Seoul shares close lower on profit taking

South Korean stocks closed lower Monday on profit taking after recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24 points, or 0.92 percent, to 2,591.31, ending a two-day winning streak. Kospi soared nearly 5 percent over the bullish period. Trade volume was heavy at 500.2 million shares worth 12.1 trillion won ($9.09 billion), with losers closely outnumbering winners 459 to 434. Institutions sold a net 724.2 billion won worth of lo

MarketFeb. 5, 2024

Hahn & Co. makes offer to buy SsangYong C&E stakes

Hahn & Co., the nation's largest private equity firm based on assets under management, launched a bid on Monday to take full ownership of cement producer SsangYong C&E, offering over 700 billion won ($525 million) for the shares it does not hold. Hahn & Co. will offer 7,000 won per share for the cement producer to secure an additional 20.1 percent stake in the company, spending 701.8 billion won, according to an announcement made through regulatory filings from its special purpo

IndustryFeb. 5, 2024

[Photo News] Foreign reserves fall

Two employees sort out dollars at Hana Bank's Counterfeit Notes Response Center in central Seoul on Monday. Korea's foreign reserves stood at $415.7 billion as of end-January, down $4.39 billion from the previous month, according to the Bank of Korea. It was the first time in three months for the figure to fall. The US greenback has been strengthening as the market has lowered its expectation of an early pivot in the Federal Reserve's monetary policy. Korea was the world's ni

EconomyFeb. 5, 2024

LS targets N. America with Mexican EV parts plant

LS Electric said Monday that its electric vehicle parts subsidiary LS e-Mobility Solutions has recently completed the construction of an EV parts manufacturing plant in Durango, Mexico to target the North American electric vehicle market. The Durango plant, which covers an area of 35,000 square meters, is capable of producing 5 million EV relays and 4 million battery disconnect units per year. As a typical EV can have 20 relays or more, the plant has the capacity to deliver EV relays for up to 2

MobilityFeb. 5, 2024

FSS officials to visit Hong Kong in short selling probe

South Korean financial regulators are set to collaborate with their counterparts in Hong Kong as part of its ongoing investigation into illegal short selling involving Hong Kong-based companies. The Financial Supervisory Service on Monday announced plans to dispatch working-level officials to Hong Kong in early February to facilitate this cooperation. FSS Chief Lee Bok-hyun disclosed this initiative during a meeting with local journalists at the agency's headquarters in Seoul, where he outl

EconomyFeb. 5, 2024

Lotte Global Logistics new CEO vows global push

Lotte Global Logistics' new CEO Kang Byoung-ku pledged to take its logistics networks to a new level for oversea expansion while tapping into cross-border e-commerce business on his first day in office. “I promise to establish Lotte Global Logistics as a leading company in the global logistics industry through challenge and innovation,” said Kang during his inauguration speech on Friday. To achieve this, Kang outlined four key strategies. Kang emphasized a focus on differentiati

CompaniesFeb. 5, 2024

CJ’s Miky Lee wins Abu Dhabi Festival Award

ABU DHABI -- Miky Lee, vice chair of CJ Group and its entertainment and media subsidiary CJ ENM, has won this year’s Abu Dhabi Festival Award, a top honor offered to individuals in recognition of their outstanding contributions to culture and the arts. The Abu Dhabi Music & Arts Foundation held the award ceremony in the UAE capital Saturday. Lee attended the event in person to receive the award. The annual award, inaugurated in 2012 by the foundation in association with the Swiss luxur

IndustryFeb. 5, 2024

Seoul shares open lower after rally

South Korean stocks started lower Monday as investors locked in profits following a surge the previous session. The benchmark Korea Composite Stock Price Index dropped 1.32 percent, or 34.56 points, to 2,580.75 in the first 15 minutes of trading. On Friday, the Kospi soared 2.87 percent on the back of a climb in autos and techs. Market bellwether Samsung Electronics sank 1.46 percent, and its consumer electronics rival LG Electronics declined 0.51 percent. Bio shares also traded weaker, with Sam

MarketFeb. 5, 2024

Court set to rule on Samsung chief in controversial 2015 merger case

A Seoul court is set to deliver its ruling on Samsung Electronics Co. Chairman Lee Jae-yong on Monday on charges of stock price rigging and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates. The Seoul Central District Court is scheduled to hold a sentencing hearing at 2 p.m. on Lee, three years and five months after the Samsung chief was indicted in connection with the merger of Cheil Industries Inc. and Samsung C&T Corp. Lee was charged with stock price r

IndustryFeb. 5, 2024

HD Korea Shipbuilding attains one-third of yearly order goal

HD Korea Shipbuilding & Offshore Engineering Co., the world's top shipyard, has already achieved nearly one-third of its yearly order target on brisk demand for green vessels, industry sources said Monday. So far this year, the shipbuilder has clinched $4.65 billion worth of orders to construct 38 ships, or 34.4 percent of its yearly target of $13.5 billion, according to the sources. In light of the faster-than-expected pace, HD Korea Shipbuilding, a subholding company of shipbuilding,

