Seoul shares close tad higher ahead of US Fed meeting

South Korean stocks closed slightly higher on Monday as investors awaited clues over future US monetary policy directions ahead of this week's Federal Reserve meeting. The benchmark Korea Composite Stock Price Index added 7.51 points, or 0.3 percent, to close at 2,525.36 Trade volume was moderate at 424 million shares worth 7.97 trillion won ($6 billion), with winners outnumbering losers 479 to 375. Foreigners bought a net 4.46 billion won worth of shares, while individuals offloaded a net

MarketDec. 11, 2023

Hyundai, Kia file patent for 'automatic' snow chains

Hyundai Motor and its sister company Kia on Monday unveiled a new tire technology that promises to improve winter driving safety and convenience by offering an automatic, hassle-free alternative to traditional snow chains. The patented technology integrates snow chains into the tire using a shape memory alloy. Traditional snow chains, known for their cumbersome installation and removal process, often deter drivers from using them. This new technology enables automatic deployment and retraction o

MobilityDec. 11, 2023

Samsung sets out in search of ‘unprecedented’ technology

Samsung Electronics has established new teams devoted to forging new ideas for the future of its smartphones and home appliances businesses, according to the company on Monday. The latest organizational restructuring of the tech giant comes as its chairman, Lee Jae-yong, has emphasized technological development as the key to survival amid growing uncertainties in the global economy. To strengthen its device experience division that oversees the company's mobile devices together with home ap

IndustryDec. 11, 2023

LG Innotek to showcase mobility, AI tech at CES

LG Innotek said Monday that it will double the size of its exhibition booth compared to last year at the annual CES tech show held in Las Vegas in January to showcase its latest mobility and artificial intelligence technologies. The booth, spanning 330 square meters, will be set up at the entrance of the West Hall, where booths from major global automobile companies are commonly found. Given its location, the booth will be the first to welcome visitors to the tech show, the company added. Alon

IndustryDec. 11, 2023

Porsche Korea CEO named honorary Seoul citizen

Porsche Korea CEO Holger Gerrmann has been appointed as an honorary foreign citizen of Seoul, the German automaker's Korean office said Monday. "Blending historical landmarks and modern cityscapes and combining vibrant cultural diversity, Seoul is a city that inspires dreamers and is full of positive energy for the future," Gerrmann said in a statement. "As a representative of the corporate citizens and a citizen of Seoul, I will continue to fulfill my social responsibilities

MobilityDec. 11, 2023

S-Oil honors Korea's firefighters

South Korean oil refiner S-Oil on Monday recognized eight firefighters for their heroic rescue efforts, handing out a total of 90 million won ($68,240) in prizes at the awards ceremony in Seoul, as part of the company's ongoing campaign to support the nation's firefighters. The ceremony was co-hosted by the Korea National Council on Social Welfare at 63 Square, near the Han River in Seoul, earlier in the day. Lieutenant Kwon Tae-jin from the Seoul Special Rescue Team was selected as

IndustryDec. 11, 2023

Questions raised over Uniqlo’s hefty dividend payouts

South Korean operator of the Japanese fashion giant Uniqlo, FRL Korea, has announced substantial dividends for the second consecutive year, with dividends surpassing the company's net profit for the 2022 fiscal year by 52.8 billion won ($40 million). According to the Financial Supervisory Service's report Monday, FRL Korea distributed 180 billion won in dividends for the 2022 fiscal year. In the 2021 fiscal year, the company allocated 140 billion won in dividends, exceeding its net pro

CompaniesDec. 11, 2023

LG Uplus, Toyota team up to extend EV charginbg network

Toyota Motor Korea and LG Uplus, the nation’s main telecommunications carrier, have joined hands to build an electric vehicle charging network in line with the electrification megatrend, the companies said Monday. Under the memorandum of understanding, the mobile carrier agreed to supply its EV charging platform named Voltup to the automaker. Launched last year, Voltup is an independent EV charger business led by LG Uplus. The mobile carrier takes care of the launch, management and custome

MobilityDec. 11, 2023

Starbucks Korea launches W500m year-end fundraiser

Starbucks Korea said on Monday it would hold its annual Christmas event to raise funds for nongovernmental organizations and community organizations. The fundraiser is the specialty coffee chain's largest social contribution event, and started in 2015. This year’s event is set to kick off Tuesday for 10 days across its stores nationwide. Throughout the event, Starbucks Korea will raise 500 million won ($378,000) by donating 1,000 won for every order of its “Pink Chamomile Relaxe

CompaniesDec. 11, 2023

Exports gain 3.3% from Dec. 1-10 on solid demand for cars, ships

South Korea's exports rose 3.3 percent on-year in the first 10 days of December despite the fall in sales of semiconductors, data showed Monday. Outbound shipments reached $15.79 billion in the Dec. 1-10 period, compared with $15.29 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports jumped 18 percent on-year to $2.26 billion. The number of working days during the cited period came to seven days, compared with eight days from a year earlier.

