S. Korea to invest W3tr in robot industry by 2030

South Korea's industry ministry unveiled a plan Tuesday to invest 3 trillion won ($2.26 billion) in the robot sector with private businesses by 2030, with a goal of supplying 1 million robots to local industries. The plan for intelligence robots will focus on securing 80 percent of key robot parts locally by 2030, compared with the current estimate of 44 percent, according to the Ministry of Trade, Industry and Energy. The country will also promptly lift around 50 regulations to pave the wa

EconomyJan. 16, 2024

ICT exports up 8.1% in Dec. on higher chip demand

South Korea's exports of information and communication technology products rose 8.1 percent in December from a year earlier mainly thanks to a recovery in global chip demand, government data showed Tuesday. Outbound shipments of ICT products came to $18.3 billion last month, compared with $16.9 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The December tally marked the highest monthly figure for 2023 and the second consecutive month of on-year ga

EconomyJan. 16, 2024

Complaint filed against Coupang over alleged unfair practices

11Street Co., a South Korean e-commerce company, said Tuesday it has filed a complaint with the anti-trust regulator over its bigger rival Coupang, Inc.'s alleged unfair practices. New York-listed Coupang has recently released the comparison between the maximum commission rates it receives from its product suppliers and competitors' rates to show its rates are lower than theirs. The comparison comes after a local newspaper report that Coupang receives hefty commissions from its supplie

EconomyJan. 16, 2024

Seoul shares open lower on slump in Europe

South Korean stocks opened lower Tuesday, tracking overnight losses on the European stock market. The benchmark Korea Composite Stock Price Index lost 4.37 points, or 0.17 percent, to 2,521.62 in the first 15 minutes of trading. While Wall Street was closed, European stocks declined on contraction in the German economy and hawkish comments by the European Central Bank officials. In Seoul, big-cap shares started mixed. Market bellwether Samsung Electronics fell 0.41 percent, and No. 2 chipmaker S

MarketJan. 16, 2024

Celltrion Holdings pushing for listing on Nasdaq: sources

Celltrion Holdings, the parent company of major South Korean pharmaceutical company Celltrion Inc., is pushing for a listing on the Nasdaq stock exchange, industry sources said Monday. Celltrion Holdings' Chairman Seo Jung-jin announced the company's initial public offering plan during an event hosted by the Federation of Korean Industries a day earlier, according to the sources. Seo said the company will push for an IPO on the tech-heavy Nasdaq around the end of this year at the earli

IndustryJan. 15, 2024

Samsung family members sell W2.7tr worth of shares in group units in block deal

Three members of Samsung Group's founding family have sold their shares totaling 2.7 trillion won ($2 billion) in group affiliates, including Samsung Electronics, in an apparent bid to pay inheritance taxes. Samsung Electronics said in a regulatory filing Monday that Hong Ra-hee, the mother of Samsung Electronics Chairman Lee Jae-yong, and her two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Lee Seo-hyun, chief of the Samsung Welfare Foundation have unloaded a combined 29.8 million sha

IndustryJan. 15, 2024

How will Taiwan election affect Korean chips?

The victory of the US-friendly Democratic Progressive Party candidate Lai Ching-te in Taiwan's presidential election has raised concerns about its potential impact on the Korean semiconductor industry and the global supply chain. South Korea's two leading semiconductor makers -- Samsung Electronics and SK hynix -- are reviewing the impact of the election results on the global foundry market, but the outlook appears mixed, experts said Monday. Experts pointed to the geopolitical risks f

TechnologyJan. 15, 2024

Seoul shares nearly flat after 8-day fall amid renewed hope for Fed rate cut

Seoul shares closed nearly flat Monday after an eight-session losing streak, as cooler-than-expected US inflation data buoyed hopes for rate cuts by the Federal Reserve this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 0.94 points, or 0.04 percent, to close at 2,525.99. Trade volume was moderate at 788.29 million shares worth 8.05 trillion won ($6.09 billion), with losers outnumbering gainers 575 to 304. Institutions bought a net 89.73

MarketJan. 15, 2024

NPS ups stake in Samsung Electro-Mechanics, sells Kakao in Q4

The National Pension Service, the world’s third-largest pension fund managing assets of around 1,000 trillion won ($757 billion), expanded its holdings in electronic parts manufacturer Samsung Electro-Mechanics, but dumped shares of IT giant Kakao in the September-December period of 2023. The fund owns a 5 percent or greater stake in each of 283 listed companies here as of Wednesday, according to market tracker FnGuide. The shares are valued at 133.83 trillion won, up 4.16 trillion won,

MarketJan. 15, 2024

[From the Scene] Desert testing drives Hyundai, Kia's US success

CALIFORNIA CITY, California -- If you want to know how Kia's Telluride SUV managed to rank among the top midsize sporty utility vehicles in the US market last year, or how Hyundai and Kia clinched second place in the US EV market behind Tesla following a record sales year, it’s worth taking a closer look at their California Proving Ground, the Korean carmakers’ extensive vehicle testing facility in the Mojave Desert. “Our focus has evolved from primarily testing internal c

