Seoul shares spike nearly 3% on US rate cut hopes

Seoul shares ended nearly 3 percent higher Thursday as tech stocks advanced, with hopes for additional rate cuts by the Federal Reserve lifting investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 2.9 percent, or 75.25 points, to 2,571.57. Trading volume was moderate at 317.46 million shares worth 11.4 trillion won ($8.6 billion), with gainers far outnumbering winners 747 to 140. Overnight, US stocks ended mixed. The Dow Jones Indu

MarketSept. 26, 2024

SK hynix outpaces Samsung, Micron with more powerful AI chips

SK hynix, the world's second-largest memory chip-maker, said Thursday it has started mass production of the world’s first 12-layer high bandwidth memory chips, solidifying its competitive edge over its global rivals -- Samsung Electronics and Micron Technology. The new 36-gigabit 12-layer HBM3E chip will be supplied to its customers, including US AI chip giant Nvidia, within the year, about six months after delivering an 8-layer HBM3E product to customers for the first time in the ind

TechnologySept. 26, 2024

Korea to face another massive shortfall in tax revenue

The South Korean government is expected to see another significant shortfall in tax revenue this year, due mainly to the sluggish semiconductors industry and the real estate market slump, according to the Ministry of Economy and Finance on Thursday. The government is forecast to collect 337.7 trillion won ($254 billion) this year, 29.6 trillion won -- 8.1 percent -- less than the ministry's earlier forecast when planning the 2024 budget. This year’s projection is 6.4 trillion won unde

EconomySept. 26, 2024

HanmiGlobal ranks 8th in global CM/PM sales

South Korean construction management firm HanmiGlobal said Thursday that it has been ranked 8th in Engineering New Record’s top construction management and project management firms of the year. This year marks the fourth consecutive year the firm has secured a spot in the top 10. The annual ranking is determined based on global sales in the previous year, including those from the US. In 2023, HanmiGlobal posted $244.8 million in construction management and project management sales. In last

CompaniesSept. 26, 2024

Egypt offers gateway for Korean businesses in emerging markets: ambassador

Egypt's Ambassador to Korea, Khaled Abdelrahman, highlighted the growing potential for collaboration between Egypt and South Korea, particularly in investment and tourism, during the second session of the Global Business Forum Wednesday. Hosted by The Korea Herald, the forum seeks to facilitate knowledge exchange and build networks among Korean business and academic leaders to address the challenges posed by technological advancements and societal shifts. The GBF commenced its sixth edition

EconomySept. 26, 2024

Hyundai Mobis wins cybersecurity certification in Europe

Hyundai Mobis has become the first automotive parts supplier in Asia to receive a cybersecurity certification from ENX Association, bolstering its chances of securing orders worldwide. According to the auto parts manufacturer under Hyundai Motor Group Thursday, it held a cybersecurity certification presentation ceremony at its technology research center in Yongin, Gyeonggi Province with representatives from the European association in attendance. Members of the ENX Association include powerhouse

MobilitySept. 26, 2024

Hyundai Motor, EcoPro BM to develop LFP battery tech

Hyundai Motor Group said that it is partnering with battery materials company EcoPro BM on Thursday to develop its own lithium iron phosphate, or LFP, batteries for electric vehicles. Executives from Hyundai Motor Group, EcoPro BM and Hyundai Steel -- the carmaker’s steel manufacturing affiliate -- met Wednesday in Daejeon to discuss details on the joint research and future cooperation. With the strategic partnership, which is part of the four-year project supported by the Ministry of Trad

MobilitySept. 26, 2024

Financial firms turn to carbon trading for growth, ESG goals

The local carbon trading market is set for a boost early next year, with an influx of financial firms joining as players and securities firms expanding their roles as transaction brokers. Effective Feb. 7, 2025, the government has amended the Enforcement Decree on the Allocation and Trading of Greenhouse Gas Emission Permits, allowing financial institutions -- such as asset managers, banks and insurers -- to participate. These firms will be required to trade through brokers. The revision also es

EconomySept. 26, 2024

Posco International joins global efforts for biodiversity

Posco International, the trading and energy arm of Posco Group, said Thursday that it has signed a memorandum of understanding with the East Asian-Australasian Flyway Partnership to join forces for biodiversity. Under the agreement signed Wednesday at the Songdo Posco Tower in Incheon, Posco will partner with the EAAFP to carry out projects that preserve domestic and foreign habitats of black-faced spoonbills. EAAFP, established in 2006, is an international organization dedicated to the conserva

IndustrySept. 26, 2024

[Photo news] Faker Mercedes

Mercedes-Benz Korea presented a custom Mercedes-AMG SL 63 4Matic+ to esports star Lee “Faker” Sang-hyeok on Thursday, celebrating his induction into the League of Legends Hall of Legends. Tailored through the bespoke Manufaktur program, the one-of-a-kind roadster features Faker’s signature and Hall of Legends detailing. Powered by a 4.0-liter V8 engine with 585 horsepower, the car is intended to mirror Faker’s agility and precision in gameplay. Mercedes-Benz Korea CEO M

