March 24, 2023

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EDITOR'S PICKS

• Markets 
  

  Busan to build new rail system for World Expo

  Busan will build a high-speed rail system that will connect Busan’s key districts with Gadeok New Airport, which is also set to open years ahead of schedule in a bid to attract the 2030 World Expo to the port city of Busan. Busan Mayor Park Heong-joon revealed the plan to build the BuTX railway during a media briefing held at the Busan city government office, Thursday. BuTX is a hydrogen-fueled high-speed transportation infrastructure that will run 47.9 kilometers between Gadeok New Airp

• Markets 
  

  [Herald Interview] Rolls-Royce’s 1st EV Spectre to make Asia debut in Korea

  Rolls-Royce Motor Cars will present the Spectre -- the British high-end carmaker’s first and much-anticipated electric vehicle -- in Korea in June for the first time in Asia, according to CEO Torsten Muller-Otvos. “Korea is one of the fastest-growing markets for us worldwide. We decided that Spectre will be first shown here in Korea for Asia,” said Muller-Otvos in an interview with the Korea Automobile Journalists Association in Seoul on Wednesday. According to the Korea Aut

• Markets 
  

  US Fed’s quarter-point rate rise eases pressure on South Korea

  The US Federal Reserve lifted its base rate by 25 basis points on Thursday, easing pressure for the Bank of Korea, which had been concerned about key rate differences between the two countries. The Federal Open Market Committee went for a quarter-point move, raising the target interest rate from 4.5-4.75 percent to 4.75-5 percent. The quarter-point raise fell in line with the market expectation which projected the Fed will not go for a 50 basis point hike following the recent turmoil in the ba

• Markets 
  

  SPC opens 1st Paris Baguette store in Canada

  South Korean food and bakery giant SPC Group said Thursday that Paris Baguette has opened its first store in Canada. Paris Baguette, the nation’s No. 1 bakery chain, operates some 450 stores in a total of 10 countries around the world, with its latest Canadian opening adding to the list. The latest Canadian store is located on the first floor of the Yonge Sheppard Center in Toronto. “SPC will accelerate its international expansion, targeting the $9 trillion global food market,&rdq

• Markets 
  

  Samsung, SK breathe tentative sigh of relief over US chip subsidy rules

  The United States has revealed the details of its “guardrail” proposal for global chipmakers who wish to receive its chips subsidy and have production facilities in China, "loosening" the restriction by allowing the limited expansion of production capacity in China. Home to two of the world's largest memory chipmakers, Samsung Electronics and SK hynix, Korea's chip industry is somewhat relieved that the guardrail statute “slightly opens up the windpipe” for Kor

• Markets 
  

  Samsung Group celebrates low-key 85th anniversary

  South Korea's largest conglomerate, Samsung Group, on Wednesday marked the 85th anniversary of its founding in a low-key manner. It is the first year that the big day has been celebrated following de facto leader Lee Jae-yong’s promotion to executive chairman of Samsung Electronics. Industry sources and Samsung officials said the group commemorated this year’s anniversary without organizing any official events as in other years. There was no special message delivered to employees e

• Markets 
  

  [Contribution] Scaling up SMEs, startups as key export players

  By Cho Ju-hyeon South Korea’s small and medium-size enterprises and startups are facing challenges in exports amid bleak economic outlook and Chinese-dependent business. For survival, small companies should alter their course to diversify exports. As of February, the total amount of exports has decreased for five consecutive months, along with a trade deficit for 12 consecutive months. Exports from SMEs, which came to $117.5 billion last year, however, has been on a downward trend since

• Markets 
  

  Hana Financial vows to fight falling birthrate

  Hana Financial Group said Wednesday that it has signed an agreement with Cha University Medical Center, a medical group specializing in fertility treatments, to make joint efforts to tackle the nation’s chronic low birthrate. The two institutions held a signing ceremony for the new partnership at Cha Bio Complex in Pangyo, Gyeonggi Province, with their leaders, including Hana Financial Group Chairman Ham Young-joo, in attendance. Korea’s birthrate – the average number of chi