KEB Hana Bank swept global awards from renowned financial publications this year, solidifying its status as a representative private bank in Korea. Early this month the bank was acknowledged as the best private bank in Korea at the 10th Global Private Banking Awards in London. The event was jointly hosted by two UK publications, The Banker and Professional Wealth Management. The Banker is a monthly international financial affairs publication, and Professional Wealth Management is a magazine

European companies doing business in South Korea called on the Korean government to bring the nation’s business regulations in line with international standards, a step they said would benefit both foreign firms doing business here and domestic exporters in the global market, during a press conference in Seoul on Tuesday. Since the Korea-European Union free trade deal was implemented in 2011, the trade volume between the two regions has gradually risen. The EU is currently the largest source of

Korea will maintain its stance on its anti-nuclear policy in the wake of heated debate over Taiwan’s latest referendum that voted in favor of repealing the nuclear phase-out, according to a senior government official of the Energy Ministry on Monday. “Taiwanese seemed to decide to abandon its anti-nuclear policy in the wake of a massive blackout in August last year. Although our policy direction is somewhat similar to Taiwan, there are also differences,” a senior official of the Ministry of Trad

The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, and provide 1.7 trillion won in financial assistance, officials said Friday.“In order to set small and midsized shipbuilders apart from their rivals from China and Japan, it is necessary for them to be first movers in the eco-friendly shipbuilding market,” said Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipb

Samsung Electronics and 11 large South Korean companies pledged to expand the use of renewable energy and called for the creation of a system that would enable businesses to purchase renewable energy during an energy forum in Seoul on Thursday. The 12 companies, including Samsung Electronics, SK hynix, Shinhan Financial Group, KB Financial Group, Industrial Bank of Korea, AB InBev and Ikea Korea, announced in a joint statement, “We recognize the importance of companies’ responsibility and roles

BOHOL, the Philippines -- When you think about the Philippines, your first thoughts might be of Cebu or Palawan. But if you want to experience a travel destination that is more natural, more unexplored, Bohol -- the country’s 10th-largest island -- may just be perfect. Bohol, which boasts dense forests and amazing beaches with crystal-clear water, offers diverse marine activities such as swimming, snorkeling and scuba diving. There are also two unique attractions that you cannot experience elsew

The chairman of Kumho Asiana Group, a South Korean conglomerate with businesses in the logistics and airline industries, is slated to be reported to prosecutors by the nation’s antitrust watchdog over the alleged arrangement of unfair internal transactions with affiliates, according to local media outlets on Wednesday.According to the reports, the Fair Trade Commission is preparing to report Chairman Park Sam-koo and several executives to prosecutors over alleged violations of the fair trade law

South Korea is slated to hold a public hearing on Wednesday on a move for a free trade agreement with the UK in an effort to cushion risks posed to Korean firms doing business in the UK after Brexit. Official negotiations of the trade deal may start as early as next year if all trade procedures go smoothly. Since Britons voted in a June 2016 referendum to leave the European Union, the Korean government has been making efforts to retain and develop relations with the UK in response to changes in

The Korea International Trade Association hosted a meeting Monday between US Ambassador to South Korea Harry Harris and executives from major Korean conglomerates doing business in the US, in an effort to boost trade.KITA CEO Kim Young-ju (left) and executives from Korean conglomerates meet with US Ambassador to South Korea Harry Harris (right) and other representatives from the US Embassy, in an effort to boost trade between the two nations, in Seoul on Monday. (KITA)The meeting held in Seoul w

Korea Gas Corp. aims to take the lead in the global market with its liquefied natural gas business on the back of its stable business at home. Liquefied natural gas is widely considered a “clean” fuel because dust, sulfur and nitrogen are removed in the liquefaction process, therefore lower levels of pollutants are emitted when it burns. It also presents a lower risk of explosion even if it leaks, as the gas tends to dissipate in the air. Korea Gas Corp. holds a ceremony to mark the beginning of

