Sea travel routes between South Korea and China will resume after being suspended for three years and seven months, according to the Korean shipping industry on Sunday. Jiaodong Shipping said it will begin transporting passengers via car ferries on the Weihai-Pyeongtaek route starting Wednesday. Starting Thursday, Yantai Ferry and Weidong Ferry will begin operation of car ferries to ferry passengers on the Yantai-Pyeongtaek and Weihai-Incheon routes, respectively. Weidong Ferry will also begin t

KB Kookmin Bank said on Sunday that it has received final approval to merge its two affiliates in Cambodia ― Prasac Microfinance and Kookmin Bank Cambodia ― on Friday. This announcement came after the bank sought the green light from Cambodian authorities to merge its two affiliates and launch a new commercial bank, KB Prasac Bank, in early 2022. Preliminary approval for this new commercial bank was granted July 16. In 2009, KB Kookmin Bank made its initial entry into the Cambodian market with t

Hana Financial Group announced on Sunday that it had signed a contract with the State Bank of India to establish a strategic partnership, aiming jointly to expand their global business. The SBI is India's largest government-owned commercial bank, operating in 25 different regions worldwide, including the US and China. This partnership came after the two financial firms conducted a sideline business meeting during the 56th annual meeting of the Asian Development Bank Board of Governors in Ma

Global foldable phone shipments to exceed 100m in 2027 with Chinese vendors, Apple's possible entry in 2025

Electricity demand is expected to reach its peak nationwide in the next two days as South Korea grapples with a record-breaking heat wave that was raised to the highest alert level Tuesday. Electricity usage in South Korea is projected to reach 92.9 gigawatts both on Monday and Tuesday, to record the highest level this summer, according to the data from the Ministry of Trade, Industry and Energy released Sunday. As the use of air conditioning increases especially at businesses amid the scorchi

1,000 former GM’s unionized workers demand to be employed by the carmaker

Lee Boo-jin, the president and chief executive of Hotel Shilla, has been appointed as the director of the Dooeul Scholarship Foundation, local reports said Friday. The Dooeul Scholarship Foundation was established in commemoration of Park Doo-eul, the late founder of Samsung Lee Byeong-cheol’s wife in 2000. Lee In-hee, an advisor to Hansol Group and an elder sister of Samsung Group Chairman Lee Kun-hee, ran the foundation until 2019 until she passed away. Since 2019, the director post has

Hyundai Motor and Kia are recalling over 91,000 vehicles in the US due to fire risks tied to a possible defect in certain components that could overheat, according to the Korean automobile manufacturers on Friday. They advised owners to park their vehicles outdoors and away from structures until they are verified for safety or repaired. The affected vehicles include Hyundai's 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra and Kona models, and the 2023-2024 Seltos and 2023 Kia Soul and Spo

Hyundai Card topped the brand reputation chart in August, followed by Shinhan Card and Samsung Card, in a monthly ranking announced by Korea Corporate Reputation Research Institute on Friday. The institute announces the Brand Reputation Index every month, analyzing big data information based on consumer trends online. It looks at six indices which include participation, media, communication, community, social contribution and CEO to evaluate the ranking of the credit card brands. The brand reput

Naver to launch hyperscale AI service HyperClova X on Aug. 24

South Korean department stores on Friday boosted security measures after copycat crime threats went viral online, following a stabbing rampage at a department store in Bundang, Gyeonggi Province on Thursday. Lotte Property & Investment, one of the leading department store operators here, on Friday dispatched a security team of 130 members to the area around Lotte Tower near Jamsil Station. Lotte added it has also sent three anti-terrorism agents to search the area. Jamsil Station was one of

Hyundai Motor Co. and its smaller affiliate Kia Corp. said Friday they will recall more than 91,000 recently released vehicles in the United States due to fire risks. The South Korean carmakers have submitted their recall reports to the US National Highway Traffic Safety Administration. They advised customers to park affected vehicles "outside and away from structures" until the defective part is fixed. The electronic controller for the Idle Stop & Go oil pump assembly may contain

By Ben Verhaert Oriental Brewery CEO Now is the best season for enjoying a refreshing beer, and Aug. 4 is International Beer Day and I would like to speak for beers today, especially for Korean beers. As one of the oldest human-produced drinks, the beer has many charm factors which have allowed humankind to enjoy it for so long as 8,000 years. First of all, beer is inclusive. Men and women across geographies and socioeconomic groups enjoy having a beer with friends. Beer has always been a great

Hyundai Motor and its sister firm Kia said on Thursday they are recalling more than 91,000 newer vehicles in the United States because of fire risks and urged owners to park outside and away from structures pending repairs. The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. The Korean automakers said electronic controllers for the Idle Stop & Go oil pump assembly may contain damaged electr

Real estate prices of logistics centers in the greater Seoul area in the first half of this year have dropped over 20 percent from the previous six month period, amid an oversupply of such facilities and a sluggish economy, according to a local report released on Thursday. According to real estate market research firm Rsquare's report, the average price of a plot of land measuring 3.3 square meters used by logistics centers in Seoul and the surrounding area came to 5.96 million won, down 23