built an outstanding diploma

Aug. 23, 2024

Seoul shares open lower ahead of Fed chief's speech

South Korean stocks opened lower Friday after three consecutive sessions of gains as investors cashed in profits ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. The benchmark Korea Composite Stock Price Index fell 10.91 points, or 0.4 percent, to 2,696.76 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.43 percent lower, with the S&P 500 falling 0.89 percent. The tech-heavy Nasdaq composite decreased 1.67 perce

Aug. 23, 2024

Seomjae applies for patents for AI-based learning system

Seomjae, a Seoul-based education solutions developer, announced Thursday that the company applied for three patents for its AI-based learning system earlier this month. One of the patents is an AI technology that automatically analyzes and summarizes online lectures and captures lecturers’ characteristics using a neural network system. The technology can offer personalized data to its users by systematically summarizing lecture content and carrying out an in-depth analysis of the lecturers

Aug. 22, 2024

Korea unveils trade roadmap to tackle protectionism in mega election year

South Korea has set a goal to secure the most extensive free trade agreement network and to establish a risk management system to handle growing geopolitical uncertainties in a "super election" year, the Industry Ministry said Thursday while announcing the country's new trade policy roadmap. In a ministerial meeting on economic affairs, Prime Minister Han Duck-soo and other ministers reviewed the Yoon Suk Yeol administration's trade achievements of the past two years and intr

Aug. 22, 2024

Seoul shares up for 3rd day as investors weigh BOK's rate freeze, Fed chief's speech

South Korean stocks ended slightly higher on Thursday, extending their winning streak to a third day as investors await more clues over the US rate policy direction amid the Bank of Korea's rate freeze. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 6.54 points, or 0.24 percent, to close at 2,707.67. Trade volume was moderate at 434 million shares worth 8.83 trillion won ($6.61 billion), with losers outnumbering gainers 597 to 283. For

Aug. 22, 2024

Samsung to widen gap with Chinese rivals with AI TVs

Samsung Electronics said it is confident in maintaining its No. 1 position in the global TV market by widening the gap with Chinese rivals with its advanced artificial intelligence technology. “We believe that AI TVs will be a unique differentiator that other companies do not offer, as it is not just a TV but a platform that can connect various devices customers own,” Yong Seok-woo, president and head of visual display business at Samsung Electronics, said during a press conference i

Aug. 22, 2024

SK chief embraces AI for future growth at Icheon Forum

SK Group Chairman Chey Tae-won stressed the importance of adapting business strategies to the evolving AI ecosystem at the closing session of Icheon Forum 2024, SK Group's annual strategy meeting of top executives, which ended Wednesday. "Artificial intelligence presents us with numerous opportunities," Chey said. "Leveraging this trend effectively and embracing change swiftly will be crucial for thriving in the AI ecosystem." The chairman emphasized that while adapting

Aug. 22, 2024

BOK keeps rate at 3.5%, cuts growth projection to 2.4%

The Bank of Korea kept the base rate steady at 3.5 percent Thursday while slashing the projection for economic growth by 0.1 percentage point to 2.4 percent due to slow domestic demand. All members of the monetary policy board agreed on the rate freeze. Of the six members, excluding BOK Gov. Rhee Chang-yong, four suggested leaving room for a rate cut within the next three months, according to Rhee. With the rate decision, the BOK has kept the rate steady for the 13th straight time since it raise

Aug. 22, 2024

SK chief, partner ordered to pay W2b to estranged wife

A Seoul court on Thursday ordered SK Group Chairman Chey Tae-won and his live-in partner to pay 2 billion won ($1.50 million) in alimony to his estranged wife and the director of Art Center Nabi, Roh Soh-yeong. The Seoul Family Court ordered in a lawsuit seeking damage, filed by Roh against Chey’s partner Kim Hee-young, who is serving as the chair of T&C Foundation, that the defendant should jointly pay 2 billion won to the plaintiff along with the SK chief. “Based on the submitt

Aug. 22, 2024

Hana empowers aspiring women leaders

Hana Financial Group is spearheading female empowerment with its program designed to unlock the potential of women's talents and to nurture them as leaders shaping the future of the group. The financial conglomerate, with subsidiaries of a retail bank, credit card and insurance firms, among others, under its wing, said it launched the fourth edition of Hana Waves, an annual in-house program that has nurtured 98 future female leaders since its establishment in 2021. Hana Waves -- Women

Aug. 22, 2024

Coway outpaces rivals in filter technology

Korean home appliance-maker Coway has retained its No. 1 position in the nation’s water purifier market for almost three decades with its unrivaled filter technology. “Since the very beginning of our water purifier business, we have put intensive effort into enhancing the quality of water filters, one of the key components. Unlike most competitors, we can produce the products' main water filters on our own,” said a company official. With constant efforts to enhance the qua

Aug. 22, 2024

[Test Drive] Casper Electric: a small, yet full package

The Casper Electric, Hyundai Motor’s newest all-electric sub-compact sport utility vehicle, might look unassuming but it wins consumers' hearts with a big surprise inside. The Korea Herald got to check out the EV model of the Casper, known as the Inster in overseas markets, in a test drive in Seoul and Gyeonggi Province on Wednesday. The first impression of the EV was the distinguished adorableness featuring harmless-looking circular headlights with pixel-style eyebrows on the front s

Aug. 22, 2024

Porsche unveils K-edition Taycan in Seoul

Porsche Korea launched the new Taycan on Thursday, the brand’s upgraded all-electric sports sedan, as the German sports car-maker aims to keep building on the success of the EV here. “Since (the Taycan’s) launch in 2020, the demand for (our) first fully electric sports car has exceeded our expectations,” said Holger Gerrmann, CEO of Porsche Korea, during the launch ceremony at Grand Hyatt Seoul. “Last year, the Taycan accounted for a 16 percent share of sales as the

Aug. 22, 2024

Hyundai Motor previews new tech to beat heat waves

Amid one of South Korea’s hottest summers on record, Hyundai Motor Group hosted the Heat Tech Day event on Thursday in Seoul to preview three advanced climate control technologies to improve passenger comfort in both scorching summers and harsh winters. The three technologies introduced at the event include a nano-cooling film that significantly lowers cabin temperatures during the summer, a radiant heating system that quickly warms passengers in winter and a metal-coated heated glass that

Aug. 22, 2024