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The Korea Herald

Markets

April 13, 2023
Posco chairman, ex-US top envoy discuss global supply chain strategies

Posco Group Chairman Choi Jeong-woo and former US Deputy Secretary of State Stephen Biegun met on Wednesday in Seoul to discuss global supply chain strategies. Biegun currently works as an adviser for Posco America since his appointment in 2021. “(Choi and Biegun) are expected to discuss Posco G...
April 13, 2023
Posco, Honda bolster ties in EV business

Posco Group said Wednesday it has signed a memorandum of understanding with Japanese carmaker Honda to shore up comprehensive cooperation in the field of electric vehicles. The signing took place at Posco’s Seoul headquarters on Tuesday, with top executives, including Posco Chairman Choi Jeong-wo...
April 12, 2023
[KH explains] Samsung Pay safe 'for now' as Apple Pay enters Korea

Following the initial buzz surrounding Apple Pay's launch in Korea, users have began to discuss the service's limitations. "Why bother launching a service that customers can't use? I only find it (Apple Pay) useful for paying at convenience stores," said a comment on Asamo, a Naver blog for Apple ...
April 12, 2023
KOTRA vows all-out efforts to meet $685b export goal

The CEO of the state-run trade promotion agency KOTRA on Tuesday vowed the agency would try its best to reach South Korea’s export target of $685 billion this year. “We will strive to provide support to Korean firms, even if it results in just one additional dollar of exports," Yu Jeoung-yeol sa...
April 12, 2023
Google fined W42b for abusing market dominance

South Korea’s antitrust regulator said Tuesday it is imposing a fine of 42.1 billion won ($32 million) on Google LLC, Google Korea and Google Asia Pacific, along with a corrective order, for abusing their market dominance to solidify the No. 1 position in the local mobile gaming app market. The m...
April 12, 2023
Hyundai to inject W24tr for EV supremacy

Hyundai Motor Group said Tuesday it will shell out 24 trillion won ($18.1 billion) to boost its electric vehicle production at home by 2030, aiming to become one of the top three carmakers globally in terms of EV sales. As part of the carmaker’s ambitious EV push, Kia broke ground to build the na...
April 12, 2023
BOK freezes rate once again

The Bank of Korea kept the base rate unchanged for a second consecutive time, as inflation appears to be somewhat on the wane while the economy remains slow. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Tuesday, matching market expectations that the BOK's...
April 12, 2023
New council aims to boost Korean liquor exports

The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic bever...
April 12, 2023
IBK chief vows to double overseas profits by 2025

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in P...
April 12, 2023
LG CNS, Microsoft bolster ties in AI, cloud tech

South Korean IT solutions provider LG CNS said Tuesday it is bolstering ties with US tech behemoth Microsoft to accelerate collaborations in artificial intelligence, the cloud-based digital transformation, known as DX for short, and other joint projects. According to the company, CEO Hyun Shin-gyo...
April 12, 2023
Chanel picks Korea to sell watches online for 1st time

Chanel Korea has launched an online pop-up store to sell luxury watches, marking the first time the French fashion house is selling its high-priced luxury goods online, excluding beauty products. The online store will be running on SSG.com, an e-commerce platform owned by Korean retail giant Shins...
April 12, 2023
Samsung Display to supply OLED panels for Ferrari cars

Samsung Display, the display arm of Samsung Electronics, has clinched a deal to supply organic light emitting diode panels for Ferrari’s next generation automobiles, the company said on Tuesday. Samsung Display CEO Choi Joo-sun and Ferrari CEO Benedetto Vigna agreed for the Korean display maker t...
April 12, 2023
Renault Korea sponsors French photographer to capture Busan’s charm

Renault Korea Motors said Tuesday that it is sponsoring a photo exhibition of Thomas Goisque, a world-renowned French travel photographer, as part of its ongoing efforts to support Busan’s bid to host the 2030 Expo. The exhibition kicked off Monday at the France Art Space in Busan, with Renault K...
April 12, 2023
Nuri rocket’s 3rd launch set for May 24

The third launch of Nuri, the Korean homegrown space launch vehicle, has been set to take place on May 24, the Ministry of Science and ICT said Tuesday. According to the ministry, the Nuri rocket, also known as the Korean Satellite Launch Vehicle II, will blast off from the launch pad at 6:24 p.m....
April 11, 2023
S. Korea, UK work together on nuclear power, clean energy

South Korea and Britain agreed to strengthen cooperation on nuclear power and clean energy, releasing a joint declaration Monday. South Korean Industry Minister Lee Chang-yang met with British Minister of Department for Energy Security and Net Zero Grant Shapps in Seoul and agreed to work together...

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