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The Korea Herald

Markets

September 12, 2022
Apple Pay in final-stage talks to enter Korean market

Apple Pay is in the final stage of talks with local credit card issuer Hyundai Card to start its Korean services by the end of this year, according to news reports on Wednesday. Apple’s digital payments service, launched in 2014, has since expanded its Asian reach, including China, Japan, Singapo...
September 12, 2022
MBK chairman to donate $10m to New York’s Met Museum

Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim will donate $10 million to help the renovation work of the Metropolitan Museum of Art in New York, both the firm and the museum said Wednesday. “The Metropolitan Museum of Art announced today that Michael Byun...
September 12, 2022
Eximbank to offer $100m financing to Chilean lithium producer

The Export-Import Bank of Korea said Wednesday it is offering $100 million in funding, consisting of a $55 million loan and a $45 million loan guarantee, to a Chilean mineral producer in efforts to help local companies secure a stable supply of lithium, a key material for batteries. SQM, or Socied...
September 12, 2022
Hyundai Motor Group opens Korea’s largest driving experience center

The center has a total of eight courses, comprised of wet and dry ground, speedway, gymkhana and slalom course, drift, kick plate, and an off-road course. The automaker said the courses will offer different levels of driving education programs based on the visitor's level of driving and also a tax...
September 12, 2022
GS Group shares new biz plans

GS Group’s executives in charge of tapping new businesses gathered on Wednesday to share where they stand in mergers and acquisitions, business partnerships and venture investments under the conglomerate’s new biz strategy -- “eco-friendly, digital future growth.” The executives shared details...
September 12, 2022
SK Broadband invests $4m in collaboration platform developer Swit

SK Broadband has decided to invest $4 million (5.5 billion won) in US collaboration platform developer Swit as the company seeks to boost its competitiveness in the business-to-business sector, the South Korean internet service provider said Wednesday. On top of the investment, SK Broadband said t...
September 12, 2022
Mercedes-Benz hosts school-zone traffic safety campaign

Bettina Fetzer, vice president of communications and marketing at Mercedes-Benz, participated in a campaign on Wednesday promoting school-zone traffic safety in front of an elementary school located in Songpa-gu, southeastern Seoul. The campaign, co-hosted by the Mercedes-Benz Corporate Social Res...
September 12, 2022
Hongik Univ. students wins top James Dyson Awards

The James Dyson Foundation, global home appliance company Dyson's charity arm, announced Wednesday the local recipients of the James Dyson Awards 2022, an engineering competition held both locally and internationally to provide opportunities for young engineers to showcase their ideas on a global s...
September 12, 2022
LG Innotek gains recognition from GM for 5 consecutive years

LG Innotek was acknowledged for its quality of automotive components provided to General Motors for five consecutive years, the company said Wednesday. The South Korean major electronics parts maker won the 2021 GM Supplier Quality Excellence Award, marking its fifth consecutive win since 2017. T...
September 12, 2022
South Korea exports the fourth largest EVs in the world: data

South Korea shipped a total of $7 billion worth of electric cars last year, taking the fourth spot in terms of exports by value, following Germany ($28.8 billion), the United States ($10.1 billion) and China ($10 billion), data from a report showed Thursday. Of the world’s top 10 EV exporters, si...
September 12, 2022
Won slips to fresh 13-year low despite hint at intervention

The South Korean won tumbled to 1,384.2 won per US dollar on Wednesday in the onshore platform, the lowest closing figure since March 2009 during the global financial crisis, despite a warning from authorities that intervention could take place to steady the currency market. The US dollar’s rally...
September 12, 2022
Posco to resume blast furnace at Pohang plant from Saturday

South Korea’s steel giant Posco said Thursday it would resume the operation of its blast furnaces in Pohang, North Gyeongsang Province, in two days, which had been stalled due to heavy rain Tuesday caused by Typhoon Hinnamnor. The company said in a statement that it has been accelerating repair w...
September 12, 2022
[From the scene] Samsung's new Pyeongtaek fab ready to embrace chip design ambitions

The key to competitive edge, especially in times of crisis, is Samsung's relentless investment push for a stronger research and development capability, Kyung said. "The chip down cycle is likely to persist in the second half, and now I don't see a momentum for a rebound in the next year to come," ...
September 07, 2022
Audi Korea launches brand’s first all-electric compact SUVs

Audi Korea officially launched its first all-electric compact sport utility vehicles, the Audi Q4 e-tron and the Audi Q4 Sportback e-tron, in South Korea on Tuesday. “The Q4 e-tron will redefine the boundaries between car segments and act as a gateway into e-mobility. With these models, we have s...
September 07, 2022
Corporate tax cuts to increase by W1.4 tr in 2023

SEJONG -- The scale of tax cuts for businesses will increase by more than 1 trillion won ($727 million) on-year in 2023, with its portion of total tax cuts for the overall sectors rising, state data showed Tuesday. According to next year’s budget on tax expenditures, submitted by the Finance Mini...

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