EconomyDec. 11, 2023

Seoul shares open higher ahead of Fed meeting

South Korean stocks opened higher Monday ahead of the Federal Reserve's rate-setting meeting slated for this week. The benchmark Korea Composite Stock Price Index added 8.58 points, or 0.34 percent, to 2,526.43 in the first 15 minutes of trading. Investors are awaiting this week's Federal Open Market Committee meeting, with its key rate anticipated to remain steady between 5.25 and 5.50 percent. In Seoul, tech shares traded higher, with LG Energy Solution adding 0.23 percent and SK hyn

MarketDec. 11, 2023

S. Korea to launch pan-govt commission on enhanced supply chain management

South Korea will establish a government-wide commission for the comprehensive management of supply chains of items necessary for major industries and the people's everyday lives amid growing supply chain risks, the finance ministry said Monday. The government also plans to create a fund to secure critical items and support investment in relevant facilities as the country seeks to reduce dependence on China and other nations to better ensure stable supply chains of key items, according to th

EconomyDec. 11, 2023

Banks mull W2tr in cash back for small-business owners

Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sunday. The first of the collective efforts is set to be a cash-back rewards scheme

EconomyDec. 10, 2023

Dried seaweed, ramyeon exports hit new highs

South Korea’s exports of dried seaweed and Korean instant noodles, called ramyeon, are expected to hit record highs this year, according to government data and industry sources, Sunday. According to data from the Ministry of Oceans and Fisheries, outbound shipments of dried seaweed reached $670 million between January and October, up 20.4 percent on-year. Dried seaweed exports continued to increase in November to reach $702 million as of Nov. 10, topping the previous record of $690 milli

IndustryDec. 10, 2023

[Herald Interview] Renault Korea prepares for major changes from 2024

Renault Korea Motors is pinning high hopes for next year to be the beginning of a complete turnaround after years of struggle, as the French automaker has big plans for 2024 and beyond, its CEO says. “Next year, we will have two big events. One related to the brand uplift and one related to the launch of the Aurora 1,” said Renault Korea Motors CEO Stephane Deblaise in an interview with The Korea Herald at the automaker’s office in Seoul on Dec. 5. The Aurora 1, codenamed AR1,

MobilityDec. 10, 2023

K-water attends COP28 in bid to tackle climate change

The Korea Water Resources Corp., or K-water, said Saturday it attended the United Nations Climate Change Conference to represent South Korea while seeking international cooperation on tackling climate change. COP is an annual multilateral decision-making forum on climate change where almost every country gathers to address the climate crisis. Kicking off on Nov. 30, this year’s COP28 forum was held in Dubai, the United Arab Emirates, with the aim of limiting global warming to 1.5 degrees

IndustryDec. 10, 2023

SK Group creates carbon credit alliance

SK Group said Sunday it has formed an alliance with Korean energy firms and business groups to expand the voluntary carbon market, which allows carbon emitters to offset their emissions by purchasing carbon credits. On Friday, a total of 11 institutions and enterprises signed a multilateral memorandum of understanding to form an alliance for the "Environmental Protection Credit Market," on the sidelines of the 2023 United Nations Climate Change Conference, also called COP28, which take

CompaniesDec. 10, 2023

Samsung, SK chiefs to visit ASML to discuss chip alliance

Samsung Group Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won are set to travel to the Netherlands this week to strengthen business ties with ASML, the sole provider of equipment critical in producing advanced chips. The heads of South Korea's top two conglomerates are accompanying President Yoon Suk Yeol on his state visit to the Netherlands from Monday to Thursday. There, they will visit ASML's headquarters in Veldhoven, and also explore the Dutch firm's newly built cle

IndustryDec. 10, 2023

Creta partners with LoL producer Thomas Vu

Diverse, a Korean metaverse and game development company, said Monday that its Web3 gaming platform Creta has secured a new partnership with Thomas Vu, the renowned producer of the League of Legends game. Under the partnership, Creta agreed to support the game incubation business led by Vu, through which promising game developers can obtain ideas, resources and funding opportunities. Vu started his gaming career as a producer at Namco Bandai Games and Electronic Arts -- the publisher of the Sims

CompaniesDec. 10, 2023

LIG Nex1 acquires majority stake in Ghost Robotics

South Korean aerospace and defense firm LIG Nex1 has decided to acquire a 60 percent stake in American quadruped maker Ghost Robotics for some 315 billion won ($240 million) to secure a future growth platform and penetrate the US defense market. In a regulatory filing on Dec. 8, LIG Nex1 disclosed its plan to purchase the controlling stake in Ghost Robotics. For the deal, the Korean company will inject 187.7 billion won into LNGR, a specially formed entity provisionally named for this acquisitio

IndustryDec. 10, 2023