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The new CEO of Hana Bank, one of South Korea's top four commercial banks, vowed that the bank will become a leading lender that is stronger in times of crisis. To reach this goal, new CEO Lee Seung-lyul, 60, stressed that he will “enable honest communication and build solid trust within the organ...
New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dra...
Hyundai Motor Group is considering setting up its first Middle East plant in Saudi Arabia, paving the way for it to secure footing in the region’s burgeoning automotive market. The Saudi Ministry of Industry and Mineral Resources on Saturday announced in a tweet that the kingdom had inked a memor...
With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer ...
Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of annual salaries as bonuses to its staffers. The company declined to disclose the specific amount of the salaries given. In 2021, its employees received bonuses at a 600 percent rate, with an av...
The Bank of Korea warned Monday that the aging population could drive down the macroeconomic benefits of fiscal expenditure. According to the central bank's monthly research report, studies show that one percentage point in an increased aging population leads to a 5.9 percent drop in the fiscal gr...
By Jie Ye-eun ( yeeun@heraldcorp.com )
A merged entity of Posco Group’s trading arm Posco International and power generation unit Posco Energy has been launched with the former Posco President Jeong Tak as its new CEO, Posco International announced Monday. With the latest merger, the country’s largest trading company has scaled up, w...
South Korea’s major biopharma companies were hit by a combined loss of 55 trillion won ($43.5 billion) in their market capitalization last year, Korea Exchange data showed Sunday. According to Korea Exchange, the KRX Health Care Index, comprising 83 major biotech and pharmaceutical companies list...
Hyundai Mobis Hyundai Mobis is looking to put its most-advanced mobility technology on display. Hyundai Motor will not attend this year’s CES. Hyundai Mobis said it will unveil M Vision TO and HI -- the company’s future concept models of purpose-built vehicle -- to the public for the first time...
The new CEO of Shinhan Bank, one of South Korea's top four lenders by net profit, vowed to put customer-centric service and digital innovation first during his tenure. “Shinhan will manage its soundness through precise data analysis and protect customer value through timely support measures,” sa...
The government on Friday decided to raise the electricity rate in the first quarter of 2023 by 13.1 won per kilowatt hour, the largest on-quarter hike ever carried out. This means that four people household that uses around 307 kilowatt hours will have to pay around 4,022 won more per month on ave...
Online grocery delivery platform Oasis Market passed the preliminary approval for its planned initial public offering on the Korean stock exchange. In September, Oasis Market applied for a preliminary review for its IPO with lead managers Korea Investment & Securities and NH Investment & Securitie...
President Yoon Suk-yeol on Friday ordered ministries to actively consider measures further expanding tax incentives for the semiconductor sector and other national strategic industries. Yoon requested the Ministry of Economy and Finance to come up with ways to further expand tax benefits for natio...
In April, Boryung launched a global challenge in collaboration with US commercial space station developer Axiom Space and advisory firm Starburst to provide commercialization support for technologies to help optimize human health for space travel. The efforts were followed by the company's decisio...
KT, Mongolia team up on rare earths supply
[Newsmaker] [KH Explains] Are ex-bureaucrat execs a boon or bane for banks?
SMEs Ministry readies plans to bolster support for exports
Samsung’s crisis management system wins IOS certification
LG denies decision to pull out of 4th battery plant with GM
Lotte Duty Free wins rights to run Melbourne Airport shops
Hyundai-Kia EVs post double-digit market share in Europe
Korean biotech lobby expresses concerns over Biden executive order