Business

Banking services to expand via 3rd parties to better serve depopulated areas

The government is pushing to amend the Banking Act within the year to introduce a banking agency system aimed at improving accessibility to financial services for digitally marginalized customers, including older adults, the Financial Services Commission (FSC) announced Thursday. The banking agency system allows third parties to perform core banking services such as deposits, savings, loans and transfers on behalf of banks. The move comes as the number of physical bank branches continues to decline amid the accelerating digital transformation of the financial industry. The total number of bank branches nationwide dropped from 7,623 in 2011 to 5,794 in 2023. The country’s top financial regulator noted that the decline in physical bank branches is a global trend, driven by the rise of non-face-to-face transactions in the digital era. However, this shift raises concerns about limited financial accessibility, particularly for older adults and other digitally marginalized customers. According to the FSC's announcement of measures to promote the delegation of banking services, the system wil

Mar 27, 2025By Jun Ji-hye

Banking services to expand via 3rd parties to better serve depopulated areas

Business

African rice yields exceed 3,500 tons with Korea's farming assistance

The Korean government’s initiative to support African countries by introducing high-yield rice seeds developed by Korean researchers has delivered a better-than-expected result, producing a total of 3,562 tons of rice seeds in seven countries last year, the Ministry of Agriculture, Food and Rural Affairs said Thursday. Uganda recorded the highest yield of over 1,760 tons, followed by Ghana with 689 tons, Guinea with 640 tons, Senegal with 267 tons, Gambia with 146 tons, Kenya with 31 tons and Cameroon with 24 tons. The K-Ricebelt project, jointly launched with the Rural Development Administration (RDA) in 2023, aims to contribute to achieving zero hunger in Africa by building rice seed production complexes, producing high-yield rice seeds and supplying them to farmers. The total yield in 2023 reached 2,321 tons. Last year’s yield also demonstrated the project’s superior productivity compared to local rice seeds in African countries. On average, Korean seeds produced 4 tons per hectare, 1.7 times higher than the 2.4 tons per hectare yielded by local seeds. This marks an 8 percent i

Mar 27, 2025By Ko Dong-hwan

African rice yields exceed 3,500 tons with Korea's farming assistance

Companies

US LNG imports becoming 'inevitable,' says SK Gas CEO

ULSAN — SK Gas has signaled its intent to import liquefied natural gas (LNG) from the United States, describing transactions with the world's largest economy as "inevitable" for both the company and other Korean energy firms. With the expectation of the U.S. surpassing Middle Eastern countries in global LNG exports, as it previously did with liquefied petroleum gas (LPG), SK Gas CEO Yoon Byung-suk warned that avoiding trade with the gas-rich country would be a "risk-taking" move that contradicts market trends. "Contracts for Middle Eastern LNG imports are rigid, often requiring us to accept their terms," Yoon said during a teleconference Tuesday with reporters visiting SK Gas facilities in Ulsan. "In contrast, market-friendly American suppliers offer more flexible terms as latecomers to the market." His remarks coincided with a visit to Seoul by Alaska Gov. Mike Dunleavy, who delivered a request from U.S. President Donald Trump for Korea's participation in a $44 billion project to build a nearly 1,300-kilometer gas pipeline in Alaska to export LNG to Korea and other Asian markets. SK

Mar 27, 2025By Park Jae-hyuk

US LNG imports becoming 'inevitable,' says SK Gas CEO

Banking & Finance

Incheon airport customs to end brand ambassador deal with NewJeans

The customs agency operating at Incheon International Airport won't extend a contract with K-pop band NewJeans as its promotional ambassador when the agreement ends on Monday, according to officials, Thursday. The one-year contract was signed in March 2024, before the band became embroiled in a protracted dispute with its record label Ador. While Incheon International Airport Regional Customs said it has yet to decide whether to extend the deal with the five-member band, a Korea Customs Service (KCS) official hinted that the band may be replaced. “We’re consulting all relevant stakeholders, including the KCS, while the final decision lies in our hands,” a regional customs PR official said. But a PR official from the KCS, the governing body that oversees the country's customs, said that the agency “will leave the deal untouched when it expires,” suggesting that it no longer plans to keep NewJeans as the promotional ambassador. As the contract's end nears, customs officials denied speculation that they are in search of other K-pop girl bands to replace NewJeans. Aespa, represented

