Finance minister says to continue efforts to stabilize markets

Finance Minister Choo Kyung-ho said Thursday that the government will continue to make efforts to stabilize financial markets, citing high interest rates, anxiety in property financing and global economic uncertainties. Choo made the remarks at a meeting with heads of financial authorities, after the US Federal Reserve held its benchmark lending rate steady for a third consecutive time and signaled at least three rate cuts next year. "Recently, the local financial market, including the stoc

EconomyDec. 14, 2023

US Fed keeps key lending rate unchanged for 3rd straight time

The US Federal Reserve held its benchmark lending rate steady for a third consecutive time during a monetary policy meeting on Wednesday, saying inflation has eased over the past year though it still remains elevated. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent, and hinted that its hiking campaign -- launched in March 2022 -- may be near or at an end. FOMC members' latest median economic proj

EconomyDec. 14, 2023

Kakao Mobility announces cheaper membership category for taxi drivers amid monopoly criticism

Kakao Mobility, the operator of South Korea's leading taxi-hailing service, said Wednesday it will introduce a new membership category for registered taxi drivers with cheaper commissions from drivers. Kakao Mobility said in a press release that the new membership for drivers will require 2.8 percent commission from taxi drivers, compared with the current 4 to 5 percent level, as part of efforts to relieve the drivers' financial burden. The company also said it will improve the service

IndustryDec. 13, 2023

[Herald Interview] Constantine eyes Korean partnership for Canada project

Constantine Enterprises CEO Robert Hiscox pinned high hopes on the company’s latest condominium development project near Toronto, which could become the beginning of a potential partnership with two Korean partners, Daewoo Engineering & Construction and Hyundai Asset Management. Hiscox and Rogers Communications Chairman Edward Rogers co-founded the real estate company Constantine Enterprises back in 2013. The company works as a developer, construction builder and manager of property pr

CompaniesDec. 13, 2023

[Herald Interview] Canada’s Rogers bets big on population boom

An expansion of the business into the real estate market and beyond comes as Rogers Communications Chairman Edward Rogers, who leads the Canada-based technology and media company, bets high on the country’s burgeoning economy. Rogers has been focusing on diversifying his business outside of the core telecom space, co-founding the real estate development and management firm Constantine Enterprises with his longtime friend Robert Hiscox in 2013. “It was to take advantage of the amazing

CompaniesDec. 13, 2023

Korea to improve market access for foreign investors

South Korea is lowering the bar considerably for foreign investors to enter the local capital market with several new measures -- including the abolishment of a cumbersome registration policy -- set to come into effect Thursday. The new measures are being implemented in around a year since local financial regulators announced them in January, as part of their efforts to attract more overseas investment and meet global standards. Among the reforms is the abolition of a 30-year-old registration po

EconomyDec. 13, 2023

Local retail giant Daiso becomes fully Korean-owned

Daiso, a popular 1,000 won store ($0.76) chain in Korea, has officially become fully Korean-owned, shedding its last Japanese corporate shareholder, Tuesday. Although Daiso is well-known in Korea, it has often been labeled as a Japanese company, mainly because Daiso Sangyo, a Japanese entity, had been its second-largest investor with a 34.21 percent stake. Just a day earlier, Asung Daiso announced that its parent company Asung HMP acquired Daiso Sangyo's entire 34.21 percent stake. This a

IndustryDec. 13, 2023

Seoul shares snap 3-day rise ahead of FOMC meeting results

South Korean stocks closed lower Wednesday as investors sat on the sidelines ahead of the release of the US Federal Reserve's meeting results, analysts said. The benchmark Korea Composite Stock Price Index fell 24.61 points, or 0.97 percent, to close at 2,510.66 ending its three-day advance. Trade volume was low at 367 million shares worth 7.32 trillion won ($5.45 billion), with losers outpacing winners 596 to 270. Foreigners sold a net 130 billion won, while institutions bought a net 94.3

MarketDec. 13, 2023

[KH explains] Will ‘chip alliance’ help Samsung, SK secure more ASML machines?

As global chipmakers are competing fiercely to get their hands on ASML's scarce extreme ultraviolet lithography equipment, the enhanced chip partnership between South Korea and the Netherlands this week is creating an upbeat mood for the Korean chip industry. On Tuesday, South Korean President Yoon Suk Yeol and the chiefs of the country's top two conglomerates -- Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won -- met with Dutch King Willem-Alexander and ASM

IndustryDec. 13, 2023

Kakao names new chief in push for radical reform

Kakao said Wednesday it had nominated a new chief executive as part of the company's comprehensive reform efforts amid ongoing internal and external conflicts. The company's CEO candidate recommendation committee earlier in the day named Chung Shin-a, head of Kakao Ventures, Kakao’s venture capital unit, as the sole candidate for the role. Kakao praised Chung’s expertise and experience in the IT sector, as well as her comprehensive understanding of the conflicts and hardshi

