Major Banks Raise Deposit Rates to 3% Following Central Bank Hike In response to the Bank of Korea's interest rate hike, the five major banks in South Korea—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—have all raised their deposit rates.According to the financial sector on July 23, Hana Bank has increased the interest rate on its flagship one-year time deposit product, 'Hana Time Deposit,' from 2.90% to 3.20%, a rise of 0.30 percentage points.NH Nonghyup Bank also raised the rate on its main product, 'NH All-in-One e-Deposit' (one-year maturity), from 2. July 23, 2026

LG Electronics Expands Antimicrobial Material Production to Meet Global B2B Demand LG Electronics is expanding its business-to-business (B2B) functional materials sector by establishing production lines for antimicrobial and coating materials in Vietnam. The company aims to respond to changes in orders and delivery schedules from global clients by diversifying its production bases between Changwon, South Korea, and Haiphong, Vietnam.Recently, LG Electronics announced the start of production for its glass powder-based functional materials, 'LG PuroTec' and 'Easy-Clean enamel,' July 23, 2026

South Korea's Economy Grows 0.6% in Q2, Surpassing Expectations South Korea's economy showed stronger-than-expected growth in the second quarter of this year. Semiconductor exports offset the negative impacts of rising oil prices due to the ongoing conflict in the Middle East. As a result, expectations for an annual growth rate in the 3% range have increased.According to the Bank of Korea on July 23, the preliminary real GDP growth rate for the second quarter increased by 0.6% compared to the previous quarter, significantly exceeding the forecast of 0.2% mad July 23, 2026

Google's Strong Performance Eases AI Investment Concerns, Driving Down Won-Dollar Exchange Rate The exchange rate between the South Korean won and the U.S. dollar is declining as concerns over artificial intelligence (AI) investments ease following Google's strong performance.As of 9:45 a.m. in the Seoul foreign exchange market, the won is trading at 1,473.2 won per dollar.The exchange rate opened at 1,477.5 won, down 2.6 won from the previous day's closing price, and has continued to decline.Google reported results that exceeded market expectations and raised its annual capital expenditur July 23, 2026

Hanwha Vision's AI CCTV Receives Security Certification from National Intelligence Service Hanwha Vision has obtained the highest level of video security certification issued by the National Intelligence Service (NIS).On July 23, Hanwha Vision announced that four models from its artificial intelligence (AI) CCTV lineup received the 'Security Function Certificate' from the NIS last month.The certified products are four models from Hanwha Vision's flagship 'P Series AI 4K' camera lineup: Box, Dome, Bullet, and Vandal.The 'Security Function Certificate' issued by the NIS is considered a July 23, 2026

Sonno International Opens First Sonno Bell Hotel in Gampo, Gyeongju Sonno International, a South Korean hotel and resort company, is accelerating its expansion in management contracts with the opening of a new hotel in Gampo, Gyeongju. The hotel has been rebranded under the 'Sonno Bell' name, enhancing the company's portfolio of domestic and international hotel and resort operations.According to Sonno International, the company recently signed a management contract for the 'Sonno Bell Gyeongju Gampo' and officially began operations. A grand opening ceremony was July 23, 2026

Over 10.7 Million Foreign Tourists Visited South Korea in First Half of 2026 In the first half of 2026, South Korea welcomed 10.71 million foreign tourists, surpassing pre-pandemic levels. This figure represents a 21.3% increase compared to the same period last year and is 26.9% higher than the first half of 2019, before the COVID-19 pandemic.According to the Korea Tourism Organization's 'June 2026 Korea Tourism Statistics' released on July 23, the number of inbound tourists from January to June reached 10.71 million. This marks a 21.3% rise from the same period last yea July 23, 2026

Kakao Group Partners with Circle to Develop Digital Currency Ecosystem Kakao Group is teaming up with global stablecoin company Circle to expand its digital asset business, including a won-based stablecoin. The partnership aims to jointly build a blockchain-based financial infrastructure for payments, remittances, and settlements, establishing a Korean digital asset ecosystem.On July 23, Kakao, Kakao Pay, and Kakao Bank announced that they have signed a strategic memorandum of understanding (MOU) with Circle Internet Group.The two companies plan to combine Kakao's July 23, 2026

Huirim Aitech Shares Surge as Company Expands into AI Defense Robotics Market Huirim Aitech is experiencing a surge in its stock price following news of its acquisition of AI defense robotics company AIDIOS, marking a significant entry into the unmanned defense and security robotics market.As of the morning of July 23, Huirim Aitech's shares rose by 775 won (29.92%) to 3,365 won, according to the Korea Exchange.AIDIOS, established in 2021, specializes in developing and manufacturing robots for defense and security applications. The announcement of Huirim Aitech accelerati July 23, 2026

KakaoBank Expands Education Program to Prevent Youth Gambling and Financial Harm KakaoBank is launching a public-private partnership to prevent illegal gambling and financial harm among youth.On July 22, KakaoBank announced that it signed a memorandum of understanding (MOU) with the Ministry of Education, the Financial Supervisory Service, and the Green Tree Foundation to promote the "Zero Round" project aimed at preventing illegal gambling and financial harm among young people.The "Zero Round" initiative is designed to educate youth about the dangers of illegal gambling and July 23, 2026