AliExpress to open bidding for logistics partner in Korea

Chinese e-commerce giant AliExpress has chosen to solicit open competitive bids in Korea instead of extending its delivery contract with CJ Logistics, set to expire in April. According to industry sources Thursday, AliExpress recently submitted bid proposals to major logistics firms here to handle customs clearance and parcel delivery services. The new contract period, which reportedly spans one year from May, is seen as AliExpress' cost-saving measure, according to sources. In addition to

IndustryMarch 21, 2024

[Photo News] All-black Genesis G90

Genesis unveiled the G90 Black on Thursday, refining its flagship sedan with an exclusive all-black design theme known as Genesis Black. The new theme dresses every element, from the grille to the 21-inch wheels, in a deep and consistent shade. Inside, the cabin mirrors this theme with black semi-aniline leather seats, wood trim and aluminum details. The car is on sale now with a starting price of 138 million won ($104,000). (Hyundai Motor Group)

MobilityMarch 21, 2024

Seoul shares open sharply higher on hopes for US rate cuts

South Korean stocks opened sharply higher Thursday following record-high finishes on Wall Street afforded by hopes for US rate cuts this year. The benchmark Korea Composite Stock Price Index added 37.38 points, or 1.39 percent, to 2,727.52 in the first 15 minutes of trading. The US Federal Reserve kept its policy rate intact for a fifth consecutive session Wednesday at the 5.25 to 5.50 percent range but signaled as many as three rate cuts within the year. The Dow Jones Industrial Average climbed

MarketMarch 21, 2024

Yoon vows to improve conditions for family business succession

President Yoon Suk Yeol vowed Wednesday to improve the conditions for family business successions as he lamented local conglomerates' reluctance to grow their value out of fear of having to pay a larger inheritance tax. Yoon made the promise during a special lecture marking the 51st Commerce & Industry Day in front of some 1,000 people, including the chief executives of large family-run conglomerates, such as Samsung Electronics, Hyundai Motor Group and LG Group. "Many companies

EconomyMarch 20, 2024

Japan's historic rate pivot won't roil Korea: experts

The Bank of Japan's first interest rate hike in almost two decades has rattled the global economy, yet it may not have as much of an impact in South Korea, at least not for a while. The central bank of Japan on Tuesday announced it is lifting its short-term policy rate to a range of 0 to 0.1 percent from minus 0.1 percent, stepping away from the negative interest rate policy it had been applying since 2016 to fight chronic deflation. It also marked the central bank's first interest rat

EconomyMarch 20, 2024

[Photo News] Commerce & industry day

President Yoon Suk Yeol (center) and business leaders attend this year's Commerce & Industry Day ceremony held in Seoul on Wednesday. From right: LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, Samsung Electronics Chairman Lee Jae-yong, Minister for Trade, Industry and Energy Ahn Duk-geun, Yoon, and K Group Chairman Chey Tae-won who doubles as chairman of the Korea Chamber of Commerce and Industry. (Yonhap)

IndustryMarch 20, 2024

[Photo News] Samsung president wins top industrial honor

Samsung Electronics Executive President Lee Young-hee, who is in charge of global marketing for mobile devices, poses with South Korean President Yoon Suk Yeol after receiving the Gold Tower Order of Industrial Service Merit in Seoul on Wednesday. Lee is credited for raising the brand value of Samsung. In 2022, she became the first female president at Samsung, apart from members of the founding family. (Yonhap)

IndustryMarch 20, 2024

Seoul shares soar over 1% on Samsung

South Korean shares closed more than 1 percent higher Wednesday on a rally in top cap Samsung Electronics and before the results of the Federal Reserve's rate-setting meeting. The local currency stayed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index surged 33.97 points, or 1.28 percent, to close at 2,690.14. Trade volume was heavy at 710 million shares worth 12.6 trillion won ($9.3 billion), with gainers outnumbering losers 481 to 380. Foreign investors turn

MarketMarch 20, 2024

Samsung vows to seize opportunity of AI

While forecasting high uncertainties in the macroeconomic environment this year, Samsung Electronics Vice Chairman Han Jong-hee vowed to make efforts to expand technological innovation in burgeoning artificial intelligence and new businesses for sustainable growth. “Along with the high economic uncertainties, we expect new opportunities to increase through next-generation technological innovations such as the full-fledged launch of the AI ​​era,” Han said during this year's annu

