Seoul shares open lower on lingering US recession woes

South Korean stocks started lower Thursday amid lingering fears about a US recession. The benchmark Korea Composite Stock Price Index lost 28.7 points, or 1.12 percent, to 2,539.71 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.6 percent and the Nasdaq Composite dropped 1.05 percent as investors were still worried about a possible US recession and the sluggish performance of big tech companies. The Kospi has risen for two straight sessions after plunging n

MarketAug. 8, 2024

Samsung’s HBM3E chip still under review by Nvidia

Samsung Electronics on Wednesday denied a Reuters report that its fifth-generation HBM3E chip has passed Nvidia's qualification test for use, saying it is "still running tests with major clients." The news outlet reported earlier in the day that Samsung has cleared Nvidia’s qualification test for its HBM3E, the fifth-generation high bandwidth memory chip, creating a buzz that the world's No. 1 memory chipmaker may be starting supplying the chip to the US chip giant soon

IndustryAug. 7, 2024

Samyang sets up European unit in Netherlands

South Korean food conglomerate Samyang Roundsquare has set up its European subsidiary in the Netherlands, according to industry sources on Wednesday. The company has filed the necessary paperwork and has already begun hiring, insiders told local media. The subsidiary marks Samyang's fifth overseas corporation, following established operations in Japan, China, the United States and Indonesia. "We've established this entity to optimize our supply chain across Europe. The Netherlands

IndustryAug. 7, 2024

Mirae Asset chief honored with AIB award

Mirae Asset Financial Group Chairman Park Hyeon-joo has been recognized by the Academy of International Business for expanding the financial service provider's scope of business on a global level. Park received the International Executive of the Year Award from the AIB on July 3. He was the first Asian financier to receive the prestigious award. He was the second South Korean entrepreneur to win the award after SK Group's late Chairman Chey Jong-hyun, the father of the current Chairman

IndustryAug. 7, 2024

Seoul shares rebound for 2nd day on tech gains after global rout

Seoul shares ended higher for a second straight session Wednesday, helped by tech gains, as investors' sentiment for risky assets improved following a global stock rout. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.26 points, or 1.8 percent, to close at 2,568.41. Trade volume was moderate at 469.69 million shares worth 12.9 trillion won ($9.4 billion), with winners exceeding losers 727 to 176. The rebound comes in line with gains

MarketAug. 7, 2024

SMEs gain ground in procurement market with PPS guide

Small and medium-sized enterprises in South Korea are making significant inroads into the nation’s public procurement market, a sector estimated to be worth a staggering 209 trillion won ($154 billion) as of last year, according to a report by the Public Procurement Service published in May. Aiding this success is the Public Procurement Guide, an initiative launched in March that is drawing attention for its innovative approach to assisting emerging businesses. According to the PPS, the

IndustryAug. 7, 2024

Public Procurement Service helps Korean businesses reach global stage

South Korea's Public Procurement Service is spearheading efforts to help local businesses break into the global procurement market, valued at an estimated $12 trillion. Of this total, Korean companies are positioned to vie for a lucrative $2 trillion portion, presenting a significant opportunity for the nation's export economy, according to PPS's estimate. Recently, the agency has been doubling down on its support for aspiring businesses. A host of comprehensive initiatives has al

IndustryAug. 7, 2024

[Herald Interview] Procurement chief aims for greater transparency, charts global path for SMEs

The Public Procurement Service, responsible for managing procurement contracts worth 209 trillion won ($152 billion) last year — a third of the South Korean government's entire spending — serves as both an allocator of domestic demand and a driver of innovation for the country’s thriving small and medium-sized enterprises. Lim Ki-keun, who was appointed as PPS administrator in December last year, has taken on this critical responsibility during a period of mounting global

IndustryAug. 7, 2024

LG debuts Korea’s first open-source AI model

LG Group’s artificial intelligence think tank, LG AI Research, on Wednesday unveiled the third generation of its hyperscale AI multimodal Exaone, providing better performance and cost-efficiency than its predecessors in processing massive amounts of data. To contribute to the development of the AI ecosystem, LG AI Research said it has decided to release the lightweight model of Exaone 3.0 as Korea's first open-source AI model for various research purposes. Exaone 3.0 is the second u

TechnologyAug. 7, 2024

Eximbank to fund $260m for new airport project in Philippines

The Export-Import Bank of Korea said Wednesday that it will provide a $260 million loan to support the development of a new airport in Dumaguete, Philippines. Yoon Hee-sung, chairman and CEO of Eximbank, met with Ralph G. Recto, the secretary of the Philippine Department of Finance, in Manila on the day to sign the Economic Development Cooperation Fund loan agreement. The project aims to establish a new airport in central Philippines with the capacity to handle 2 million passengers per year. The

