Tax refund limit to be doubled for tourists

Starting next year, South Korea's immediate tax refund limit at tax refund stores for tourists will be doubled from 2.5 million won ($1,920) to 5 million won, the Finance Ministry announced Monday, in a move to invigorate the tourism industry. Currently, tourists can buy items at tax-free prices in designated tax refund stores across the nation, with a maximum purchase limit of 500,000 won per individual transaction. The total cumulative payments can reach up to 2.5 million won. Starting Ja

Nov. 27, 2023

Hyundai Motor chief named automotive industry leader of 2023

Hyundai Motor Group Executive Chair Chung Euisun has been named the winner of the industry leader category in this year’s Automotive News All-Stars awards, the South Korean automaker said Monday. “This award is in recognition of the entire Hyundai Motor Group family and partners all around the world who have worked so hard and devoted themselves to making sure that we achieve our vision of smart, sustainable mobility and progress for humanity,” Chung said. “Hyundai Motor

Nov. 27, 2023

Trailblazer, Trax drive up GM Korea’s exports

GM Korea, the Korean arm of the US auto giant General Motors, logged robust export sales in October, taking up nearly 20 percent of the nation’s total automobile exports, industry estimates showed Monday. Out of the total 225,391 Korea-made vehicles exported in October, 42,623 units or 18.9 percent were accounted for by GM’s two popular SUV models -- the Chevrolet Trailblazer and the Trax Crossover -- according to the Korea Automobile Manufacturers Association. GM Korea's number

Nov. 27, 2023

SKT secures ifland partnerships in Southeast Asia

SK Telecom, South Korea’s leading telecommunications carrier, on Monday said it has secured new partnerships with three IT companies based in Southeast Asia, aiming to boost the number of global users of its metaverse platform, ifland. Launched in 2021, SKT's ifland is a metaverse platform where users can build their digital avatars to interact in virtual spaces. Eyeing the global market, the South Korean telecom company inked three memoranda of understanding with Celcom Digi, the lar

Nov. 27, 2023

Software update management system -- a key prerequisite for software-defined vehicle

Until five years ago, carmakers were hesitant to introduce cybersecurity measures in vehicles despite being aware of their necessity due to cost issues. However, when the European Union introduced cybersecurity regulations in 2022, it became virtually impossible to enter the European market without meeting the new standards. The change has made cybersecurity an essential element to ensure the survival of carmakers. The advancements in vehicle software, diversification of vehicles’ function

Nov. 27, 2023

2 Taiwanese display firms ordered to pay damages to LG for price-fixing

Two Taiwanese display makers have been ordered to pay a combined 32.8 billion won ($25.1 million) in damages to LG Electronics Inc. for fixing the prices of LCD panels, sources said Monday. The Seoul Central District Court recently delivered the ruling in a compensation suit filed by LG and six of its overseas branches in January 2014 against AUO Corp. and HannStar Display Corp., both based in Taiwan. AUO, formerly AU Optronics Corp., and nine other LCD manufacturers and distributors were accuse

Nov. 27, 2023

S. Korea to double ceiling of immediate tax refund for foreign tourists

South Korea will double the maximum limit of purchases eligible for an immediate tax refund by foreign tourists to 5 million won ($3,831) next year to attract overseas visitors and bolster the tourism industry, the finance ministry said Monday. Currently, the country provides on-the-spot tax refunds for an individual purchase of up to 500,000 won at designated stores, with a maximum cap being set at 2.5 million won on total payments. "Starting Jan. 1, 2024, the maximum per-payment amount fo

Nov. 27, 2023

BOK likely to keep policy rate unchanged on slowdown, hope for Fed's rate freeze, easing inflation

The weak economic momentum, along with the hope for the Federal Reserve's rate freeze next month and moderating inflation, may prod South Korea's central bank to keep its policy rate unchanged again this week. But the Bank of Korea is likely to say that it will keep its restrictive monetary policy stance amid still high inflation and soaring household debts. On Thursday, the BOK is widely predicted to leave the rate, which currently stands at 3.5 percent, unchanged, which would be the seventh st

Nov. 27, 2023

Seoul shares open higher amid eased volatility

Seoul shares opened higher Monday amid decreased volatility on Wall Street. The benchmark Korea Composite Stock Price Index rose 4.77 points, or 0.19 percent, to 2,501.40 in the first 15 minutes of trading. On Friday, US stocks closed mixed, with the Dow Jones Industrial Average up 0.33 percent and the tech-heavy NASDAQ down 0.11 percent. The volatility index, Wall Street's fear gauge, hit the lowest since January 2020 at 12.46 as market participants expected the Federal Reserve is near the

Nov. 27, 2023

[Contribution] What keeps us awake at night

By Manpreet Gill When I first started out as a bond strategist, I was often reminded by my teammates of how the "bond guys" were always the pessimists in the room. We spent a lot of time worrying about what could go wrong. Identifying and then attempting to minimize the chances of a big risk event were often key to earning a reasonable return via the yield. This was, of course, in sharp contrast to the optimists in the equities team who spent much of their time thinking about just ho