IndustryMarch 20, 2024

NCSoft maps out co-CEO scheme to recover profits

NCSoft, a leading South Korean gaming firm traditionally led by its founder, Kim Taek-jin, as the sole CEO, mapped out its historic shift to a co-CEO structure, introducing Park Byung-moo as co-CEO to streamline operational efficiency and diversify its business portfolio amid significant financial difficulties. The two co-CEOs explained the dual-leadership strategy during a media briefing broadcast on NCSoft's official YouTube channel on Wednesday. Under this new arrangement, Kim will focus

CompaniesMarch 20, 2024

[Contribution] Don’t just wait for the lucky dragon

By Marc Van de Walle A New Year is always a time to reflect on the previous year, what we might learn from it and then apply these learnings going forward. What better time for reflection than now, as we usher in the Year of the Dragon, considered one of the most auspicious creatures in the Chinese zodiac. The mythical Dragon symbolizes power, wisdom, strength, and good fortune. From an investment perspective, however, there is more you can do than wait to tap on the Dragon’s luck. Last ye

EconomyMarch 20, 2024

Myeong-dong bustles again as retail shops fill up

Though plagued by emptied-out stores and quiet streets in the wake of the pandemic, the Myeong-dong area in central Seoul is looking to reclaim its title as a top retail district in Korea, seeing a sharp drop in its vacancy rate. Myeong-dong, a major tourist destination here, was hit severely by the lack of travelers during the COVID-19 pandemic, with its vacancy rate hitting nearly 50 percent at the end of 2021. But with pandemic rules lifted and an increase in face-to-face transactions, the ar

IndustryMarch 20, 2024

Sephora exits Korea after years of losses

French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores, ultimately withdrawing completely from the market," a social media post by Sephora Korea announced Tuesday. Sephora said that it will fulfill pending ord

IndustryMarch 20, 2024

Hanwha to lead Korea’s next-gen space rocket project

South Korea’s largest aerospace company Hanwha Aerospace said Wednesday it has been selected as a private entity to lead the nation’s next-generation space rocket project. The Public Procurement Service started the bidding process in December last year and Hanwha competed against Korea Aerospace Industries. After a thorough review of its technical capabilities and project sustainability evaluation on March 12, Hanwha was decided as the preferred bidder. Hanwha plans to sign the final

IndustryMarch 20, 2024

Hanjin, Mongolia’s Tuushin ink logistics partnership

South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies

CompaniesMarch 20, 2024

Hana pledges W30b for emergency child care

Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Nowon-gu, northern Seoul, on Tuesday, with Chairman Ham Young-joo in attendance. The program is designed to assist parents facing disruptions in their regular child care arrangements throughout the year, catering to their needs on

IndustryMarch 20, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index gained 23.92 points, or 0.90 percent, to 2,680.10 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.83 percent higher. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics added 1.10 percent, while No. 2 chipmaker SK hynix remained flat. Top battery maker LG Energy Solution climbed 0.50 percent, wi

MarketMarch 20, 2024

Red-hot Nvidia dips after it unveils new AI chip

Nvidia shares dipped in premarket trading on Tuesday after having more than tripled in value in the past year, as the dominant AI chip supplier unveiled its latest flagship product that is expected to further cement its lead in the industry. Shares of Wall Street's third most-valuable firm were down about 1 percent, with some analysts saying investors had already factored in the launch and were looking out for more details. "If the brand-new Blackwell chip didn't trigger a fresh r

IndustryMarch 19, 2024

Samsung-LG rivalry renewed in all-in-one washer

Samsung Electronics and LG Electronics are seen to be renewing their decadeslong competition in the home appliance market with their first all-in-one washer-dryer machines, which combined the two full-capacity laundry machines to complete the entire laundry process in one step. Both Samsung and LG first unveiled their new single-drum laundry machines at the IFA trade show in Germany in August last year, each claiming their products hold superiority over the other. Samsung presented the Bespoke A

IndustryMarch 19, 2024

[Photo News] K-water partnership with Cambodia

Korea Water Resources (or K-water) CEO Yun Seog-dae (left) and Cambodian Minister of Water Resources and Meteorology H.E. Thor Chetha talk during a meeting in Phnom Penh, Cambodia, Monday. The two leaders discussed plans to enhance collaboration on water initiatives, including the upcoming smart water management project in Phnom Penh. As a key member nation of K-water’s Asia Water Council, Cambodia seeks official development assistance and cooperation funds to address water challenges. (K-

IndustryMarch 19, 2024