MobilitySept. 26, 2024

CJ's Miky Lee honored with Global Citizen Award

Miky Lee, vice chair of CJ Group and its entertainment and media subsidiary CJ ENM, made history as the first Asian female entrepreneur to receive the Global Citizen Award at the Atlantic Council’s ceremony in New York on Monday. “Entertainment may not have the power to end wars, but it does have the power to build bridges. Bridges of compassion, hope and empathy,” Lee told over 700 influential attendees at the Ziegfeld Ballroom, emphasizing the transformative power of culture,

CompaniesSept. 26, 2024

Incheon Airport tops ACI ratings for 3rd year in row

ATLANTA -- Incheon International Airport Corporation has reaffirmed its status as a global leader in airport services by maintaining its top ranking in the Airports Council International's service evaluation for three consecutive years. At the sixth Customer Experience Global Summit held in Atlanta on Wednesday, Incheon Airport received both the Airport Service Quality "Best Airport" award and the "Most Enjoyable Airport" award, on top of the ACI's Customer Experien

IndustrySept. 26, 2024

Household debt poses risk to financial stability: BOK

South Korea's financial system remains relatively stable, but rising household debt and home prices may increase potential financial instability, a central bank report showed. In its report on financial stability, the Bank of Korea said there are high expectations about monetary easing as household debts and home prices do not show signs of drastically slowing down. The central bank warned of high chances of financial imbalance growing due to a rise in home prices and household debts. The a

EconomySept. 26, 2024

Regulator vows zero tolerance for illegal transaction of virtual assets

The country's top financial watchdog warned against illegal transactions of virtual assets, calling on cryptocurrency exchanges and other virtual asset firms to strictly follow rules. The warning came about two months after the country enacted the new Virtual Asset Users Protection Act, allowing the maximum penalty of life imprisonment for financial gains of more than 5 billion won ($3.75 million) through illegal transactions of virtual assets. "The financial government will continue t

EconomySept. 26, 2024

Seoul shares open higher on rate cut hopes

Seoul shares opened higher, backed by a rally in tech shares, after a mixed close on Wall Street, on hopes for additional US rate cuts. The benchmark Korea Composite Stock Price Index rose 1.83 percent, or 47.60 points, to 2,643.92 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent to 41,914.75, but the tech-heavy Nasdaq Composite rose 0.04 percent to 18,082.21. On Wednesday, a Federal Reserve official said it will be appropriate for the US central b

MarketSept. 26, 2024

[Graphic News] Beer gains ground as whiskey and wine imports decline

The imported liquor market in South Korea is undergoing rapid changes. Wine and whiskey, which had gained popularity during the trends of drinking alone or at home, are seeing a decline, while beer is making a resurgence. Analysts suggest that the market, which experienced significant fluctuations due to external factors like COVID-19, is now entering a period of adjustment. According to data from the Korea Customs Service, whiskey imports fell 21 percent year-on-year to 6,624 tons in the seco

MarketSept. 26, 2024

Citibank supports Habitat for Humanity in addressing homelessness

The Citi Foundation, affiliated with Citibank Korea, announced Wednesday it has chosen Habitat for Humanity Korea as a recipient of the 2024 Global Innovation Challenge, which supports solutions that combat homelessness. Habitat for Humanity Korea, one of the recipient 50 community organizations worldwide, will receive $500,000 in catalytic funding. In total, the Citi Foundation will donate $25 million to address the global issue. “Since launching the inaugural Global Innovation Challenge

IndustrySept. 25, 2024

K-water unveils digital innovations at Beijing forum

Korea Water Resources Corporation, or K-water showcased Wednesday its cutting-edge "super gap" technologies and a range of innovations to tackle water-related risks at the 3rd Asia International Water Week in Beijing, marking a significant step toward securing leadership in the global water technology market. At the six-day event, K-water, Korea's state-run water management agency, hosted a special session focused on climate change and the advancement of digital water management w

IndustrySept. 25, 2024

Seoul shares snap 6-day rise on disappointment over value-up index

Seoul shares ended more than 1 percent lower Wednesday to end their six-day winning streak as investors were disappointed with a new stock index to be launched next week. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.34 percent, or 35.36 points, to 2,569.32. Trading volume was moderate at 441.8 million shares worth 11.4 trillion won (US$8.6 billion), with losers outnumbering winners 516 to 355. Retail investors and institutions bought a

MarketSept. 25, 2024

Value-up Index stirs mixed market reactions

The Korean equity market reacted to the launch of an index developed to address domestic companies' undervaluation with investors showing a preference for stocks included in the new index. Following the Korea Exchange’s unveiling of the Value-up Index, comprised 100 Korean stocks with stellar corporate value, on Tuesday, those that made the list, including Samsung Electronics and SK hynix showed a strong start in Wednesday morning trading. SK hynix and Samsung Electronics had gained

IndustrySept. 25, 2024