Seoul shares open lower on profit-taking, US losses

South Korean stocks opened lower Thursday as investors unloaded shares following the five-session winning streak and overnight Wall Street losses. The benchmark Korea Composite Stock Price Index fell 8.02 points, or 0.31 percent, to 2,606.28 in the first 15 minutes of trading. On Wednesday, the Kospi soared 1.78 percent to close at 2,614.30, its highest point since Sept. 15. US stocks fell overnight, with the Dow Jones Industrial Average slipping 1.27 percent and the tech-heavy Nasdaq Composite

MarketDec. 21, 2023

[Graphic News] Exports of gim, cooked rice hit record high: data

　South Korea’s exports of dried seaweed - “gim” in Korean - and cooked rice reached an all-time high during the first 10 months of this year on brisk overseas demand accompanying the popularity of Korean culture and food, the Korea Customs Service said. 　Outbound shipments of gim came to a record high of $670 million in the January-October period, up 20.4 percent from a year earlier, according to the data by the customs agency. 　In terms of volume, gim exports rose 17.3 perc

ConsumerDec. 21, 2023

Kakao Pay's Siebert takeover plan falls through

Kakao Pay, the online payment unit of South Korean tech giant Kakao, has axed plans to expand its ownership of stocks of US brokerage firm Siebert Financial amid ongoing regulatory risks at Kakao. The tech firm said in a public disclosure Wednesday it has arrived at a mutual consensus with Siebert to end their agreement to purchase a second round of stocks in the company, which had been slated to happen next year. Kakao Pay in May purchased a 19.9 percent stake in the New York-based firm through

IndustryDec. 20, 2023

Seoul shares at over 3-month high amid Fed rate cut hopes

South Korean stocks closed higher for the fifth-straight session Wednesday and at the highest in over three months amid expectations that the US Federal Reserve will start its rate-cutting cycle next year. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 45.75 points, or 1.78 percent, to close at 2,614.30, the highest since September 15 when the comparable figure was 2,601.28. Trade volume was moderate at 559.4 million shares worth 11.02 trill

MarketDec. 20, 2023

[Test Drive] Kia refines family favorite with first hybrid Carnival

The Kia Carnival, a top choice for a family vehicle in South Korea, reflects the classic American family minivan. Three years after the success of the fourth generation, Kia is upping its game with a revamped Carnival lineup, most notably with its first-ever hybrid model that tackles the vehicle's main shortcoming: fuel efficiency. The hybrid model, entering its precontract phase last month alongside other models, has quickly attracted consumer attention, with hybrids making up 70 percent o

MobilityDec. 20, 2023

Korea's logistics paradox: surging demand, looming vacancies

From oversupply of logistics hubs to international giants’ entry, South Korea’s booming e-commerce industry is being reshaped by multiple challenges and changes. According to Colliers Korea's December report, 114 logistics centers occupying over 10,000 square meters were registered this year, marking the highest figure since 2017. The rise was fueled by the heightened demand for logistics centers that surfaced three years ago during the peak of the pandemic. The Greater Seoul ar

IndustryDec. 20, 2023

Incheon Airport vows to go digital for more convenient services

The Incheon International Airport Corporation has unveiled its vision for the upcoming year, aiming to further digitalize the airport's systems and services for the convenience of passengers. "We have designated 2024 as Incheon Airport's year of digital transformation," Incheon International Airport Corp. CEO Lee Hag-jae said during a press conference held at the airport, on Wednesday. "Our objective is to integrate cutting-edge technology into airport services at both t

IndustryDec. 20, 2023

SK Broadband bolsters IPTV with AI

SK Broadband, a major South Korean internet service provider, said Wednesday it is introducing an internet protocol television, or IPTV, service using artificial intelligence that aims to provide more tailored content to users. Under the goal of becoming the paid broadcasting market leader, SK's IPTV platform B tv provides hyper-personalized services to users by analyzing and predicting their lifestyles using AI technology. "Starting with the launch of 'AI B tv,' we aim to gr

TechnologyDec. 20, 2023

Record earnings propel Hyundai Motor to conduct most promotions ever

Hyundai Motor Group promoted 252 executives on Wednesday, the largest upper-level promotion ever in the company’s history, on the back of its record-high earnings this year as it looks to find future mobility leaders. Hyundai Motor said the promotions focused on preparing for the future as it speeds up its generational shift in leadership. Among the promoted, there are 197 newly appointed executives, of which some 38 percent are in their 40s. The conglomerate's proportion of those in their

MobilityDec. 20, 2023

LG Chem breaks ground on largest materials plant

LG Chem said Wednesday it broke ground to build a cathode materials manufacturing plant in the US state of Tennessee that is to be the largest production facility in the all-important electric vehicle market. LG Chem Vice President Shin Hak-cheol, Tennessee Gov. Bill Lee, Stuart McWhorter, commissioner at the Tennessee Department of Economic and Community Development, Cho Hyun-dong, South Korean ambassador to the US, and other company executives and government officials participated in the groun

