Domestic demand shows signs of recovery despite gaps among sectors: finance ministry

The South Korean economy has been on a path for recovery led by exports and domestic demand showed signs of improvement, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, while noting that the pace of recovery differs among sectors. "The economy continues to show a recovery trend centering on exports and the manufacturing sector amid the stabilization of consumer prices. Domestic demand is also showing signs of a gradual recov

EconomyOct. 18, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened slightly higher Friday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 4.09 points, or 0.16 percent, to 2,613.39 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average climbed 0.37 percent to close at 43,239.05, marking a new high for a second consecutive session on reports of better-than-anticipated consumer spending. The U.S. Department of Commerce reported that the value of ret

MarketOct. 18, 2024

Central bank chiefs from S. Korea, China, Japan meet over economic, financial issues

Central bank chiefs from South Korea, China and Japan held a meeting in Beijing on Thursday to discuss a variety issues, including economic and financial trends. Bank of Korea (BOK) Gov. Rhee Chang-yong met with his Chinese counterpart, Pan Gongsheng, and Japanese counterpart, Kazuo Ueda, at the gathering, the 13th of its kind, chaired by Beijing's top central banker, according to the BOK. The BOK said the central bank chiefs exchanged their views on recent economic and financial issues.

EconomyOct. 17, 2024

Samsung to launch slimmer foldable phone next week

Samsung Electronics, the world’s largest smartphone maker by shipment, is expected to launch its thinnest foldable phone next week to reinforce its footing in the global foldable smartphone market where Chinese rivals are edging their way up. Releasing a video invitation on Thursday, Samsung said it would introduce a new product on Monday and set the market launch date on Oct. 25. While the smartphone maker did not reveal what the product will be, it gave away a hint in the video showing o

IndustryOct. 17, 2024

Seoul shares close tad lower on foreign selling

South Korean shares closed slightly lower Thursday as foreign investors extended their selling streak to a second session. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.06 points, or 0.04 percent, to close at 2,609.30. Trading volume was moderate at 325 million shares worth 9.7 trillion won ($7.09 billion), with losers outnumbering gainers 511 to 358. Foreign investors net sold 405.8 billion won worth of local shares, on

MarketOct. 17, 2024

Hanwha Securities acquires Indonesian brokerage house

Hanwha Investment & Securities, under the wings of South Korea's defense-to-energy conglomerate Hanwha Group, announced Thursday, that it has completed the acquisition of Indonesia’s Ciptadana Securities. Completion of the deal comes over a year after the brokerage house signed an underwriting agreement to acquire an 80 percent stake in Ciptadana Securities for around 49 billion won ($35.7 million) in June 2023. It won final approval from the Indonesian financial authorities last

IndustryOct. 17, 2024

S. Korean nuclear power firms buoyed by Amazon’s big energy push

Amazon’s decision to invest in clean energy projects to meet the increasing energy demands of artificial intelligence has raised expectations for South Korean companies in the nuclear power sector. Amazon announced Thursday that it signed three new agreements to support the development of nuclear energy projects, including the construction of several new small modular reactors, or SMRs. Amazon joined a recent series of nuclear energy pledges by big tech companies such as Google and Microso

IndustryOct. 17, 2024

Finance minister vows all-out efforts to win Czech nuclear deal

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok vowed to secure the final deal for Czech nuclear plants amid ongoing criticism that it would result in a pork-barrel project. “We will put an utmost effort to ensure that the construction of the Czech nuclear power plant reaches the final contract without any setbacks,” Choi said during a ministerial meeting on external economics. Korea's consortium, led by the state-run Korea Hydro & Nuclear Power, is s

EconomyOct. 17, 2024

LG Uplus chief stresses quality in AI innovations

LG Uplus CEO Hwang Hyeon-sik on Wednesday stressed service quality as the top priority in the telecom carrier’s ongoing efforts for artificial intelligence-based corporate transformation or AX. “The most fundamental aspect of growing into an AX company should be service quality,” the CEO said during a town hall meeting with employees on Wednesday. “No matter how innovative AI technology may be, it cannot create true customer satisfaction if not backed by quality.” &

IndustryOct. 17, 2024

Kia to start EV production in Slovakia by year-end

Hyundai Motor Group’s smaller affiliate Kia is poised to start electric vehicle production in Europe by the end of this year at its Slovakian manufacturing plant, according to Marc Hedrich, president and CEO of Kia Europe. “(I had a) very good meeting today with Slovakian Economy Minister (Madame) Denisa Sakova and State Secretary Vladimir Simonak,” stated Hedrich in a LinkedIn post on Wednesday. “I had the opportunity to discuss challenges the automotive industry is faci

