Korea Life Insurance Association taps new chairman

The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

Nov. 24, 2023

BIS, BOK top officials visit Naver's 2nd headquarters

Top officials from the Bank for International Settlements and the Bank of Korea visited Naver 1784, the tech giant's second headquarters, to discuss ways to integrate artificial intelligence technology in the financial sector, Naver said Friday. BIS General Manager Agustin Carstens and BOK Senior Deputy Gov. Ryoo Sang-dai were among the officials visiting the Naver's second headquarter building in Seongnam, Gyeonggi Province. The officials were greeted by Naver's top executive

Nov. 24, 2023

SK affiliates sign largest renewable energy deal in Korea

SK Group announced on Friday that nine of its affiliates have entered a long-term agreement to procure 537 gigawatt-hours of renewable energy annually from SK E&S, a clean energy provider within the group. The 20-year deal is the largest direct renewable energy purchase agreement, or PPA, ever in Korea, and is expected to cut 5 million metric tons of greenhouse gas emissions over two decades, the group said, equivalent to planting some 20 million pine trees nationwide. The size of the deal

Nov. 24, 2023

[Photo News] Samsung makes final push for Busan Expo in Europe

Samsung Electronics said Friday it is launching an outdoor advertisement campaign in major cities in Europe, including London and Madrid, to ramp up promotional efforts for Busan’s bid to host the 2030 World Expo. The ads feature famous attractions in the South Korean port city. In London, cabs sporting similar wrap-around ads will drive across the city, the company said. The tech giant will run the campaign through Nov. 28, when the host city of the global event is to be determined in a v

Nov. 24, 2023

Top conglomerates to start executive reshuffles

South Korean conglomerates are set to carry out regular reshuffle of executives to gear up for the coming year, starting with LG Group this week. Samsung Electronics, SK Group and Hyundai Motor Group, the top three conglomerates in order, are expected to conduct their regular executive reshuffles as late as early December. On Thursday, LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in the regular reshuffle on Thursday. Jeong is an LG vete

Nov. 23, 2023

LG Display appoints LG Innotek chief as new CEO

LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in a regular reshuffle on Thursday. The display panel maker said its board of directors appointed Jeong, an LG veteran who has served at a number of LG Group affiliates including LG Display and LG Chem for 40 years, as its new CEO in the board meeting earlier in the day. Jeong will start his work at LG Display from on Dec. 1 and the appointment will be made official at the general shareholder

Nov. 23, 2023

S-Oil builds technical center to advance R&D competitiveness

South Korean oil refiner S-Oil said Thursday that the company has completed the construction of the Technical Service & Development Center in western Seoul to strengthen its future business areas with sustainability. “The TS&D Center will work to minimize the impact of our products on the environment and to enhance the safety of consumers amid tightening environmental regulations globally and growing consumer expectations of high-quality and green products and it will position itse

Nov. 23, 2023

[From the Scene] Jewel Changi offers glimpse of how to make airport fun

SINGAPORE -- A picturesque scene unfolds at the Jewel Changi Airport -- a lush entertainment and retail complex hemmed in and connected to Changi Airport, the main gateway to Singapore. The metallic-hued automated people mover dubbed the Changi Airport Skytrain smoothly glides across a rail standing high off the ground to carry the passengers to their destinations in an average of four minutes. Across from the rail on which the APM leisurely transports passengers, water pours down with thunder

Nov. 23, 2023

K-food exports surpass $10b milestone in November

South Korea's exports of food, agricultural products, smart farm equipment and technology, have achieved a new high this November, passing the $10 billion mark, the Ministry of Agriculture, Food and Rural Affairs said Thursday. Fueled by the global Korean food boom, the collective exports of Korean food, related agricultural products and technology -- collectively referred to as the "K-Food+" sector by the government -- reached $10.48 billion by the third week of November. The fig

Nov. 23, 2023

Kim Sung-hwan tapped as Korea Investment & Securities CEO

South Korean financial group Korea Investment Holdings announced Thursday that it has selected Kim Sung-hwan, the executive vice president and head of private customer business of its brokerage subsidiary Korea Investment & Securities, as the final candidate for the brokerage firm’s CEO position. Kim, born in 1969, joined Korea Investment & Securities in 2004 after working at LG Investment & Securities for about three years. He is recognized for his expertise in overseeing vari

