Seoul shares fall for 7th day on foreign selling

South Korean stocks fell for the seventh consecutive session Wednesday led by foreign sell-off ahead of US inflation data that could influence the Federal Reserve's policy move next week. The Korean won traded higher against the US greenback. The benchmark Korea Composite Stock Price Index lost 10.06 points, or 0.4 percent, to close at 2,513.37. The main index has been in a bearish mode since Sept. 3. Trading volume was light at 294.1 million shares worth 9.4 trillion won ($7 billion), with

MarketSept. 11, 2024

US ups pressure on Korea to join China chip curbs

The US is ramping up pressure on South Korea to align with its export control measures against China, urging advanced chips like High Bandwidth Memory be provided only to allies. As additional trade restrictions are expected, experts here say it is important for the Korean government and chipmakers to keep up negotiations to protect Korea's interests. In his latest remark on Tuesday, US Under Secretary of Commerce for Industry and Security Alan Estevez called on Korean chipmakers to supply

IndustrySept. 11, 2024

Foreign investors dump Seoul shares

Foreign investors are on a massive selling spree of South Korean stocks, dumping shares worth over 1 trillion won ($746 million) on the benchmark Kospi Wednesday, fueled by concerns that the US economy could be heading toward a recession. On Wednesday, overseas investors shed shares worth 1.04 trillion won on the Kospi, continuing the sell-off stance shown in recent weeks. After offloading shares over 2.7 trillion won in August, they ditched shares worth 4.41 trillion won this month, according t

MarketSept. 11, 2024

BIS raises alarm on Korea's surging household credit

The Bank for International Settlements has cautioned that South Korea’s expanding private sector credit is beginning to weigh on economic growth, with further increases posing additional risks. The Switzerland-based consortium of central banks recently published a report indicating that while rising private sector credit can boost economic activity in emerging markets, exceeding certain levels may lead to growth deterioration. The report described a "U-shaped" relationship betwee

EconomySept. 11, 2024

Battery-makers brace for further drop in lithium prices

Collapsing lithium prices are expected to put more pressure on Korean battery companies that are already reeling from an electric vehicle chasm, industry insiders said Wednesday. According to a recent Goldman Sachs report, the global lithium price is projected to fall by 18 percent from the monthly average price of $12.70 per kilogram in August to $10.40 next year. The price would be an 84.1 percent drop compared to the lithium boom in 2022 and on a similar level to 2015, when automakers just st

MobilitySept. 11, 2024

[From the Scene] Samsung renews European push with AI connectivity

BERLIN -- Samsung Electronics has opened an artificial intelligence-powered home appliance experience zone in the heart of Berlin, the largest home appliance market in Europe, strengthening its position as a premium brand by leveraging connected experiences. The Korea Herald reporter visited the Saturn home appliance store at one of Berlin’s largest shopping centers, Europa Center, on Sunday during the IFA 2024. Under the theme of “AI for All,” Samsung showcased the latest AI-e

IndustrySept. 11, 2024

Shinhan wears digital consultant hat for global peers

South Korea’s Shinhan Bank said Wednesday that it has embarked on a new business venture to provide digital finance consulting services to global peers, with Japan’s Tokyo Kiraboshi Financial Group as its first client. “This digital finance consulting contract with Tokyo Kiraboshi Financial Group holds significance in that Shinhan Bank's digital competitiveness has been recognized on the global stage,” the lender said in a statement. Shinhan’s decision to ent

IndustrySept. 11, 2024

Hanwha to add 600 jobs in hiring spree for global push

Hanwha Group’s three affiliates -- Hanwha Aerospace, Hanwha Ocean and Hanwha Systems -- have set out to find the best talent to take the lead in global defense, aerospace and maritime into the future. According to Hanwha on Wednesday, the three firms plan to hire some 600 university graduates looking for their first jobs in the second half of this year, marking the biggest number of new employees for the three companies in either half of the year in at least over a decade. Hanwha Aerospace

CompaniesSept. 11, 2024

Celltrion Remsima SC hits record share in Australia in Q1

Celltrion’s Remsima SC, the world’s only subcutaneous formulation of infliximab, has reached a record market share in Australia, the Korean biosimilar giant announced Wednesday. According to data from pharmaceutical market research firm IQVIA, Remsima SC achieved a 20 percent market share for the first time in the first quarter of the year, a surge since its market debut in 2021. Celltrion said Remsima SC gained popularity in Australia for its convenience, allowing patients to admini

CompaniesSept. 11, 2024

Starbucks Reserve celebrates 10th anniversary in Korea

Starbucks Korea said Wednesday it has renovated an old house built in the 1960s to open a new Starbucks Reserve store in Jangchung-dong, Jung-gu, central Seoul, Thursday. Starbucks Korea has set up a few special stores where customers can have novel experiences in distinct settings. The new store in Jangchung-dong is the company’s 10th special store, marking the 10th anniversary of Starbucks Reserve. The store, which can accommodate up to 180 customers, utilizes the entire space of the ori

IndustrySept. 11, 2024

[Photo news] LG showcases energy innovations at RE+ 2024

LG Energy Solution highlighted its latest energy storage technologies at RE+ 2024, North America’s largest clean energy expo, held this week in Anaheim, California. Taking center stage was the JF2 AC/DC Link 5.1, a modular energy storage system with 21 percent improved energy density and a capacity of up to 5.1 megawatt-hours, targeted for US production in 2025. This system, optimized for commercial and grid-scale applications, was designed to simplify installation and improve efficiency.

