Korean Air completes W1.8tr merger with Asiana Airlines after 4 years

Korean Air is set to finalize its long-awaited 1.8 trillion won ($1.4 billion) merger with Asiana Airlines Thursday, marking a significant step toward positioning the airline among the world’s top 10 carriers and solidifying its status as the largest in Northeast Asia. On Wednesday, Korean Air completed payments for Asiana shares to secure a 63.9 percent stake in the smaller rival, putting an end to the four-year-long journey. The merger marks the end of an era in which the nation’s

Dec. 11, 2024

OCI Energy to supply solar power to San Antonio for 20 years

OCI Energy, a US-based subsidiary of Korean chemical and battery manufacturer OCI Group, will supply solar power to the San Antonio region of the US state of Texas for 20 years, OCI Holdings, the company's holding unit, announced on Wednesday. OCI Energy signed the contract for a long-term energy storage project called “Alamo City ESS LLC” with US local energy grid operator CPS Energy on Friday in San Antonio. The signing event was attended by officials from both sides, includin

Dec. 11, 2024

Korea, US biz leaders call for easing trade barriers

Business leaders from South Korea and the United States have urged their governments to address persistent trade barriers and discriminatory policies, emphasizing the urgency of these issues as the incoming Trump administration brings fresh uncertainties in global economic and trade dynamics. The demands were outlined in a joint declaration adopted Tuesday at the 35th Korea-US Business Council meeting in Washington, organized by the Federation of Korean Industries and the US Chamber of Commerce.

Dec. 11, 2024

Mirae Asset hits W200tr in global ETF assets

Mirae Asset Global Investments announced Wednesday that its total global exchange-traded fund net assets have exceeded 200 trillion won ($139 billion). Mirae Asset currently manages 624 ETF products across 13 countries, including Korea, the US, Canada, Australia and Japan. In just three years, after surpassing 100 trillion won in 2021, its ETF net assets have doubled to 202 trillion won, placing the company 12th among global ETF operators. Mirae Asset was the first Korean asset manager to list E

Dec. 11, 2024

S-Oil honors coast guard officers for life-saving efforts

Korean oil refiner S-Oil on Tuesday honored eight members of the Korea Coast Guard for their life-saving efforts with awards totaling 90 million won ($62,800). The annual 2024 Hero Maritime Officers awards ceremony was held Monday at a Seoul hotel, with S-Oil CEO Anwar al-Hejazi, Korea National Council on Social Welfare Chairman Kim Seong-yee and Korea Coast Guard Commissioner General Kim Jong-wook in attendance. Han Seung-man, a senior police officer of the Gunsan Coast Guard Station in Gunsan

Dec. 11, 2024

LS Eco Energy posts record Q3 earnings on upbeat exports, telecom growth

LS Eco Energy, a subsidiary of LS Cable & System, said Tuesday it posted record-high revenue in the third quarter, driven by strong export performance in its power and telecommunications businesses. The company reported revenue of 223.4 billion won ($156 million) for the July-September period, up 33 percent from a year earlier. Operating profit rose 14 percent to 12.5 billion won, while net profit surged 227 percent to 8.4 billion won, fueled by strong sales in North America and Europe. Dema

Dec. 11, 2024

Kolmar Korea named one of world's best companies by Time magazine

Kolmar Korea announced Wednesday that it has been named one of the World's Best Companies in Sustainable Growth 2025 by US weekly magazine Time. Ranking 125th among 500 global firms, it is the only Korean cosmetics company on the list. The rankings, compiled by German market research firm Statista, evaluated 70 million companies across 150 countries based on revenue growth, financial stability and environmental impact on a 100-point scale. Kolmar Korea scored 81.44 points, placing in the t

Dec. 11, 2024

Govt. to focus on enhancing competitiveness of domestic aviation industry following Korean Air-Asiana merger

The government said Wednesday it will work to enhance the competitiveness of the domestic aviation industry while minimizing potential monopolistic harm from the soon pending merger between Korean Air Co. and Asiana Airlines Inc. The transport ministry announced an aviation industry support plan during a meeting of industries-focused ministries held at Hanwha Ocean Co.'s research and development campus in Siheung, Gyeonggi Province. To manage monopoly concerns arising from the merger, the m

Dec. 11, 2024

Passage of budget bill may relieve uncertainties

The National Assembly on Tuesday approved next year's national budget of 673.3 trillion won ($470.5 billion), reduced from the government's original proposal under pressure from the majority-held main opposition bloc. The final package is a 2.5 percent gain from that of this year's but about 4.1 trillion won less than the government’s proposal. The bill passed 183-94 with 1 abstention in an assembly where the main opposition Democratic Party of Korea holds a majority of 170

