Debate over a bill expanding the responsibilities a company director not only to the interest of the firm but also to the interest of the shareholders has been rekindled, with business groups showing strong resistance, arguing it could invite damage claims from individual shareholders. Rep. Jeong Jun-ho of the main opposition Democratic Party of Korea proposed on June 5 an amendment to an article of the Commercial Act tied to the "Duty of Loyalty by Directors," after a similar bill was

Economy June 12, 2024

The Korea Chamber of Commerce and Industry, South Korea’s major business group, said Monday it launched an office in Frankfurt to build a broader network in Germany where the largest number of Korean companies are doing business in Europe. Germany, home to smart factories embedding artificial intelligence and clean energy technology, is Korea's largest trading partner in Europe. Korea is the second-largest export market in the Asia-Pacific region after China. “The office located

Industry June 10, 2024

Business leaders and government officials from South Korea and African nations gathered to fortify practical cooperation involving complementary skills and resources to enrich their decadeslong friendship. Some 400 people took part in the 2024 Korea-Africa Business Summit in Seoul on Wednesday on the sidelines of the Korea-Africa Summit being attended by delegations from 48 African nations, including 25 heads of state. Under the theme “The future we make together: Shared growth, sustainabi

Economy June 5, 2024

South Korea and African nations have pledged to intensify cooperation for enhanced trading while supporting Africa's path for shaping a future of sustainable co-prosperity. The 2024 South Korea-Africa Summit, the inaugural summit between Korea and 48 African countries, kicked off in Seoul on Tuesday. “Africa is young, dynamic and affluent with resources while Korea has high technology and a variety of experience… We will bring the strengths of each other together and discov

Economy June 4, 2024

Leaders of major South Korean conglomerates met with United Arab Emirates President Mohamed bin Zayed Al Nahyan on Tuesday in search of ways to deepen business cooperation in defense and energy areas with the oil-rich Middle East state, on the occasion of the UAE leader’s first state visit to Korea. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, Hanwha Group Vice Chairman Kim Dong-kwan, HD Hyundai Vice Chairman C

Industry May 28, 2024

The head of Korea Trade Insurance Corporation, the state-run export credit agency, vowed to support Korea and African nations in becoming key pillars of the future supply chain. “Africa is home to essential mineral resources critical to future high-tech industries such as semiconductors and secondary batteries,” Jang Young-jin, chairperson and president of K-SURE in his keynote speech during the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassad

Economy May 26, 2024

The South Korean trade minister stressed the need to diversify economic relations with African nations into high-tech and service sectors by taking the upcoming Korea-Africa Summit as a chance to pave the way for a new era. “Now is the time for Korea to actively engage in trade and investment with Africa,” Trade Minister Cheong In-kyo said Thursday while delivering his celebratory speech at the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassado

Economy May 26, 2024

The Financial Supervisory Service officials visited Hong Kong to seek cooperation with financial authorities and investment banks there for the regulator’s efforts to stamp out illegal short selling. During his two-day visit from Thursday, a delegation led by FSS Senior Deputy Gov. Hahm Yong-il met executives in charge of the Asia-Pacific region at seven global investment banks to inform them about the Korean government’s plan to set up a monitoring system designed to detect illega

Market May 21, 2024

South Korea's investment in the US creates a win-win effect for both countries as Korean companies' entry into the US contributes to the growth of Korea's exports while enhancing employment, economic growth and exports to the US, an industry report said Monday. Pouring a growing volume of investments in the US, Korean companies entering the US are found to contribute to the US economy in terms of employment, economic growth and exports, according to the report titled "Korea

Economy May 20, 2024

Heads of Korean business groups raised their voices for Korean companies making vast investments in the US to be treated as they deserve when facing challenges in dealing with trade and supply chain issues involving the US. Starting Monday, Korea International Trade Association Chairman Yoon Jin-sik visited the US for five days along with the Federation of Korean Industries Chairman Ryu Jin to set forth Korean businesses' opinions to ensure that the Korea-US partnership yields outcomes reci

Economy May 16, 2024

President Yoon Suk Yeol on Thursday expressed a strong willingness to rescind the introduction of capital gains taxes on financial investment incomes, asserting the legislation would bring massive outflow of funds from the country’s capital market. “Not only is the understanding of 14 million retail investors at stake, but if the capital market collapses and fails to function properly, it will have a significant impact on the real economy,” Yoon said during a press conference m

Economy May 9, 2024

Mirae Asset Securities, Korea’s largest stock brokerage company, has yielded solid results and created a strong impetus for growth in overseas markets after two decades of global expansion. Park Hyeon-joo, chairman of the Mirae Asset Financial Group, which covers comprehensive financial services including asset management, wealth management, investment banking and life insurance, has been spearheading the group's ambition to expand businesses beyond familiar horizons. Mirae Asset Se

Companies May 8, 2024

The chairman of Korea's chip-to-battery conglomerate SK Group said the fate of semiconductor manufacturers will hinge on how smartly they can map out capital expenditure plans, as he believes the recent chip recovery would be short-lived. The earnings surprise that SK hynix, the group’s crown jewel and the world's second-largest memory chipmaker, logged in the first quarter raised hope that the industry has ended its down cycle after months of operating losses. SK Group Chairman

Industry May 6, 2024

More than 250 startup companies have joined KB Financial Group’s accelerator program over the past 10 years to scale up businesses into unicorns in the fintech industry. KB Financial Group held an event on Tuesday marking the 10th anniversary of the KB Innovation HUB Center, the first organization dedicated to fostering and supporting startups in the financial sector. Since KB Innovation HUB Center’s inception in 2015, the group launched its startup accelerator program, KB Starters

Companies April 30, 2024

South Korea’s economy expanded at the fastest clip in more than two years in the first quarter as private spending and exports picked up, the central bank said Thursday. The country's real gross domestic product grew 1.3 percent on-quarter in the January-March period, accelerating from a 0.6 percent expansion in the fourth quarter last year, according to an advance estimate from the Bank of Korea. The latest GDP figure is a significant improvement from the past eight quarters, during

Economy April 25, 2024