MobilityOct. 17, 2024

Shinhan partners with China's BoCom on QR payment service

Shinhan Financial Group announced Thursday it has signed a memorandum of understanding with China's Bank of Communications to enable its SOL Travel Card users to make payments using QR codes in China. The Bank of Communications, one of China’s five state-owned commercial banks, ranked ninth in The Banker’s 2023 Top 1000 World Banks. Its Seoul branch serves as the only designated renminbi clearing bank in Korea, managing settlements in yuan on behalf of other institutions. As par

IndustryOct. 17, 2024

Multinationals in Korea pay OECD’s lowest share of corporate tax

The proportion of South Korea's total corporate tax revenue that comes from foreign multinational companies, including Google and Netflix, stands at just 7 percent, one of the lowest ratios in the Organization for Economic Cooperation and Development. According to an analysis of OECD corporate tax data by Rep. Ahn Do-geol, submitted at the parliamentary audit of the National Tax Service on Wednesday, the share of corporate tax revenue from foreign multinationals in Korea is less than one-th

EconomyOct. 17, 2024

Hyundai Card to supply AI solutions to Japan’s Sumitomo Mitsui

Hyundai Card announced Thursday that it has secured a global deal to sell its self-developed artificial intelligence software. The Korean card issuer signed an agreement to sell its AI software, known as Universe, to Japan's Sumitomo Mitsui Card Co., marking the first AI software export deal by a Korean financial company. While the exact financial details were not disclosed, Hyundai Card stated the deal is valued at several tens of billions of won. Universe is a hyperpersonalized platform b

IndustryOct. 17, 2024

LG Chem to develop plant-based cosmetics ingredient

LG Chem said Thursday that it plans to commercialize an eco-friendly ingredient derived from plant-based oils for cosmetic products, becoming the first to do so. The South Korean chemicals giant is set to develop functional cosmetics using 100 percent bio-based 3-hydroxypropionic acid, a compound produced through the microbial fermentation of plant materials. This marks the first time 3HP will be applied as a cosmetics ingredient. While 3HP is considered as an innovative bio-material with vast p

CompaniesOct. 17, 2024

[Photo News] New Hyundai Casper

Hyundai Motor Company launched the new Casper, an upgraded model of the subcompact sports utility vehicle first released in 2021, in the Korean market on Friday. According to the automaker, the new Casper sports a stronger and more stylish design than the previous version while offering a wider range of safety features and convenient functions. The price for the new Casper, which is sold under the name Inster in overseas markets, is set to begin at 14.5 million won ($10,615). (Hyundai Motor Grou

MobilityOct. 17, 2024

[Photo News] Rolls-Royce Cullinan with new Grille

Rolls-Royce Motor Cars introduced the refined Cullinan Series II and Black Badge Cullinan Series II in Korea on Thursday, with updates that hone the SUV’s reputation. The first-ever Illuminated Pantheon Grille lends a modern touch to the vehicle’s already iconic front fascia, enhancing its presence in low light. Inside, the new Duality Twill upholstery, made from bamboo-based rayon, features a unique natural texture and is intricately embroidered with up to 2.2 million stitches, taki

MobilityOct. 17, 2024

Samsung to debut advanced DRAM chip for AI next year

Samsung Electronics, the world's largest memory chip maker, said Thursday it has developed the industry’s first 24-gigabit GDDR7 DRAM, set for a market debut early next year. Compared to the previous 16Gb GDDR7 DRAM, the new chip has improved capacity, performance and power efficiency, the company said. Samsung applied 12 nanometer-class processing technology to increase cell density within the same package size, achieving a 50 percent increase in capacity compared to the predecessor.

TechnologyOct. 17, 2024

Seoul shares open tad higher on US gains

South Korean shares opened a tad higher Thursday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 1.75 points, or 0.07 percent, to 2,612.11 in the first 15 minutes of trading. US stocks rebounded on Wednesday, one day after posting sharp declines on concerns of a downturn in the artificial intelligence and semiconductor market. The Dow Jones Industrial Average gained 0.79 percent to close at 43,077.70, with the tech-heavy Nasdaq advancing 0.2

MarketOct. 17, 2024

Job Korea’s Klik to host networking event for foreign talent

Klik, Korea’s largest foreign talent recruitment service, operated by Job Korea, announced Wednesday that it will host a networking event for international students and job seekers on Oct. 24. Organized to ease the often difficult process of job hunting for foreigners and create stronger ties within Korea’s expatriate community, “Klik Happy Hour” will offer practical tips for job seekers, including guidance on how to effectively use the Klik platform. In addition to infor

CompaniesOct. 16, 2024

CEOs at foreign insurers reappointed with hands full

The CEOs of major foreign insurance firms in Korea have been reappointed as they navigate challenges posed by a slowing market and local competition. Lina Life Insurance, the Korean unit of American insurance group Chubb, recently nominated current CEO and President Cho Jee-eun as the sole candidate for reappointment. Barring any unexpected issues, she is expected to secure her next term at the extraordinary shareholders meeting on Oct. 29. Fubon Hyundai Life’s Lee Jae-won and MetLife Kore

IndustryOct. 16, 2024