Mar 27, 2025By Yi Whan-woo

Companies

INTERVIEW Alaska governor urges Korea to buy LNG for 'mutual benefits'

Alaska Gov. Mike Dunleavy emphasized that Korea's commitment to purchasing liquefied natural gas (LNG) from his state is essential for the fourth-largest economy in Asia to achieve favorable outcomes in its ongoing trade negotiations with the United States. Promoting Alaska LNG imports as a way for Seoul to address Washington's request to rectify their trade imbalance, the Republican governor encouraged Korea to follow in the footsteps of Taiwan, the first stop on his tour of four Asian countries from March 19 to 30. On March 20, Taiwan signed a letter of intent to purchase LNG from Alaska, citing the need to bolster its energy security. Taiwan's state-owned CPC Corp. also expressed interest in investing in the $44 billion project to construct a nearly 1,300-kilometer pipeline in Alaska. "The goal is that Korea wants to buy our gas. That sets everything else into motion," Dunleavy said during a joint media interview hosted in Seoul by the American Chamber of Commerce in Korea (AMCHAM) on Wednesday. "Why even discuss theoretical things if Korea doesn't even want to buy gas? We can discuss

Mar 26, 2025By Park Jae-hyuk

[INTERVIEW] Alaska governor urges Korea to buy LNG for 'mutual benefits'

Companies

Top businesses join relief efforts in wildfire-hit areas

Korea’s major business groups have ramped up their relief and recovery efforts for residents affected by the recent wildfires in the southeastern region, donating billions of won. Samsung Group said Wednesday it decided to donate 3 billion won ($2.05 million) to support emergency relief and recovery efforts for the areas affected by wildfires in North and South Gyeongsang Provinces. A total of eight Samsung companies, including Samsung Electronics, participated in the donation drive, which will be delivered through the Korean Red Cross. The funds will be used for the recovery of special disaster zones designated by the government, including Sancheong and Hadong in South Gyeongsang Province, Uiseong in North Gyeongsang Province and Ulju County in Ulsan. Along with the donation, Samsung Group said it will provide 1,000 disaster relief kits containing daily necessities and 600 tents for those who have been displaced. Samsung said the group has been proactively participating in efforts to ease social hardship under Executive Chairman Lee Jae-yong’s philosophy of mutual growth and sharing

Mar 26, 2025By Nam Hyun-woo

Top businesses join relief efforts in wildfire-hit areas

Banking & Finance

Banks eye military conscripts in search for new customers

Major commercial banks are courting conscripted military personnel as new customers in the middle of a demographic crisis, industry officials said Wednesday. All four banking arms of the country’s financial groups — KB, Shinhan, Hana and Woori — plus the state-run Industrial Bank of Korea (IBK) plan to join a bid in late April that selects debit card issuers for military draftees. The bid is organized by the Military Mutual Aid Association, a military-affiliated agency dedicated to improving the welfare of service members. The association has been assigning a new card issuer every eight or 10 years since 2007 when it adopted it as a new means of financial transactions over cash. Shinhan Bank, KB Kookmin Bank and IBK have served as the issuers so far. Successful new bidders will have the right to run a check card business for eight years beginning in 2026 and secure nearly 20,000 military draftees as customers yearly over the corresponding period. The association plans to pick three bidders this year. “Winning the bid this time will be more crucial than in the past, as the number of

