Ministry urges SKT to stop new signups over data breach

The South Korean government urged the country's leading mobile carrier SK Telecom to suspend new subscriber signups until its hacking-prompted USIM card replacement scheme gets back on track. In an administrative guidance order released Thursday, the Ministry of Science and ICT announced that the measures were drawn up to urge SK Telecom to implement stronger corrective actions in response to the cyberattack, which was detected by the mobile carrier on April 18. The order demands SK Telecom refr

May 1, 2025

What Trump wants from the won

The chronic devaluation of the South Korean won is a subject of interest for both the Korean and US administrations — significant enough to be included in their high-stake trade negotiation. While Seoul and Washington have agreed to craft a trade package to eliminate US tariffs on Korean exports, the discussion will cover four main areas: tariffs and non-tariff barriers, economic security, investment cooperation and exchange rate policy. "The two countries' finance ministries will hold separate

May 1, 2025

LG Chem in talks to sell off water solutions unit at W1tr

LG Chem, a leading chemical company under the South Korean tech conglomerate LG Group, has started talks to sell off its water solutions unit to secure cash flow amid the group’s drive to streamline its businesses. LG Chem has reportedly selected Glenwood Private Equity as a preferred bidder to acquire its water solutions business, which specializes in manufacturing reverse osmosis membranes, owning the world’s second-largest market share in the sector. The RO membranes desalinate seawater, and

April 29, 2025

[Photo News] Promoting financial literacy

Hana Financial Group signed an agreement with the Financial Supervisory Service, North Chungcheong Province and the North Chungcheong Provincial Office of Education to provide financial education in the region. Under the agreement, the financial service provider will offer various support programs, such as online financial education for elementary students and a financial consultation service for youths. It also plans to provide a mentoring program and launch campaigns to prevent financial fraud

April 28, 2025

US tariffs to hurt Korean banks' profitability: Fitch

A surge in US tariffs would pummel South Korean banks, as the slowdown of Asia's fourth-largest economy could take a toll on their profitability and asset quality, according to an executive at a global credit rating agency. While Korea and the US agreed to work toward a comprehensive package deal aimed at removing new US tariffs, Jonathan Cornish, managing director and head of Asia-Pacific Bank Ratings at Fitch Ratings, suggested that local lenders could suffer a blow from higher tariffs. “Overa

April 27, 2025

Thailand spots opportunity in major infrastructure projects

Thailand has strong potential to expand its infrastructure and financial systems, underpinned by a resilient economy, according to speakers at the Ignite Thailand-Korea Business Forum held Tuesday. At the event, Suksit Srichomkwan, deputy secretary-general to the Thai prime minister, promoted the country’s 1 trillion baht ($30 billion) Land Bridge project. It aims to link the Gulf of Thailand with the Andaman Sea through a 90-kilometer highway and railway, offering an alternative to the congeste

April 24, 2025

Ignite Forum spotlights Thailand-Korea synergies

South Korea and Thailand can build a strong partnership based on mutual growth, attendees at the Ignite Thailand-Korea Business Forum discussed. Co-hosted by Herald Media Group, the Royal Thai Embassy in Korea and the Industrial Estate Authority of Thailand, the two-day event at Lotte Hotel Seoul aimed at deepening the bilateral economic ties. Commemorating the 67th anniversary of diplomatic relations between the two nations, the forum welcomed a large delegation of high-ranking Thai government

April 24, 2025

Thailand-Korea forum kicks off in Seoul to deepen economic ties

The Ignite Thailand-Korea Business Forum kicked off in Seoul on Tuesday, providing a platform for participants to explore ways South Korea and Thailand can expand cooperation across diverse sectors. Aimed at deepening bilateral economic ties, the two-day event at Lotte Hotel Seoul was co-hosted by Herald Media Group, the Royal Thai Embassy in Korea, and the Industrial Estate Authority of Thailand. Commemorating the 67th anniversary of diplomatic relations between the two nations, the forum welco

April 22, 2025

Mirae Asset’s Aussie unit surpasses A$10b under management

Global X Australia, an exchange-traded fund manager under Mirae Asset Global Investments, has garnered over 10 billion Australian dollars ($6.4 billion) in assets under management, showing sharp growth, according to the firm’s announcement on Monday. The Aussie ETF provider's assets under management more than doubled from the A$4.64 billion in 2022 when Mirae Asset acquired the firm, to hitting the A$10 billion milestone in just three years. With the assets under management, it is the fifth-larg

April 21, 2025

The Ritz-Carlton to return to Seoul in 2031

The Ritz-Carlton, a top-tier luxury hotel brand, is set to return to South Korea, having been selected to operate a hotel at the redeveloped Millennium Hilton Seoul site by 2031, the asset manager for the site announced Monday. Igis Asset Management, which is in charge of running the Iota project that involves the redevelopment of the premises of the former Millennium Hilton Seoul in Jung-gu into a mixed-use property, selected The Ritz-Carlton brand as the preferred bidder to run the hotel to be

April 21, 2025