MobilityDec. 20, 2023

EcoPro to establish culture foundation for regional development

South Korean battery materials manufacturer EcoPro said Wednesday it has decided to establish a foundation for arts and culture in provinces beyond the Seoul area. While the nation’s investment in arts and cultural infrastructure is usually concentrated in Seoul, the foundation aims to seek a balanced development in provinces. EcoPro will later diversify its philanthropic portfolio to educational sectors, the firm added. EcoPro will first contribute some 100 billion won ($76.96 million) to

IndustryDec. 20, 2023

Big firms skip year-end brouhaha, offer days off instead

South Korean conglomerates are skipping official year-end ceremonies and recommending employees to take their annual leave to close out 2023. Samsung Electronics, the country’s largest conglomerate, is rounding out the year without any official year-end ceremony -- or "jongmusik" in Korean -- according to a Samsung official. The conglomerate will hold an official ceremony to kick off the new year -- or "simusik" -- on Jan. 2, 2024, bringing together top executives and e

IndustryDec. 20, 2023

Dongsuh Foods offers winter coffee at Maxim Plant

South Korean food and beverage manufacturer Dongsuh Foods welcomes customers to experience a cozy winter at Maxim Plant, a cultural center with a cafe featuring its flagship coffee brand. Located in Hannam-dong in central Seoul, the cultural space was opened in 2018, with the aim of introducing its coffee brand Maxim. Calling itself “a garden in the city, a coffee factory in the forest,” Maxim Plant is a dedicated space to display its roasting expertise and manufacturing process, whi

IndustryDec. 20, 2023

LS Cable develops new raw material for copper foil

LS Cable & System, South Korea’s leading cable manufacturer, said Wednesday that it has become the first in the industry to develop a new raw material for copper foil, accelerating its expansion into rare earth element and green businesses. CuFlake marks the world’s first case of utilizing copper metal pieces instead of copper wire to produce copper foil which is widely used in electric vehicle components and mobile gadgets. The company recently completed a successful sample te

IndustryDec. 20, 2023

[Photo News] Advanced air mobility

Supernal, Hyundai Motor Group's US-based urban air mobility firm, will take part in CES 2024, slated for January in Las Vegas, for the first time and exhibit its electric vertical takeoff and landing vehicle concept model. Hyundai Motor Group said Supernal will present its strategies to set up an ecosystem of advanced air mobility in the future at a media presentation on Jan. 9. (Hyundai Motor Group)

MobilityDec. 20, 2023

Seoul shares open higher on US gains

South Korean stocks got off to a bullish start Wednesday in line with overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index climbed 18.84 points, or 0.73 percent, to 2,587.39 in the first 15 minutes of trading. US stock indexes gained ground overnight, with the Dow Jones Industrial Average rising 0.68 percent and the tech-heavy Nasdaq Composite edging up 0.66 percent, as last week's dovish policy pivot by the Federal Reserve continued to stoke upward market momentu

MarketDec. 20, 2023

Business sentiment for January falls over sluggish economy, high interest rates: poll

South Korea's business sentiment index for January fell amid prolonged concerns over a slowdown of the global economy and high interest rates, a poll showed Wednesday. The business survey index for 372 out of the country's top 600 companies by sales stood at 91.1 for January, down 2.9 points from this month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposit

CompaniesDec. 20, 2023

[KH Explains] What’s behind life insurance companies' rush into senior care industry?

Insurance companies are seeking to capture business opportunities in the senior care and retirement community industry with the country quickly approaching having the world's oldest population. Tucked into a quiet neighborhood in central Seoul, KB Financial's arm for senior nursing care, KB Golden Life Care, will launch a five-story housing complex at the end of this month. The retirement community -- KB Pyeongchang County -- will house 164 sets of senior residents as either singles or

IndustryDec. 20, 2023

Hyundai Motor to sell auto plant in Russia

Hyundai Motor Group said Tuesday it has decided to sell its entire shares of its car manufacturing plant in Russia, which has been temporarily shut down because of Russia's invasion of Ukraine, to a Moscow-based company, ending a decadelong operation. The carmaker’s board of directors approved selling Hyundai Motor Manufacturing Russia in St. Petersburg, along with a General Motor plant it acquired in 2020 to the Russian automotive service firm Art-Finance. “We have reviewed var

MobilityDec. 19, 2023

Seoul shares up for 4th day amid US rate cut hopes

South Korean stocks closed slightly higher Tuesday tracking overnight Wall Street gains and on expectations the US Federal Reserve will start its rate-cutting cycle. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 1.69 points, or 0.07 percent, to close at 2,568.55. Trade volume was light at 364.2 million shares worth 8.06 trillion won ($6.16 billion). Losers, however, outpaced winners 523 to 361. Overnight, the S&P 500 gained 0.5 percent

MarketDec. 19, 2023