Overseas direct purchases to lead e-commerce trends: data

Amid escalating competition in Korea's e-commerce landscape, direct overseas transactions between individual sellers and consumers have become a growing trend, according to eBay. On Friday, eBay unveiled insights into this year's online direct purchase market, drawing from comprehensive annual sales data of Korean sellers gathered through its platform. Three major keywords were "Collectibles," "North America" and "March." Particularly, the keyword "Co

IndustryMarch 15, 2024

Seoul shares snap 3-day rise on hotter US inflation; won sharply down

South Korean stocks closed nearly 2 percent lower Friday to end a three-session winning streak, as investors locked in profits following hotter than expected US inflation. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 51.92 points, or 1.91 percent, to 2,666.84. Trade volume was heavy at 575 million shares worth 12.9 trillion won ($9.7 billion), with losers beating winners 557 to 224. Institutional and foreign selling weighed down t

MarketMarch 15, 2024

Samsung Electronics' workers threaten first-ever strike

Samsung Electronics could face its first-ever labor strike, as unionized workers have secured the right to legally conduct a walkout after wage talks between management and labor have fallen through, according to industry sources Friday. The National Labor Relations Commission, a government agency under the Labor Ministry, held a coordinating session to arbitrate the wage deal between the two parties a day earlier, but ended up deciding to stop the talks as the two sides could not reach an agree

IndustryMarch 15, 2024

Nongshim earns over 50% of its profit from overseas on K-food hype

The sales and operating profit of South Korea's top ramyeon maker Nongshim hit all-time highs last year thanks to the popularity of ramyeon products in foreign markets, the company said Friday. The company’s operating profit in 2023 jumped by 89.1 percent from a year earlier to reach 212 billion won ($159 million), while its annual sales came to 3.4 trillion won, up 9 percent on-year. "As global inflation stubbornly remains high, ramyeon products have appealed to foreign consumer

IndustryMarch 15, 2024

[Investor] Samsung Electronics to receive $6b subsidy in US

The US Department of Commerce is poised to grant Samsung Electronics subsidies exceeding $6 billion, according to a news report Friday. “The US plans to award more than $6 billion to Samsung Electronics, helping the chipmaker expand beyond a project in Texas it has already announced,” Bloomberg reported, citing multiple unnamed sources. The federal funding for Samsung, South Korea’s leading chipmaker, comes alongside significant additional US investments being made by the firm,

IndustryMarch 15, 2024

Bank Shinhan Indonesia, Indodana collaborate for digital lending service

Shinhan Bank on Friday said that its Indonesian subsidiary has teamed up with an Indonesian financial technology company to bolster its presence in the digital platform-based loan market in the Southeast Asian country. Bank Shinhan Indonesia and PT Artha Dana Teknologi Indodana signed a memorandum of understanding at the bank's headquarters in Jakarta on Thursday. PT Artha Dana Teknologi Indodana is a licensed digital transaction solution provider with 830,000 active users, offering install

IndustryMarch 15, 2024

Rising exports lead economic recovery despite weak domestic demand: finance ministry

The South Korean economy has been on a recovery track on the solid growth of exports, but disparities among sectors remain wide amid weak consumption and investment, the finance ministry said Friday. "As shown in manufacturing production and exports, the country has seen an economic recovery and a stable job market," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment report. "But the pace of recovery among sectors has been different as priv

EconomyMarch 15, 2024

Seoul shares open lower on US slump

South Korean stocks opened lower Friday, as investors locked in profits after a three-session winning streak. The benchmark Korea Composite Stock Price Index dropped 27.51 points, or 1.01 percent, to 2,691.25 in the first 15 minutes of trading. Overnight, Wall Street lost ground after the February producer price index showed US inflation was hotter than expected. The Dow Jones Industrial Average fell 0.4 percent, and the S&P 500 dropped 0.3 percent. The Nasdaq Composite also shed 0.3 percent

MarketMarch 15, 2024

[Photo News] Korean Air's new engine maintenance complex

Hanjin Group Chairman and Korean Air CEO Walter Cho (center) attends the groundbreaking ceremony of the flag carrier’s new aircraft engine maintenance cluster in Unbuk, near Incheon International Airport, on Thursday. The new 578 billion won ($439 million) facility, set to be operational by 2027, is expected to become the largest engine maintenance complex in Asia with an annual capacity of handling maintenance of some 360 aircraft. “The new facility will pave the way for Korean Air

IndustryMarch 14, 2024

NPS to set up San Francisco office in AI, biotech push

Korea's National Pension Service Investment Management, the investment arm of the world's third-largest pension fund, will launch its fourth overseas office in San Francisco before September, in line with its asset allocation strategy to raise alternative and overseas investments. National Pension Service Chief Investment Officer Seo Won-joo boasted that the pension fund’s record high investment return of 13.6 percent, worth 127 trillion won ($96.4 billion), last year is &ldquo

