Seoul shares open lower as US tech shares tumble

Seoul shares opened lower Friday, tracking overnight losses on Wall Street after investors cashed in profits from major tech shares despite signs of cooling US inflation. The benchmark Korea Composite Stock Price Index shed 23.8 points, or 0.82 percent, to 2,867.55 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite plunged 1.95 percent, and the S&P 500 dipped 0.88 percent. The Dow Jones Industrial Average, on the other hand, increased 0.08 percent. The US inflatio

MarketJuly 12, 2024

South Korea faces existential issue: OECD

The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the

EconomyJuly 11, 2024

Genesis to launch GV60 Magma in Korea next year

Genesis will launch the GV60 Magma, a high-performance electric compact crossover sports utility vehicle, in Korea next year to mark the first Magma model to undergo mass production, Hyundai Motor Group's luxury auto brand announced at the 2024 Goodwood Festival of Speed in England's Chichester on Thursday. According to the automaker, the sales of the GV60 Magma are expected to begin during the third quarter of next year in Korea and follow in Europe in the fourth quarter. The company

MobilityJuly 11, 2024

Asiana Airlines unions ramp up opposition to Korean Air merger

Unionized workers of Asiana Airlines reiterated Thursday their opposition to a merger with the nation’s largest air carrier Korean Air, expressing their intention to block further procedures by all means. Asiana Airlines' labor unions urged the air carrier's main creditor Korea Development Bank and the European Commission, the EU's antitrust regulator which gave conditional approval on the merger, to review the deal from the ground up. The possible future actions that Asiana

IndustryJuly 11, 2024

[Gadget Review] Galaxy Z Flip6, Fold6 bring AI tech to palm of your hand

Samsung Electronics’ latest foldable phones -- the Galaxy Z Flip6 and Z Fold6 -- were unveiled at the summer edition of the Galaxy Unpacked 2024 event in Paris on Wednesday, surprising the audience with slimmer and lighter designs. The Korea Herald had a chance to try out the new foldable lineup the day after the unveiling event in Korea. The tech giant’s first artificial intelligence-powered foldable phones are easy to hold and fun to play with, but the more you use them, the more t

TechnologyJuly 11, 2024

Seoul shares up for 3rd day ahead of US inflation data

Seoul shares closed higher Thursday to extend their winning streak to a third day as investors also wait for the US inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index gained 23.36 points, or 0.81 percent, to 2,891.35. Trade volume was moderate at 453 million shares worth 14.4 trillion won ($10.4 billion), with gainers outnumbering losers 438 to 414. Foreigners bought a net 606 billion won, while individuals sold a net 351 billion won.

MarketJuly 11, 2024

BOK maintains key rate at 3.5% but hints at cut

The Bank of Korea kept its benchmark interest rate unchanged for the 12th consecutive time Thursday, while hinting at a future rate cut if the current path of disinflation continues. The central bank has maintained the rate at 3.5 percent for over one and half years, since the rate-setting decision made in January 2023. This is the longest rate freeze ever, surpassing the previous 17-month record in 2016-2017. All six members of the monetary policy board, excluding BOK Gov. Rhee Chang-yong, agre

EconomyJuly 11, 2024

S. Korea appeals tribunal order to pay $32m to US hedge fund

South Korea has filed an appeal against a ruling by a Hague-based arbitration court ordering it to pay $32 million to a US hedge fund to compensate for its intervention in the merger of two Samsung affiliates in 2015, the Justice Ministry said Thursday. The appeal to the ruling by the Permanent Court of Arbitration follows the tribunal’s decision in April to side with Mason Capital Management, though the compensation ordered was much less than the $200 million the hedge fund had sought. Ma

Foreign AffairsJuly 11, 2024

LGE, Qualcomm chiefs meet to discuss AI partnership

LG Electronics Chief Executive Officer Cho Joo-wan met with Qualcomm CEO Cristiano Amon on Wednesday to discuss their ongoing collaboration on advanced technology, including on-device artificial intelligence and automotive electronics, according to industry sources. On the second day of his trip to Seoul, Amon met with Cho at the LG Electronics headquarters in Yeouido, Seoul. The two companies have been building a firm partnership over the past years, especially in the fields of audio products a

