S. Korean major firms' Q1 earnings outlook grim amid weak global chip demand

The first-quarter earnings outlook for South Korea's major companies, including the world's leading chipmakers Samsung Electronics Co. and SK hynix Inc., remains grim due mainly to sluggish global demand, an analysis of industry data showed Sunday. According to securities firms' forecasts compiled by Yonhap Infomax, Samsung Electronics is projected to have posted an operating profit of 720 billion won ($549.7 million) during the first three months of the year. It marks a 94.9 perc

IndustryApril 2, 2023

[Weekender] Foreign tourists flock back to Myeong-dong

Foreign travelers are returning to Myeong-dong after over three years of economic decline due to the COVID-19 pandemic, with the central Seoul shopping district seeing signs of recovery. “Between last winter and now, I have been able to see a lot more foreigners in the Myeong-dong area, particularly on the main street. From morning until midnight, foreigners continue to flow into the area," a 27-year-old part-time worker surnamed Kim told The Korea Herald in Myeong-dong, Seoul, Tuesda

ConsumerApril 1, 2023

Daewoo E&C paves way for sustainable growth with financial stability

Daewoo Engineering & Construction said Friday it is accelerating efforts to pave the way for sustainable growth by strengthening its internal management amid uncertain external conditions. Last year, Daewoo E&C achieved an all-time high operating profit of 760 billion won ($583 million), while its consolidated sales reached 10.4 trillion won. Amid the real estate market downturn in 2022, the company exhibited risk management skills by earning 5.2 trillion won from urban maintenance proje

IndustryMarch 31, 2023

KT plagued by unprecedented leadership vacuum

South Korean telecommunications giant KT Corp. is in shambles due to an unprecedented leadership vacuum, with not only its chief executive, but also almost all of its board members stepping down amid speculations of revolving door appointments. Just before the start of this year's regular shareholders meeting on Friday, KT's three outside board members -- Kang Chung-gu, Pyo Hyun-myung and Yeo Eun-jung -- announced their resignations, leaving the board in almost complete vacancy. Kim

IndustryMarch 31, 2023

Seoul shares up nearly 1 % on hope for chip turnaround

South Korean stocks ended markedly higher Friday to extend their winning streak to a fourth session as investors pinned hopes on a turnaround in the global semiconductor sector amid eased fears over the global banking turmoil. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 23.7 points, or 0.97 percent, to close at 2,476.86. Trading volume was a bit heavy at 705.36 million shares worth 12.51 trillion won ($9.62 billion), with gainers outpacing

MarketMarch 31, 2023

Hyundai Mipo Dockyard wins W240b order from Africa

South Korea's shipbuilder Hyundai Mipo Dockyard said Friday that it has recently signed a contract to supply four medium-sized product carriers to an Africa-based shipping company. The contract is worth a total of 240 billion won ($186 million). The product carriers will be built at Hyundai Mipo Dockyard in Ulsan and delivered to the shipping company from the second half of 2025. Hyundai Mipo Dockyard recently received orders for a total of 11 medium-sized product carriers in February. Foll

MobilityMarch 31, 2023

Baedal Minjok charges highest transaction fees to vendors

South Korea's food delivery app Baedal Minjok, or Baemin, has been charging the highest fees to its vendors among the country's top nine e-commerce platforms, according to government data released on Friday. The Financial Supervisory Service, the country's financial regulator, unveiled commission rates of nine online e-commerce platform operators that generate transaction volumes exceeding 100 billion won ($77 million) a month. In terms of transactions made by credit card, Baemin,

ConsumerMarch 31, 2023

Naver to support Saudi Arabia in building city-scale digital twin, super app

Naver will support Saudi Arabia in creating a city-scale digital twin and developing a “super app” using its advanced technologies, the South Korean internet giant said Thursday. Naver said the company and its artificial intelligence and cloud service affiliates Naver Labs and Naver Cloud signed an agreement with the Saudi Arabian Ministry of Municipal and Rural Affairs and Housing, or MoMRAH, and the Ministry of Investment, or MISA, to cooperate on the Middle Eastern country&rsquo

IndustryMarch 31, 2023

Korea fails to join World Government Bond Index

Despite the government’s efforts, Korea failed to join World Government Bond Index, a global benchmark that measures the performance of sovereign bonds. Financial Times Stock Exchange Russell, the index operator of WGBI, announced its Fixed Income Country Classification on Thursday. Korea will remain on the watch list, being placed on hold for its index inclusion until the next decision. Korea, which had been on the watch list, a prerequisite for its potential inclusion, since September,

EconomyMarch 31, 2023

Chips production sinks 17% in February despite overall industrial output gains

South Korea's semiconductor output sank 17.1 percent on-month in February, the sharpest decline in more than 14 years, though the country reported gains in the overall industrial production, private spending and facility investment for the first time in over a year, data showed Friday. Industrial output grew 0.3 percent from a month earlier in February following a 0.1 percent rise each during the previous two months, according to the data from Statistics Korea. But the combined output in th