MarketMarch 14, 2024

Alibaba pledges $1.1b investment for Korea expansion

Alibaba Group, the company of Chinese e-commerce giant AliExpress, renowned for its budget-friendly offerings, plans to invest more than $1 billion in Korea over the next three years, with a massive distribution center being built within the year. According to industry sources on Thursday, Alibaba has recently submitted its business expansion plan in Korea, including an investment of $1.1 billion, to the local authorities possibly for regulatory approval. The investment plan includes a new distr

IndustryMarch 14, 2024

Seoul shares end at nearly 2-year high on financial, auto gains

South Korean stocks finished higher for the third straight session to hit an almost 2-year high Thursday on the back of gains in financial, auto and other blue chips. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index climbed 25.19 points, or 0.94 percent, to 2,718.76. It marked the highest since April 22, 2022, when the index finished at 2,704.71 points. Trade volume was heavy at 587 million shares worth 13.5 trillion won ($10.24 billion), with winner

MarketMarch 14, 2024

AliExpress lures Korean food companies with hefty incentives

AliExpress, the Chinese e-commerce platform owned by Alibaba Group, has been reaching out to Korean food companies to diversify its product range and gain recognition among Korean consumers. Following South Korean food giant CJ CheilJedang early this month, a slew of Korean food companies are either entering or considering joining the Chinese platform. According to industry sources on Thursday, Dongwon F&B, known for its canned tuna products, and Samyang Foods, famous for its spicy Buldak ra

CompaniesMarch 14, 2024

New space agency hints at ‘no salary cap’ for workers

South Korea on Thursday began the official recruitment process for its new space body, Korea Aerospace Administration, or KASA, hoping to attract the best talent from in and outside the country. The government’s preparatory office for KASA held its first offline recruitment presentation in Sacheon, South Gyeongsang Province, where the KASA headquarters will be launched on May 27. As Korea has repeatedly underlined its interest in drawing in top-tier space professionals regardless of nation

IndustryMarch 14, 2024

Toss Securities poised to become top retail broker

Toss Securities, a brokerage arm under financial technology giant Viva Republica, shared its vision Thursday to become a leading player in the Korean retail trading market, launching new services ranging from bonds to derivatives to diversify its portfolio. “Until last year, Toss Securities worked on proving its lucrativeness as a brokerage house. This year, it will achieve meaningful results both in profitability and growth by offering diverse financial products,” Toss Securities CE

IndustryMarch 14, 2024

SK Ecoplant launches IT recycling facility in Virginia

Energy and environmental solutions provider SK Ecoplant announced Thursday the launch of a new IT Asset Disposition facility in Virginia through its recycling subsidiary, SK tes. The newly completed facility, spanning 12,000 square meters, is designed specifically for hyperscale data centers. It will manage the entire lifecycle of information technology assets, from collection and secure data destruction to recycling and reuse. Situated in a vital corridor of Virginia, where 70 percent of the wo

IndustryMarch 14, 2024

Naver CEO marks 2nd year with stable growth, corporate reform

Thursday marked the second anniversary of Naver CEO Choi Soo-yeon taking office. Under the executive's leadership, the internet giant has enjoyed stable growth, setting annual earnings records two consecutive years. Naver logged an all-time high operating profit of 1.49 trillion won ($1.13 billion) and sales of 9.67 trillion won last year. It recorded 8.22 trillion won in annual sales in 2022, surpassing the 8 trillion won mark for the first time. Choi has undertaken management innovation e

TechnologyMarch 14, 2024

[KH Explains] Will KG Mobility, Korea's SUV dark horse, triumph globally?

KG Mobility, a stalwart in the South Korean sport utility vehicle scene previously known as Ssangyong Motors, has set an ambitious total sales goal of 147,000 units for this year, a 26.6 percent increase from last year, as it aims to penetrate overseas markets in Europe and Southeast Asia, away from its home turf dominated by Hyundai-Kia. By doubling down on its legacy of tough-looking, rugged SUVs, the company is incorporating cost-effective production strategies, including electrification, and

MobilityMarch 14, 2024

Doosan’s robot surgery solution sees successful debut

Doosan Robotics, South Korea's leading collaborative robot provider, announced Thursday the successful practice of its robotic-assisted laparoscopic surgery solution, marking the debut of a Korean-made solution in a real surgical environment. The solution was employed for laparoscopic cholecystectomy, a procedure to remove a diseased gallbladder, performed at Koo Hospital in Daegu on Tuesday. Laparoscopic surgery involves treating conditions within the abdomen through tiny incisions. Develo

IndustryMarch 14, 2024

Industry minister asks petroleum firms to avoid price hike

Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability in the Middle East. "The government is prioritizing taming inflation as the top task for the economy and is currently utilizing all available measures to stab

EconomyMarch 14, 2024