IndustrySept. 11, 2024

Exports rise 24.6% during first 10 days of Sept. on strong chip sales

South Korea's exports rose 24.6 percent on-year in the first 10 days of May on robust global demand for semiconductors, data showed Wednesday. Outbound shipments reached $18.58 billion in the April 1-10 period, compared with $14.91 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports advanced 16.3 percent on-year to $2.48 billion. Imports added 11.3 percent on-year to $18.4 billion during the period, resulting in a trade surplus of $200 milli

EconomySept. 11, 2024

Job additions rise over 100,000 for 2nd straight month in Aug.

South Korea added more than 100,000 jobs for the second consecutive month in August, but jobs in the construction sector fell by the most ever amid an industry slowdown and extreme heat wave, data showed Wednesday. The number of employed people came to 28.80 million last month, up 123,000 from a year earlier, according to the data compiled by Statistics Korea. In July, the monthly job additions bounced back to over 100,000 for the first time in three months to come to 172,000. In June, 96,000 jo

EconomySept. 11, 2024

Seoul shares open lower ahead of US inflation data

South Korean stocks started a tad lower Wednesday as investors await the latest US inflation data that would give clues for the Federal Reserve's upcoming rate-setting decision. The benchmark Korea Composite Stock Price Index opened slightly higher but lost 0.13 percent, or 3.33 points, to 2,520.1 in the first 15 minutes of trading. On Wall Street, US stocks closed mixed amid rising slowdown concerns. The Dow Jones Industrial Average edged down 0.2 percent, and the Nasdaq composite rose 0.8

MarketSept. 11, 2024

Strike hits production at key Samsung electronics plant in India

SRIPERUMBUDUR (Reuters) -- Samsung Electronics' production at a plant in southern India was disrupted for a second day by hundreds of employees striking for higher wages on Tuesday, as top executives sought to resolve a rare episode of labour unrest. South Korea-based Samsung, India's biggest consumer electronics company, counts the country as a key growth market, competing with the likes of LG Electronics to make everything from televisions and refrigerators to smartphones. The strike

CompaniesSept. 10, 2024

Why does Apple have to pay Ireland $14.4 billion?

LONDON (Reuters) -- Apple lost a long-running court battle with the European Union on Tuesday, resulting in the company being forced to pay 13 billion euros ($14.4 billion) in back taxes to Ireland, as part of a wider crackdown on so-called "sweetheart deals." What happened? In 2016, the European Commission’s competition chief Margrethe Vestager accused Ireland of having granted Apple illegal tax benefits, unfairly diverting investment away from other countries. Both Apple and

TechnologySept. 10, 2024

SpaceX launches billionaire to conduct the first private spacewalk

CAPE CANAVERAL (AP) -- A daredevil billionaire rocketed back into orbit Tuesday, aiming to perform the first private spacewalk and venture farther than anyone since NASA's Apollo moonshots. Unlike his previous chartered flight, tech entrepreneur Jared Isaacman shared the cost with SpaceX this time around, which included developing and testing brand new spacesuits to see how they'll hold up in the harsh vacuum. If all goes as planned, it will be the first time private citizens conduct a

TechnologySept. 10, 2024

Tmon, WeMakePrice enter rehabilitation amid payment crisis

Cash-strapped e-commerce platforms Tmon and WeMakePrice have managed to avoid bankruptcy by commencing the corporate rehabilitation process, which will enable the two companies to restructure their debts to over 100,000 creditors under the oversight of court-appointed custodians. The Seoul Rehabilitation Court approved on Tuesday to initiate rehabilitation procedures for Tmon and WeMakePrice, which have recently been mired in controversy due to delayed payments, stemming from a liquidity crisis

IndustrySept. 10, 2024

EcoPro founder returns to work, tasked with surviving EV chasm

EcoPro’s former Chairman Lee Dong-chae has returned to management after a yearlong hiatus, at a critical time when the battery materials maker and the entire EV industry are reeling from slowing demand. According to the company on Tuesday, Lee was recently named an executive adviser on the board following a presidential pardon granted last month. He had been serving prison time for insider trading since May last year. It remains to be seen when Lee could be reinstated as chairman, but expe

IndustrySept. 10, 2024

Samsung-Apple rivalry renewed as first AI iPhone debuts

Apple has launched the first generation of its artificial intelligence-focused smartphone series, the new iPhone 16 and iPhone 16 Pro, which are highly anticipated to go up against its rival Samsung Electronics' Galaxy S24, touted as the "world's first AI smartphone." To the disappointment of users in South Korea and countries outside the US, however, Apple is expected to introduce the full and multilingual version of its much-hyped Apple Intelligence next year. “The ne

IndustrySept. 10, 2024