[Advertorial] Eximbank donates vehicles to aid multicultural families

The Export-Import Bank of Korea, or Eximbank, announced Tuesday that it donated 11 vehicles worth 300 million won ($219,900) to organizations supporting multicultural families through the Community Chest of Korea. At a donation ceremony held at the bank’s headquarters in Yeouido, Seoul, Eximbank CEO Yoon Hee-sung and Community Chest of Korea Secretary-General Hwang In-sik handed over five minivans and six compact cars to Rainbow Global Community Child Center. The initiative is part of Eximbank’s

April 22, 2025

Kakao at crossroads: AI pivot fuels calls to shed noncore units

South Korean IT giant Kakao is once again at the center of deal speculation, as rumors of subsidiary sales continue to swirl despite the company’s repeated denials. Just days after Kakao dismissed reports that it planned to offload its entertainment arm, Kakao Entertainment, new chatter emerged Thursday suggesting its taxi-hailing platform, Kakao Mobility Corp., may also be up for sale. Kakao Mobility quickly pushed back. A company executive reportedly told employees Kakao has “no plans to sell

April 22, 2025

Hyundai Motor, Korail partner to develop mobility-centered smart city infrastructure

Hyundai Motor Group said Tuesday it has partnered with the state-run Korea Railroad Corp. to jointly develop mobility-themed smart city infrastructure around train stations across South Korea. Under a memorandum of understanding signed Monday, the two sides will collaborate on new smart city infrastructure projects in areas around train stations and other KORAIL-owned sites across the country. The MOU signing ceremony was held at a KORAIL office in Seoul, attended by Hyundai Motor Vice President

April 22, 2025

S. Korea to launch welcome week for foreign tourists during peak travel season

South Korea will host a series of welcoming events for international tourists beginning this week, the culture ministry said Monday. The 2025 Korea Welcome Week will run from April 25 to May 16, coinciding with major holiday periods, such as Japan's Golden Week and China's Labor Day, and the senior officials' meeting of the Asia-Pacific Economic Cooperation Summit on South Korea's resort island of Jeju -- all peak times for foreign arrivals. The Welcome Week event is aimed at enhancing travel co

April 22, 2025

The Ritz-Carlton to return to Seoul in 2031

The Ritz-Carlton, a top-tier luxury hotel brand, is set to return to South Korea, having been selected to operate a hotel at the redeveloped Millennium Hilton Seoul site by 2031, the asset manager for the site announced Monday. Igis Asset Management, which is in charge of running the Iota project that involves the redevelopment of the premises of the former Millennium Hilton Seoul in Jung-gu into a mixed-use property, selected The Ritz-Carlton brand as the preferred bidder to run the hotel to be

April 21, 2025

Samyang Roundsquare CEO steps down, continues to lead global push

Vice Chair and CEO of Samyang Roundsquare Kim Jung-soo, known for revitalizing the company through the global success of the Buldak series, has officially stepped down from her position as CEO of the group’s holding company, Samyang Roundsquare. Samyang Roundsquare announced Monday that Kim had officially resigned from the CEO role with the holding company earlier this month. Kim held the position for less than two years, having assumed the role in September 2023. She will continue to serve on t

April 21, 2025

Korean shipbuilders await potential gains from new US port fees

The port fee on China-made ships announced by US President Donald Trump's administration is expected to benefit Korean shipbuilders, particularly in the container carrier segment, where firms here have seen their global market share decline amid China’s growing dominance, market analysts say. NICE Credit Investment, a Korean credit rating agency, stated that the new fee could help Korean shipbuilders narrow the competitive gap in the container ship market, in a report released earlier in April.

April 21, 2025

CGBio secures FDA nod for Novosis Putty clinical trial

Korean regenerative medicine company CGBio announced Monday that an investigational device exemption has been approved for CGBio's bone graft substitute, paving the way for pivotal clinical trials in the US. The approval by the US Food and Drug Administration marks a major milestone, making Novosis Putty the first Korean-developed bone graft substitute to enter pivotal clinical trials in the US. It also brings CGBio one step closer to achieving the premarket approval, or PMA, required for full c

April 21, 2025

LG Display unveils in-house AI assistant to up productivity

LG Display said Monday it has become the first company in the display industry to internally develop and deploy an artificial intelligence assistant service tailored to enhance employee productivity. The AI assistant, designed to optimize individual workflow, provides features such as real-time translation during video conferences and automated meeting transcription, enabling employees to perform tasks more efficiently. In the first half of the year, the display maker plans to expand the AI assi

April 21, 2025

Posco to invest in Hyundai Steel's US plant project

POSCO Group, South Korea's leading steelmaker, said Monday that it will invest in Hyundai Steel Co.'s steel mill project in the United States, as part of its strategy to navigate US President Donald Trump's sweeping tariffs on steel imports. According to a press release, POSCO Group has signed a memorandum of understanding with Hyundai Motor Group for its participation in Hyundai Steel's US plant and to strengthen collaboration in the steel and rechargeable battery sectors. Last month, Hyundai S

April 21, 2025

Korea, US to hold high-level tariff talks in Washington this week

South Korea and the United States will hold tariff talks in Washington, DC later this week, the Korean government said Sunday. According to the announcement, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun will attend the levy discussions with their US counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. The Korean government said the trade consultation is taking place at the reques

April 20, 2025

Naver, Kurly form alliance to challenge Coupang in fresh food e-commerce

Naver and Kurly have formed a strategic alliance in an apparent move to challenge Coupang, the unrivaled No. 1 in the nation's crowded e-commerce market. The collaboration is widely seen as a complementary match between an e-commerce player that specializes in fresh food and a tech-driven platform giant. Under the partnership announced Friday, grocery delivery service Market Kurly’s products will officially launch on Naver’s artificial intelligence-powered shopping platform, Naver Plus Store, la

April 20, 2025

[Photo News] Hana honors parents

Hana Financial Group hosted a special concert for employees and their parents on Saturday at Chungnam National University in Daejeon, in celebration of Korea’s upcoming “Family Month” in May. The event featured a variety of activities, including performances of trot music -- a family-friendly genre of older Korean pop. Surprise video messages from parents and themed photo zones gave employees and their families a chance to create lasting memories. “Hana Financial Group stands where it is today t

April 20, 2025

US sales of Hyundai Palisade SUV exceed 500,000 units

Hyundai Motor Co., South Korea's top automaker, said Sunday it has sold over 500,000 units of the Palisade sport utility vehicle in the United States. The cumulative sales of the Palisade in the United States reached 506,425 units as of the end of last month, according to Hyundai's sales data. Hyundai Motor launched the first-generation Palisade SUV in the US market six years ago in 2019. The second-generation model is set to be released there later this year. In 2024, about two-thirds of the Pa

April 20, 2025

4 major defense firms set to report robust results in Q1

South Korea's four major defense industry companies are estimated to report robust earnings results for the first three months of the year on increased orders, a survey showed Sunday. The four defense firms -- Korea Aerospace Industries Co., Hanwha Aerospace Co., Hyundai Rotem Co. and LIG Nex1 Co. -- are expected to report a combined operating profit of 657 billion won ($461 million) in the first quarter, compared with 197.1 billion won posted in the first quarter of last year, according to a su

April 20, 2025