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The Korea Herald

Markets

December 22, 2023
National Assembly passes W656tr budget for 2024

The National Assembly on Thursday passed the government budget for 2024 amounting to 656.6 trillion won ($502 billion). The final package showed a 2.8 percent gain from that of last year’s, marking the smallest on-year increase for the government budget. It was down 300 billion won from the gover...
December 22, 2023
Korea Airports Corp. to expand airports as key business hubs

The Korea Airports Corp. said Thursday it aims at reversing into the black next year by attracting 90 million passengers and logging 1 trillion won ($766.7 million) in revenue. Seven airports across the nation, including Gimpo, Gimhae, Jeju, Cheongju, Daegu, Muan and Yangyang, are anticipated to s...
December 22, 2023
LG Energy Solution secures 10 power grid projects in US

LG Energy Solution said Thursday its US subsidiary has landed 10 power grid supply deals in the fast-growing US energy storage system market since its launch last year. The projects' total energy storage capacity amounts to 10 gigawatt-hours, the firm said. Based in Texas, LG Energy Solution Vert...
December 22, 2023
Huawei to spur Korea’s digital shift next year: CEO

Huawei Technologies Korea will maintain its commitment to accelerating Korea’s digital transformation momentum by providing safer and more innovative products and solutions industrywide, the company’s top executive said Wednesday. “We will help the Korean ICT industry develop more actively in t...
December 22, 2023
Hyundai Motor to detail hydrogen ecosystem and software vision at CES 2024

Hyundai Motor on Thursday shared a glimpse into its upcoming presentation at CES 2024 in Las Vegas, set for Jan. 8, previewing the company’s vision for a hydrogen-powered ecosystem and a future shaped by software innovations. The presentation, under the theme of "Ease every way," is scheduled fro...
December 22, 2023
A.Virtual's air sterilization solution wins KATEC award

Air sterilization solutions provider A.Virtual won a special award from the Korea Association of Technology Commercialization in this year’s presentation for the “new growth engine industry commercialization supporting project,” Monday. This project connects small and medium-sized enterprises s...
December 22, 2023
JB Financial inks partnership with Hanpass

JB Financial Group announced Thursday that it has signed an investment agreement to acquire a 15 percent stake in Hanpass, Seoul-based overseas remittance service company. With the latest agreement, it entered a second strategic partnership with a fintech company, following a similar agreement sig...
December 22, 2023
Kim In wins KFCC chairman post through first direct election in history

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, said Thursday that its acting president, Kim In, has been voted as the new chairman. This is the first time that the KFCC has voted its head through a direct election system in the institutio...
December 21, 2023
LS Cable develops new raw material for copper foil

LS Cable & System, South Korea’s leading cable manufacturer, said Wednesday that it has become the first in the industry to develop a new raw material for copper foil, accelerating its expansion into rare earth element and green businesses. CuFlake marks the world’s first case of utilizing coppe...
December 21, 2023
Dongsuh Foods offers winter coffee at Maxim Plant

South Korean food and beverage manufacturer Dongsuh Foods welcomes customers to experience a cozy winter at Maxim Plant, a cultural center with a cafe featuring its flagship coffee brand. Located in Hannam-dong in central Seoul, the cultural space was opened in 2018, with the aim of introducing it...
December 21, 2023
EcoPro to establish culture foundation for regional development

South Korean battery materials manufacturer EcoPro said Wednesday it has decided to establish a foundation for arts and culture in provinces beyond the Seoul area. While the nation’s investment in arts and cultural infrastructure is usually concentrated in Seoul, the foundation aims to seek a bal...
December 21, 2023
Big firms skip year-end brouhaha, offer days off instead

South Korean conglomerates are skipping official year-end ceremonies and recommending employees to take their annual leave to close out 2023. Samsung Electronics, the country’s largest conglomerate, is rounding out the year without any official year-end ceremony -- or "jongmusik" in Korean -- acc...
December 21, 2023
LG Chem breaks ground on largest materials plant

LG Chem said Wednesday it broke ground to build a cathode materials manufacturing plant in the US state of Tennessee that is to be the largest production facility in the all-important electric vehicle market. LG Chem Vice President Shin Hak-cheol, Tennessee Gov. Bill Lee, Stuart McWhorter, commiss...
December 21, 2023
Record earnings propel Hyundai Motor to conduct most promotions ever

Executive Vice President Jeon Byeong-ku, who heads the business management teams at Hyundai Card and Hyundai Commercial, has been promoted to president. Hyundai Motor said Jeon is considered a risk management expert, as he has dealt with multiple crises including the 1997 currency crisis, the 2008 ...
December 21, 2023
SK Broadband bolsters IPTV with AI

SK Broadband, a major South Korean internet service provider, said Wednesday it is introducing an internet protocol television, or IPTV, service using artificial intelligence that aims to provide more tailored content to users. Under the goal of becoming the paid broadcasting market leader, SK's I...

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