Hanwha Aerospace to develop fighter jet engine materials

Hanwha Aerospace on Wednesday said it is poised to develop engine materials for fighter jets in a move to bolster the nation’s self-defense capabilities. The defense and aerospace unit of Hanwha Group signed a memorandum of understanding with the Korean Institute of Metals and Materials, the Korea Aerospace Technology Research Association, the Korea Evaluation Institute of Industrial Technology and Seoul National University on developing, forging and casting materials for Inconel 718, a sp

IndustryJuly 26, 2023

Vine Group, Goodwill Store host donation campaign for disabled

Vine Group has teamed up with Goodwill Store to host a donation campaign throughout July, marking their fifth collaboration since 2019. Under the theme "connecting hearts, connecting sharing and connecting values," this year's campaign aims to encourage recycling and create job opportunities for the disabled. Goodwill Store, Vine Group's longtime collaboration partner, is a company committed to transforming the lives of people with disabilities through employment. The company

IndustryJuly 26, 2023

Posco’s Steel ContiNew project revitalizes abandoned rural houses

South Korean steelmaker Posco is ramping up its efforts to revitalize depopulated areas in the provinces by renovating abandoned houses under its ongoing project, Steel ContiNew. The project was first launched in December 2021 to address growing concerns over an increase in the number of abandoned houses in areas outside of Seoul caused by a combination of factors including the country's declining birth rate, rapid aging and the shrinking population particularly in the countryside. By u

IndustryJuly 26, 2023

Seoul shares open tad lower ahead of Fed decision

South Korean stocks opened slightly lower Wednesday, following three days of gains, as investors are digesting corporate earnings reports and awaiting the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index lost 4.24 points, or 0.16 percent, to 2,632.22 in the first 15 minutes of trading. Overnight, US stocks closed higher. The Dow Jones Industrial Average grew 0.08 percent, and the tech-heavy Nasdaq Composite added 0.61 percent. The Federal Reserve began a

MarketJuly 26, 2023

SK hynix flags losses for 3rd consecutive quarter, sees market bottoming out

SK hynix Inc. said Wednesday it logged losses for three quarters in a row as a demand slump continued amid macroeconomic woes, but it called the bottom on the chip market. The world's second-largest memory chip maker said in a regulatory filing its operating losses amounted to 2.88 trillion won (US$2.25 billion) in the April-June period, compared with a profit of 4.19 trillion won a year ago. Net losses came to 2.98 trillion won, plunging from a net profit of 2.88 trillion won a year earlie

IndustryJuly 26, 2023

Korean Air to appeal against Russian court's penalty decision

Korean Air Co. said Tuesday it will file an appeal against a Russian court's penalty decision over the "omission" of the South Korean carrier's departure process at a Moscow airport in early 2021. The Russian arbitration court has recently ordered Korean Air to pay 59 billion won ($46 million) in fine to Russia's customs authorities for the omission, a Korean Air spokesperson said over the phone. The court's penalty is half of the fine requested by the Russian custo

MobilityJuly 25, 2023

Kia unveils design of upgraded Sorento SUV ahead of launch next month

Kia Corp., South Korea's second-biggest carmaker by sales, on Tuesday unveiled the design of the upgraded Sorento SUV ahead of its domestic launch next month. Kia plans to place the facelifted Sorento SUV with a gasoline, a diesel or an all-wheel-drive gasoline hybrid engine in the Korean market in mid-August, the company said in a statement. The two-wheel-drive gasoline hybrid version and the upgraded SUV's prices will be released later, the statement said. The facelifted Sorento come

MobilityJuly 25, 2023

[Exclusive] Hyundai to ramp up EV production in Indonesia

Hyundai Motor Group is poised to produce electric vehicles, including the flagship Ioniq 5, in Indonesia equipped with battery packs made at its manufacturing plant there from August 2024, ramping up production to allow hefty EV tax incentives. “Hyundai Energy Indonesia will be producing battery packs from July 2024 using cells made by Hyundai Motor Group and LG Energy Solution’s joint battery manufacturing plant. A month later, the packs will be put into EVs produced in Indonesia,&r

MobilityJuly 25, 2023

Seoul shares up for 3rd day on China stimulus, fed hope

South Korean stocks ended higher Tuesday, led by steel and chemical companies, as investor sentiment was boosted by China's economic stimulus plan and hopes for an end to the United States' aggressive monetary tightening. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index added 7.93 points, or 0.3 percent, to close at 2,636.46, the third consecutive rise. Trading volume was a bit heavy at 713.46 million shares worth 18.85 trillion won ($1

MarketJuly 25, 2023

Hyundai Motor opens battery research center with SNU

A joint battery research center between Hyundai Motor Group and Seoul National University officially opened Tuesday, signifying the South Korean automaker’s willingness to secure future-leading technologies in the global electric vehicle industry. “Our mission to develop a diverse range of mobility solutions equipped with advanced batteries is driven by our strong commitment to a sustainable environment for future generations,” said Hyundai Motor Group Executive Chair Chung Eui

