The global transition to net zero will be a boon for companies in renewable energy and secondary batteries, while supply chain restructuring will challenge Korean chipmakers, according to data analysis released Wednesday by the Korea Chamber of Commerce and Industry. The business group released a report on opportunities and risk factors that Korean firms expected this year by analyzing 2024 management messages from the top 100 listed companies using ChatGPT. The opportunity factors for Korean

Industry March 6, 2024

SK Group Chair Chey Tae-won is set to serve as chairperson of the country’s business organization Korea Chamber of Commerce and Industry for another term. On Thursday, members of the Seoul Chamber of Commerce and Industry unanimously agreed to tap Chey as chair of the regional chamber under the KCCI for a three-year term that ends in February 2027 during a general meeting of members held in Seoul. With Seoul members’ backing, Chey, whose first term expires in March, is on the course

Industry March 1, 2024

South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities. Woori Venture Partners, the venture capital unit of the Korean conglomerate, and Mubadala Capital, the asset management subsidiary of Mubadala, signed a memorandum of understanding for their strategic cooperation in Abu Dh

Companies Feb. 28, 2024

Toss Bank, the internet-only banking arm of fintech firm Viva Republica, said Wednesday it has appointed Rhee Eun-mi, former chief financial officer of DGB Daegu Bank, as its new CEO. The bank’s CEO recommendation committee picked Rhee as the sole candidate for the next top leadership position in recognition of her deep understanding of the banking industry and excellence in making strategic decisions. “Rhee's achievements, organizational management capabilities, and insight b

Market Feb. 21, 2024

E-commerce giant Coupang and pharmaceutical firm Yuhan Corp. are set to join the Korea Enterprises Federation, a business lobby representing over 4,000 businesses here, according to industry sources on Monday. Some 10 firms, including Coupang, have submitted membership applications to the group, which are subject to approval from board directors and existing members at a meeting slated for Wednesday. Coupang’s decision came after three years of deliberation since its parent company, Coupan

Industry Feb. 19, 2024

Shinhan Financial Group Chairman Jin Ok-dong believes that undervalued Korean stocks including his banking group’s shares could gain impetus with the government’s strong drive with its upcoming market revamp program aimed at creating a new investment wave. With the Korean financial authorities set to put forward detailed schemes to iron out deep-seated low valuation of Korean stocks this month, listed companies and investors are paying keen attention to what would be included in th

Market Feb. 15, 2024

  The proportion of South Koreans working more than 50 hours a week has sharply dropped over the past 20 years to be on par with the average for member countries of the Organization for Economic Cooperation and Development, according to a new report from a Korean business lobby group on Tuesday. According to the Korea Enterprises Federation, the number of wage earners working more than 50 hours per week stood at 2.53 million in terms of actual working hours and 2.24 million in terms of con

Economy Feb. 13, 2024

With decades of know-how in the infrastructure building business, Hanshin Engineering & Construction is taking a big leap by tapping deeper into the Southeast Asian market and diversifying its business portfolio. Hanshin E&C Chairman Choi Yong-sun singled out Indonesia and Ukraine as the builder’s “future markets.” “Indonesia is Southeast Asia's largest economy and has a high demand for infrastructure construction and urban development. Hanshin E&C purs

Industry Feb. 6, 2024

Once deemed an investment that produced a stable income stream, office buildings in the US are causing a headache for Korean investors as they wrestle with defaults on loans amid weakening demand and increased interest rates. With their investments turning sour, investors should come up with “creative ways to handle defaulted loans to draw a path to recovery," US commercial real estate investment firm BridgeRock Capital’s founder and managing director Jin Kim said. “Kore

Market Jan. 29, 2024

Korea would be more attractive for global renewable energy and health care companies if they were given higher financial incentives and eased regulations, chiefs of foreign business lobby groups said Wednesday. The Korea Chamber of Commerce and Industry held the 2024 Foreign Chamber Day with representatives of foreign business networking organizations to share opinions on difficulties faced by global firms operating here in the fields of economic cooperation, labor, trade and regulatory appr

Industry Jan. 24, 2024

South Korea’s sovereign bond market is likely to be included among the top grade of global market indices, as abating inflation revives investors’ appetite for government bonds, according to economists from Standard Chartered Group on Friday. At the 2024 Global Research Briefing conference hosted by the Korean unit in Seoul, Arup Ghosh, Standard Chartered Bank's co-head of Asia rates research, predicted that Korean treasury bonds will take a positive turn this year due to the tr

Market Jan. 22, 2024

KB Kookmin Bank said Wednesday it will provide 372.1 billion won ($276.4 million) in financial support measures for the self-employed, small business owners and vulnerable groups facing difficulties due to high borrowing costs and prices. The sum represents the largest among such other plans put forward by its local peers responding to the government’s call to share profits yielded from high rates with those still struggling to recover from the fallout of COVID-19. KB’s dual-track

Market Jan. 17, 2024

The chief of DGB Financial Group, the holding firm of leading regional lender Daegu Bank, decided to step down from his post Friday after being acquitted of bribery and embezzlement charges tied to the group’s overseas expansion plan this week. After about five years at the helm of the company, DGB Financial Group Chairman Kim Tae-oh, expressed his intent to not to seek a third term. His current two-year term ends in March. “The group needs new leadership capable of achieving sustain

Market Jan. 12, 2024

Debt-ridden Taeyoung Engineering & Construction made a U-turn to stick with its initial self-rescue package to avoid court receivership, which could put over a thousand of its subcontractors at risk. The 16th-largest construction company in South Korea in terms of capacity is expected to unveil additional plans, which could include offering the ownership family's stake in Taeyoung Group's holding firm, to win creditors' approval by Thursday for the launch of a debt workout p

Industry Jan. 8, 2024

South Korea has set its economic priorities for the year, aiming to boost domestic consumption by supporting the real estate market and to encourage investment to ensure a steady economic recovery. In its economic policy directions for 2024 announced Thursday, the government expected that Asia’s fourth-largest economy will see slightly improved growth of 2.2 percent this year, compared with 1.4 percent in 2023, buoyed by an export bounce-back as demand for semiconductors rises. It lowe

Economy Jan. 4, 2024