Jeju Air shifts to net profit in Q1 as travel demand recovers

Jeju Air Co., South Korea's biggest budget carrier, said Tuesday it shifted to a net profit in the first quarter from a year earlier on recovering travel demand amid eased COVID-19 curbs. In the three months ended in March, Jeju Air swung to a net profit of 48.19 billion won ($36 million) from a net loss of 64.91 billion won during the same period last year, the company said in a statement. "Increased flights to Southeast Asian countries helped offset lackluster travel demand to China,

MobilityMay 9, 2023

S-Oil names new CEO

South Korean oil refiner S-Oil, wholly owned by Saudi Arabia’s state-run Aramco, said Tuesday it has appointed Anwar A. Al-Hejazi as the company’s new CEO. “Al-Hejazi’s expertise in the global energy industry as an officer of Aramco will contribute to boosting S-Oil’s business and growth in global markets,” S-Oil’s board of directors said in a statement about the appointment during a shareholders meeting. S-Oil said Al-Hejazi has shown leadership in dive

IndustryMay 9, 2023

Posco donates ‘sea forest’ to mark Ocean Arbor Day

Posco Group said Tuesday the company transferred the ownership of its completed “sea forest” -- an artificial reef constructed underwater off the coast of Ulleungdo, an island east of mainland Korea -- to Ulleung County, in a bid to celebrate Ocean Arbor Day, which is recognized on May 10 every year in Korea. Built three years ago in Ulleung County, the sea forest is one of Posco’s corporate citizenship activities aimed at restoring the marine ecosystem and reviving the fishery

IndustryMay 9, 2023

Celltrion chairman apologizes over out-of-wedlock children controversy

Seo Jung-jin, the founder and chairman of South Korean biopharmaceutical firm Celltrion, made an official apology to its shareholders regarding the controversy over his children born out of wedlock via a statement posted on Celltrion’s official website on Monday. “Though my personal issues released through the media may not all be true, I sincerely apologize for causing an irreparable disappointment to our shareholders with my past follies and reckless behavior,” the statement

IndustryMay 9, 2023

Hyundai Motor pledges W2tr to boost EV production at home

Hyundai Motor Group will spend some 2 trillion won ($1.59 billion) to build a plant dedicated to manufacturing electric vehicles in the southeastern coastal city of Ulsan, in a move to strengthen its footing as a "first mover" in the EV sector, it said on Tuesday. The new plant, located on a 230,000-square-meter site, will be Hyundai Motor’s new car plant set up at home in 29 years. With construction starting in the fourth quarter of this year, the plant is expected to become ope

IndustryMay 9, 2023

Celltrion drops $4b bid to acquire Baxter unit

Celltrion said Tuesday that the company decided not to acquire BioPharma Solutions, a leading provider of sterile contract manufacturing solutions owned by US-based medical device maker Baxter International. “Celltrion reviewed the acquisition but decided not to make the investment,” an official from Celltrion said. Celltrion’s announcement came after Baxter International's statement was released on Monday, in which the company said it signed a definitive agreement to dive

TechnologyMay 9, 2023

Seoul shares end lower ahead of key inflation data

Seoul shares ended a tad lower on Tuesday as investors await key US inflation data and earnings results by major US firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.15 points, or 0.13 percent, to close at 2,510.06. Trading volume was moderate at 739.67 million shares worth 9.17 trillion won ($6.9 billion), with decliners outnumbering gainers 503 to 358. Individuals sold a net 175 billion won worth of stocks, offsetting institutions and fore

MarketMay 9, 2023

More Apple financial services unlikely to be available in Korea soon: BOK

Despite the recent launch of Apple Pay in Korea, it is unlikely that other financial services offered by the US tech giant will be available in Korea soon due to legal issues, the Bank of Korea projected. Apple kicked off its mobile payment service, Apple Pay, in Korea with partner Hyundai Card in March. Yet, its other financial services such as Apple Card, Apple Cash and Apple Pay Later are currently available only in the US. The firm’s plan to launch financial services other than Apple P

MarketMay 9, 2023

Kia outpaces Tesla in profitability

Hyundai Motor Group’s smaller affiliate Kia outpaced Tesla in operating profit margin in the first three months this year, shedding light on how a legacy carmaker could challenge the world’s top electric vehicle company, an analyst report showed Tuesday. Kia’s first-quarter operating profit margin came to 12.1 percent, surpassing that of Tesla’s 11 percent, according to the Samsung Securities report. “Kia could be the only traditional auto maker that can compete h

MobilityMay 9, 2023

German AI firm DeepL seeks bigger presence in Korea

The CEO of Germany-based artificial intelligence company DeepL affirmed the company’s vision to strengthen its presence in Korea by providing more advanced and accurate translation as a service -- DeepL Pro -- from August. DeepL Pro is an advanced subscription-based service that allows users to take full advantage of in-house AI translation technology. It offers user-optimized web translation and the ability to integrate into algorithmic translation software, according to the CEO. In Janua

