The Financial Services Commission will revise the net capital ratio regulation to create a more favorable environment for Korean investment firms' overseas lending business, the financial regulator said Monday. At a seminar held at the Korea Exchange Monday, many securities firms here -- including Mirae Asset Securities -- raised the issue on how the current regulation makes it difficult to conduct their business outside of Korea. Currently, all investment firms are obligated to maintain a

Hyundai Mobis said Monday it has developed a rollable display for cars -- the first of its kind globally. The 30-inch display can be rolled up and down depending on the mode the driver chooses. The automotive parts unit affiliated with Hyundai Motor Group said it aims to secure orders from luxury carmakers globally.

South Korean's annual expenditure per capita on pets, along with the nation's pet-related businesses, is growing steadily, data released Monday showed. Purchase records from 2019 to 2022 compiled by the big data center at major Korean card firm Shinhan Card showed that the average annual spending per person at a slew of pet-related services or products -- such as animal hospitals, dog hotels, dog cafes, and dog salons -- recorded 353,000 won ($268) last year, the highest in four years.

Doosan Robotics on Monday launched a food and beverage collaboration robot that can aid basic operations in the kitchen. According to the company, the robot arm can lift up and carry objects weighing up to 5 kilograms with an operational reach of 90 centimeters. Doosan Robotic said it will look to expand the application of the robot arm to bakeries and fast food restaurants.

South Korea will send a delegation to Hungary, Poland and Slovakia this week to discuss ways to boost economic and trade ties with the respective European countries, the industry ministry said Monday. The delegation led by First Vice Industry Minister Jang Young-jin will visit the three European nations from Monday through Friday to meet with senior officials from the nations for talks on enhancing cooperation on steel, batteries and other major industry fields and to hold business forums involv

Sales of smartphones in South Korea fell 6 percent last year from a year earlier, industry data showed. Samsung Electronics, the world’s leading smartphone maker, saw its smartphone sales decline 2 percent on-year in its home country in 2022, while sales of Apple’s iPhone inched down 0.4 percent from a year ago, market analyst firm Counterpoint Research said. Sales of others tumbled 71 percent on-year last year due to a base effect stemming from LG Electronics’ exit from the mo

LG Group Chairman Koo Kwang-mo is belatedly found to have filed a complaint against the South Korean tax administrative agency, claiming that the inheritance taxes imposed on him were excessively hefty, according to the business circles on Sunday. Koo took legal action against the head of the National Tax Service’s regional office in Yongsan-gu, central Seoul, in the latter half of last year to request the cancellation of inheritance tax overpayment. The chairman jointly filed a suit with

A slew of Korean online luxury retailers have capped last year with sharp falls in their profits as consumers have begun returning in-store while competition among online malls grow fierce. Korean luxury goods platform Must-it's operating losses widened by 68 percent on-year to 16.8 billion won ($12.9 million), according to the firm's regulatory filing on Friday. Other Korean major platforms also were in the red in 2022, with Korean luxury goods retailer Balaan seeing its operating los

Joint factory in Saemangeum, North Jeolla Province, to produce 50,000 tons of precursors from 2029

Paycoin, the cryptocurrency issued by PayProtocol, was delisted from three major virtual asset trading platforms in South Korea after the issuer's petition for a preliminary injunction against the removal was rejected by a Seoul court on Friday. PayProtocol, a subsidiary of payment service company Danal, filed the petition on April 8, after the Digital Asset Exchange Alliance (DAXA) -- consisting of five major crypto exchanges-- announced on March 31 that it would stop trading paycoin on Bi

Polestar, a Swedish all-electric vehicle maker, has become the first auto importer to open a pop-up store at the Hyundai Department Store in Pangyo, Gyeonggi Province. According to Polestar Korea, the EV maker will operate the pop-up store on the first floor alongside luxury brands such as Gucci, Hermes and Tiffany & Co. through May 14. Customers can check out the Polestar 2 on display, take the vehicle for a test ride and receive their orders at the department store.

The SDX Foundation, a nonprofit seeking sustainable growth based on digital transformation, said Sunday it will hold the ReWorld Forum in Seoul on April 26 under the themes of net-zero transition as well as environmental, social and corporate governance. The upcoming forum will focus on exploring “transition finance,” which offers financial services to high carbon-emitting industries for their carbon-neutral transition. In Asia alone, the market for transition finance is expected to

Xi’s visit to LG Display plant met with mixed reactions from Korean display industry

Samsung Electronics, the world's largest TV maker by shipments, said Sunday that six of its Neo quantum-dot light-emitting diode TVs have been globally certified for carbon footprint by Carbon Trust, a UK-based carbon management and reduction organization. The models -- three of its 75-inch Neo QLED 8K and three of its 75-inch Neo QLED 4K screens -- obtained the certification in recognition of Samsung’s efforts to reduce the products’ weight and power consumption compared to pr

W2tr deal hailed as savior for ailing shipbuilder and local economy, but pending antitrust decision spurs speculation