Foreigners ditch sluggish Korean stocks

Foreign investors dumped more than 6 trillion won ($4.44 billion) worth of shares listed on Kospi, Korea’s main bourse, in the past three months amid the slow stock market, data from the Korea Exchange showed Sunday. Non-Korean investors’ net buying on Kospi this year dropped to 7.23 trillion won on Friday after reaching the peak at 14.06 trillion won on June 16. The offloaded shares in the past three months -- worth 6.73 trillion won -- mean foreigners have sold nearly half of the

EconomyOct. 8, 2023

[Photo News] Joining hands to rebuild Ukraine

(From left) Ukrainian Ambassador to South Korea Dmytro Ponomarenko, Ukrainian lawmaker Andriy Nikolayenko, Posco Group Chairman Choi Jeong-woo and Ukrainian lawmaker Serhiy Taruta hold hands for a photo after their talks on rebuilding the war-torn country at the steel giant’s Seoul headquarters, Friday. During the meeting, Posco said its chairman renewed his commitment to joining the reconstruction work. In March, Posco launched a task force dedicated to supporting Ukraine’s rebuil

IndustryOct. 8, 2023

Hyundai’s decadeslong support for archery pays off at Asian Games

Hyundai Motor Group’s decadeslong sponsorship for the Korean archery team has once again stepped into the spotlight as the national team swept up a total of 11 medals across individual and team categories over the past week at the 19th Asian Games in Hangzhou, China. Industry watchers say the Korean auto giant’s systemic support, led by Honorary Chairman Chung Mong-koo and his son and Executive Chair Chung Euisun, has laid the foundation for the national team to demonstrate their f

IndustryOct. 8, 2023

[Test Drive] BMW 5 Series makes more powerful, elegant comeback

BMW’s 5 Series, one of the bestselling premium sedans in Korea, has returned with full-change upgrades in design and driving performance, making its global debut in the country in six years. The 5 Series has sold over 8 million units worldwide since its launch of the first generation model in 1972. Korea, in particular, has shown great enthusiasm for the high-end sedan, taking approximately 20 percent of total sales last year, according to the German carmaker. “We know how important

MobilityOct. 8, 2023

Subway fare in greater Seoul rises to 1,400 won

The basic fare for the subway in the Seoul metropolitan area has gone up by 150 won (US$0.11) to 1,400 won starting Saturday, city government officials said. The adjusted fare was applied from the first trains operating across Seoul, the surrounding Gyeonggi Province and Incheon earlier in the day. It is the first time that public transportation fares in the capital have been raised in eight years since the last markups in June 2015. The basic subway fare now stands at 1,400 won if paid by credi

EconomyOct. 7, 2023

Seoul shares close tad higher ahead of key US jobs data

South Korean stocks closed slightly higher Friday ahead of the US payrolls data release. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 5.13 points, or 0.21 percent, to close at 2,408.73. Trading volume was slim at 284.6 million shares worth 6.36 trillion won ($4.71 billion), with gainers outpacing losers 652 to 220. Foreigners sold off a net 325.4 billion won worth of shares, continuing their selling streak for the 11th consecutive trading d

MarketOct. 6, 2023

Posco on brink of strike for first time

Posco is facing a possible labor strike for the first time in its 55-year history as it failed to bargain with its labor union for the second time since wage negotiations began in August. Wage talks between Posco's management and the union fell through late Thursday afternoon as the two sides failed to narrow their differences, according to the company. As a result, Posco's labor union said it will apply for a mediation process led by the National Labor Relations Commission, and hold

IndustryOct. 6, 2023

Korean telecom regulator considers W68b in fines on Google, Apple for violating in-app payment laws

South Korea's telecommunications watchdog said on Friday it seeks to slap up to 68 billion won ($50.4 million) in combined fines on US tech giants Google and Apple for violating the country's in-app payment laws. The move came after the Korea Communications Commission launched a probe into Google Play and App Store in August 2022 for forcing local app developers to use specific in-app payment methods and causing unfair delays in the review of local apps. The commission called on the co

IndustryOct. 6, 2023

Hyundai, Kia to transition to Tesla charging system in North America

South Korean automakers Hyundai Motor and Kia on Thursday announced a shift to Tesla's charging system for their electric vehicles sold in North America, joining other automakers such as General Motors, Ford and Mercedes-Benz. The change will take effect in the US by the end of next year and extend to Canada by mid-2025. The transition from the Combined Charging System, the widely adopted charging standard that Hyundai-Kia currently employs for their North American EVs, to Tesla's Nort

MobilityOct. 6, 2023

[KH Explains] Foreigner-friendly ID verification service to make mobile banking easier

Sara, a Czech citizen who has been living in Korea for about six years, tried to open an online bank account three years ago. “But it didn’t work, as it wasn’t open to foreigners. I had a lot of trouble with verifying my identity for various services online,” she said. The difficulty in accessing online services due to issues of identity verification has long been a frustration for foreigners residing in Korea, so the Korean government has recently come up with easier mob