TechnologyDec. 13, 2023

HD Hyundai to bolster ties with Saudi Arabia

South Korean shipbuilding and heavy industries conglomerate HD Hyundai is looking to further strengthen its business ties with Saudi Arabia. HD Hyundai Vice Chairman Chung Ki-sun on Wednesday met with two high-ranking officials from Saudi Arabia -- Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Saudi Industrial Development Fund CEO Sultan Bin Khalid Al Saud -- at the headquarters of HD Hyundai Heavy Industries in Ulsan. Chung was accompanied by HD Hyundai Oilbank CEO

IndustryDec. 13, 2023

LK-99 not superconductor, says Korean review committee

The Korean Society of Superconductivity and Cryogenics’ review committee on Wednesday said LK-99, an alleged room-temperature superconductor created by a South Korean research team, has not shown any key features of superconductivity. “There is no ground for saying that LK-99 is a superconductor,” the committee said in a report, stressing that it showed no signs of superconductivity in a series of tests on resistance and magnetic susceptibility in either room- or low temperatur

TechnologyDec. 13, 2023

SK Ecoplant completes battery recycling plant in China

South Korean energy and environmental solutions provider SK Ecoplant has completed the construction of a new battery recycling plant in eastern China together with its e-waste recycling subsidiary TES, the company said Wednesday. It comes after SK Ecoplant’s Nanjing subsidiary and the local battery recycling joint venture ZCycle joined forces in April to build a pretreatment facility in Yancheng, Jiangsu province. ZCycle is a joint venture established in 2019, under the partnership between

IndustryDec. 13, 2023

Samsung C&T to join Oman’s green ammonia project

Samsung C&T, the construction and energy arm of Samsung Group, announced Tuesday that it has won business rights for Oman’s megasized green ammonia project by joining forces with global partners. Samsung C&T has formed a consortium together with Japan’s Marubeni Middle East and Africa Power, Oman’s state-owned oil company OQ Alternative Energy and the United Arab Emirates-based Dutco Group, embarking on the joint development of Oman's green hydrogen plan called &

IndustryDec. 13, 2023

[Photo News] New Toyota Prius

Toyota Korea on Wednesday launched the fifth-generation Prius in South Korea. The Japanese carmaker's signature hybrid model comes in two different powertrains: a 2.0-liter hybrid electric vehicle boasting fuel efficiency of 20.9 kilometers per liter and a 2.0-liter plug-in HEV capable of driving up to 64 km on battery only. The starting prices of the HEV and PHEV models are set at 39.9 million won ($30,350) and 46.3 million won, respectively. (Toyota Korea)

MobilityDec. 13, 2023

Seoul shares open lower as US inflation data meets expectations

South Korean stocks opened lower Wednesday as investors digested the latest US inflation data that met market expectations while waiting for this week's Federal Reserve meeting. The benchmark Korea Composite Stock Price Index fell 7.67 points, or 0.3 percent, to 2,527.6 in the first 15 minutes of trading. The United States announced its on-year inflation came to 3.1 percent in November, falling in line with the market estimate. Investors, meanwhile, also waited for hints over the future dir

MarketDec. 13, 2023

S. Korea pushing to require shrinkflation signs on products for downsizing

The finance ministry said Wednesday the government will push to make it mandatory for companies to put shrinkflation warning signs on their products if they reduce packet contents without a price fall to match. The measure is in response to growing public complaints about shrinkflation practices, where companies downsize their products while keeping prices unchanged without any notice, shifting a rise in production costs to consumers amid high inflation. After a monthlong investigation, the gove

EconomyDec. 13, 2023

Hyundai Engineering aims to export Korean-made SMRs

Hyundai Engineering and the Korea Atomic Energy Research Institute on Monday formalized an agreement to export Korean-made small modular reactors internationally, beginning with a project in Canada. Hyundai Engineering CEO Hong Hyeon-sung and KAERI President Joo Han-gyu signed the agreement at the institute's Daejeon headquarters to globally promote Korea’s System-integrated Modular Advanced Reactor, or "Smart." Under this partnership, Hyundai Engineering will spearhead busi

IndustryDec. 13, 2023

Korea's trade to turn around in 2024 on tech recovery

While South Korea's trade balance is likely to record a surplus next year after three years of struggle, experts warned that the country should brace for worsening global economic instability and geopolitical complications. At a seminar held by the Korea International Trade Association on Tuesday in Seoul, experts presented outlooks for next year's export environment and trade issues related to the US presidential election, along with geopolitical risks. Overall, Korea's trade is

EconomyDec. 12, 2023

Mirae Asset Securities acquires Indian brokerage firm

Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2

CompaniesDec. 12, 2023