Mar 26, 2025By Yi Whan-woo

Banks eye military conscripts in search for new customers

Banking & Finance

Financial regulator to push for PEF reform after MBK controversy

The country’s top financial regulator will review the need for private equity fund (PEF) reforms amid the ongoing controversy over MBK Partners, which has been criticized for irresponsibly placing Homeplus into corporate rehabilitation a decade after acquiring the retailer through a leveraged buyout, Financial Services Commission (FSC) Chairman Kim Byoung-hwan said Wednesday. Kim revealed that the FSC had officially commissioned the Korea Institute of Finance to conduct a study to analyze the influence of financial capital on the control of industrial capital. “The MBK case has sparked discussions about the issues surrounding PEFs,” Kim said during a press conference. “As it has been about 20 years since PEFs were introduced in the country, we will take a closer look at both their achievements and shortcomings, assessing their positive effects as well as the problems currently being raised.” He added, “We also plan to examine how PEF regulations have evolved in different countries over the years and compare them with our own regulatory framework to identify any gaps or areas

Mar 26, 2025By Jun Ji-hye

Financial regulator to push for PEF reform after MBK controversy

Companies

Luxury Business Group partners with global hotel giant for resort project in Cambodia

Luxury Business Group (LBG) has joined hands with IHG Hotels & Resorts to build a large-scale resort in Cambodia, a consulting firm said Wednesday in a press release. With some 6,600 properties across 11 countries, IHG Hotels & Resorts is a global hospitality giant owning 19 hotel brands including InterContinental Hotels & Resorts. According to LBG, IHG Hotels & Resorts will debut its first InterContinental-branded hotel in Preah Sihanouk, Cambodia, also known as Sihanoukville, under the Peninsula Bay project. The hotel is expected to feature about 300 luxury rooms with signature dining venues, bespoke bars and a world-class spa with its unparalleled coastal views. Under the deal, LBG is expected to foster a luxury shopping precinct to introduce global brands to the Southeast Asian country, adding it will establish Sihanoukville as a new nexus for high-end retail in the region. “We are honored to collaborate with Peninsula Bay to pioneer Cambodia’s first globally recognized luxury shopping experience,” LBG Chairman & CEO Daniel Mayran said. “We look forward to introducing covete

Mar 26, 2025By Jhoo Dong-chan

Luxury Business Group partners with global hotel giant for resort project in Cambodia

Companies

POSCO Holdings stands at forefront of boosting shareholder value

POSCO Holdings is committed to enhancing shareholder value under its new corporate vision, “Materials for a better future, innovation for world-class excellence,” the company said Wednesday. The company is consolidating group-wide efforts to restructure its business portfolio, focusing on steel and energy materials to establish a sustainable growth framework for the long term. The holding firm of the nation's leading steelmaker is exploring fresh investment opportunities both domestically and internationally to ensure profitable growth. The company is also seeking to generate tangible outcomes in carbon reduction and cost efficiency by upgrading and optimizing manufacturing facilities. It is constructing a 2.5 million ton electric arc furnace at its steel mill in Gwangyang, South Jeolla Province. In the energy materials sector, the company identifies the ongoing industrial downturn as an opportunity to acquire high-quality resources and is considering investment in lithium brine and mines to strengthen its raw material supply chain. The company has already begun operations for the fir

Mar 26, 2025By Lee Min-hyung

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Business

Fried chicken chain bhc expands US footprint with first Virginia restaurant

Winners of the 22nd Economic Essay Contest

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Read more

Banking services to expand via 3rd parties to better serve depopulated areas

African rice yields exceed 3,500 tons with Korea's farming assistance

US LNG imports becoming 'inevitable,' says SK Gas CEO

Incheon airport customs to end brand ambassador deal with NewJeans

INTERVIEW Alaska governor urges Korea to buy LNG for 'mutual benefits'

Top businesses join relief efforts in wildfire-hit areas

Banks eye military conscripts in search for new customers

Financial regulator to push for PEF reform after MBK controversy

Luxury Business Group partners with global hotel giant for resort project in Cambodia

POSCO Holdings stands at forefront of boosting shareholder value

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