October 16, 2024

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EDITOR'S PICKS

• Markets 
  

  K bank eyes W5tr IPO to spur growth

  K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 billion) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul on T

• Markets 
  

  Spike in KAIST dropouts as med school draws talent away

  Over the past three years, 182 students from the Korea Advanced Institute of Science and Technology have withdrawn from the university to pursue medical or dental school, with some even abandoning their graduate-level studies to make the switch. According to data provided by Democratic Party Rep. Hwang Jeong-ah, a member of the National Assembly's Science, ICT, Broadcasting, and Communications Committee, these 182 students left KAIST between 2021 and Oct. 4 this year, specifically citing thei

• Companies 
  

  Manpower Korea sees robust growth in RPO service sales

  Manpower Korea, the Korean unit of global human resources service company ManpowerGroup, said Tuesday that its recruitment process outsourcing, or RPO, service has seen robust growth since its debut 10 years ago. When the RPO service was first introduced in Korea in the early 2000s, they mainly served multinational companies entering the Korean market. But the service has secured a bigger footing here in recent years as both domestic and global companies struggle to respond effectively to dras

• Companies 
  

  Herald Business Forum envisions future with AI

  Herald Media Group hosted the Herald Business Forum at a Seoul hotel on Tuesday, offering insights to help businesses make decisions that enable them to lead the global industrial ecosystem. The theme was “Surviving Technology’s Metamorphosis.” "AI has become a key technology for national economy and security. The government will fully support companies so that they can boldly challenge the global market and achieve success,” said Park Chun-sup, senior presidential

• Companies 
  

  Hanwha eyes another shipyard takeover in US

  Hanwha Group, South Korea’s defense-to-energy conglomerate, is looking to expand its shipbuilding and maritime businesses in the United States as it appears to be contemplating a second American shipyard acquisition. Mike Smith, who was appointed as the CEO of Hanwha Defense USA in August, a US subsidiary of Hanwha Aerospace, said in Washington last week that Hanwha is “not done” when asked whether Hanwha’s purchase of Philly Shipyard was a one-time deal. Hanwha Group a

• Companies 
  

  LS Electric forays into Vietnam’s smart factory solutions market

  LS Electric forged a partnership with Becamex, an industrial development firm in Vietnam, in a bid to enter the booming smart factory solutions market. The companies signed a memorandum of understanding on Monday, outlining ways to advance smart factory businesses in Vietnam’s manufacturing sector to contribute to creating a sustainable industrial ecosystem. LS Electric Chairman Koo Ja-kyun and Becamex Chairman Nguyen Van Hung and other executives attended the signing ceremony held at

• Companies 
  

  Paris Baguette opens 600th overseas store in Canada

  The Korean bakery brand Paris Baguette has opened its 600th overseas store, the newest one in Toronto, Canada, just a year after celebrating its 500th store, the brand's company SPC Group announced Tuesday. This new location marks Paris Baguette’s seventh store in Canada. Paris Baguette has been expanding rapidly over the past year, recently securing agreements to enter new markets in Southeast Asia, including Thailand, Brunei and Laos. By the end of this year, the brand plans to open a

• Companies 
  

  Hyosung chair meets Vietnamese PM in Hanoi

  Hyosung Group Chairman Cho Hyun-joon met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday, seeking government support for the chemical, textile and construction conglomerate’s new business ventures in Vietnam. The meeting focused on Hyosung’s ongoing investments and potential expansion into environmentally friendly and high-tech sectors, the group said Tuesday. Hyosung executives, including Vice Chairman Lee Sang-woon, and senior Vietnamese officials were also in at

• Companies 
  

  KT&G calls W2tr buyout offer ‘unilateral’

  Singapore-based activist fund Flashlight Capital Partners has offered to acquire Korea Ginseng Corp., an affiliate under South Korea's dominant tobacco company KT&G, at the price of nearly 2 trillion won ($1.47 billion). KT&G called it a “unilateral” offer. Korea Ginseng Corp., under the wings of KT&G, is the company behind the well-recognized red ginseng brand, JungKwanJang. “The acquisition offer was unilaterally released without any discussion with the company,

• Companies 
  

  Korea urged to enhance readiness for self-driving safety rules

  South Korea should join the global movement to set safer international standards for autonomous driving systems, according to a report released by the state-run Korea Automotive Technology Institute on Monday. Cho Min-wook, senior researcher and author of the report, stated that the International Organization for Standardization and the auto industry are looking to adopt a more comprehensive approach that encompasses safety and security for Level 3 and more advanced self-driving systems. ISO

• Companies 
  

  Fescaro chief stresses importance of software-based operation in future mobility

  With the age of autonomous cars just beyond the horizon, software is becoming just as important as the nuts and bolts of an automobile. Hong Seok-min, the CEO of Fescaro, which provides software solutions for future mobility, said "software-defined operation" is a key term in the automobile industry today and in the future. "Without a doubt, the keyword (in the mobility industry) is the software-defined vehicle. Designs of existing internal combustion vehicles are centered on

• Companies 
  

  Tender offer closed for Korea Zinc, signaling prolonged proxy fight

  Though the tender offer bid for Korea Zinc lodged by the alliance of MBK Partners and Young Poong wrapped up on Monday, the power struggle over the world's largest zinc smelter is likely to evolve into a prolonged proxy fight, stretching out until the next shareholder's meeting. The offer for Korea Zinc from the coalition of MBK Partners and Young Poong ended Monday, a month after its launch on Sept. 13. The offer aimed to secure up to a 14.61 percent stake in the company at a price of 830,000

• Companies 
  

  Bibimbap price continues to go up: data

  The average price of bibimbap rose above 11,000 won ($8.10) in September, despite slowing inflation in food products in recent months, government data showed Monday. According to data from the Korea Consumer Agency, a bowl of bibimbap in Seoul cost 11,038 won on average in September, up slightly from 10,962 won the previous month. The bibimbap price has been on the upward trend since first surpassing the 10,000-won mark in January last year. Bibimbap and samgyetang were the only two dishes tha

• Companies 
  

  Oktoberfest arrives at Songnidangil BBQ Village

  Oktoberfest has arrived at Songnidangil BBQ Village, bringing a taste of Bavaria to the heart of Seoul for the entire month of October. In partnership with German beer Paulaner, the Oktoberfest beer of which is served in Munich's Oktoberfest tents, Korean chicken giant BBQ Chicken is offering a special Bavarian-themed menu and festive atmosphere at its Jamsil branch in southern Seoul. At the heart of the celebration is the Oktoberfest Platter, a feast featuring brathendl (roast chicken), bratw

• Tech 
  

  Large-scale restructuring looms at KT

  South Korean telecom carrier KT is reportedly set to carry out an organizational revamp focused on artificial intelligence while elevating profitability and efficiency, according to industry sources Monday. KT plans to hold a board meeting on Tuesday, with organizational restructuring and personnel relocation likely topping the agenda. The board is expected to approve the establishment of two subsidiaries dedicated to network operation and maintenance, KT OSP and KT P&M, to start operatio

• Markets 
  

  '8 out of 10 foreign students willing to work in Korea'

  Eight out of 10 international college students studying in Korea are willing to work in the country, yet the proportion of professional foreign laborers securing jobs remains quite low, according to a recent report by the Korea International Trade Association. The report, released Monday, noted that the number of foreign students in Korea has steadily increased over the past decade, reaching 197,000 in 2022. However, only 6 percent of these students secured employment through the E-7-1 professi