Seoul shares snap 3-day rise after FOMC decision

South Korean stocks fell slightly Thursday following the US Federal Reserve's decision to hold the key rate flat. The Korean won rebounded against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.41 points, or 0.31 percent, to 2,683.65, ending the three-session winning streak that started last Friday. Trade volume was slim at 342.7 million shares worth 8.9 trillion won ($6.5 billion). Decliners outnumbered gainers 513 to 357. Individual and foreign investors bought a ne

MarketMay 2, 2024

Global X Canada debuts as Mirae Asset aims unified global ETF brand

Mirae Asset Global Investments announced Thursday that its Canadian exchange-traded fund subsidiary, Horizons ETFs, is rebranded as Global X Canada, aligning with an integrative strategy of its global ETF offerings under the unified brand, Global X. Since being acquired by Mirae Asset Global Investments in 2011, the Canadian ETF firm has witnessed substantial growth in assets under management. AUM have escalated by 963 percent, growing from approximately 3 billion Canadian dollars ($2.2 billio

MarketMay 2, 2024

[Herald Interview] Former IEA chief calls for strong global governance to achieve net zero

The Paris Agreement, an international treaty on climate change, calls for limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels, stressing that emissions need to be reduced by 45 percent by 2030 and reach net zero by 2050. Nobuo Tanaka, former executive director of the International Energy Agency, says that the world needs to do a lot more to countermeasure global warming and achieve these goals. “The IEA’s net zero by 2050 scenario tells us th

IndustryMay 2, 2024

Kakao’s SM takeover gets conditional green light

Korea’s antitrust regulator has approved IT giant Kakao’s acquisition of a 39.87 percent stake in SM Entertainment, the K-pop agency behind EXO, aespa and NCT, contingent upon the implementation of corrective measures. The Fair Trade Commission said Thursday that it imposed two forms of corrective measures to address concerns that the merger of Kakao, a major IT company that owns both the music streaming service Melon and SM Entertainment, may pose a threat to competition in the loca

IndustryMay 2, 2024

Mercedes-Benz Financial names new Korea chief

Mercedes-Benz Financial Services Korea announced Thursday that Thomas Waggershauser, an automotive finance expert, has been appointed as its new CEO. The new Korea chief is an industry veteran with a career spanning 20 years at Mercedes-Benz Mobility, the financial service company affiliated with Mercedes-Benz Group. Prior to his appointment, he served as the head of overseas and Greater China market management at Mercedes-Benz Mobility in Stuttgart, Germany, where Mercedes-Benz is headquartered

MobilityMay 2, 2024

[Photo News] Tous les Jours at PGA Tour

CJ Group’s Tous Les Jours bakery operates a booth at the 2024 CJ Cup Byron Nelson, which kicks off Thursday in Dallas. Having previously hosted its own PGA Tour event since 2017, CJ CheilJedang took over title sponsorship for the Texas-based tournament from AT&T last year. (CJ CheilJedang)

CompaniesMay 2, 2024

Hyundai Rotem to export armored vehicles to Peru

Korean defense firm Hyundai Rotem said Thursday that it has been chosen as the preferred bidder for a Peru military project for wheeled armored vehicles. The company will deliver 30 units of its K808 White Tiger wheeled armored vehicle to Peruvian military authorities in the first batch, valued at approximately $60 million. This deal was facilitated by Korean trading company STX. This deal signifies not only the first export of Hyundai Rotem’s wheeled armored vehicles, but also the first t

CompaniesMay 2, 2024

'Our HBM chips are sold out until 2025': SK hynix CEO

SK hynix on Thursday said that its high-bandwidth memory chips have already sold out until 2025, boasting its leadership in the advanced memory chip market for artificial intelligence. "Demand for ultra-fast, high-capacity and low-power memory products for AI applications is expected to see explosive growth,” said SK hynix CEO Kwak Noh-jung during a press conference held at the company’s headquarters in Icheon, Gyeonggi Province. “Our HBM chips from the 2024 output have al

IndustryMay 2, 2024

[Photo News] Kim Whan-ki's art reborn

In commemoration of the 50th anniversary of Kim Whan-ki’s death, LG Electronics’ latest OLED evo TV will showcase his masterpieces reborn as media art in New York. The high-end TV serves as a digital canvas, upgrading the original quality of Kim’s works with artificial intelligence. (LG Electronics)

IndustryMay 2, 2024

[Photo News] New Kia EV6

Kia unveiled teaser images of the new EV6 on Thursday. The Korean automaker said the headlamps feature the brand's new "Star-map Signature Lighting" to give more dynamic and futuristic vibes. The new EV6 will be the first product enhancement model of Hyundai Motor Group's first electric vehicle developed on its EV-dedicated platform E-GMP. The existing EV6 was launched in August 2021. Detailed specs of the new EV6 will be released later this month. (Hyundai Motor Group)

