Seoul shares end lower ahead of FOMC minutes release

South Korean stocks closed lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's June meeting this week. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index sank 14.31 points, or 0.55 percent, to close at 2,579.00. Trading volume was moderate at 589.2 million shares worth 10.05 trillion won ($7.7 billion), with decliners outnumbering gainers 632 to 243. Fore

MarketJuly 5, 2023

[Photo News] Victory Donations

Hana Financial Group Chairman Ham Young-joo (center left) and Korea Expressway Corporation President Ham Jin-gyu (center right) pose with the players of the Gimcheon Korea Express Hi-Pass volleyball team during a donation ceremony held at a gymnasium in Gimcheon, North Gyeongsang Province, Tuesday. In celebration of the volleyball team’s victory in the 2022-2023 V League Championship, Hana Bank, the team's sponsor, on Wednesday donated 70 million won ($53,000) to support children suff

IndustryJuly 5, 2023

SK Bioscience taps ASEAN vaccine market with Thai drug firm

SK Bioscience said Wednesday it has signed a business agreement with a state-owned pharmaceutical company in Thailand to boost vaccine production and vaccine development infrastructure in the Southeast Asian country. Under the agreement, SK Bioscience and Thailand's Government Pharmaceutical Organization will cooperate in the long term to strengthen Thailand’s response system against new pandemics and localize the country’s vaccine manufacturing capabilities. These efforts will

IndustryJuly 5, 2023

Korean Air boosts ESG efforts

South Korea’s flag carrier Korean Air attracted the attention of the global airline industry during the annual gathering of the International Air Transport Association held in Istanbul last month, during which it shared its enhanced efforts for more sustainable management. Korean Air said it has focused on environmental, sustainable and governance management since 2021, and the same year also released its own ESG report. “Environmental issues, such as global warming, climate change a

IndustryJuly 5, 2023

Samsung may face tighter scrutiny under new EU rules

Samsung Electronics may be subject to the European Union’s new platform service regulations targeting big tech companies, as the Korean tech giant notified the European Commission it meets the EU’s criteria as a “gatekeeper.” On Tuesday, the EU revealed the names of seven companies that have reported they meet the criteria set by the Digital Markets Act, which came into force in November last year. The seven companies are Google parent company Alphabet, Amazon, Apple, Tik

IndustryJuly 5, 2023

[KH explains] More card issuers jump on Apple Pay bandwagon

Apple Pay, having launched its service in Korea in March with Hyundai Card as its initial partner, is expected to extend its reach by adding new local partners. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collaborate with Apple Pay. Although the companies refused to confirm the information, rumors suggest that the three firms will begin Apple Pay services sometime in September or October

IndustryJuly 5, 2023

[Photo News] Foreign reserves up in June

An official sorts dollar bundles at a Hana Bank branch in Seoul, Wednesday. As the US dollar weakens, Korea's foreign reserves amounted to $421.45 billion as of end-June, up $470 million from the previous month. The dollar's fall boosted the converted value of holdings denominated in other currencies such as the euro and pound. Financial institutions' foreign currency holdings also went up, the Bank of Korea explained.

EconomyJuly 5, 2023

'China decoupling could boost Korean trade'

Korea and other Asian nations can be key players in the global supply chain, as countries wean off their dependence on China, a report issued by the Korea Chamber of Commerce and Industry suggested Wednesday. According to the report, Korea and other “Altasia” countries can be a substitute for China in the global trade scene. The term Altasia is a compound of alternative and Asia, encompassing 14 countries in Asia that could replace China in the global supply chain. The weekly newspap

MarketJuly 5, 2023

Marking 35th birthday, McDonald's Korea unveils new menu, outlet expansion

McDonald's Korea on Wednesday unveiled its vision to operate a total of 500 McDonald's outlets in the country by 2030 and release an exclusive menu in the Korean market, in celebration of its 35th anniversary. "During the first half of this year, the (firm's) sales rose about 10 percent on-year to some 623 billion won ($479 million), logging its largest (semi-annual) sales since the brand's entry into Korea," McDonald's Korea CEO Kim Ki-won said during a press

ConsumerJuly 5, 2023

LG bets big on art to enhance brand identity

LG Group is betting big on art to enhance its brand value globally. The nation’s fourth-largest conglomerate has been actively expanding partnerships with global art museums and institutions to spur artistic innovations and sponsor digital artists. In June last year, the group’s key affiliates -- including LG Corp., LG Electronics, and LG Display -- forged partnerships with Guggenheim Museum, a globally renowned modern and contemporary art museum in New York, under the LG Guggenheim