MobilityJan. 15, 2024

Harvard Business School studies CJ's K-food success

  Korean food giant CJ CheilJedang's success in globalizing its K-food portfolio has been recently chosen as a subject for a case study at a Harvard Business School lecture in the US. This is the first time a Korean food brand to be featured in such a capacity at the HBS, according to CJ CheilJedang. Titled "CJ Foods: The Path to Global Food Leadership," the research delves into the company's management strategy, achievements, and the secrets behind its success in pioneering overs

IndustryJan. 15, 2024

[CES 2024] K-water helps startups gain global reach at CES

Korea Water Resources, the state-run water management agency also known as K-water, joined this year’s CES, the world’s largest tech show, to support Korean startups to expand their presence in global markets. During the four-day event, K-water set up a 232-square-meter pavilion at Eureka Park, where entrepreneurs and budding startups can connect with mentors, investors, and corporate leaders. This is the second year of the agency has hosted its booth at the CES. The water agency o

IndustryJan. 15, 2024

[Photo News] Hyundai future adventure on Roblox

Hyundai Motor Group steps into the virtual space with its latest launch, Hyundai Future Adventure, on Roblox. Unveiled Monday, the game aims to captivate younger audiences by presenting Hyundai's mobility technologies in Roblox, the popular virtual gaming platform frequented by Generation Alpha and Generation Z. In the image is a Hyundai Roblox avatar in the center flanked by Boston Dynamics' robots Spot and Atlas on the right, with DAL-e, the service robot, on the left, as Hyundai

MobilityJan. 15, 2024

LG Chem CEO named business council member of Davos forum

LG Chem Vice Chairman and CEO Shin Hak-cheol has been named a member of the International Business Council, part of the World Economic Forum’s annual meeting in Davos, Switzerland, the Korean chemicals firm said Monday. The WEF, also known as the Davos Forum, kicked off in Switzerland on Monday and goes through Friday. It brings together thousands of leaders from business, government and various other sectors. LG Chem said that WEF Chairman Klaus Schwab invited Shin to be a member of the I

CompaniesJan. 15, 2024

[CES 2024] LG Innotek’s CES booth attracts more than 60,000 visitors this year

LG Innotek, the electronic component manufacturing unit under LG Group, said Monday that it had attracted more than 60,000 visitors to its exhibition booth during the CES 2024 tech show last week, a threefold increase from a year before. “At this year’s CES, LG Innotek has positioned itself as a leading company in the field of future mobility as well as accelerating the acquisition of potential customers with highly scalable basic technologies,” said Moon Hyuk-soo, CEO of LG In

IndustryJan. 15, 2024

SK Ecoplant bolsters ties with Nevada on batteries, e-waste recycling

SK Ecoplant, the construction arm of South Korea’s second-largest conglomerate SK Group, said Monday it will boost business ties with the US state of Nevada on electric vehicles and electronic waste recycling. SK Ecoplant CEO Park Kyung-il met with Governor of Nevada Joe Lombardo on Sunday at the company’s recycling subsidiary TES in Las Vegas. The two leaders looked around the e-waste recycling plant and discussed TES’ e-waste business, battery recycling technology and global

MobilityJan. 15, 2024

Seoul shares open higher on chip, bio gains

South Korean stocks opened higher Monday as chip and bio shares gained ground. The benchmark Korea Composite Stock Price Index added 5.86 points, or 0.23 percent, to 2,530.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics climbed 1.09 percent, and No. 2 chipmaker SK hynix rose 0.75 percent. Samsung Biologics also added 0.67 percent, and Celltrion climbed 0.66 percent. Auto shares also started in positive terrain, with Hyundai Motor up 0.22 percent and its smaller affil

MarketJan. 15, 2024

KFS plants sandalwood in East Timor for better future

The Korea Forest Service on Friday celebrated East Timor’s National Day of Sandalwood and Forestry by planting sandalwood, the Southeast Asian country’s national tree, with local officials. Sandalwood, prized for its distinctive fragrance, is used for perfumes, incense, cosmetics, medicines, and furniture. The tree holds considerable cultural, economic, and historical importance for the Timorese people. Unlike other regions, sandalwood is widely distributed up to 1,300 meters above s

IndustryJan. 15, 2024

Korea takes lead in sustainable forest management

The Korea Forest Service is ramping up its commitment to a green transition by consolidating efforts in the forest industry, now securing nearly 40 partnerships with foreign countries. The nation's forest agency has been actively establishing bilateral agreements for forest cooperation, starting with Indonesia in 1987. A total of 39 countries are now maintaining such cooperative relationships with Korea, and the number is expected to grow. The goals of the partnerships, at first, were to bo

IndustryJan. 15, 2024

Catastrophic losses pile up from HK-tied ELS

The equity-linked securities fiasco is turning into a reality for South Korean banks as a load of the derivative products tied to the slacking Hong Kong's benchmark Hang Seng China Enterprises Index started maturing this month. As of Friday, around 106.7 billion won ($81.14 million) in principal losses have been confirmed from the sales of the Hong Kong index-tied ELS products sold by the five major Korean commercial banks, according to sources from the financial ring on Sunday. The five ba

IndustryJan. 14, 2024