Nov. 23, 2023

KB highlights anti-fragility as 2024 investment strategy

KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te

Nov. 23, 2023

[KH Explains] Bank stocks falter amid windfall tax proposal

A longstanding Korean market adage that "when the cold wind blows, it's time to invest in bank stocks" appears to have lost its luster, as those shares have struggled due to a proposed windfall tax on local lenders' profits from high interest rates. The adage stems from the historical tendency for bank stocks to rise in the fourth quarter, coinciding with the distribution of year-end dividends. This year, the prospect of hefty taxes is moderating dividend forecasts, causing h

Nov. 23, 2023

[From the Scene] Incheon Airport goes global to Batam, Indonesia

BATAM, Indonesia -- Indonesian workers in red vests and yellow helmets can be seen rushing to and fro across sparsely-situated construction sites at the airport, conversing animatedly as they carry metal rods and other construction equipment to fulfill their duties. This airport, which is currently undergoing construction, is Batam Hang Nadim International Airport at Batam, Indonesia -- a 571 billion won ($440 million) public-private partnership led by a consortium between Korea's Incheon I

Nov. 23, 2023

Dyson vows to enhance customer service in Korea

Dyson Korea said Wednesday it will enhance its customer service policy to reduce customer inconvenience, following a series of complaints on delays experienced by consumers here. "We sincerely apologize for the inconvenience caused to our customers in the repair service," Rob Webster, managing director in charge of Asia Pacific at Dyson, said. "We are committed to our customers, and we hope to resolve all current delays by the end of November," he said. Dyson Korea said it wi

Nov. 22, 2023

SK, Hilleman team up to develop next-generation Ebola vaccine

SK Bioscience said Wednesday that the company signed a memorandum of understanding with Hilleman Laboratories to cooperate on the development of a second-generation Ebola vaccine and its global supply. Hilleman Laboratories is a Singapore-based vaccine research organization, founded as a joint venture between US drug maker MSD and British foundation Wellcome Trust. Under the new partnership, SK Bioscience will work with Hilleman Laboratories to improve its vaccine production efficiency and therm

Nov. 22, 2023

Zyx Technology donates CAD software to Sungkyunkwan University

South Korean design software developer Zyx Technology said Wednesday that it has signed a memorandum of understanding with Sungkyunkwan University to donate its own developed computer-aided design (CAD), dubbed “ZYXCAD.” Under the agreement, the ZYXCAD program, worth 1 billion won ($770,000), will be available free of charge to college students and academic staff for the next three years. The signing ceremony was held at Sungkyunkwan University College of Engineering building in Suwo

Nov. 22, 2023

Samsung renews CSR push for multicultural families, seniors

Samsung Group affiliates introduced a new corporate social responsibility program offering support to children of multicultural families and older adults, holding the launching ceremony in Seoul on Wednesday. With Cheil Worldwide and S1 in the lead, nine Samsung affiliates are taking part in running the new CSR program. Samsung said the companies are collaborating with the government, non-governmental organizations and experts in various industrial fields for the new program supporting the disad

Nov. 22, 2023

Golfzon offers employees wellness program

Golfzon, the nation’s leading virtual golf simulator company, strives to grow together with workers by achieving work-life balance via diverse employee benefits as well as environmental, social and corporate governance-centered management. This year, Golfzon started to focus on a mental health assistance service dubbed Maum Care. “Maum” meaning heart or mind in Korean, the newly launched program provides employees with counseling and psychotherapy opportunities, helping boost m

Nov. 22, 2023

Kakao Bank to halve international wire fees

Kakao Bank, an internet-only bank, launched promotional events on Wednesday for overseas remittance service users, as it recently hit over a cumulative 3 million international wire transfers. Both new and existing customers sending money internationally will automatically receive a 50 percent discount on transfer costs, with no limits on frequency, transfer amount and recipient countries. The event will run until Dec. 20. The current fee, in the range of 5,000 ($3.86) to 10,000 won, will be halv

Nov. 22, 2023

KB’s new chief starts term by vowing to give back to society

Yang Jong-hee, the new chairman of KB Financial Group, South Korea's largest financial giant, commenced his official term on Tuesday, putting renewed emphasis on “giving back to society.” "I deeply feel the weight of responsibility that comes with the role of finance," Yang said during his inaugural ceremony held at the group's headquarters in Seoul earlier in the day. "There is a saying that ‘if we want to go far, we go together.’ Without the gro

Nov. 21, 2023