Ongoing negotiations toward an ASEAN-led mega trade deal will benefit South Korea by opening doors to new export markets -- particularly the world’s fastest-growing economy, India.Negotiations for the Regional Comprehensive Economic Partnership, launched in 2012, involve 10 ASEAN members and six Asia-Pacific countries: Korea, Australia, China, India, Japan and New Zealand. On Wednesday last week, leaders of the 16 nations met in Singapore and agreed to finalize the trade deal in 2019. If conclud

SK Innovation has been selected as a supplier of battery cells for electric vehicles of German automaker Volkswagen Group, becoming the group’s third partner, along with LG Chem and Samsung SDI, according to SK Innovation on Wednesday. (AP/Yonhap)Under the automaker’s road map “E,” Volkswagen plans to unveil 50 types of electric cars by 2025, based on its MEB platform, a modular car platform for electric cars developed by the group and its subsidiaries. It will need battery capacity of over 150

Naver Labs, the research and development arm of search engine giant Naver, and local car-sharing firm SoCar have signed an agreement to cooperate in the development of driver assistant technologies and detailed maps based on self-driving technologies, according to the firms on Wednesday. Under the agreement, Naver Labs will be in charge of developing an advanced driver-assistance system and detailed maps, to contribute to the safety of SoCar drivers. An advanced driver-assistance system has safe

A paradigm shift is taking place in the Korean manufacturing sector as conglomerates are increasingly embracing smart manufacturing with the goal of improving production efficiency and reducing risks using technologies of artificial intelligence, big data and internet of things, according to the patent office on Tuesday. Smart manufacturing is artificial production processing with the goal of optimizing concept generation, production, and product transaction via the use of the latest information

The Korean government on Wednesday denied the Japanese government’s claim that Seoul breached international trade rules, saying its decision to provide subsidies to ailing shipbuilders complies with the rules. Officials at South Korea’s Trade Ministry said they are willing to talk with their Japanese counterparts, amid reports that Japan is preparing to file complaints to the World Trade Organization.DSME“We will recheck whether the issues raised by Japan breach trade laws,” said a statement rel

LS Cable & System is slated to join a communications network building project that is being financed by the Asian Infrastructure Investment Bank, according to the firm on Tuesday.The nation’s largest cable provider said it was selected as one of the companies that will build a broadband communications network in Oman led by its government and state-run mobile operator Oman BroadBand. The broadband network project is being carried out for the first time at the national level. By 2021, the first s

South Korean companies doing business in Iran are facing uncertainty now that sanctions have been reimposed on the Middle Eastern country, despite the waiver that Korea received. They say their business could suffer as the exemption is temporary and is strictly limited to oil. On Monday, the Trump administration said all the sanctions against Iran that were lifted as part of the 2015 nuclear deal will be reinstated. It then announced that eight nations, including Korea, had received waivers and

Korea aims to attract a total of 80 trillion won ($71.2 billion) of investment from both Korean and foreign companies to the nation’s free economic zones over the next decade by attracting Korean anchor companies and giving more benefits to new industries and service sectors, according to the government on Monday. Korean Free Economic Zones are specially designated areas created to improve the business and living environment for foreign-invested firms in Korea. Since the inauguration of an

SK hynix has developed the world’s first 4D NAND flash memory using both Charge Trap Flash and Peri Under Cell technologies, with a plan to start mass production this year, according to the chipmaker on Sunday. SK hynix said it developed 96-layer 512-gigabit NAND flash, named CTF-based 4D NAND Flash to distinguish it from current 3D NAND flash technologies.SK Hynix’s 96-layer 512-gigabit NAND flash (SK hynix)The NAND flash memory chip is widely used for the storage of mobile devices and data cen

Korean tech firms are under increasing pressure from global companies, environmental activists, local governments and politics to expand the use of renewable energy, reflecting growing calls to protect the environment and fight climate change. Last week, Korean chipmaker SK hynix announced it would obtain its power 100 percent from renewable resources for its overseas plants by 2022 and reduce greenhouse gas emission by 40 percent in its business sites in Korea. SK hynix became the second electr