The average unit price of South Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles and electric vehicles, industry data showed Monday. In the first 11 months of this year, South Korea exported a total of 2.52 million units of automobiles, worth 64.5 trillion won ($49.5 billion), with the average unit price reaching 25.6 million won, according to the data from the Korea Automobile & Mobility Association. It is the first

POHANG, North Gyeongsang Province -- Posco, South Korea's biggest steelmaker, said its key furnaces resumed operations in the country's major steel manufacturing complex in Pohang on Sunday after its facilities were partially suspended in the wake of a fire. The No. 2 and No. 3 furnaces were operational again starting at 2 p.m., with the No. 4 furnace to be put back into operations Sunday after some repair work and a safety check, officials said. Its steelmaking and hot rolling mills

South Korea's exports of eco-friendly vehicles surged 32.5 percent on-year to a record high during the first 11 months of this year on solid global demand for electric vehicles, data showed Sunday. The export volume of eco-friendly automobiles came to 662,307 units during the January-November period, compared with 499,854 units a year earlier, according to the data by the Korea Automobile and Mobility Association. The number for the entire 2023 is expected to surpass 700,000 for the first t

The number of passengers traveling via Incheon International Airport has rebounded to 77.9 percent of the pre-pandemic level this year, data showed Sunday. A total of 49.97 million travelers flew via the airport, west of Seoul, during the first 11 months of 2023, which represents 77.9 percent of the 64.17 million passengers during the same period of 2019, according to the data compiled by the transport ministry. Around 56 million air passengers are expected to use the airport by the end of this

South Korean shipbuilder Hanwha Ocean clinched a 1.1 trillion-won ($845 million) deal Friday to build a 3,600-ton submarine for the Navy, the state procurement agency said. Hanwha Ocean signed the deal with the Defense Acquisition Program Administration (DAPA) to construct the third and last submarine under the Changbogo-III Batch-II program. The company, formerly known as Daewoo Shipbuilding and Marine Engineering, has been building two other Changbogo-III class submarines since 2021. It is the

South Korea's Shinhan Bank said Friday its Indonesian unit, Bank Shinhan Indonesia, has won a $200 million investment from the International Finance Corp. The funding is a result of a memorandum of understanding signed between Shinhan Financial Group and the IFC in May, aiming to expand cooperation in global expansion and environmental, social and governance drives. Initially, the IFC will provide $100 million, followed by an additional $100 million financing within a year. Bank Shinhan Ind

Hyundai Motor Group's self-driving mobility division, 42dot, revealed Friday that it will make its debut at the upcoming CES 2024 tech show in Las Vegas to showcase its software-driven vehicle technology. The technology integrates both software and hardware in automobiles, reflecting the digital advancements seen in smartphones and Tesla vehicles. Established in 2019 by Song Chang-hyeon, a former chief technology officer at Korean online platform Naver, 42dot has quickly emerged as a notabl

Comprehensive real estate services company Hanlim Architecture Group said Friday that it has finalized an agreement to help Korean convenience store operator E-mart 24 enter Cambodia. The collaboration is being facilitated through a joint venture known as Saihan Partners. Saihan Partners was established this year as a collaboration between Hanlim Architectural Group and Cambodian retail company Saisons Brother Holding Corp. The joint venture emerged following a three-party memorandum of understa

LG Electronics said Friday it has launched an experience zone, called “Another Saigon,” in Ho Chi Minh, Vietnam, targeting young customers amid growing demand for premium home appliances. Vietnam's market economy has experienced a rejuvenation driven by the "Doi Moi" generation — individuals born after the country initiated political reforms in 1986 to establish a socialist market economy. Given the younger generation's greater familiarity with social media

The 2023 Korea Food Security Symposium is taking place Friday at the Korea Agro-Fisheries & Food Trade Corp. Center in Seoul, gathering field experts, scholars and public officials to discuss the topic of the country's food security, particularly in the age of climate crisis. "The rapidly intensifying climate crisis and persistent conflicts pose ongoing threats to the global food supply and demand network," said Kim Chun-jin, CEO of the Korea Agro-Fisheries & Food Trade Co

KAC sets sight on 90 million passengers next year, aims for W1tr in revenue

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, said Thursday that its acting president, Kim In, has been voted as the new chairman. This is the first time that the KFCC has voted its head through a direct election system in the institution's 60-year history. Until now, 350 representatives were selected to indirectly elect the president. Beating eight other candidates, Kim secured the top post by winning 539 votes out of the 1,

JB Financial Group announced Thursday that it has signed an investment agreement to acquire a 15 percent stake in Hanpass, Seoul-based overseas remittance service company. With the latest agreement, it entered a second strategic partnership with a fintech company, following a similar agreement signed with Finda, a Seoul-based fintech company specializing in loan services, in July. "Cooperation between banks and fintech companies is anticipated to become a new foundation for growth as the ro

Air sterilization solutions provider A.Virtual won a special award from the Korea Association of Technology Commercialization in this year’s presentation for the “new growth engine industry commercialization supporting project,” Monday. This project connects small and medium-sized enterprises specialized in the promising industrial sectors -- electric and autonomous vehicles, internet of things, renewable energies, biohealth, semiconductors and displays -- with technology comme

Hyundai Motor on Thursday shared a glimpse into its upcoming presentation at CES 2024 in Las Vegas, set for Jan. 8, previewing the company’s vision for a hydrogen-powered ecosystem and a future shaped by software innovations. The presentation, under the theme of "Ease every way," is scheduled from 1:00 p.m. to 1:45 p.m. Pacific Standard Time and will be livestreamed on Hyundai's global YouTube channel. Central to Hyundai's hydrogen strategy is the "Hydrogen Busines