Korea's finance minister departs for Japan to recover soured economic ties between two countries

Touting Korea as Italian carmaker’s No. 1 market in Asia Pacific, regional chief says peak is yet to come

The annual limit for overseas remittances without the need for additional documentation will be raised from $50,000 to $100,000 from July 4, following the passage of an amendment to the current limit on Tuesday. The current limit was created back in 1999 when the foreign exchange transaction-related law was first established. The changes are intended to reflect economic growth, according to the government. An amendment to the current law, which includes among other measures the increased limit f

Hana Financial Group Vice Chairman Lee Eun-hyung (second from right) and other company and government officials pose for a photo during a stationery delivery event held at the headquarters of Hana Microfinance in Yangon, Myanmar, Tuesday. Some 500 sets of stationary were delivered to help students in the city hit by the recent cyclone Mocha.

Auto parts maker aims to post $5.35b in overseas sales this year

Seoul Mayor Oh Se-hoon vowed to support South Korean beauty firms making a foray into Japan, the third-biggest market for cosmetics in the world, during his official visit to the neighbor country, the city government said Tuesday. According to the Seoul Metropolitan Government, Seoul Business Agency, an investment agency under the city government, and eBay Japan signed a memorandum of understanding to foster the online growth of small and medium-sized Korean cosmetics companies in the Japanese b

JB Financial Group celebrated its 10th anniversary with an event held in Muju-gun, North Jeolla Province, according to the financial firm on Tuesday. The event on Saturday, held under the slogan, "10 Years of Partnership, New Leap," was attended by over 3,500 executives and employees, including JB Financial Group Chair Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CE

South Korean cosmetics giant Amore Pacific Group said Tuesday it has signed an initial pact with international health and beauty retailer A.S. Watson Group to expand its global business. With the memorandum of understanding, the two companies agreed to cooperate to seek the growth of Amore Pacific's brands that have already entered A.S. Watson's platforms, including Innisfree, Etude and Mise-en-Scene. The companies also agreed to cooperate to help more Amore Pacific brands, such as Ill

Food Ministry holds rare meeting with companies to discuss wheat prices; Noodle makers remain cautious

Seoul court rules in favor of Samsung’s petition to ban employee from moving to Micron

By Koo Hyuk-chae Director-general of R&D policy bureau Ministry of Science and ICT Starting with the invention of the transistor at Bell Labs in the United States in 1947, semiconductors have constantly advanced and are now embedded in all devices that require computing power. Last year, the global semiconductor market size amounted to approximately $640 billion, of which 20 percent, or $130 billion, was occupied by the Korean semiconductor industry. The semiconductor industry is the No. 1

Korean credit card issuer Hyundai Card and Visa, a world leader in digital payment, on Monday announced that they have signed a strategic business partnership deal to collaborate on businesses using analyzed data. The partnership signing ceremony was held at Visa’s headquarters in San Francisco on Wednesday with top executives, including Hyundai Card Vice Chairman and CEO Chung Tae-young and Visa CEO Ryan McInerney in attendance. “Hyundai Card and Visa have agreed to prioritize colla

Vietnam is seeing exponential growth in demands for South Korean cosmetics, marking it as a potential replacement market for Korean beauty companies suffering from their recently spluttering performances in the major market of China, according to data Monday. According to the Korea Cosmetics Association's data, Korean cosmetics exports to Vietnam from January to May this year surged 43.4 percent compared to the same period a year earlier, logging $187.5 million in exports. Korea's cosm

SK Group said Monday that a total of 4,273 children in Vietnam have received surgeries treating facial deformities over the past 27 years as part of the firm's social contribution project there, called Smile For Children. The project was launched in 1996 in partnership with Korean medical institutions and volunteers, with SK covering all costs worth a total of some 4 billion won ($3 million).

LG Chem said Monday that it has begun mass production of high-nickel single-crystal cathode materials for next-generation batteries at its plant in Cheongju, North Chungcheong Province, making it the first Korean company to do so. "High-nickel single crystal cathode materials are an innovative solution that will transform the landscape of the future battery material market and address customers' needs,” said Vice Chairman and CEO Shin Hak-cheol. Cathodes are a core component that