Dec. 10, 2024

Hana Financial reassures foreign investors amid political unrest

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil. The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining target

Dec. 10, 2024

MBK proposes stock split for Korea Zinc

Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a s

Dec. 10, 2024

[KH Explains] Crypto tax postponed again: Why Korea remains a rare case

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

Dec. 10, 2024

Samsung, SK’s investment blitz in US hit by soaring won-dollar rate

A sharp rise in the won-dollar exchange rate is deepening concerns among the nation’s top two chipmakers -- Samsung Electronics and SK hynix -- as they face snowballing financial burdens in their massive facility investments in the US. The Korean won has suffered price fluctuations following President Yoon Suk Yeol’s short-lived martial law declaration on Dec. 3. On Monday, the won soared to a two-year high of 1438.8 against the greenback. As of 3 p.m. Tuesday, the won-dollar rate re

Dec. 10, 2024

Hanjin Logistics shares market penetration strategies with e-commerce sellers

South Korean logistics company Hanjin Logistics said Tuesday that it has hosted its “Unboxing Day” event, aimed at sharing marketing strategies and insights to help e-commerce sellers enter the global market. The event, which attracted around 390 attendees, featured an awards ceremony, panel discussions and networking opportunities. Following last year's inaugural event, Hanjin continued to honor key clients with awards. In the “Heritage” category, four clients were

Dec. 10, 2024

Milwaukee Tools launches small yet powerful impact wrench

Milwaukee Tool Korea said Tuesday that it has launched a compact cordless impact wrench, powered by a 12-volt system. Founded in 1924 in Milwaukee, Wisconsin, the power tool maker has earned a reputation for producing durable, high-quality tools under the slogan, “Nothing But Heavy Duty.” The company expanded its global presence by establishing a Korean branch in 2022 and has since experienced steady growth here. Its new product, 12V Fuel Impact Wrench 1/2" III, delivers enhance

Dec. 10, 2024

[Photo News] JB Financial eyes new home in Seoul

JB Financial Group Chairman Kim Ki-hong speaks at a ground-breaking ceremony of the Jeonju, North Jeolla Province-based financial group’s new office in Seosomun, central Seoul, Monday. The new 19-story building, set for completion by 2027, is located on a 2,665 square-meter site and boasts 39,963 square meters of floor space. JB’s holding company and key affiliates plan to relocate to the new building. (JB Financial Group)

Dec. 10, 2024

Mirae Asset’s European ETF assets surpass $2b

Mirae Asset Global Investments announced Monday that its European exchange-traded fund assets under management have exceeded $2 billion, just four years after entering the market in late 2020. Global X EU, the ETF subsidiary of Mirae Asset, manages 42 ETF products across Europe as of Thursday. This year, the company achieved a remarkable growth rate of nearly 136 percent year-on-year, with AUM rising from $850 million to $2 billion. Europe is the world’s second-largest ETF market, followin

Dec. 9, 2024

Hanwha sets up financial AI center in San Francisco

The financial subsidiaries of Hanwha Group, South Korea’s seventh-largest conglomerate, have launched an artificial intelligence research center in San Francisco, the global hub for AI development. Hanwha AI Center, established by Hanwha Life in collaboration with Hanwha General Insurance and Hanwha Asset Management, officially opened last week at Hanwha Group’s San Francisco headquarters. The opening ceremony was attended by senior executives, including Hanwha Life Vice Chairman and

Dec. 9, 2024

Korea, Indonesia strengthen partnership in general insurance

The general insurance industries of South Korea and Indonesia are deepening their partnership. The General Insurance Association of Korea announced on Monday that it recently signed a memorandum of understanding with the General Insurance Association of Indonesia to strengthen exchanges and collaboration. The agreement outlines plans to support member companies' overseas expansion and collaborate on initiatives aimed at mutual growth in both countries' insurance sectors. The associatio

Dec. 9, 2024

Cheaper Chinese chips hamper profit outlook for Samsung, SK hynix

Chinese chipmakers are posing challenges for South Korean memory chip giants, flooding the global market with legacy chips at half the market price amid slowing demand. With the price of the older DRAM chips plunging more than 30 percent, market analysts lowered the earnings prospects for Samsung Electronics and SK hynix, the world's top two memory chip makers. According to DRAMeXchange on Monday, the spot price of 8 gigabyte DDR4 chips for computers fell to $1.35 in November, marking a 35.

Dec. 9, 2024