Israel-Hamas conflict to deepen inflation woes

The conflict between Israel and Hamas militants in the Gaza Strip has raised concerns for the Korean economy as the prospect of a full-blown war in the Middle East could lead to a surge in oil prices and further pave the way for more inflationary pressures. "Though the international financial market has shown a limited response to the incident, considering it is still in the early stages, the uncertainties are very high," Finance Minister Choo Kyung-ho said at a meeting held Tuesday

EconomyOct. 10, 2023

Hyundai Motor chair marks 3rd year of record earnings

Hyundai Motor Group is expected to post record earnings this year, breaking its own record for the third year in a row since Executive Chair Chung Euisun took the helm of the world's third largest carmaker in 2020. Hyundai and its smaller affiliate Kia are projected to post 260.8 trillion won ($192.5 billion) and 26.6 trillion won in sales and operating profits this year, according to estimates by market tracker FnGuide. Both figures stand at an all-time high. Since Chung took up leadership

MobilityOct. 10, 2023

Seoul shares end lower amid conflict in Middle East

Seoul shares closed lower Tuesday as investors remain cautious due to the Israel-Palestine conflict. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 6.15 points, or 0.3 percent, to close at 2,402.58. The Kospi opened higher, tracking gains on Wall Street, boosted by Federal Reserve officials' dovish comments on rates. Trading volume was moderate at 410.31 million shares worth 9.3 trillion won ($6.9 billion), with losers outpacing gainers 626 t

MarketOct. 10, 2023

Uncertainties remain for Samsung, SK after US eases export controls

The decision by the US government to allow Samsung Electronics and SK hynix to supply chip equipment to their China factories indefinitely without separate approvals has given South Korean chipmakers some breathing room. Market watchers, however, believe that uncertainties in the semiconductor industry remain due to the ongoing US-China trade conflict. Despite Washington’s indefinite waiver given to the world’s two biggest memory chipmakers, they still face limitations in expanding t

TechnologyOct. 10, 2023

Shinhan to bet big on insurance tech startup

Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategic investment fund. According to the financial institution, Habit Factory is a Seoul-based "insurtech" company -- a portmanteau of “insurance” and “technology” that aims to innovate the traditional insurance industry through the use of information technologies

IndustryOct. 10, 2023

[Photo News] In Paris for Busan

Hyundai Motor Group Executive Chair Chung Euisun (right) talks with a member of a foreign delegation at a banquet in Paris on Monday, the night before a symposium on Tuesday to promote Busan's bid to host the 2030 World Expo. Hyundai Motor provided 10 electric vehicles wrapped in designs promoting Busan's Expo bid for the Korean delegation, as it carries out various campaign activities such as hosting the symposium and a K-pop concert in the French capital this week. (Hyundai Motor Gro

MobilityOct. 10, 2023

Seoul shares open higher on US gains; Israel-Palestine conflict adds uncertainties

Seoul shares opened higher Tuesday, tracking gains on Wall Street, after Federal Reserve officials made dovish comments on rates, with investors assessing uncertainties over the Israel-Palestine conflict. The benchmark Korea Composite Stock Price Index rose 33.18 points, or 1.38 percent, to 2,441.91 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.6 percent to 33,604,65, and the tech-heavy NASDAQ Composite gained 0.4 percent to 13,484.24. Traders have expect

MarketOct. 10, 2023

Big firms' debt-service ability dips in H1

Large South Korean firms' ability to service their debts worsened sharply in the first half of 2023 amid falling profits and soaring interest costs, a corporate tracker said Tuesday. The interest coverage ratio for 347 out of the country's top 500 companies by sales averaged 1.16 as of end-June, down 74 percent from 4.42 a year earlier, according to the Leaders Index. The ratio is obtained by dividing a company's operating profit by its interest expenses. A reading below 1 means t

CompaniesOct. 10, 2023

Samsung, LG, Hyundai closely monitoring potential biz fallout from Israel-Hamas conflict

Leading South Korean companies are keeping close tabs on the potential business fallout from the escalating conflict between Israel and Palestinian Islamist group Hamas, industry sources said Monday, though no damage has yet been reported among firms operating in the Middle Eastern country. According to industry officials, Samsung Electronics has initiated a remote work scheme for their employees in the country and are regularly checking the safety of their workers. Samsung runs a research and

CompaniesOct. 9, 2023

Korean Air cancels Incheon-Tel Aviv flights this week over Israel-Hamas conflict

  Korean Air has canceled its flights from Incheon to Tel Aviv this week amid safety concerns over the escalating conflict between Israel and Palestinian Islamist group Hamas, according to company officials Monday. South Korea's leading air carrier has canceled all three KE957 flights from Incheon to Tel Aviv, which run regularly on Mondays, Wednesdays and Fridays, for the week. The company, however, has kept in place the returning KE958 flights, which transport passengers from Tel Aviv to

