Seoul shares end two-day rise after global sell-off

South Korean stocks ended a two-day rebound after the global crash as investor sentiment was dampened by lingering US recession woes and the sluggish performance of big tech firms. The local currency slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 11.68 points, or 0.45 percent, to close at 2,556.73. Trade volume was moderate at 477.7 million shares worth 11.2 trillion won ($8.1 billion), with losers closely beating winners 464 to 423. Foreigners and i

MarketAug. 8, 2024

Hyundai Elevator, Kakao team up to integrate robotics with elevators

Hyundai Elevator said Thursday that it has signed a memorandum of understanding with Kakao Mobility to integrate Kakao's robotics technology with Hyundai's vertical transportation systems. The signing ceremony took place at Kakao Mobility's headquarters in Seongnam, Gyeonggi Province, on Wednesday, with CEOs from both companies in attendance. The companies agreed to standardize elevator-robot interactions and ramp up strategic cooperation across research, production and marketing.

IndustryAug. 8, 2024

Kakao hints at drastic revamp in non-core businesses in second half

Kakao Corp., the operator of South Korea’s No. 1 messenger app KakaoTalk, said Thursday that it would swiftly implement a contingency plan in the second half of this year to drastically reform its overall business operations. "We have defined KakaoTalk and AI as the key drivers of our growth," Kakao CEO Chung Shin-a said during the company’s second-quarter earnings conference, indicating the possible sell-off of non-core businesses. Her comments came when she answered a que

IndustryAug. 8, 2024

SK Earthon secures right to explore CO2 off Australian coast

SK Earthon, an exploration unit under SK Innovation, announced on Thursday that it secured the right to explore carbon dioxide reservoirs off the northern coast of Australia, looking to bolster its resource development and carbon capture and storage, or CCS, businesses. According to SK Earthon, the Korean oil and gas exploration company and Australian CCS firms -- InCapture and CarbonCQ -- won the exploration rights for the mining sector named G-15-AP located in the Carnarvon Basin from the Aust

CompaniesAug. 8, 2024

Paris Baguette hosts inaugural US franchise convention

South Korea's top bakery chain Paris Baguette held its inaugural franchise convention for US franchisees in Las Vegas on Aug. 5-7. Under the theme "Layers of Success," the three-day event brought together 250 executives, current franchisees and prospective partners to foster communication and networking within Paris Baguette's diverse franchise community. Paris Baguette America's executives, led by CEO Darren Tipton, shared the company's strategic vision, marketing

IndustryAug. 8, 2024

W630b Korean trades canceled amid huge global sell-off

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellations affected around 90,000 accounts at 19 local securities firms that offer daytime trading of US stocks to Korean investors. On Monday afternoon Korean time, US overnight trading platform Blue Ocean ATS

MarketAug. 8, 2024

[Contribution] Happy Birthday, "ASEAN"!

By Kim Jae-shin Secretary general of the ASEAN-Korea Centre Today marks the 57th anniversary of the founding of the Association of Southeast Asian Nations, celebrated as ASEAN Day. In the aftermath of World War II, the international political landscape became increasingly unpredictable with the tensions of the Cold War, a phenomenon that did not pass by the Southeast Asian region. In response, five countries -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- issued the ASEA

IndustryAug. 8, 2024

LG Innotek eyes digital twin tech for better efficiency

LG Innotek announced Thursday that it will expand the integration of digital twin technology throughout its operations in partnership with Ansys, a US engineering simulation software developer. Digital twin technology recreates physical objects in a virtual space to simulate real-world scenarios using computer models, thereby predicting outcomes and cutting manufacturing time and costs. Ansys is renowned for its technological prowess and experience in simulation using 3D modeling, AI and machine

TechnologyAug. 8, 2024

[KH Explains] Are underground parking bans for EVs fueled by fear or fact?

"No EVs permitted in underground parking areas." These signs have recently popped up at some apartment complexes and office buildings across South Korea, a response to a severe fire earlier this month. An electric vehicle ignited in the underground parking lot of an apartment building in Cheongna International City, Incheon, triggering widespread fear and leading some apartment managers to ban EVs from these spaces entirely. The fire began with a stationary, uncharging Mercedes-Benz EQ

MobilityAug. 8, 2024

SK Innovation's unit joins carbon storage project in Australia

SK earthon Co., a South Korean oil exploration and production (E&P) company, said Thursday it has joined a project to build a submarine carbon storage facility in Australia in its business diversification strategy. SK earthon invested in 20 percent of the project, with InCapture, an Australian carbon capture and storage (CCS) company, holding 75 percent and CCS technology consulting firm CarbonCQ holding 5 percent, the company said in a statement. The three companies will explore the G-15-AP

IndustryAug. 8, 2024

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