IndustryAug. 7, 2024

Govt. rolls out W1.2tr aid package for Qoo10 liquidity crisis

The Korean government announced on Wednesday a policy support package totaling 1.2 trillion won ($871 million) to address damage from Tmon and WeMakePrice payment delays, with refunds for general products to be completed within the week. The measures, part of a follow-up support plan announced by the Finance Ministry, include an additional 600 billion won in emergency funds for vendors impacted by the delays, supplementing the 560 billion won announced last week. These additional funds will be s

IndustryAug. 7, 2024

[Photo News] CEO delivers cool relief

Posco Future M CEO Yoo Byung-og (left) hands out refreshing drinks to employees Wednesday during his visit to the company's synthetic graphite anode material plant in Pohang, North Gyeonsang Province, where temperatures reached 33 degrees Celsius. He also joined fun activities like darts and a lucky draw, with winners taking home travel and ice cream vouchers. This initiative is part of a company-wide effort for management to visit sites in Gwangyang, Sejong, Seoul, and Gumi, continuing u

CompaniesAug. 7, 2024

Hyundai Casper Electric aims to prevent sudden acceleration

Hyundai Motor Company on Tuesday showcased an array of distinguished features of the automaker’s newest battery-electric vehicle the Casper Electric, including the automaker’s latest technology that can prevent sudden acceleration incidents. Named Pedal Misapplication Safety Assist, or PMSA, the new technology automatically controls the vehicle’s speed when the driver floors the acceleration pedal suddenly from a standstill if there is an obstacle within one meter away from eit

MobilityAug. 7, 2024

Celltrion Q2 net profit drops 48%

Celltrion Inc., a South Korean biopharmaceutical company, said Wednesday its second-quarter net profit plunged 48 percent from a year earlier due to costs following a merger with its sales and marketing affiliate last year. Its net profit came to 78.5 billion won ($57.1 million), compared with 150.9 billion won a year ago, the company said in a regulatory filing. Its operating profit also decreased 60.4 percent on-year to 72.5 billion won, but sales jumped 66.9 percent to 874.7 billion won. Desp

EconomyAug. 7, 2024

Seoul shares open higher on US gains, but jitters linger

Seoul shares opened higher Wednesday, tracking gains on Wall Street, two days after their worst rout over fears of a US recession. However, some analysts said worries about market turmoil linger. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.17 points, or 0.48 percent, to 2,534.32 in the first 15 minutes of trading. The Kospi ended 3.3 percent higher Tuesday after plunging nearly 9 percent Monday due to massive selloffs amid concerns over a recession in the United States. Overn

MarketAug. 7, 2024

S. Korea reports biggest current account surplus in about 7 years in June: BOK

South Korea posted its largest current account surplus in about seven years in June, driven by robust exports led by semiconductors, central bank data showed Wednesday. The country's current account surplus reached US$12.2 billion in June, marking a surplus for two consecutive months, according to data compiled by the Bank of Korea. The June surplus is the largest since September 2017, when the surplus was $12.3 billion. The latest performance was driven by a robust goods account, which tot

EconomyAug. 7, 2024

Asiana Airlines Pilots Union calls for Europe to assess Air Incheon's cargo division suitability

The Asiana Airlines' Pilots Union has requested that the European Commission investigate the suitability of Air Incheon as a potential buyer of Asiana Airlines' cargo business, the union announced Tuesday. The move follows Korean Air's selection of Air Incheon as the preferred bidder for the sale of Asiana Airlines' global cargo freighter business on June 17, as part of its yearslong quest to formally acquire Asiana Airlines. The union said Tuesday that it had asked the EU�

IndustryAug. 6, 2024

SK hynix wins up to $450m of US grants for advanced chips facility

South Korean chip giant SK hynix Inc. said Tuesday it is set to receive up to $450 million in grants from the US government for its investment to build a production base for advanced semiconductor packaging in Indiana. In April, the company announced a plan to invest $3.87 billion to build a memory packaging plant for artificial intelligence (AI) products and an advanced packaging research and development (R&D) facility in West Lafayette of the U.S. state to produce next-generation memory ch

TechnologyAug. 6, 2024

Samsung begins mass production of ultraslim DRAM chip for on-device AI

Samsung Electronics, the world’s largest memory chip maker by revenue, announced Tuesday it has begun the mass production of the industry’s thinnest 12-nanometer LPDDR5X DRAM chip that helps better thermal control within mobile devices. The ultraslim DRAM chip, which comes in storage with 12- and 16-gigabytes, would create additional space within mobile devices to facilitate better airflow. This supports easier thermal control, which has become increasingly important, especially for

IndustryAug. 6, 2024

Seoul shares sharply rebound from worst rout

South Korean stocks rose more than 3 percent Tuesday, rebounding from the previous day's worst market sell-off, sparked by fears over a US recession and the sluggish performance of big tech firms. The local currency slightly fell against the US greenback. The benchmark Korea Composite Stock Price Index gained 80.6 points, or 3.3 percent, to close at 2,522.15. It marked a turnaround from a whopping 8.77 percent crash Monday as investor sentiment was undermined by fears that the US economy is

MarketAug. 6, 2024