Korean banks log record interest income in first half

SEOUL, August 22 (AJU PRESS) - Korean banks posted a record-high interest income of 29.8 trillion won ($22.3 billion) in the first half of 2024, up 1.4 percent year-on-year, the Financial Supervisory Service (FSS) reported on Thursday. However, net profit for the period declined by 11 percent to 12.6 trillion won, primarily due to a decrease in non-interest income and operating losses from provisions for equity-linked securities (ELS). The FSS noted that banks' interest incom

August 22, 2024

Bank of Korea holds key rate amid property market concerns

SEOUL, August 22 (AJU PRESS) - Korea's central bank kept its benchmark interest rate unchanged at 3.5 percent on Thursday amid concerns over rising housing prices and household debt. The Bank of Korea's (BOK) Monetary Policy Board decided to freeze its seven-day repurchase rate for the 13th consecutive time since February 2023, marking the longest-ever streak of rate holds. The decision was widely expected. Despite BOK Governor Rhee Chang-yong's recent hints in July o

August 22, 2024

CJ to launch Bibigo dumplings at New Zealand supermarkets

SEOUL, August 21 (AJU PRESS) - CJ CheilJedang will launch its Bibigo brand dumplings at New Zealand’s two major supermarket chains, the Korean food company said Wednesday. Its Bibigo Homestyle Mandu Pork Dumplings and Pork & Kimchi Flavored Dumplings will be available in New World and Pak'nSave stores, starting with Auckland in early September. These two products, already available in ethnic markets across Australia and New Zealand, will gradually expand to stores n

August 21, 2024

Robot makes pizza, coffee at high-tech convenience store

SEOUL, August 21 (AJU PRESS) - A new high-tech convenience store operated by G25 is pushing the boundaries of retail automation with robots that make pizza, coffee and ice cream. The 220-square-meter store, called "GroundBlue49," recently opened in Insa-dong, Seoul’s center of traditional culture and arts, the leading convenience store chain said Wednesday. The company plans to use the location as a testbed for commercializing new retail technologies. The store

August 21, 2024

Samsung showcases glasses-free 3D monitor at German gaming fair

SEOUL, August 21 (AJU PRESS) - Samsung Electronics is showcasing its latest gaming monitors, including a glasses-free 3D display model, at gamescom 2024 in Germany. The world's biggest gaming exhibition opened in Cologne on Wednesday (local time) for a five-day run with about 1,400 companies participating. The Korean tech giant has set up its largest-ever exhibition space, spanning 800 square meters. At the forefront of its offerings is the Odyssey 3D, which won the Best o

August 21, 2024

Korea to provide 1.6 trillion won in financial support to vendors hit by e-commerce payment delays

SEOUL, August 21 (AJU PRESS) - The Korean government on Wednesday announced a 1.6 trillion won ($1.2 billion) financial support package to assist vendors affected by payment delays from e-commerce platforms Tmon and WeMakePrice. The decision was unveiled during an economic ministers' meeting held to discuss measures to address the ongoing crisis. The government estimates the total amount of overdue payments at 818.8 billion won. The support measures include low-interest lo

August 21, 2024

Korean companies make record showing at this year's gamescom

SEOUL, August 20 (AJU PRESS) - Korean video game developers are set to make their largest-ever presence at gamescom 2024, Europe's premier gaming exhibition, which opens on Wednesday in Cologne, Germany. Major companies including Nexon, Krafton, Pearl Abyss and Hybe IM will showcase new titles to both consumers and industry professionals, marking a significant increase in Korean participation compared to last year, when Hybe IM was the only major Korean company with a standalone

August 20, 2024

South Korea, Malaysia resume FTA negotiations after five-year hiatus

SEOUL, August 20 (AJU PRESS) - South Korea and Malaysia resumed free trade negotiations in Kuala Lumpur on Tuesday after a five-year pause, Seoul officials said. The fourth round of talks will continue until Friday, with an expanded agenda that includes investment and service sectors, according to the Ministry of Trade, Industry, and Energy. The last round of talks was held in September 2019. Malaysia is Korea’s third-largest trading partner and fourth-largest investmen

August 20, 2024

Amorepacific's Hera expands into Thai market

SEOUL, August 20 (AJU PRESS) - Hera, a contemporary beauty brand under Amorepacific, has officially launched in Thailand, marking a significant step in its global expansion strategy. The brand’s first Thai store opened on Aug. 8 in Bangkok’s Central Chidlom department store, located in the bustling Chidlom shopping district. The launch event attracted 200 global media representatives and influencers, featuring brand introductions, makeup demonstrations and beauty routine

August 20, 2024

Online retailer's shutdown fuels fears of wide re-commerce crisis in Korea

SEOUL, August 20 (AJU PRESS) - The sudden closure of online retailer Allets is sparking fears of a wider crisis in Korea’s e-commerce industry. The company, which sells furniture and home appliances, announced on its website Friday that it would cease operations on Aug. 31 due to "unavoidable management circumstances." The notice came amid an ongoing e-commerce payment crisis that led to two platforms, Tmon and WeMakePrice, seeking court rehabilitation late last

August 20, 2024