Citibank Korea sweeps Asset magazine's Triple A Awards

Citibank Korea and its sister firm Citigroup Global Markets Korea won six awards in the Korean market from a leading financial magazine in recognition of their endeavor in sustainable finance, the Korean unit of US banking giant Citigroup said Thursday. At the Asset magazine’s 2024 Triple A Awards, Citibank Korea won “Best Bank for Sustainable Finance” in recognition of its solid growth in the corporate financial business sector, which includes providing differentiated and cu

CompaniesFeb. 8, 2024

US closes engine fire probe into Hyundai, Kia vehicles

The US auto safety authorities have closed a probe into engine fire risks on Hyundai Motor and Kia vehicles as the South Korean automakers’ recalls have lowered fire rates, according to Reuters Thursday. The National Highway Traffic Safety Administration said the majority of the recalled Hyundai and Kia cars reported lower fire accidents after they underwent the necessary fixes whereas those that had not been repaired showed relatively high fire rates. The US safety authorities first began

MobilityFeb. 8, 2024

Anticipation grows over Samsung chief's next move

As the legal charges have been cleared for Samsung Electronics Chairman Lee Jae-yong in a recent ruling, anticipation is growing that the tech giant will now go in search for mega mergers and acquisitions to secure future growth engines at full throttle. The Seoul Central District Court this week acquitted Lee of charges including stock manipulation linked to the merger of two of Samsung affiliates in 2015. In Korean business culture, legal risks surrounding a company's leader are often per

IndustryFeb. 8, 2024

DGB seeks approval to convert to commercial bank

DGB Daegu Bank, a regional lender, has sought regulatory approval for its transition to a commercial bank, with plans to commence nationwide operations as early as April. The bank's parent company, DGB Financial Group, on Wednesday announced it had applied with the Financial Services Commission to alter the banking subsidiary's status. If the lender gets the green light, it will mark the country's first new commercial bank since the establishment of the Peace Bank of Korea in 1992

EconomyFeb. 8, 2024

[Photo News] Fostering investment with UK

First Vice Finance Minister Kim Byung-hwan (right) and Minister of State for Regulatory Reform of the United Kingdom Lord Dominic Johnson pose after signing a Memorandum of Understanding for the launch of a dialogue between the two governments to promote mutual investment expansion in London on Wednesday. The Korean ministry expected that the dialogue would serve as a channel for introducing investment opportunities from both countries and create a friendly investment environment. (The Ministry

EconomyFeb. 8, 2024

KT turns to loss in Q4 on higher operating costs

KT Corp., South Korea's major mobile carrier, said Thursday it shifted to a net loss in the fourth quarter from a profit a year earlier due to an increase in operating costs. The company said in a regulatory filing it logged a net loss of 41.7 billion won ($31.4 million) in the last three months of 2023 on a consolidated basis, swinging from a profit of 242.7 billion won a year earlier. Operating income for the October-December period rose 75.4 percent on-year to 265.6 billion won, and sale

TechnologyFeb. 8, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Thursday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 14.08 points, or 0.54 percent, to 2,623.66 in the first 15 minutes of trading. The upbeat start follows overnight advances on Wall Street amid growing expectations of US rate cuts from the second quarter of the year. The Dow Jones Industrial Average added 0.40 percent while the S&P 500 gained 0.82 percent to close at 4,955.06. In Seoul, large caps traded m

MarketFeb. 8, 2024

Samsung Biologics, LegoChem team up to develop new targeted cancer drugs

Samsung Biologics, South Korea's largest contract development and manufacturing organization, said Wednesday that it has signed a contract with LegoChem Biosciences to develop antibody-drug conjugate -- or simply ADC -- therapeutics, designed as targeted treatment for cancer. LegoChem Biosciences, founded in 2006, specializes in research and development capabilities in therapeutics, especially with a focus on ADC technology and synthetic drugs. Last year, LegoChem transferred its ADC drug c

CompaniesFeb. 7, 2024

FTC hints at review of anti-monoply platform act

South Korea's antitrust regulator on Wednesday said it would review its proposed act aimed at regulating monopolistic practices by major online platform players before making a further legislation push, as opposition voices grow. “We’re communicating extensively with the (related) industries here and abroad and stakeholders to legislate the platform act. … Rather than making the bill public shortly, it was deemed desirable to further collect opinions from the industry and

