[KH Explains] Is Tesla ditching its premium strategy?

Tesla, the world’s No. 1 electric vehicle manufacturer, is slashing car prices worldwide to further consolidate its leadership, seemingly willing to sacrifice its long-held premium brand image. In September, Tesla’s Model Y sport utility vehicle topped import car sales in Korea, selling a total of 4,206 vehicles, an 876 percent surge from a month ago, according to market tracker Carisyou. The Model Y outpaced Mercedes-Benz’s E-Class, the best-selling import car of 2022, which s

MobilityOct. 22, 2023

[Photo News] Staying hydrated

Dong-A Otsuka CEO Cho Ik-sung (right) and Korean Basketball League President Kim Hee-ok pose for a photo after signing a sponsorship deal at the KBL headquarters in Seoul, Thursday. The beverage maker agreed to supply professional basketball players with various drinks, including its flagship Pocari Sweat, together with iceboxes and towels, for the 2025-26 season. (Dong-A Otsuka)

IndustryOct. 22, 2023

[Photo News] Hana hall of fame

Hana Financial Group Chairman Ham Young-joo (third from right), Vice Chairman Lee Eun-hyung (third from left), and other company officials unveil the Hall of Fame for top employees at Hana Global Campus in Cheongra, Incheon, Saturday. A total of 186 employees have been selected to honor their performance across sales, marketing and consumer satisfaction. The financial giant said the new launch aims to create a customer-first corporate culture. (Hana Financial Group)

IndustryOct. 22, 2023

[Weekender] Indie bookstores thrive in reading-reluctant Korea

Despite consistently falling reader engagement, independent bookstores are surviving -- and even thriving -- in South Korea. "Over the last decade, we've seen a pretty sharp drop in the number of people picking up at least one book a year – down from 72.2 percent in 2013 to just 46.9 percent in 2021. But when you consider all the different ways people can get their info these days, maybe that's not quite the disaster it seems," said Baek Won-geun, the brain behind 15 of

ConsumerOct. 21, 2023

Samsung unveils next-generation memory solutions on Memory Tech Day

Samsung Electronics unveiled its newest chip technologies and products at its annual global event in San Jose, California, Friday, eyeing a key role in providing hyperscale artificial intelligence models. Under the theme of “Memory Reimagined,” about 600 people, including technicians, analysts and industry officials, attended this year’s Memory Tech Day to look into Samsung’s technologies in areas such as cloud, edge devices and automobiles. The tech giant unveiled its la

TechnologyOct. 21, 2023

Kakao risks losing management control of Kakao Bank

Korean tech conglomerate Kakao could lose its controlling shareholder position in its internet-only bank affiliate, as its top leaders have become embroiled in stock manipulation allegations stemming from the acquisition of K-pop agency SM Entertainment. On Friday, the country’s financial watchdog Financial Supervisory Service summoned Kakao founder Kim Beom-soo to appear for questioning on Monday for an investigation into the mobile platform service provider’s possible violation of

IndustryOct. 20, 2023

Asiana to hold board meeting to discuss sale of cargo unit

South Korean air carrier Asiana Airlines will reportedly convene a meeting of its board of directors on Oct. 30 to decide whether or not to sell its cargo business, as a part of its efforts to accelerate its merger with its bigger rival Korean Air, industry sources said Friday. In order for the sale of the company’s cargo unit to be approved, four out of six of Asiana’s directors must agree. "Nothing has been concretely confirmed in regards to the board of directors' meetin

IndustryOct. 20, 2023

Samyang to release tom yum flavor Buldak in US

South Korean food manufacturer Samyang Foods said Friday it would launch a new tom yum flavor of its bestseller Buldak Spicy Chicken Ramen series in the US market later this year. Featuring the traditional Thai hot and sour soup, tom yum, the new export-version of Buldak targeted Asians as well as big fans of Asian food in the United States. It blended the tangy, sweet and sour flavor of Thai soup with spicy chicken noodles and also added lemongrass and cilantro to complete the iconic tom yum ta

IndustryOct. 20, 2023

Seoul shares hit 7-month low on US rate hike woes

South Korean stocks dropped by more than 1 percent to the lowest point in over seven months Friday amid woes over the US Federal Reserve's further monetary tightening. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 40.8 points, or 1.69 percent, to close at 2,375, marking the lowest level since March 14, when the Kospi finished at 2,348.97. Trading volume was slim at 507.2 million shares worth 8.8 trillion won ($6.5 billion), with decliner

MarketOct. 20, 2023

Geopolitical risks hold back South Korea's credit rating upgrade:Fitch

Fitch said that South Korea's "AA-" sovereign rating, which has remained steadfast over 10 years, could be adjusted upward if geopolitical issues such as inter-Korean relations and US-China conflicts are improved, during the 2023 Fitch on Korea seminar held in Seoul on Friday. While improved relations with North Korea are necessary for a positive rating adjustment, Fitch does not see that improvement as promising in the near term, said Jeremy Zook, Fitch's director of Asia-Pa

