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The Korea Herald

Markets

July 24, 2023
Three Chinese lenders caught violating reporting obligations

South Korea's Financial Supervisory Service has ordered three Chinese banks operating in Seoul to take disciplinary action after they were found to have violated disclosure and reporting obligations. The lenders in question are the Industrial and Commercial Bank of China, Agricultural Bank of Chin...
July 24, 2023
BC Card to set up joint venture in Kyrgyzstan

South Korean credit card issuer BC Card announced on Sunday it has decided to establish a joint venture with a Kyrgyz state-run payment provider to offer a unified card payment processing service in the central Asian country. The joint venture firm, called BC Card Kyrgyzstan (BCKG), will be set up...
July 21, 2023
Samsung Pay to stay commission-free to counter Apple Pay’s expansion

Samsung Electronics announced Wednesday that it will not charge any fees to card issuers in Korea for its digital wallet service, Samsung Pay. "We have decided to keep Samsung Pay commission-free," a Samsung official said in a statement. “Samsung Electronics is dedicated to enhancing the developm...
July 21, 2023
Young Koreans favor iPhones over Samsung Galaxy: survey

In South Korea, 69 percent of adult smartphone users use a Samsung device, while only 23 percent use iPhones, a Gallup survey of 1,001 adults found. But the survey reveals a starkly different trend in one demographic: younger millennials and Gen Z. Among the younger generation, aged 18 to 29, iPh...
July 21, 2023
Conglomerates team up to support rain victims

Posco Group also announced a 2-billion-won donation. Posco’s steel plant in Pohang will donate relief goods worth about 50 million won to North Gyeongsang Province, one of the areas most affected by the monsoon rains. Lotte Group and Hanwha Group each contributed 1 billion won to assist rebuildin...
July 21, 2023
Georgia road renamed 'SK Boulevard' in nod to economic boost

The “SK Boulevard” debuted in Jackson Country in the US state of Georgia on Wednesday, replacing the former Steve Reynolds Industrial Parkway in recognition of the contributions of SK Battery America to the local economy, SK On, the battery making unit of SK Group said Thursday. The announcement...
July 21, 2023
Hyundai Motor unveils nanotechnology vision

Hyundai Motor Group said Thursday it has developed six kinds of nanotechnologies that will be key drivers of growth in future mobility, ranging from autonomous driving cars to software defined vehicles. Nanotechnology creates new materials by synthesizing or fabricate arrays of materials that are ...
July 21, 2023
SK Square closes W860b stake sale of SK Shieldus

SK Square, the investment arm of SK Group, has completed the process of selling a portion of its stake in its security service subsidiary SK Shieldus to EQT Partners, a private equity fund operated by Sweden's largest conglomerate, the Wallenberg Group, a filing showed Thursday. SK Square said it ...
July 21, 2023
Starbucks, Blackpink collaboration to hit 9 Asian countries

Lifestyle items and goods -- such as cups, passport holders, key chains and tote bags, as well as membership cards inspired by the girl group -- will also be available. Some of the items can be purchased online on the official Starbucks website for each respective Asia-Pacific region. Two special...
July 21, 2023
FTC levies W41b price-fixing fine on Korean vaccine makers

South Korea's antitrust regulator on Thursday announced it has decided to assess 40.9 billion won ($32.3 million) of fines for 32 pharmaceutical firms and wholesalers for colluding to secure orders for the government’s vaccine procurement bids. The 32 companies included global pharmaceutical firm...
July 21, 2023
KB Financial embarks on CEO selection process

KB Financial Group on Thursday announced the details of its candidate selection process for a new chairman ahead of the upcoming shareholders’ meeting, set to take place in November. The group's Chairman Candidate Recommendation Committee held its first meeting on Thursday and decided on the proc...
July 21, 2023
Upstage’s LLM tops global open-source AI evaluation

South Korea’s artificial intelligence startup Upstage said Thursday it has secured the top position in the global evaluation of large language models. The company’s 30-billion-parameter LLM scored 67 points, ahead of Meta’s LLaMa-2 (66.8 points) on the Open LLM Leaderboard operated by the AI pl...
July 21, 2023
[Herald Interview] Urbanbase seeks overseas expansion with AI-based home furnishing technology

Furnishing a home is a strenuous venture, as performing a holistic analysis of measurements for a slew of necessities such as furniture, floor area and structure of a building, can be costly and tough to pull off for everyday consumers with little knowledge in architecture. Urbanbase, a startup sp...
July 20, 2023
Minimum wage set at 9,860 won: No one's happy

Korea has set its minimum wage level for 2024 at 9,860 won ($7.80) per hour, up 2.5 percent from this year’s 9,620 won. The raise would translate to a monthly income of 2.06 million won, based on a 40-hour workweek. The decision was made early Wednesday following a 15-hour meeting of the Minimum ...
July 20, 2023
[KH explains] How to stay safe driving through flood water

Flooding due to monsoon rains in South Korea has resulted in dozens of casualties this week, raising the issue of vehicle safety during storms. Drivers need to take extra care and be vigilant to avoid getting trapped in submerged cars, according to experts. “It is recommended to reduce speed, alm...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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