TechnologyFeb. 7, 2024

Seoul shares snap 2-day losing streak on foreign buying

South Korean shares closed higher Wednesday, snapping a two-day losing streak amid an extended buying streak by foreign investors. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index gained 33.38 points, or 1.30 percent, to close at 2,609.58. Trade volume was heavy at 508.3 million shares worth 11.3 trillion won ($8.5 billion), with gainers outnumbering losers 642 to 239. Foreign investors extended their buying streak to a sixth consecutive ses

MarketFeb. 7, 2024

GM chair meets battery partners in 1st Seoul visit

General Motors CEO Mary Barra visited South Korea to meet the automaker’s Korean battery manufacturers -- LG Energy Solution and Samsung SDI -- to strengthen their partnerships further and discuss the global electric vehicle transition amid slowing EV growth. According to industry sources, the GM chair on Wednesday met with LG Energy Solution CEO Kim Dong-myung and Samsung SDI CEO Choi Yoon-ho in Seoul. Barra was spotted at Gimpo International Airport on Tuesday evening. The visit marked

MobilityFeb. 7, 2024

Kakao Bank racks up record earnings on mortgage sales

Kakao Bank, South Korea's internet-only bank, announced on Wednesday it achieved a record-high net profit of 354.9 billion won ($267.67 million) last year, a 34.9 percent increase from a year earlier. Its operating profit also soared by 35.48 percent to 478.5 billion won. The online lender's credit expanded mainly on housing mortgage loans, the firm explained. In the fourth quarter, Kakao Bank's deposit balance was approximately 47.1 trillion won, increasing by 14 trillion won fro

IndustryFeb. 7, 2024

HMM sale slips off table

The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to sell off the shipper. The stock purchase agreement deal was to be worth 6.4 tril

IndustryFeb. 7, 2024

Stage X defies skepticism, vows to launch service in H1 next year

Stage X, a consortium comprising Kakao affiliate Stage Five and other unidentified companies, selected as the new operator of the 28 gigahertz band of the fifth-generation network in South Korea, said on Wednesday it would launch a nationwide telecommunications service in the first half of 2025. “We aim to become a new deep-tech telecom company that innovates technology and services,” Seo Sang-won, representative of Stage X, said in a press briefing in Seoul, after the consortium b

TechnologyFeb. 7, 2024

Samsung chief heads to Middle East after cleared of merger case charges

Samsung Electronics Chairman Lee Jae-yong took off on a business trip to the Middle East and Southeast Asia shortly following Monday’s court ruling that cleared him of stock manipulation charges in a high-profile 2015 merger deal. According to industry sources on Wednesday, Lee took off to the United Arab Emirates on a private jet on Tuesday to inspect local operations and meet partners there. He is also expected to visit Southeast Asia, including Malaysia, to meet with employees and boost

IndustryFeb. 7, 2024

Lotte to sell off 7-Eleven's ATM unit

As part of its business restructuring aims for this year, Lotte Group has decided to sell the ATM business of Korea Seven, formerly known as Lotte PSNet, which oversees the operation of the nation’s 7-Eleven convenience stores. According to Lotte Corp. on Wednesday, the group recently appointed accounting firm Samjeong KPMG to oversee the sale process and identify a suitable company to acquire Korea Seven's ATM division. Korea Seven is a distribution company that manages the 7-Eleven

IndustryFeb. 7, 2024

HD Hyundai to set up relief fund for shipyard accidents

South Korean shipbuilding giant HD Hyundai said Wednesday that it will set up a foundation to support bereaved families of victims of industrial accidents at shipyards – the first of its kind within the industry. According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho H

IndustryFeb. 7, 2024

[Photo News] Boosting Shipping Logistics

Hyundai Glovis, Hyundai Motor Group's logistics affiliate, said Wednesday that it has signed a memorandum of understanding with the Korea Ocean Business Corporation under the Ministry of Oceans and Fisheries to secure four pure car and truck carriers, or PCTCs, to bolster Korea's vehicle exports. The Korea Ocean Business Corporation will place the orders for the ships, which have the global top-class capability of loading 18,000 cars per ship and are expected to be delivered in 2027. I

IndustryFeb. 7, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Wednesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.75 points, or 0.69 percent, to 2,593.95 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed up 0.37 percent overnight. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics gained 0.54 percent, with top pharmaceutical firm Celltrion advancing 0.66 percent. Top battery maker LG Ener

MarketFeb. 7, 2024

S. Korea logs current account surplus for 8th month in December

South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday. The country's current account surplus reached $7.41 billion in December, following the surplus of $3.89 billion. December's surplus came as the country's trade balance has remained in the black. The country's goods account racked up an $8.04 billion surplus in December, follo

EconomyFeb. 7, 2024