IndustryOct. 6, 2023

Samsung unveils next-gen Exynos 2400 mobile processor

Samsung Electronics unveiled its next-generation flagship mobile processor, the Exynos 2400, equipped with the latest graphics and generative artificial intelligence technology during its inaugural Samsung System LSI Tech Day 2023 event at its Device Solutions America office in San Jose, California, on Thursday. The Exynos 2400 processor uses the Xclipse 940 graphics processing unit, under the California-based semiconductor maker Advanced Micro Devices’ latest chip architecture codenamed

TechnologyOct. 6, 2023

[Photo News] Hyundai promotes Busan World Expo bid in Paris

Hyundai Motor Group will operate 10 electric vehicles wrapped in designs promoting Busan's bid to host the 2030 World Expo in Paris Oct. 9-15, the Korean automaker said Friday. The automaker will provide the Ioniq 5 and EV6 -- two award-winning EVs by Hyundai Motor Company and Kia, respectively -- to the Korean delegation, which will carry out various related activities such as a symposium and K-pop concert in the French capital next week. (Hyundai Motor Group)

MobilityOct. 6, 2023

Seoul shares open higher ahead of US jobs data

South Korean stocks opened higher Friday as investors await the US payrolls data, which will give clues for the Federal Reserve's future monetary tightening policy. The benchmark Korea Composite Stock Price Index added 10.86 points, or 0.45 percent, to 2,414.46 in the first 15 minutes of trading. Overnight, all three US indexes slipped as investors were on edge ahead of the release of monthly non-farm payrolls data to be released later in the day, which will be a decisive factor in forecast

MarketOct. 6, 2023

Foreign reserves down for 2nd month in September on strong dollar, stabilization measures

South Korea's foreign reserves fell for a second straight month in September due to the US dollar's rise and market stabilization measures, central bank data showed Friday. The country's foreign reserves had come to $414.12 billion as of end-September, down $4.18 billion from the previous month, according to the data from the Bank of Korea. The dollar's ascent last month reduced the converted value of holdings denominated in other currencies, the BOK explained. The dollar ind

EconomyOct. 6, 2023

BOK, BIS, other central banks seek to launch cross-border transaction project

South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions. In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility

EconomyOct. 6, 2023

BMW to double No. of EV chargers in Korea next year

BMW Korea said Thursday it will install 1,000 new chargers for electric vehicles in South Korea next year, almost doubling the number of its EV chargers in the country. Under its “Charging Next” project, BMW Korea plans to make the new chargers compatible with all EVs, not just BMW EVs. The German automaker currently operates 920 charging points nationwide and plans to complete the installation of more to reach a total of 1,100 by the end of the year. With the additional 1,000 charge

MobilityOct. 6, 2023

Lotte Biologics doubles down on global contract drugmaker ambitions

Lotte Biologics is gearing up for the construction of three drug manufacturing plants with its recent land purchase in Songdo, Incheon, taking its first step on its decadelong journey to become a global contract development and manufacturing organization. Lotte Biologics said the company signed a land purchase agreement with the Incheon Free Economic Zone Authority on Wednesday afternoon. Under the agreement, Lotte Biologics will build three biomanufacturing facilities. Each plant is going to ha

IndustryOct. 5, 2023

Unity renews extended reality vision at APAC summit

Unity, the industry-standard 3D development platform company, hosted the Unity APAC Industry Summit 2023 in Seoul on Thursday, showcasing advancements and real-world applications in the development of extended reality, or XR, an umbrella term encompassing augmented, mixed and virtual reality technologies. Rory Armes, vice president of solutions development, emphasized during the opening session that the inaugural APAC summit underscores the growing significance of the region in the digital twin

TechnologyOct. 5, 2023

Seoul shares close tad lower amid mixed US rate outlook

South Korean stocks closed slightly lower Thursday amid a mixed outlook on whether the United States will maintain its monetary tightening policy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 2.09 points, or 0.09 percent, to close at 2,403.60. Trading volume was moderate at 446.01 million shares worth 8.96 trillion won ($6.64 billion), with losers outpacing gainers 583 to 295. Foreigners and institutions dumped a net 272.1 billion won an

MarketOct. 5, 2023

Hikes in prices of raw materials likely to fuel consumer inflation

Concerns are growing that soaring raw material costs could have a knock-on effect on the prices of daily necessities, following price hikes initiated by some of the largest liquor and dairy firms in South Korea. Korean brewery giant Oriental Brewery announced that starting Wednesday, it will raise the factory price of its beer products such as Cass and Hanmac, by an average of 6.9 percent. "The price adjustments came as the costs of raw materials for (alcoholic beverages), which rely largel

IndustryOct. 5, 2023