MobilityMay 2, 2024

Seoul shares open lower on Fed's rate freeze

South Korean stocks started lower Thursday following the US Federal Reserve's rate-freeze decision. The benchmark Korea Composite Stock Price Index lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading. On Wall Street, US stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation. The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent. In Seoul, chi

MarketMay 2, 2024

Finance minister vows 'bold market stabilization measures' against excessive volatility

Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a sixth consecutive time. Fed Chair Jerome Powell said interest rat

EconomyMay 2, 2024

[Photo News] For future entrepreneurs

Hana Financial Group Chairman Ham Young-joo (right) and Inha University President Cho Myeong-woo pose for a photo after signing a partnership agreement at the university in Incheon on Tuesday. This partnership supports youth entrepreneurship through the "Hana Social Venture University" outreach program by the financial group aimed at assisting and nurturing young students who aspire to start their own businesses. Now in its third year, the program has engaged 30 colleges nationwide, of

IndustryMay 1, 2024

[Photo News] KB premium banking center

KB Financial Group Chairman Yang Jong-hee (front row, fourth from left), KB Kookmin Bank CEO Lee Jae-keun (second row, second from left), KB Securities co-CEOs Kim Seong-hyun (front row; seventh from left) and Lee Hong-ku (second row; fifth from left), along with actress Lee Young-ae (front row; third from left), pose for a photo during the inauguration ceremony for the second branch of "KB Gold&Wise the First," KB’s premium banking and asset management brand, in Banpo, south

IndustryMay 1, 2024

LG Uplus to build hyper-scale data center in Paju

LG Uplus, one of the nation's top telecom carriers, said Wednesday it plans to build a large-scale data center in response to the growing demand for such facilities, largely driven by the widespread adoption of artificial intelligence and cloud servers across industries. To build the new data center, the company is set to acquire land and buildings located in Paju, Gyeonggi Province, from LG Display, a panel manufacturing arm of LG Group. The exact investment amount and construction timelin

CompaniesMay 1, 2024

[Herald Interview] Asia’s first Master of Wine empowers Shinsegae’s wine push

Jeannie Cho Lee, the first Asian Master of Wine, has joined hands with Shinsegae Group, the Korean retail giant that is recently making a big push to lead the nation’s soaring luxury wine market. Lee earned the wine industry’s top honor in 2008. Being a member of the exclusive community of 417 Masters of Wine globally, she has built an extensive network within the industry and collaborated with numerous companies such as Watson’s Wine, Ficofi and Berry Brothers & Rudd. Curr

IndustryMay 1, 2024

Come In Wash speeds up global expansion

Come In Wash, a Korean company specializing in automated car wash systems, is speeding up its global expansion through its patented “no-touch, no-brush” car wash technology. Established in 2019, Come In Wash rose to prominence at home with its innovative technology that relies only on high-pressure water jets to clean vehicles, without the need for brushes. Since then, this technology has gained international acclaim with expansions into the Philippines, Japan and the United States.

CompaniesMay 1, 2024

[KH Explains] Will alternative trading platform shake up Korean stock market?

Korea’s stock market is set to enter a new phase with the upcoming launch of the first alternative trading system for the Korea Exchange, the nation’s sole bourse operator that has enjoyed almost 70 years of monopoly. Nextrade, a consortium of 34 securities and tech firms established in November 2022, aims to earn the final regulatory approval within the year for its official debut in the first quarter of next year. More than 20 brokerage houses here have already expressed their inte

MarketMay 1, 2024

GS chief visits Microsoft headquarters

GS Group Chairman Huh Tae-soo has reiterated the significance of digital transformation as the Korean energy, retail and construction conglomerate continues to seek out business innovation opportunities. According to GS Group on Wednesday, Huh and several CEOs of the conglomerate’s major affiliates such as GS Retail, GS Energy, GS Caltex and GS Engineering & Construction, held an annual overseas CEO meeting in Seattle from Monday to Tuesday and visited Microsoft's headquarters a

IndustryMay 1, 2024

Exports to US reach all-time high, widen gap with China

South Korea's exports increased for seven straight months, jumping 13.8 percent in April on strong chip demand and record-high automobile sales. Exports to the US, in particular, reached an all-time high, further widening the gap with China, the country's second-largest export destination. Outbound shipments came to $56.2 billion, up 13.8 percent on-year, according to data revealed by the Ministry of Trade, Industry and Energy on Wednesday. The data showed that imports rose by 5.4 perc

EconomyMay 1, 2024