IndustryFeb. 5, 2024

Analysts upbeat on Kakao; battery sector outlook gloomy

Despite lingering management risks, tech giant Kakao may see a surprise increase in its stock price this year, with analysts bullish on its advertising and commerce businesses. According to market intelligence firm FnGuide, Kakao's target price, provided by more than three analysts, was 69,458 won ($51.90) as of Sunday, up 10.6 percent from 62,783 won recorded at the end of last year, marking the highest increase rate among the target prices of the top 20 firms listed on the Korean stock ma

MarketFeb. 4, 2024

Korean dietary supplements makers eye Chinese market

South Korean dietary supplements manufacturers are accelerating their entries into the growing Chinese market as the number of elderly people continues to increase in the country, according to industry sources on Sunday. On the back of an aging population, the Chinese dietary supplements market grew 3 percent on-year to reach around 73 trillion won ($54.5 billion) in 2022, according to a report released by the Korea Trade-Investment Promotion Agency. Among Korean companies, Korea Ginseng Corp.,

ConsumerFeb. 4, 2024

GM Korea unveils 2024 roadmap with four new vehicles

General Motors will release four new vehicles in South Korea this year including two electric vehicles as the global automaker looks to expand its presence in the local market, GM's Korean office said Friday. "We plan to strengthen GM’s presence in the fiercely competitive domestic market and meet the needs of those seeking the unique American product experience and new lifestyle that only GM can provide by expanding our comprehensive range of products," said Hector Villarre

MobilityFeb. 4, 2024

AREX offers transit pass for international arrivials online

The Airport Railroad Express Train said Sunday that it has started online sales of a transit pass for public transportation to enhance the convenience of transfers at Seoul Station for international arrivals. Previously, passengers on the train operator’s airport express train -- which runs nonstop from Incheon International Airport Terminals 1 and 2 to Seoul Station -- had to disembark, leave the platform and purchase a transit card to use buses or subway trains. The online sale initiativ

CompaniesFeb. 4, 2024

[KH Explains] US Election: calm before the storm for Korean auto, battery makers

South Korean automakers and battery firms are closely monitoring this year's US presidential election and calmly bracing for negative impacts in the case of the Joe Biden administration’s Inflation Reduction Act possibly being repealed in a second Donald Trump term. The IRA, which is intended to boost American manufacturing and keep China in check, offers incentives to buyers of electric vehicles with certain battery parts and materials secured from US soil or via international partne

MobilityFeb. 4, 2024

[Photo News] Hanwha in Saudi

Hanwha Group's defense affiliates -- Hanwha Aerospace, Hanwha Systems and Hanwha Ocean -- are showcasing their latest weapons systems at the World Defense Show 2024 held in Riyadh, Saudi Arabia, from Sunday to Thursday. Displaying the defense solutions covering the air, land and ocean such as an advanced engine for a fighter jet, K9 howitzer and submarine technology, Hanwha said it will look to explore partnerships in the Middle East. (Hanwha Aerospace)

IndustryFeb. 4, 2024

Court to rule on Samsung chief's alleged 2015 merger fraud

A Seoul district court is set to deliver a decisive ruling on Monday for Samsung Electronics Chairman Lee Jae-yong over the 2015 merger fraud case, under which he could face a prison term. The Seoul Central District Court will issue its decision on Lee, along with 14 current and former employees of Samsung, on charges of rigging company valuations and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates -- Cheil Industries and Samsung C&T Corp. The final ruli

IndustryFeb. 4, 2024

[Photo News] IBK chairman starts second year at helm

Industrial Bank of Korea Chairman and CEO Kim Sung-tae convened a meeting with top executives from the bank's subsidiaries and branches at the IBK training center in Chungju, North Chungcheong Province, on Friday, marking the start of his second year in office. Emphasizing the bank's pivotal role in "driving Korea's economic growth by leveraging policy financing for small and medium-sized enterprises," Kim underscored the importance of boosting support for small business

IndustryFeb. 4, 2024

Posco International to invest W1tr in energy sector expansion

Posco International, the trading arm of Posco Group, is poised to invest 1 trillion won ($755 million) exclusively in the energy sector this year, paving the way to establish itself as a globally recognized eco-friendly conglomerate in its key business area. The company outlined its business plans Tuesday, emphasizing "global expansion" as its mantra for 2024 to strategically bolster its major business value chain. Specific plans include a threefold increase in natural gas production a

IndustryFeb. 2, 2024

SPC Chairman Hur cleared of tax evasion charges

The Seoul Central District Court on Friday acquitted Hur Young-in, chairman of South Korea's largest bakery chain, SPC Group, of charges related to gift tax evasion through undervalued share transactions. Hur was accused of selling shares of Mildawon, the family-owned grain company, at below-market rates in December 2012 to avoid gift taxes. The shares sold for 255 won each, markedly lower than their 2011 appraised value of 1,180 won and their 2008 purchase price of 3,038 won. Prosecutors c

CompaniesFeb. 2, 2024