TechnologyJuly 5, 2023

S. Korea, India discuss industry, economic cooperation

South Korea's top trade official met with an Indian industry delegation in Seoul on Wednesday for talks on ways to expand bilateral economic and industry ties, Seoul's industry ministry said. Trade Minister Ahn Duk-geun met with the visiting delegation led by Sanjiv Puri, president designate of the Confederation of Indian Industry, and discussed how to enhance cooperation on the overall economy and major industry sectors, according to the Ministry of Trade, Industry and Energy. Two-way

EconomyJuly 5, 2023

SK bioscience to help Thailand set up infrastructure for vaccine manufacturing

SK bioscience Co., a pharmaceutical affiliate of South Korea's SK Group, said Wednesday it has joined hands with Thailand's state-run drugmaker to build vaccine manufacturing and development infrastructure in the Southeast Asian country. SK bioscience and Thailand's Government Pharmaceutical Organization signed a memorandum of understanding on Tuesday, under which the Korean company will help the country prepare for future pandemics by developing a homegrown vaccine. As a first st

TechnologyJuly 5, 2023

Asian biz lobbies discuss cooperation in supply chains, people-to-people exchanges

Business associations representing over a dozen Asian countries gathered in Seoul on Wednesday to discuss ways to boost cooperation in supply chains and reinvigorate people-to-people exchanges, a South Korean business lobby said. The 12th Asia Business Summit, co-hosted by the Federation of Korean Industries and the Japan Business Federation (Keidanren), brought together the chiefs of 13 business organizations, including the China Council for the Promotion of International Trade, Taiwan's C

IndustryJuly 5, 2023

Seoul shares nearly flat ahead of China's economic data

South Korean stocks turned a tad lower after starting marginally higher on Wednesday ahead of the release of China's purchasing managers' index. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,591.14 in the first 15 minutes of trading. Wall Street was closed Tuesday for the Independence Day holiday. Later in the day, China is set to release the Caixin purchasing managers' index. In Seoul, most large-cap shares opened in negative terrain. Mar

MarketJuly 5, 2023

5 firms to recall over 92,000 vehicles over faulty parts

Hyundai Motor Co., BMW Korea and three other companies will voluntarily recall more than 92,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Mercedes-Benz Korea, Volkswagen Group Korea, and Stellantis Korea, are recalling a combined 92,088 units of 116 different models, the Ministry of Land, Infrastructure and Transport said in a statement. Stellantis is a 50:50 joint venture set up through the merger of US carmaker Fiat Chrysler Automobiles

IndustryJuly 5, 2023

Samsung Biologics hits winning streak with record-high Pfizer deals

Samsung Biologics, a South Korean contract development and manufacturing organization, announced Tuesday that the company has finalized two record deals worth $897 million with Pfizer. The deals completed Tuesday include a $193 million deal and a $704 million deal announced on June 8 in its regulatory filing. Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to a total of $1.08 billion. The combined value of total contracts Sams

IndustryJuly 4, 2023

Seoul shares end lower on profit-taking

South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292. Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investor

MarketJuly 4, 2023

New public-private alliance formed to boost Korea’s SMR competitiveness

Government agencies and major companies in South Korea gathered Tuesday to form an alliance to secure the country’s global leadership in the small modular reactor, or SMR, market. An SMR is a small-sized reactor that can produce 300 megawatts of electricity, integrating major equipment like a steam generator and coolant pump into a containment unit. It is considered a game changer in the energy sector for carbon neutrality and as an eco-friendly energy source. The SMR alliance comprises 11

IndustryJuly 4, 2023

Korea lowers growth outlook to 1.4% on slow recovery

The Korean government revised down its economic growth rate projection to 1.4 percent on Tuesday, as the exports sector struggles to rebound, delaying the economy's recovery to next year. The revision came as the Finance Ministry and other related ministries announced economic policy measures for second half of this year. The gross domestic product growth forecast was cut from the previous 1.6 percent to 1.4 percent. The ministry initially suggested that the Korean economy would see a rebou

EconomyJuly 4, 2023

Sales of ultra-luxury super cars exceed 6,000 units

The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500

MobilityJuly 4, 2023