MobilityJuly 25, 2023

[Exclusive] BTS’ Suga to appear at Samsung's Galaxy Unpacked event in Seoul

Suga of K-pop phenomenon BTS is set to participate in Samsung Electronics' upcoming Galaxy Unpacked event, which will be the tech giant’s first unveiling of its flagship phones at home, according to industry sources Tuesday. “Suga will attend the event as a guest, but he will not be performing on the stage,” an industry official, who wished to remain anonymous, told The Korea Herald. Another source close to the matter also confirmed his appearance, saying, “Samsung p

IndustryJuly 25, 2023

Korea’s economy grows 0.6% in Q2

South Korea’s economy has managed to avoid negative growth by expanding 0.6 percent in the April-June period from the previous quarter, the Bank of Korea said Tuesday, chiefly due to imports that fell even more sharply than the country‘s weak exports. According to preliminary data from the BOK, the country’s gross domestic product, a key measure of economic growth which refers to the value of all goods and services created, showed a 0.6 percent on-quarter increase. The growth

EconomyJuly 25, 2023

Korea, Indonesia vow to bolster business ties

Top government officials and entrepreneurs from South Korea and Indonesia on Tuesday renewed their commitment to bolstering economic and business ties between the two countries, commemorating the 50th anniversary of bilateral relations this year. “As of 2022, South Korea became the seventh largest investor in Indonesia, reaching $2.29 billion, a 40.06 percent jump from a year earlier. Indonesia is ready to cooperate with Korea in the field of technology exchange, investment, education, R

IndustryJuly 25, 2023

New AI alliance launched

A group of South Korea’s leading companies in 10 major sectors including automobiles, shipbuilding, battery, robots and steel, agreed to form an alliance to strengthen competitiveness by linking and cooperating on value chains across industries with the latest artificial intelligence technologies, the Ministry of Trade, Industry and Energy said Tuesday. The Industry AI Alliance is comprised of the Ministry of Trade, Industry and Energy, public organizations and over 400 domestic firms, inc

IndustryJuly 25, 2023

LG’s upgradable home appliances to make global debut next year

LG Electronics introduced the new and improved version of its home appliance brand Tuesday to offer "hyperpersonalized" user experiences, raising connectivity and offering new subscription services to make doing household chores easier. Presenting the enhanced plan for the brand UP Appliance 2.0 to expand its business portfolio into nonhardware services and subscription services in Korea, the tech giant said it will be launching the upgraded brand overseas from next year. "UP Appl

IndustryJuly 25, 2023

[KH Explains] New bourse operator to transform stock market

A new bourse operator is looking to shake up the Korean stock market next year, with a launch that would break up Korea Exchange's monopoly for the first time in nearly seven decades. On July 19, the Financial Services Commission granted preliminary approval for the alternative trading system called Nextrade. A total of 34 companies, including leading brokerage houses and ICT firms, as well as the Korea Financial Investment Association, a non-profit, self-regulatory organization which has

IndustryJuly 25, 2023

Posco International secures oil share in Indonesia's gas block

Posco International announced Tuesday that it has inked a production sharing contract with the Indonesian government and its state-run oil company Pertamina Hulu Energi, in a move to secure the share of oil produced from the Bunga gas block located off Indonesia's eastern Java island. The signing event was held at Tangerang, Indonesia, earlier on the day with top executives including Posco International CEO and Vice Chairman Jeong Tak and PHE CEO Wiko Migantoro in attendance. A production s

IndustryJuly 25, 2023

[Contribution] Cash or bonds?

By Manpreet Gill One of the biggest investment debates of our times is whether to own cash or government bonds. In the developed markets, one of the most rapid policy rate hiking cycles in history has meant that short-term returns from cash are now higher than what one can earn on a longer maturity bond. Unsurprisingly, this has led to a significant move into cash deposits or money market funds across major economies around the world. Despite this, many asset allocators (ourselves included) co

IndustryJuly 25, 2023

Seoul shares open higher ahead of Fed meeting, earnings reports

South Korean stocks opened slightly higher Tuesday, tracking overnight Wall Street gains, as investors are awaiting quarterly earnings reports by major companies and the rate-setting meeting in the United States. The benchmark Korea Composite Stock Price Index added 2.79 points, or 0.11 percent, to 2,631.32 in the first 15 minutes of trading. Overnight, US stocks closed higher in the run-up to the Federal Reserve's policy meeting this week. The Dow Jones Industrial Average grew 0.52 percent

MarketJuly 25, 2023

Bacardi Korea teams up with artists for Bombay Sapphire exhibition

Bacardi Korea has collaborated with four emerging Korean artists in a Bombay Sapphire brand exhibition, under a global campaign named Stir Creativity, which is running until July 31 in Seoul. Bombay Sapphire, founded in 1761, is a premium London Dry Gin brand famous for its unique vapor infusion method that utilizes 10 botanical ingredients from various corners of the world. The brand ranked first in sales in the domestic gin market last year. Works by the artists -- Goo Gi-jeong, Park Seon-mi

IndustryJuly 24, 2023