Living in Korea? Kakao Pay just made payments easier for foreigners

Kakao Pay has rolled out a new feature called “Global Home,” designed specifically for foreign residents in Korea to make mobile payments and transfers, and to make everyday financial management easier. The mobile payment firm said Wednesday that the new interface addresses long-standing pain points foreign users face when navigating the Korean-language app, streamlining access to the most-used services and adding multilingual support. The launch targets a growing demographic. As of 2024, 2.65 m

Nov. 12, 2025

ASML opens major Korea base to deepen ties with Samsung, SK hynix

Dutch manufacturer of chip equipment ASML on Wednesday opened a new office complex in South Korea, expanding its research and development efforts and operations in the country as it seeks closer cooperation with Samsung Electronics and SK hynix in advanced chipmaking. Traveling to Korea, ASML CEO Christophe Fouquet attended the opening ceremony of the company's new Hwaseong campus in Gyeonggi Province and met Samsung Electronics Vice Chair Jun Young-hyun, according to industry officials. Fouquet

Nov. 12, 2025

South Korea weighs raising retirement age to 65 amid labor-business divide

As South Korea’s ruling Democratic Party of Korea steps up to raise the statutory retirement age from 60 to 65, debate is intensifying over how the move could reshape the nation’s labor market, with the business community warning of higher costs and shrinking job prospects for young workers. Raising the retirement age to 65 was one of President Lee Jae Myung’s key campaign pledges, aimed at addressing Korea’s rapidly aging population and delayed pension payouts. The Democratic Party has vowed to

Nov. 12, 2025

Shinsegae chief takes Alibaba JV board to jumpstart online revival

Shinsegae Group announced Tuesday that Chair Chung Yong-jin has been named to lead the board of Grand Opus Holdings, a joint venture between Shinsegae’s Gmarket and Alibaba Group’s AliExpress Korea, in a bid to boost synergy in both domestic and global e-commerce markets. The 50-50 joint venture between the two groups’ e-commerce units officially launched in September, subject to Fair Trade Commission conditions such as limits on consumer data sharing in the online cross-border market. “Chung’s

Nov. 12, 2025

Posco bets $830 million on lithium to secure battery future

Korea’s Posco Holdings is doubling down on lithium despite a market downturn, investing a total of $830 million in Australia and Argentina to lock in long-term supply and cost competitiveness for its fast-growing battery materials business, according to the firm on Wednesday. The move — which includes a $765 million direct mining stake in Australia’s Mineral Resources and a $65 million acquisition in Argentina’s Hombre Muerto salt lake — shows the Korean steelmaker’s determination to secure raw

Nov. 12, 2025

Hana Financial to invest W4tr in advanced industries

Hana Financial Group said Wednesday it will invest 4 trillion won ($2.72 billion) over the next four years to foster an advanced industrial ecosystem, as part of its push to expand “productive finance,” a policy-driven initiative to channel capital into sectors that create real economic and technological value. During a management workshop attended by Chair Ham Young-joo and other executives, the group highlighted the early launch of the “Hana All Growth K-Future Strategic Industry Venture Fund”

Nov. 12, 2025

BBQ expands into South Africa

Genesis BBQ Group has made its official debut in South Africa, marking its first venture into the African food market, the South Korean fried chicken franchise said Wednesday. The group’s flagship brand, BBQ, signed a master franchise agreement with Good Tree South Africa, a local distributor of Korean food products, at its Seoul headquarters. Under the agreement, Good Tree will have the exclusive rights to develop, operate and manage all BBQ franchise locations in the country. "South Africa is

Nov. 12, 2025

Korea delays Google mapping decision again

South Korea has again delayed a decision on whether to approve Google's request to export high-precision map data outside the country, saying the company failed to submit key documents required for review. The National Geographic Information Institute under the Ministry of Land, Infrastructure and Transport said Tuesday that a government review committee deferred the deliberation until Feb. 5, giving Google an additional 60 days to supplement its application. Google applied in February to export

