Seoul shares open higher on Samsung

South Korean stocks opened slightly higher Tuesday backed by strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The benchmark Korea Composite Stock Price Index gained 7.81 points, or 0.29 percent, to 2,665.25 in the first 15 minutes of trading. Samsung Electronics, the world's largest memory chip manufacturer, announced earlier in the day its first quarter operating profit shot up more than tenfold from a year ago in the first quarter, with its chip bus

MarketApril 30, 2024

Industrial output falls by most in 4 years in March

South Korea's industrial output logged the sharpest fall in about four years after four months of monthly gains in March on falling manufacturing production, data showed Tuesday. Retail sales, however, rebounded on rising demand for food and vehicles, among other items, amid concerns about weak domestic demand, according to the data compiled by Statistics Korea. Industrial output declined 2.1 percent in March from a month earlier, the first fall since October, It also marked the sharpest fa

EconomyApril 30, 2024

Celltion’s Zymfentra gets preference in top US formulary

Korean biosimilar giant Celltrion said Monday that its Zymfentra, the world’s first subcutaneous formulation of infliximab called Remsima SC outside the US, has been included in the preferred formulary of Express Scripts, one of the top three pharmacy benefit managers or PMBs in the US. In the US, PBMs act as negotiating entities in the prescription drug supply chain. Insurers work with PBMs as third-party contractors that manage their prescription drug benefits. PBMs create and update for

IndustryApril 29, 2024

China outpaces Korea in smaller OLED shipments for 1st time

China outpaced Korea in the shipment of organic light-emitting display panels for IT gadgets for the first time in the first quarter of this year, stirring concerns that Korean manufacturers could eventually be pushed out of the market by Chinese rivals. According to Chinese market tracker Cinno Research on Monday, China's OLED shipments for IT gadgets including smartphones and tablet PCs accounted for 53.4 percent of the total in the January-March period, ahead of Korea’s 46.6 percen

IndustryApril 29, 2024

Seoul shares jump over 1% on battery, chemical stocks

Seoul shares closed over 1 percent higher Monday on advances in battery and chemical shares amid a slump in techs. The local currency slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index added 31.11 points, or 1.17 percent, to close at 2,687.44. Trade volume was moderate at 461 million shares worth 10.2 trillion won ($7.4 billion), with gainers outnumbering losers 719 to 165. Foreigners remained net buyers for a second consecutive session, scooping up a net 415.9

MarketApril 29, 2024

BNEF names Hyosung Heavy as top ESS supplier

South Korea’s Hyosung Heavy Industries announced Monday that it has been recognized as a tier-1 supplier of energy storage systems by BNEF or Bloomberg New Energy Finance, a market research firm specializing in the renewable energy sector. The firm has now been included in the top-tier list for two consecutive quarters. “It is meaningful that a Korean firm has won the industrial recognition in the global ESS market that is dominated by Chinese rivals,” said a Hyosung Heavy offi

IndustryApril 29, 2024

Intel CEO to visit Seoul in June

Intel CEO Pat Gelsinger is planning to visit Korea in early June to attend the company's global conference in Seoul, according to industry sources Monday. The AI Summit event, which is held multiple times a year across countries, typically highlights Intel’s local subsidiaries. It shares knowledge on the intersection between artificial intelligence technology and business models for key players in the industry. Sources predicted the summit will be held on June 5, which will mark the

IndustryApril 29, 2024

Hanwha Systems breaks ground on satellite center in Jeju

Hanwha Systems, a defense electronics and ICT solutions provider under the Korean conglomerate Hanwha Group, broke ground on a space center in Jeju on Monday. Named the Jeju Hanwha Space Center, the new facility will be capable of developing and manufacturing satellites. Hanwha Systems plans to complete the construction by the end of next year. “The Jeju Hanwha Space Center will create innovative technology and economic value as a birthplace for satellite development and manufacturing,&rdq

IndustryApril 29, 2024

Korean franchises eye Japan, riding high on K-food trend

Korean food and beverage companies are increasingly entering the Japanese market in pursuit of broader opportunities, largely driven by a saturated market at home and to capitalize on the rising popularity of Korean cuisine in the neighboring country. As of 2023, Japan saw a total of 19 Korean food franchises operating a combined 133 branches nationwide. According to the state-run Korea Agro-Fisheries & Food Trade Corp. (aT), Japan was the fourth most popular destination for Korean franchise