TechnologyMay 9, 2023

[KH Explains] Behind Hana Financial’s birth rate boosting mission

Hana Financial Group Chairman Ham Young-joo has made it his mission this year to position the financial group as a leader in addressing the issue of a declining birth rate in the country. "The declining birth rate is a social issue that finance firms should be paying attention to. It is one of the primary areas where financial firms should be taking a leading role," Ham said in a statement. This move came after Korea's fertility rate, or the average number of children a woman bear

IndustryMay 9, 2023

Korea unveils 10-year blueprint for chip supremacy

South Korea on Tuesday introduced its first blueprint on research and development of the chip industry, aimed at fostering next-generation memory and logic chips amid rising global competition. Under the 10-year R&D road map, the Ministry of Science and ICT outlined its pursuit of technological advancement in three areas of next-generation memory and logic chips, and advanced packaging. The ministry vowed to support the semiconductor industry to produce faster, more energy efficient and higher c

IndustryMay 9, 2023

FSS chief promotes K-finance in Southeast Asia

Lee Bok-hyun, chief of the Financial Supervisory Service, is heading to Southeast Asia this week to promote the globalization of South Korea’s financial markets and attract global investors, the financial watchdog said Tuesday. The FSS chief, accompanied by representatives from Korean financial companies, was scheduled to visit Thailand, Singapore and Indonesia and hold investor relations events there. Lee’s visit began with a trip to Thailand on Monday, where he met with Sethaput

MarketMay 9, 2023

[Photo News] Burger-making Hanwha heir

Kim Dong-seon, head of strategic management at Hanwha Galleria and the third son of Hanwha Group Chairman Kim Seung-youn, participates in an on-site cooking training session held at a Five Guys store in Hong Kong. Under the leadership of the Hanwha heir, Hanwha Galleria, the retail arm of the nation’s seventh-largest conglomerate, is launching the first Five Guys outlet next month in Gangnam, southern Seoul.

IndustryMay 9, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened a tad lower Tuesday as Wall Street ended mixed ahead of key US inflation data. The benchmark Korea Composite Stock Price Index slipped 5.59 points, or 0.22 percent, to 2,507.62 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed down 0.17 percent and the Nasdaq Composite added 0.18 percent as investors awaited consumer price data slated for Wednesday, which is expected to affect the Federal Reserve's next steps. In Seoul, ma

MarketMay 9, 2023

[Graphic News] S. Korean carmakers’ global market share falls to 7.3% in 2022

South Korean carmakers’ global market share inched down in 2022 from a year earlier due largely to weaker sales in China and Russia, industry data showed. Local automakers accounted for 7.3 percent of vehicle sales in the world’s eight major markets last year, down from 7.7 percent in 2021, according to the data from the Korea Automobile Manufacturers Association. Their share was the fifth-largest in the world. The eight markets are the United States, Europe, China, India, Mexico, Br

IndustryMay 9, 2023

Businesses seek Kishida’s support for tech, supply chain partnership

South Korea's business lobby groups asked Japanese Prime Minister Fumio Kishida to support their budding efforts to boost cooperation with Japan, especially in the fields of advanced technology and resource development in third countries, in a closed-door meeting in Seoul on Monday. Meeting with the chiefs of Korea's six major business lobby groups on the second day of his two-day trip, Kishida expressed hopes for businesses to lead the effort to achieve the shared goal of bolstering i

IndustryMay 8, 2023

SK Bioscience signs deal to produce MSD’s new Ebola vaccine

SK Bioscience signed a contract manufacturing agreement with MSD to produce the latter’s next-generation Zaire ebolavirus vaccine candidate, the company said Monday. MSD is developing a next-generation Zaire Ebola vaccine candidate with Hilleman Laboratories to improve the production efficiency and thermal stability of the existing Zaire Ebola vaccine, Ervebo, which was approved in 2019. The development of MSD's new vaccine is in the early stage, and detailed manufacturing plans, howe

TechnologyMay 8, 2023

Seoul shares end higher amid rate hike woes

Seoul shares ended higher Monday, following US stocks' rally last week, with investors staying cautious about the Federal Reserve's further rate hikes to tame inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index went up 12.27 points, or 0.49 percent, to 2,513.21. Trading volume was moderate at 645.61 million shares worth 9.06 trillion won ($6.8 billion), with gainers outnumbering decliners 571 to 301. Institutions and foreigners bought a

MarketMay 8, 2023

10 special industrial zones to be designated to spur innovation

South Korea announced a plan Monday to create a total of 10 special industrial zones by 2027, as regional vanguards to spur job creation and investment. The zones will run under the government’s deregulation scheme. The government hopes businesses operating there will focus on launching new products and making inroads in to overseas markets. Measures that match global standards, from regulation, certification to insurance, will be applied, the government said. Korea will first upgrade two

MarketMay 8, 2023