Meritz carries out reshuffle for group synergy

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year. Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overal

IndustryNov. 21, 2023

Hyundai opens innovation center in Singapore

Hyundai Motor Group on Tuesday opened the Hyundai Motor Group Innovation Center Singapore, which aims to transform the traditional auto manufacturing process and move closer to future mobility through automating vehicle production. “Singapore and Hyundai Motor Group have common innovative DNA to move into a better future,” said Hyundai Motor Group Executive Chair Chung Euisun. “Based on this, Hyundai Motor Group is looking to achieve innovation through human-centered technology

MobilityNov. 21, 2023

[From the Scene] Hyundai Motor looks into future of auto production in Singapore

SINGAPORE -- When asked to picture an auto-manufacturing plant, one would easily think of multiple assembly lines filled with engineers and vehicle parts being transported to their next destinations. Hyundai Motor Group Innovation Center Singapore, or HMGICS, is anything but that. Built to illustrate the future of vehicle production, the complex resembles more of a high-tech lab, filled with roaming autonomous robots, a massive smart farming system and a dizzying number of digital screens. Hyund

MobilityNov. 21, 2023

Samsung retains No. 1 spot in TV sales; LG tops OLED market

Samsung Electronics topped the global TV market with a share of nearly 30 percent in total revenue in the July-September period, as runner-up LG Electronics took the lead in the global organic light emitting diodes TV market, data showed Tuesday. According to data by Omdia, a market tracker, Samsung’s share in the total revenue in the third quarter was 29.9 percent, up by 2.4 percentage points on-year. The tech giant also maintained the top rank in the number of units sold, accounting for

IndustryNov. 21, 2023

Hyundai Steel starts new campaign promoting recycled steel

South Korean steelmaker Hyundai Steel has launched a new environmental campaign with the slogan, "A future drawn by steel," as part of its commitment to ESG management, the company said Tuesday. The campaign slogan plays on the meaning of the word "green," which is pronounced '"geurin" in Korean. In Korean, "geurin" means "drawn." This initiative seeks to raise public awareness about the sustainability of steel, emphasizing its role in resou

IndustryNov. 21, 2023

LG Chem boosts diverse ESG campaigns

South Korea’s largest chemical firm LG Chemical is ramping up efforts in social contribution projects as part of its ongoing environment, social, and corporate governance campaign. In August 2020, LG Chem declared its new ESG vision called Green Connector, unveiling its commitment to four key areas: education, ecosystems, economy and energy. To pursue this vision, LG Chem launched its flagship online education program Like Green later that year to educate elementary and middle school stude

IndustryNov. 21, 2023

S. Korea's exports of kimchi up 10% through Oct.

South Korea's exports of kimchi advanced 10 percent on-year through October this year, data showed Tuesday, with the amount widely anticipated to hit a record level for all of 2023. Outbound shipments of kimchi came to $130 million over the January-October period, rising from $118.6 million tallied a year earlier, according to the data compiled by the Korea Customs Service. Kimchi is a traditional Korean side dish typically made from fermented cabbage, salt and hot peppers, and is consumed

EconomyNov. 21, 2023

Exports gain 2.2% from Nov. 1-20 on upbeat chip, auto sales

South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva

EconomyNov. 21, 2023

S. Korea maintaining stable LNG supply amid Israel-Hamas conflict

South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in

EconomyNov. 21, 2023

Seoul shares open higher ahead of Nvidia results

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors await earnings results from AI chip leader Nvidia and other US tech firms. The benchmark Korea Composite Stock Price Index rose 19.92 points, or 0.8 percent, to 2,511.12 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53. Nvidia is set to release quarterly results on Tuesday on the back of str

MarketNov. 21, 2023

[Herald Interview] ‘Battery expansion to prompt strong cobalt, lithium trading’

Korea is likely to see more activity in the metal derivative market amid the growth of battery metals trading, said a CME Group executive in charge of handling the firm’s global metals business. Jin Hennig, managing director and global head of metal products at CME Group, a leading financial derivatives exchange, said Korea can play a critical role in both metal trading and transactions as the overall market is growing at a fast pace. CME Group, as a derivative marketplace, offers futures

MarketNov. 21, 2023

Fire breaks out at SK On's plant during pilot run in China

A fire broke out at SK On's electric vehicle battery factory during a test run in China, but no fatalities were reported, the company said Monday. The blaze occurred at 2.50 p.m. (Chinese time) at the facility in Yancheng, eastern China, the company said in a statement. "No casualties have been reported, and we are investigating the cause of the fire and property damage," the company said. SK On is the battery-making arm of South Korea's leading energy firm, SK Innovation Co.