CompaniesOct. 9, 2023

US eases export controls on chip equipment for Samsung, SK factories in China

The United States has decided to allow exports of its semiconductor manufacturing equipment to Samsung Electronics and SK hynix factories in China without a separate approval process, the presidential office said Monday, a much-needed relief to the Korean chipmakers. The US government has designated Samsung Electronics and SK hynix's chip factories in China as "verified end users (VEU)," which would reduce the licensing burden on them by allowing U.S. exporters to ship designated items

Foreign AffairsOct. 9, 2023

Seoul sees no major disruptions in oil, gas imports amid Israel-Palestine conflict

South Korea has seen no major impact from the Israel-Palestine conflict on the country's imports of crude oil and natural gas, the trade ministry said Monday. Officials from the Ministry of Trade, Industry and Energy, the state-run Korea National Oil Corp. and the Korea Gas Corp held an emergency meeting earlier in the day to look into the supply of the two key fuel sources following the conflict, the ministry said. The government expects no delays or disruptions in importing oil and gas fr

EconomyOct. 9, 2023

Prices for dining out soar beyond inflation

Price increase rates of about 80 percent of restaurant menus exceeded the price increase rate of a market basket of consumer goods in September, according to data on Monday. According to Statistics Korea, the consumer price index, which functions as an economic metric for the price of a weighted average market basket of consumer goods, showed an on-year growth of 3.7 percent in September. Meanwhile, the increase rate in the sector for dining out, a key indicator of inflation in the food sector f

ConsumerOct. 9, 2023

Hana chief stresses sustainable financing in Europe

Hana Financial Group Chairman Ham Young-joo highlighted the importance of sustainable financing during his meeting with the Dutch ambassador for sustainable development in The Hague, Netherlands, Friday. The Hana chief met with Ambassador Rene van Hell as part of his visit to Europe to meet with global investors. According to Hana, Ham and van Hell agreed on the need for "green financing" to transition to a decarbonized economy, in particular cutting down on carbon emissions in asset p

CompaniesOct. 9, 2023

LG develops key OLED material to reduce reliance on imports

LG Display and LG Chem, prominent display and chemical makers, respectively, boasted Monday of their joint success in producing p-type dopants in-house, a crucial material for producing organic light-emitting diode displays, the supply of which has been solely dependent on imports. This development aligns with LG Display's ongoing efforts to strengthen the domestic production ecosystem for more advanced OLED displays. Last year, the proportion of materials the company procured locally, both

IndustryOct. 9, 2023

MBK chairman's novel 'Offerings' to hit big screen in Hollywood

The 2022 US best-selling novel "Offerings," authored by Korean-American Michael Byung-ju Kim, co-founder and chairman of South Korea's largest private equity fund, MBK Partners, is set to be adapted into a film, according to the company on Monday. Hollywood production company Anonymous Content, known for hits like "True Detective" and "The Revenant," is teaming up with Anthology Studios, co-founded by director Kim Jee-woon and actor Song Kang-ho, for the adapti

CompaniesOct. 9, 2023

[Photo News] Final pitch

LG Group’s advertisement for Busan’s bid to host 2030 World Expo is displayed at a Fnac store in Paris. The Korean conglomerate plans to carry out diverse promotional activities across the French capital until Nov. 28 when the Bureau International des Expositions holds a general assembly to decide the host country of the 2030 Expo. (LG Group)

IndustryOct. 9, 2023

[Photo News] Busan Initiative

Hyundai Motor Group on Monday unveiled a new promotional video for Busan’s bid to host the 2030 World Expo. Titled “Busan Initiative with the Whole World,” the new video explores South Korea’s rise as an advanced economy from a war-torn country in the 1950s and Busan’s potential as the host of the 2030 Expo to inspire other nations for sustainable growth. (Hyundai Motor Group)

IndustryOct. 9, 2023

Hanwha showcases ground weapons systems at US trade fair

Hanwha Aerospace said Monday it participated in the Association of the US Army exhibition, one of the world’s largest military shows, to showcase its state-of-the-art ground weapons systems. At its 232-square-meter exhibition booth, the company displayed the K-9 Thunder -- the world’s No. 1 self-propelled artillery -- k56 automatic ammunition resupply vehicle and a modular charge system. “Our goal is to join the US Army’s upgrade project of self-propelled artillery and ma

IndustryOct. 9, 2023

Asiana may ditch cargo business to close Korean Air merger deal

Asiana Airlines is expected to discuss selling its cargo business as part of Korean Air’s new merger plan, which is facing antitrust concerns in Europe, according to industry sources, Sunday. Sources said the agenda is highly likely to be discussed at a board meeting at the end of the month. Asiana Airlines' potential disposal of its cargo business comes as Korean Air plans to submit an amended merger plan with the smaller rival to the European Commission later this month. The Europ

IndustryOct. 8, 2023