Incheon Airport logs record 18.6m passengers in Q1

Incheon International Airport Corp. announced Wednesday that the airport recorded an all-time high of 18.6 million passengers in the first quarter of this year, driven by strong growth in short-haul routes to Japan, China and Southeast Asia. Short-haul flights accounted for 84.3 percent of total operations — significantly outpacing long-haul routes to destinations like the United States and Europe. This trend reflects a growing preference for shorter trips amid global economic uncertainties such

April 16, 2025

Toss Bank charts first overseas expansion

Toss Bank, South Korea’s leading internet-only lender, is plotting its first overseas expansion, with both developing and developed markets under review. CEO Rhee Eun-mi unveiled the plan Wednesday at a press briefing, marking a key strategic pivot for the digital bank. While Korean lenders typically target emerging economies in their initial overseas forays, Toss Bank aims to break that pattern. “We believe Toss Bank can achieve its next steep growth in the global market,” Rhee said. “This isn’

April 16, 2025

Hyundai Elevator installs solar panels in Shanghai plant, cuts carbon footprint

Hyundai Elevator announced Wednesday that it has completed the installation of a 6-megawatt solar power system at its Shanghai Smart Campus, accelerating towards achieving RE100 — a global initiative to become completely carbon neutral. The system, which begins full-scale operation in the second quarter, will replace 47 percent of the plant’s total electricity use through renewable energy. Rooftop solar panels were used, following the same installation model as Hyundai’s Chungju Smart Campus in

April 16, 2025

South Korean employees work 14 yrs on average at major corporations

The average length of employment at South Korea’s major corporations has increased since 2020, despite economic uncertainty and a reported uptick in voluntary resignations and career changes. According to data released Wednesday by CEO Score, a corporate analytics firm, the average tenure at 80 of the nation’s top 100 companies by revenue reached 14.03 years in 2024, up from 13.55 years in 2020. The analysis covers companies that have consistently disclosed employment data over the past five yea

April 16, 2025

S. Korean delegation to visit UAE for high-speed rail, infrastructure bids

A high-level South Korean delegation plans to visit the United Arab Emirates this week to bolster Seoul's bids for high-speed railway and infrastructure projects in the Middle East nation, the Ministry of Land, Infrastructure and Transport said Wednesday. Led by Land Minister Park Sang-woo, the delegation will meet with UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei on Friday to discuss bilateral cooperation in the transport and infrastructure sectors, with a focus on the U

April 16, 2025

GM Korea to increase vehicle production amid US tariff-related exit concerns

GM Korea Co., the South Korean unit of General Motors Co., plans to increase production at its Incheon plant by about 9 percent this year, the company's labor union said Wednesday, easing concerns over a potential withdrawal amid growing uncertainty over the United States' tariff policies. According to the union, the company recently said it would allocate an additional 21,000 vehicles to the plant in Bupyeong, Incheon, west of Seoul, for production this year. The increase amounts to nearly 9 pe

April 16, 2025

Hanwha expands F&B portfolio with new ice cream brand

Betterscoop Creamery, the ice cream business subsidiary of Hanwha Galleria, said Tuesday that it will officially launch its new ice cream brand, Benson, in May. Industry insiders see Hanwha Galleria Vice President Kim Dong-seon's entry into the premium ice cream market as a natural extension of his success in introducing the Five Guys burger franchise to Korea in 2023. Strengthening its food and beverage portfolio further, Hanwha Galleria acquired the US-based robotic pizza brand Stellar Pizza i

April 15, 2025

KB Securities to open Mumbai office in India push

KB Securities, a brokerage affiliate of the South Korean finance giant, KB Financial Group, is set to establish an office in Mumbai this year to seek opportunities in the fast-growing country. "As part of its global expansion drive, KB Securities plans to open an office in India," an official from the brokerage firm confirmed on Tuesday. KB Securities currently operates six overseas units in five countries, including the US, Hong Kong, Vietnam, Indonesia and China. India will be the firm’s sixth

April 15, 2025

[Photo News] Metlife's Asia President in Seoul

MetLife Asia Regional President Lyndon Oliver serves breakfast to sales agents during the "CEO Server’s Morning" at MetLife Korea’s headquarters in Seoul’s Gangnam District on Tuesday last week. The event aimed to foster unity among local staff while reaffirming the company’s commitment to the South Korean market. During his visit, Oliver said, "MetLife has maintained its leading position among foreign life insurers in Korea thanks to the expertise of its local planners, diversified sales channe

April 15, 2025

[Photo News] "Reciprocal" relief

A person walks past the Nasdaq MarketSite in New York on Monday. US stock indices ended higher that day as investors priced in hopes that President Donald Trump may take a softer stance on tariff policies. Although the Trump administration has pledged to impose new tariffs on electronics, markets gained amid expectations that the imminent exemption of “reciprocal" tariffs on tech items signals a possible easing of the US' overall tariff approach. (AP-Yonhap)

April 15, 2025

LG CNS, Google Cloud join hands to expand AI solutions to Asia, Americas

LG CNS and Google Cloud are teaming up to expand cloud-based artificial intelligence transformation services across Asia and the Pacific as well as the Americas, the South Korean IT solutions provider said Tuesday. LG CNS CEO Hyun Shin-gyoon recently met with Google Cloud CEO Thomas Kurian and Karan Bajwa, the managing director of Google Cloud Asia-Pacific at Google Cloud Next 2025 in Las Vegas to reinforce strategic cooperation between the two companies, the company said. Under the partnership,

April 15, 2025

Novelis opens $65m green aluminum plant in Ulsan

Novelis, the world’s largest aluminum recycler and a leading producer of rolled aluminum, announced Tuesday that it has begun operations at its new recycling center in Ulsan, advancing its circular aluminum production approach in Korea. According to the company, the Ulsan facility can produce up to 100,000 tons of low-carbon aluminum sheet ingot annually by processing a broad spectrum of aluminum scrap, ranging from beverage cans to automobile components and industrial materials. The project beg

April 15, 2025

Google weighs cheaper YouTube plan for Korea

US tech giant Google is reportedly reviewing the introduction of YouTube Premium Lite in Korea, a low-cost subscription plan that offers ad-free video streaming without the full suite of Premium features, according to industry sources on Tuesday. Google Korea has recently proposed the introduction of the Premium Lite plan to the Korea Fair Trade Commission as part of a voluntary corrective measure, sources said. The proposal comes as the antitrust regulator investigates allegations that Google l

April 15, 2025

Hyundai Steel, union sign wage deal after walkout, facility suspension

Hyundai Steel Co., South Korea's second-biggest steelmaker, said Tuesday it has signed a wage deal with its labor union for the year of 2024 following multiple strikes and the temporary suspension of a production facility. The company has agreed on an increase of 101,000 won ($71) in monthly basic salary and 4 1/2 months of salaries plus 10.5 million won in bonuses, a company spokesperson said. The union said it signed what it called an "unsatisfactory" deal as an ongoing global trade war, a pro

April 15, 2025

[Photo News] Hana Social Venture University

Hana Financial Group Chairman Ham Young-joo (right) poses with Kwangwoon University President Cheon Jang-ho at the school’s campus in Nowon-gu, northeastern Seoul, on Friday, after signing an agreement to collaborate on boosting regional employment. Kwangwoon University has joined the “Hana Social Venture University” program — the group’s flagship social initiative aimed at fostering local talent by developing region-specific business ideas in partnership with universities. Around 30 universitie

April 14, 2025