IndustryJuly 11, 2024

Starbucks Korea vows to donate W1b for cultural preservation

Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi Eung

CompaniesJuly 11, 2024

Samsung invests W72b in US fund for AI-driven biotech

Samsung C&T and its biotech subsidiaries Samsung Biologics and Samsung Bioepis, announced Thursday they would invest 72 billion won ($52 million) in a US fund focused on startups using AI-based new power drug development platform technologies. The investment will be made through the Samsung Life Science fund, created by the Samsung affiliates and managed by Samsung Venture Investment. The money will be invested in venture capital firm Flagship Pioneering's eighth fund, which has so far

IndustryJuly 11, 2024

Hanwha Qcells breaks ground on 267 MW solar project in Colorado

Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined proce

IndustryJuly 11, 2024

HD Hyundai gets green light to bid for US warship maintenance projects

HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of

CompaniesJuly 11, 2024

Zyx Technology donates CAD software to University of Seoul

AI digital design platform company Zyx Technology announced that it signed a memorandum of understanding to donate ZyxCAD licenses worth 1 billion won ($722,021) to the University of Seoul. Key figures including Eom Shin-jo, CEO of Zyx Technology, and Won Yong-geol, President of the University of Seoul, attended the signing ceremony held on June 25. ZyxCAD is a versatile computer-aided design (CAD) software independently developed by Zyx Technology. It features a user interface and software lang

TechnologyJuly 11, 2024

Exports soar 34% from July 1-10 on strong chip sales

South Korea's exports jumped 33.8 percent on-year in the first 10 days of July on strong global demand for semiconductors, data showed Thursday. Outbound shipments reached $17.75 billion in the July 1-10 period, compared with $13.26 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 10.2 percent on-year to $2.09 billion. Imports grew 26.7 percent on-year to $19.7 billion during the period, resulting in a trade deficit of $2 bill

EconomyJuly 11, 2024

Seoul shares open higher on Powell's comments

Seoul shares opened higher Thursday as Wall Street rallied after Federal Reserve Chairman Jerome Powell said the central bank will not wait until inflation "gets all the way down to 2 percent" for a rate cut. The benchmark Korea Composite Stock Price Index jumped 27.35 points, or 0.95 percent, to 2,895.29 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite and the S&P 500 rose to record highs. The Dow Jones Industrial Average also increased 1.09 percent.

MarketJuly 11, 2024

Zyx Technology releases CAD software in Vietnam

AI digital design platform company Zyx Technology announced Wednesday that it has signed a distribution agreement with HTI Hantech Innovation Vietnam, a system integration specialist, for ZyxCAD in the Vietnamese market. HTI, which operates offices in Vietnam, Europe and the Middle East, brings and promotes Korean smart construction technologies in Vietnam, such as smart factories and smart building technologies, in Vietnam. Zyx Technology anticipated that ZyxCAD and its AI-driven intelligent de

TechnologyJuly 11, 2024

McDonald’s unveils new Taste of Korea items

McDonald's Korea has introduced new items under its "Taste of Korea" lineup -- including a cheeseburger and a chicken muffin featuring locally sourced peppers -- highlighting its commitment to collaborating with rural areas across the country. In its fourth edition since 2021, this year’s Taste of Korea lineup focuses on peppers produced in Jinju, South Gyeongsang Province, in the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin. “McDonald’s

CompaniesJuly 11, 2024

Samsung unveils slimmer AI-powered foldable phones

Samsung Electronics unveiled its new slimmer and lighter foldable phones -- the Galaxy Z Flip6 and Z Fold6 -- in Paris on Wednesday, betting big on the Olympics fever brewing in the French capital. As the venue for the biggest product launch in the latter half of this year, the Korean tech giant chose the iconic Louvre Museum, inviting some 1,000 journalists and industry people from around the globe. “Samsung Electronics has been leading the foldable market through continuous innovation si

TechnologyJuly 10, 2024

Korean builders association explores new opportunities in Vietnam

The Korea Housing Builders Association said Wednesday that its special delegation is visiting Vietnam this week to explore new opportunities in the Southeast Asian country where diverse development projects are underway to boost the vibrant economy. The delegation consists of 13 members, led by Chairman Jung Won-ju, who doubles as chairman of Daewoo Engineering & Construction. They departed for the seven-day trip on Saturday, during which they plan to meet with government and business leader

IndustryJuly 10, 2024