Last year, insurance companies recorded a net profit exceeding 13 trillion won (US$9.68 billion), marking a record high performance in history.According to the “2023 Insurance Company Management Performance” report released by the Financial Supervisory Service on March 26, the combined net profit of
This March, Four Seasons Hotel Seoul takes centre stage as an official partner of the prestigious Asia’s 50 Best Restaurants 2024, which comes to the Korean capital for the first time. Securing its place as a gastronomic hotspot in the city’s thriving culinary scene, the contemporary Gwanghwamun hot
SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company has shipped approximately 440,000 doses of SKYCellflu to Biogenetech in Thailand from its vaccine manufacturing facility ‘L HOUSE’ in Andong, S
Last year, South Korea’s gross national income (GNI) per capita reached US$33,000, marking a rebound for the first time in a year. The annual real gross domestic product (GDP) growth rate was recorded at 1.4 percent.According to the “2023 Preliminary 4th Quarter and Annual National Income” report re
Foreign investors who invest in domestic stocks and bonds will see significant improvements in the complex foreign exchange procedures they have faced so far. It is expected that the accessibility of foreign investors to the domestic market and the Korean won will improve.The Bank of Korea and the M
Samsung Electronics’ 5G communication equipment is being supplied to the telecommunications operator TELUS, which has embarked on strengthening its 5G network by establishing Canada’s first Open Radio Access Network (OpenRAN).TELUS announced on Feb. 17 through its newsroom that it is expanding its c
SK hynix Inc. announced today that it recorded an operating profit of 346 billion won (US$259 million) in the fourth quarter of last year amid a recovery of the memory chip market, marking the first quarter of profit following four straight quarters of losses.The company posted revenues of 11.31 tri
Debt, or credit, for both households and businesses surged to a historic peak, surpassing twice the gross domestic product (GDP) during the third quarter of this year. With an increasing number of businesses relying on non-banking institutions after the COVID-19 pandemic, coupled with a rising house
DEEP IN SIGHT, spearheaded by CEO Eun-Song OH, has announced its participation at CES 2024, the esteemed international electronics exposition, scheduled to take place in Las Vegas from January 9th to 12th. The company is set to debut 'DIMENVUE,' an AI-powered portable 3D spatial information scanner.
The number of foreign residents in South Korea exceeded 1.4 million for the first time as the number of foreigners with E-9 visas working in non-professional jobs and international students increased due to the COVID-19 endemic. If including naturalized immigrants who have acquired South Korean citi
This year has seen a significant improvement in the profits of insurance companies, largely attributed to the substantial increase in insurance gains following the introduction of the new IFRS17 international accounting standard. As banks, which have made large-scale interest income this year, are p
Lotte Chemical has pioneered the domestic development of manufacturing technology for separator coating materials to address the instability of lithium metal anodes.Lotte Chemical announced on Nov. 28 that it has completed the development and domestic patent application for manufacturing technology
The government has decided to extend financial market stabilization measures, currently operating at a scale of 37.4 trillion won (US$28.77 billion), until the end of next year. Additionally, flexibility measures in financial regulations, such as the banks’ liquidity coverage ratio (LCR) and the res
Kumho Tire, a leading South Korean tire manufacturer, has entered into a collaborative agreement with Denmark-based global shipping company Maersk. The agreement, which focuses on logistics supply chain solutions, was officially signed at the Kumho Tire headquarters in the Jongno district of Seoul o
Hanwha Ocean announced on Nov. 14 that it has secured an order worth 656.2 billion won (US$504.5 million) for four Very Large Ammonia Carriers (VLAC) from Naftomar Shipping and Trading Co Ltd., a Greek company. These ships, to be constructed at the Geoje shipyard, are scheduled for delivery to the o
The author is an analyst for NH Investment & Securities. He can be reached at sokang@shinhan.com -- Ed.3Q23 review: Earnings meet consensus on improved cost efficiencyNAVER posted operating profit of KRW380.2bn (+15.1% YoY, +2% QoQ, operating margin of 15.5%) on sales of KRW2.45tr (+18.9% YoY, 1.6%
Hyundai Engineering announced on Nov. 1 that it has built a Design Virtualization System.Hyundai Engineering plans to lead the construction industry’s virtual design field by introducing Nutanix’s Hyper-Converged Infrastructure (HCI) technology and independently building and operating its own plant
ArkData (CEO Ko Kwang-yeun), company specializing in real-time data replication, and DataHeaven, Oracle's official technical support partner, signed an MOU on the 24th to collaborate as an official technical support partner for 'Ark for CDC', a real-time heterogeneous database replication solution.A
The size of alternative investments in overseas real estate by domestic financial firms has grown by 2 trillion won (US$1.48 billion) in the past year, according to recent findings. Concerns about potential losses for financial firms have arisen due to the downturn in the overseas real estate market
As the issue of expanding insurance premium payments through credit cards remains unresolved and in limbo, the insurance industry is becoming increasingly concerned. This unease is fueled by predictions that the usage volume of convenient payment services like Kakao Pay and Naver Pay will surpass cr