Nov. 11, 2025

Korean fried chicken was flying abroad before Kkanbu took flight

The week of the 2025 Asia-Pacific Economic Cooperation summit in Korea centered around culture as diplomacy, but it was Korean fried chicken that stole the show. The biggest beneficiary was arguably Kkanbu Chicken. The aptly named franchise — “kkanbu” means “close friend” in Korean — was host to Nvidia founder Jensen Huang, Samsung Electronics Chair Lee Jae-yong and Hyundai Motor Executive Chair Chung Euisun on Oct. 30 on the sidelines of the APEC summit. Over chicken and beer, the three leaders

Nov. 11, 2025

Hyundai Motor on edge as Korea-US tariff deal stalls

Hyundai Motor Group is growing uneasy, as the release of a joint fact sheet on the outcome of Korea-US tariff negotiations faces delays, leaving its US-bound vehicle exports still subject to a hefty 25 percent duty. According to industry sources Tuesday, nearly two weeks have passed since Seoul and Washington were expected to release the document shortly after the Oct. 29 meeting between President Lee Jae Myung and US President Donald Trump, held on the sidelines of the Asia-Pacific Economic Coo

Nov. 11, 2025

Celltrion cleared to buy US Eli Lilly plant

Korean biosimilar giant Celltrion said Tuesday it has completed US merger review procedures for its acquisition of Eli Lilly’s biopharmaceutical manufacturing plant in Branchburg, New Jersey, clearing the way to close the deal within the year. Earlier, Incheon-based Celltrion signed an agreement to buy the facility for $330 million on Sept. 20, alongside a contract manufacturing partnership with Eli Lilly. The transaction has now passed review by both the US Federal Trade Commission’s Preliminar

Nov. 11, 2025

HD Hyundai deepens defense shipbuilding partnership in India

HD Hyundai Heavy Industries has signed an agreement with India’s Cochin Shipyard to jointly build naval vessels and pursue upcoming Indian Navy procurement projects, according to the Korean shipbuilder on Tuesday. Cochin Shipyard, India’s largest state-owned yard, already works with HD Hyundai’s parent HD Korea Shipbuilding & Offshore Engineering, the parent company of HD HHI, on talent training, design upgrades and supply-chain cooperation. Cochin and HD HHI are now planning to jointly bid for

Nov. 11, 2025

Biotech industry output rises 9.8% in 2024 despite global uncertainty

South Korea's biotechnology industry output grew nearly 10 percent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed Tuesday. The country's biotechnology industry production came to 22.92 trillion won ($15.7 billion) last year, up from 20.87 trillion won in 2023, the Ministry of Trade, Industry and Energy said, citing a survey by the Korea Biotechnology Industry Organization. The figure marked a recovery following a 12 percent on-year decline in 2023

Nov. 11, 2025

WeMakePrice goes bankrupt after failed turnaround

A South Korean court on Monday declared the bankruptcy of WeMakePrice, marking the end of a failed rehabilitation effort to revive the troubled e-commerce business. The Seoul Bankruptcy Court ruled WeMakePrice bankrupt, roughly a year and half after the platform filed for court receivership on July 29, 2024, along with its e-commerce affiliate Tmon. In 2024, WeMakePrice and Tmon struggled with delayed payments due to a liquidity crisis associated with its parent company, Qoo10 Group. Though WeMa

Nov. 10, 2025

[Photo News] Hana shares warmth through kimchi

SHARING WARMTH WITH KIMCHI — Hana Financial Group executives, employees and their families join a "gimjang," or kimchi-making, event at the group's headquarters in Seoul on Monday as part of the 2025 Modu Hana Day campaign. Some 250 people, including representatives of Hana's partner firms, participated in the annual event to donate kimchi to Youngnak Borinwon, a child care facility in central Seoul. Hana Financial Chair Ham Young-joo (center) said the firm will "share warmth with those experien

Nov. 10, 2025