IndustryOct. 20, 2023

STX issues new shares worth W80b to expand global business

South Korean trading company STX said Friday it had decided to initiate a paid-in capital increase of 80 billion won ($58 million), in a bid to finance funds for expanding its global secondary battery businesses and Trollygo, the company's new business-to-business trading platform to be launched next month. According to STX, the firm held a board of directors meeting at the STX headquarters in Jung-gu, central Seoul, to decide new issuance of a total of 7.36 million common shares. The price

IndustryOct. 20, 2023

[Photo News] Nintendo pop-up in Seoul

Visitors browse a preview of the Nintendo pop-up store in Seoul at HDC IPark Mall in Yongsan, central Seoul, Thursday, a day before its official opening. The pop-up, operating from Oct. 20 to 26, is the first official Nintendo goods store opened in South Korea. Video game enthusiasts will have the opportunity to purchase unique and limited-edition merchandise previously available only at stores in Japan, as well as experience the latest game, Super Mario Bros. Wonder, which released Friday. (Y

IndustryOct. 20, 2023

Seoul shares open lower on US losses

South Korean stocks got off to a weak start Friday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 35.19 points, or 1.46 percent, to 2,380.61 in the first 15 minutes of trading. After the Federal Reserve Chairman Jerome Powell's hint at a further rate hike, US stocks closed sharply lower. The Dow Jones Industrial Average fell 0.75 percent and the Nasdaq Composite dropped 0.96 percent. In Seoul, market heavyweights led the decline. Top-cap Samsu

MarketOct. 20, 2023

[Graphic News] Dried seaweed exports up 16% this year: data

South Korea’s exports of the dried seaweed gim grew 16 percent on-year during the first eight months of 2023 on solid overseas demand in line with the popularity of Korean food and culture, the Oceans Ministry said. Outbound shipments of gim came to $540.68 million in the January-August period, up from $466.1 million from a year earlier, according to data from the Ministry of Oceans and Fisheries. In terms of volume, the country sold 24,862 tons of gim products during the cited period, up

MarketOct. 20, 2023

Samsung unveils foundry road map to lead automotive chip sector

Samsung Electronics, the world’s largest memory chipmaker, unveiled on Thursday its new global foundry business road map, with a particular focus on automotive chips. The plans were announced at Samsung Foundry Forum 2023, hosted by the tech giant in Munich, Germany. “We seek to take the lead in the field of autonomous driving and electric vehicles through technological innovations that meet global customer demands in a timely manner,” said Choi Si-young, president and head o

IndustryOct. 19, 2023

S-Oil to drive net-zero emissions with Shinhan Bank

South Korean oil refiner S-Oil announced Thursday that it has joined forces with Shinhan Bank to bolster its transition to achieving net-zero carbon dioxide emissions. Under a memorandum of understanding signed by the two on Wednesday, the Korean lender will support S-Oil in reducing its carbon footprint in the refining industry, one of the key contributors in global greenhouse gas emissions. As the industry is calling for prompt action to tackle carbon emissions, the agreement will be an opport

IndustryOct. 19, 2023

[Photo News] Samsung chief checks R&D complex

Samsung Electronics Chairman Lee Jae-yong (right) reviews construction work at the site of the company's new R&D complex in Giheung, Gyeonggi Province, Thursday. Before the inspection, Lee held a management meeting on chip strategy at Samsung Electronics Semiconductor Research Center and urged executives to create a turning point for innovation as global uncertainties continue. (Samsung Electronics)

TechnologyOct. 19, 2023

Mirae Asset Securities to buy back shares worth W60b

Mirae Asset Securities, Korea's largest investment bank and securities firm, said it plans to initiate a share buyback program worth 60.2 billion won ($44 million) in an effort to boost shareholders’ value, the firm said Wednesday. The firm will repurchase its 10 million shares, which is equivalent to some 2.1 percent of the market cap, over a three-month period from Thursday to Jan. 18 through intraday trading. The firm’s market cap stands at 3.83 trillion won as of Thursday.

CompaniesOct. 19, 2023

Samsung Bioepis launches Soliris biosimilar in Europe

Samsung Bioepis, a biosimilar developer under Samsung Group, said Thursday that the company has completed the launches of its hematology biosimilar Epysqli, a biosimilar close to Soliris, in three European countries, hoping to gain ground in the rare blood disease biosimilar market. According to Samsung Bioepis, the company introduced Epysqli in Germany in July, and the biosimilar made its debut in Italy and Spain last month. Samsung Bioepis is also preparing for Epysqli’s launch in France

IndustryOct. 19, 2023

Seoul shares end nearly 2% lower amid Middle East woes

South Korean stocks tumbled nearly 2 percent lower Thursday as escalating concerns over the Israel-Hamas conflict stoked risk aversion. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 46.8 points, or 1.9 percent, to close at 2,415.8, marking the lowest level since Oct. 10, when Kospi finished at 2,402.58. Trading volume was moderate at 739.5 million shares worth 8.7 trillion won ($6.3 billion), with decliners sharply outnumbering gainers

MarketOct. 19, 2023