IndustryMarch 31, 2023

Seoul shares open higher on eased banking woes

South Korean stocks opened higher Friday, tracking Wall Street gains overnight, as concerns about turmoil in the global banking sector have eased. The benchmark Korea Composite Stock Price Index added 7.12 points, or 0.29 percent, to 2,460.28 in the first 15 minutes of trading. Overnight, US shares rose as investors await the US inflation data to be released later in the day. The Dow Jones Industrial Average rose 0.43 percent, and the tech-heavy Nasdaq Composite grew 0.73 percent. In Seoul, top-

MarketMarch 31, 2023

Korean chips act aims to extend tax cuts for local chipmakers

South Korea on Thursday passed a revision bill deemed the “Korean chips act” with greater tax breaks for investments in the semiconductor industry to lighten the burden for Korean chipmakers competing in the global chips arms race. The National Assembly passed a revision bill to the Restriction of Special Taxation Act, which raises the corporate tax break for facility investment in the semiconductor and other strategic industries to 15 percent for large corporations such as Samsung E

IndustryMarch 30, 2023

KG Mobility makes grand comeback with electrified Torres

SsangYong Motors has returned to the Seoul Mobility Show 2023 for the first time in four years under its new name, KG Mobility, with an electrified version of its bestselling midsized sport utility vehicle Torres EVX. “Changing the company’s name was not an easy decision. But after a series of ups and downs, we aim to deliver a total solution for mobility sectors,” said KG Mobility Chairman Gwak Jae-sun at a media preview Thursday at Kintex in Ilsan, Gyeonggi Province. The ca

MobilityMarch 30, 2023

Global X Japan surpasses Y100b in AUM

Mirae Asset Global Investments announced on Thursday that Global X Japan, its joint investment venture in Japan, surpassed 100 billion yen ($756 million) in assets under management, just two years after launching its first product. Global X Japan is a joint venture established in September of 2019 by Global X Management – a New York-based fund management firm acquired by Mirae Asset Global Investments in 2018 – and Japanese investment company Daiwa Asset Management. It is the only ma

MarketMarch 30, 2023

Six out of 10 foreign firms willing to invest more in Korea: KCCI

More than six out of 10 foreign firms operating in Korea are considering increasing their investments here, a survey conducted by the Korea Chamber of Commerce and Industry showed Thursday. While the Korean government has been working on attracting more foreign capital to boost the economy, many foreign-invested businesses here are positive there would be greater investments in Korea, the survey showed. The poll was conducted by the KCCI, Sookmyung Women’s University professor Oh Joon-seok

IndustryMarch 30, 2023

Posco boasts supremacy in quake-resistant solutions

South Korea's largest steelmaker Posco said Thursday it aims to make a world free from the destructive effects of earthquakes, with its world-class earthquake-resistant construction materials. According to Posco, the company's lineup of earthquake-resistant steel products has helped a slew of structures around the world to be able to safely withstand tremors since 1995. Posco's Steel New Steel, or SN Steel -- a structural steel product that has been made to comply with strict eart

IndustryMarch 30, 2023

[Photo News] HiteJinro introduces new lager

Models pose with HiteJinro's all-new beer brand, Kelly, which will hit convenience store shelves and restaurants across the country starting Tuesday. Following in the footsteps of hit beer brands such as Terra, Hite Lite and FiLite, Kelly is HiteJinro's sixth beer brand to be released after its launch of Terra four years ago. According to HiteJinro, the product uses 100 percent premium Danish malt and is fermented twice in a bid to maximize the natural taste of its premium ingredient

IndustryMarch 30, 2023

Global Business Forum examines ways to embrace 4th Industrial Revolution

Ways for South Korea to properly gear up for the Fourth Industrial Revolution era were explored at the Global Business Forum on Wednesday at the Ambassador Seoul hotel. During the during the sixth session of the forum, Ahmad Fahmi Ahmad Sarkawi, charge d'affaires at the Malaysian Embassy in Seoul, emphasized South Korea's need to make necessary preparations to adapt and improve itself in the rapidly evolving world. As the pandemic fades out, Sarkawi said he believed it is "very ti

IndustryMarch 30, 2023

[KH Explains] Political meddling prolongs KT leadership vacuum

South Korea’s telecommunications giant KT Corp. is in turmoil after a series of CEO candidates stepped down, apparently under pressure from the presidential office and the ruling party. More than two decades after its privatization, the government's political clout still seems to permeate the company, and investors are outraged by a recent plunge in share prices. “If this situation happens overseas, it would be called a scandal,” said Park Sang-in, a professor at Seoul Nat

IndustryMarch 30, 2023

Seoul shares up for third day as bank fears fade

Seoul shares finished higher for a third straight session Thursday, as eased market jitters about the global banking sector have boosted investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 9.24 points, or 0.38 percent, to close at 2,453.16. Trading volume was moderate at about 579 million shares worth some 10.3 trillion won ($7.97 billion), with gainers far outnumbering losers 594 to 276. Institutions and retail investors offl

MarketMarch 30, 2023