IndustryNov. 20, 2023

Toss joins race for key payment gateway for tourists

In a bid to cater to more Korean tourists traveling abroad, major mobile payment providers are expanding their services to overseas destinations, with Toss being the latest addition to this trend. On Monday, Viva Republica, the operator of Korean fintech unicorn Toss, announced that its QR-based offline payment service is now available at Alipay+ merchants in 40 more countries for Korean tourists, in addition to China and Malaysia. This development closely follows Naver Pay's announcement o

IndustryNov. 20, 2023

Seoul shares end higher amid US rate hike woes

Seoul shares closed higher Monday despite investor concerns over possible US rate hikes to tame high inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.86 percent, or 21.35 points, to close at 2,491.20. Trade volume was moderate at 319.84 million shares worth 6.5 trillion won ($5.03 billion), with gainers outnumbering losers 648 to 229. The Kospi opened nearly flat amid concerns of an additional US rate hike. The US Federal Reserve has be

MarketNov. 20, 2023

Hyundai Group launches women leadership program

Hyundai Group has kicked off its training program for nurturing aspiring female leaders who will guide the future of the conglomerate. The in-house leadership program will run for the next three years with 20 women leaders above the manager level selected by the group, it said on Monday. It will provide education programs to strengthen the capabilities of next-generation leaders such as an online course of master of business administration and design thinking, focusing on diversity, equity and

IndustryNov. 20, 2023

[KH Explains] Kakao Mobility seeks breakthrough in Europe amid rising scrutiny at home

Kakao Mobility, the operator of South Korea’s leading taxi-hailing service Kakao T, seems to be seeking new opportunities in Europe as it faces growing scrutiny here. According to industry sources on Monday, the company is likely to submit its final bid to acquire a stake of around 80 percent in German mobility service provider FreeNow as early as this week. The exact deal size was not revealed, but sources predict it to amount to some hundreds of millions of dollars. If the company wins

TechnologyNov. 20, 2023

Korean ramen exports hit record high amid global K-culture boom

Korean exports of instant noodles have been continuing a winning streak, hitting the milestone of 1 trillion won ($777 million) for the first time. According to estimates from the Korea Customs Service on Monday, ramen exports reached $785.25 million for the January-October period this year, a 24.7 percent surge from the same period last year. The figure has already exceeded last year’s total exports of $765.41 million. Ramen exports have now shown annual growth every year since 2015. In t

IndustryNov. 20, 2023

Samsung chief departs for Europe

Samsung Electronics Chairman Lee Jae-yong took off to Britain over the weekend to join a presidential delegation, according to industry sources on Monday, as he faces a decisive ruling that could possibly lead to a leadership vacuum for the global tech giant. Lee is taking part in the presidential economic delegation involving other conglomerate chiefs including Hyundai Motor Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo. SK Group Chairman Chey Tae-won, who doubles as the head of the

IndustryNov. 20, 2023

[Photo News] LG ShoeCare for sneakerheads

LG Electronics displayed its LG Styler ShoeCase and ShoeCare at ComplexCon 2023, a curated festival of culture, fashion and music, held in Long Beach, United States in the weekends, the company said on Monday. The tech giant said Jeff Staple, the founder of menswear brand Staple Pigeon, visited its showroom set up at the festival where rare and unique sneakers are sold as special edition. LG Styler ShoeCase a space-friendly solution for shoe storage and showcasing sneakers. (LG Electronics)

IndustryNov. 20, 2023

Hana rolls out first private-led venture fund of funds

Hana Financial Group on Monday announced the establishment of South Korea’s first privately led “venture fund of funds” with an investment of 100 billion won ($77.44 million). The announcement follows the Ministry of SMEs and Startups’ proposal last year to expand funding for venture capital and boost the startup industry together with the private sector. The launch ceremony, which was attended by SMEs and Startups Minister Lee Young and Hana Financial Group Chairman Ham

IndustryNov. 20, 2023