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The Korea Herald

Market Now

January 03, 2023
New Hana Bank CEO Lee Seung-lyul vows to make bank stronger in time of crisis

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...
January 03, 2023
‘Seize chances to thrive in times of crisis’

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...
January 03, 2023
[KH explains] How imminent are Hyundai’s ‘Made-in-Saudi Arabia’ cars?

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...
January 03, 2023
Duty-free industry pinning high hopes on China lifting 'zero-COVID' policy

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 ...
January 03, 2023
Hyundai Oilbank offers 1,000% bonuses on upbeat earnings

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...
January 03, 2023
Aging population to slow down economy, central bank warns

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...
January 03, 2023
[Newsmaker] Chip supremacy gives South Korea more geopolitical freedom: lawmaker

By Jie Ye-eun ( yeeun@heraldcorp.com )
January 03, 2023
Posco International restarts as merged entity

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...
January 02, 2023
Biopharma firms suffer W55tr loss in market cap in 2022

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...
January 02, 2023
Tech firms to highlight cutting-edge technology at CES

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...
January 01, 2023
Invisible finance is ultimate goal for Shinhan Bank: new CEO

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...
January 01, 2023
Korea to see steep hike in power bills in Q1

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...
January 01, 2023
Oasis Market passes preliminary IPO screening

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...
January 01, 2023
Yoon orders finance ministry to consider bigger tax break for chip sector

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...
January 01, 2023
[KH explains] Why is Boryung assailed by investors over space vision?

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...

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