Nov. 26, 2023

[Hello Indonesia] Hyundai Motor vows to steer Indonesia's transition to EVs

Hyundai Motor is sticking to its mission to lead the growth of the electric vehicle sector in Indonesia, pledging to offer a wide range of EV options for customers and set up a complete ecosystem of EVs with charging infrastructure and battery reuse. “Hyundai Motor is a brand that is pioneering and leading the Indonesian EV market,” said Lee Young-tack, president of Hyundai Motor Asia-Pacific Headquarters, in a recent email interview with The Korea Herald. “We plan to establish

Nov. 26, 2023

Over 40% of Koreans anticipate financial challenges in retirement

Four out of 10 South Koreans feel financially unprepared for post-retirement life, according to a survey released on Sunday. Only 21 percent expressed a sense of well-rounded preparedness in advance. The KB Financial Group's Management Research Institute conducted a survey on retirement preparation and housing preferences among 3,000 men and women aged between 20 to 79 nationwide, who are financial decision-makers in their households. The survey took place in January this year. The survey r

Nov. 26, 2023

Hydrogen supply shortage will ease next week: ministry

The Ministry of Trade, Industry and Energy said Sunday the recent supply disruptions of hydrogen for automobiles in the central region of South Korea will gradually ease next week. “(The government has made sure) the hydrogen suppliers have secured extra hydrogen, so we expect the supply glitch will slowly improve starting next week,” said Lee Ho-hyeon, head of energy policy at the industry ministry, in a statement. “Until the situation returns back to normal, we will carry out

Nov. 26, 2023

Korea, Brazil strengthen ties via new trade framework

South Korea’s Industry Ministry on Friday said it launched a new strategic partnership with Brazil, to enhance trade ties and investment cooperation in green energy and digital technology sectors. During the Vice Minister of Development, Industry, Commerce and Services Marcio Elias Rosa’s two-day visit to Seoul, he met with Trade Minister Ahn Duk-geun to sign the “Korea-Brazil Trade and Investment Promotion Framework,” or TIPF, in Seoul, Friday. “We will deepen the

Nov. 26, 2023

[Photo News] Last spurt for Busan Expo

Hyundai Motor Group’s flagship electric vehicles -- the Ioniq 6 and EV6 -- bearing the slogan “Busan is Ready,” are parked in front of Le Palais des Congres d'Issy in Paris, where voting to select the host country for the 2030 World Expo is to take place Tuesday. The automaker said the art cars promoted Busan’s bid to host the global event in Paris by driving around the voting site as well as major tourist attractions including the Arc de Triomphe and the Louvre sinc

Nov. 26, 2023

LG, UNESCO partner to promote AI ethics

LG AI Research, LG Group's artificial intelligence think tank, said Sunday it has signed a letter of intent with UNESCO in Seoul to jointly foster knowledge and awareness of the ethics of AI. LG highlighted the agreement as the first of its kind, where UNESCO has partnered with a Korean firm to promote the ethical development and use of AI technology. Under the letter of intent, the two sides agreed to advance AI technology that would contribute to both humanity and sustainable development,

Nov. 26, 2023

Posco's charity foundation donates W90b

South Korean steel giant Posco Group marked the 10th anniversary of the Posco 1% Foundation, the group's social outreach body, highlighting the voluntary participation of employees and executives as the key to long-running donations. Established in 2013, Posco 1% Foundation is financed by its employees who make regular donations using 1 percent of their monthly wages. As of 2023, over 98 percent of Posco’s workers are participating in programs to help support underprivileged communi

Nov. 26, 2023

Manufacturing sentiment grows for first time in 4 months in December

South Korea's manufacturing confidence rose for the first time in four months in December, thanks to solid signs of recovery in global demand for semiconductors, a poll showed Sunday. The professional survey index for the manufacturing sector's business conditions came to 100 for next month, up from 97 for this month, according to the Korea Institute for Industrial Economics & Trade. A PSI reading above 100 means optimists outnumber pessimists. The survey was conducted earlier this

Nov. 26, 2023

Samsung Electronics makes final pitch in Paris for Busan's bid to host 2030 World Expo

Samsung Electronics Co. has been making its final pitch for Busan's bid to host the 2030 World Expo with displays in Paris, company officials said Sunday. Samsung has displayed a message of support for the southeastern port city's expo bid across billboards at various places in France's capital, including Paris Charles de Gaulle Airport, major shopping areas and tourist attractions, according to the officials. Samsung has also put up a giant advertising post promoting its latest f

Nov. 26, 2023

LG infuses year-end reshuffle with younger fresh blood, focuses on performance

LG Group, the country’s fourth-largest conglomerate, announced its year-end executive reshuffle on Friday, seeking to infuse the top brass with younger blood. From Wednesday to Friday, affiliates of LG Group held board meetings to appoint three new chief executive officers and promote 136 executives. Among the 99 to become executives, 97 of them were born after 1970 and five were born in the 1980s, the conglomerate said. “The latest executive reshuffle sought to reform the leadership

Nov. 24, 2023