IndustryApril 29, 2024

[Herald Interview] Mom’s Touch seeks to replicate success in Japan

Renowned for its signature spicy thigh patty burgers, Mom’s Touch has established itself as a dominant player in South Korea’s fast-food landscape, with the highest number of branches here, despite its relatively late entry to the market. Celebrating its 20th anniversary this year, the fast-food chain has ventured into the Japanese market with the opening of its inaugural branch in Tokyo's Shibuya district on April 16. Mom’s Touch CEO Kim Dong-jeon revealed that the decisi

CompaniesApril 29, 2024

[Photo News] Boosting Korea-China ties

SK Group Chairman Chey Tae-won (left), who doubles as chair of the Korea Chamber of Commerce and Industry, and Bi Jinquan, executive vice chairman of the China Center for International Economic Exchanges, a state think tank, meet in Beijing on Monday to discuss ways to expand economic cooperation between the two countries. This meeting was held to check on the implementation status of the agenda items discussed at the fourth edition of the Korea-China High-Level Economic Dialogue, jointly hosted

EconomyApril 29, 2024

KT explores synergy between AI, media

South Korean telecom carrier KT Corp. said Monday it is expanding its advanced artificial intelligence technology to the group’s entire media business, from content investment and production to marketing and control, to accelerate innovation. "The media business is one of KT's three core businesses, along with communications and AI,” Kim Hoon-bae, executive vice president of the media platform business unit at KT, said in a press conference held earlier in the day in Seou

TechnologyApril 29, 2024

MBK chief donates $25m to Haverford College

MBK Partners Chairman Michael ByungJu Kim has recently donated $25 million to his undergraduate alma mater, Haverford College, according to the asset manager's announcement on Monday. The $25 million donation, the largest amount in the school's history, was made on April 23. It will fund the establishment of the Institute for Ethical Inquiry & Leadership at the liberal arts college in Haverford, Pennsylvania. “Ethical inquiry is at the core of a Haverford education, and leade

IndustryApril 29, 2024

Over half a million S. Koreans hold multiple jobs: data

The number of South Koreans working multiple jobs surpassed 500,000 in the first quarter of this year, with older people taking up a large proportion of such workers. A total of 552,000 people here had at least one additional job while working full time in the first quarter, according to Statistics Korea data. This marked a 22.4 percent increase compared to the 451,000 tallied in the same period in 2023. While the overwhelming majority of the working population still only has one job, the perc

EconomyApril 29, 2024

Beloved singer attracts fans, customers to JungKwanJang stores

Korea Ginseng Corp., a global leader in ginseng production, has significantly enhanced its brand positioning and visibility through its marketing strategies that prominently feature Lim Young-woong. Lim, a trot singer with an avid fan base, has recently been named the ginseng brand's brand model. The marketing campaign kicked off with the release of an advertisement featuring Lim on YouTube on Wednesday, which rapidly gained traction by accumulating over 2 million views within 40 hours. The

IndustryApril 29, 2024

CJ's Tous Les Jours debuts in Cambodia

CJ Foodville said Monday it has opened two new Tous Les Jours branches in Cambodia, as part of efforts to broaden its foothold in Southeast Asia. The two new branches, which opened Friday in Kam Puchea Kroum and Toul Tom Poung in the country’s capital, Phnom Penh, mark the first locations for CJ Foodville to showcase the Tous Les Jours brand in the country. According to the company, both of the new branches feature a hybrid concept of cafe and bakery elements, boasting a selection of over

CompaniesApril 29, 2024

[Photo News] Kumho in Europe

Kumho Tire held a brand experience day at the Vairano Circuit in Milan on April 21 to offer European dealers hands-on experiences with the Korean brand, the tire maker said Monday. The company plans to bolster its presence in the European market even further, as it has seen an average of 20 percent annual growth rate in its regional revenue over the last five years. The Korean tire maker has set out the record-high goal of reaching 4.56 trillion won ($3.3 billion) in annual sales this year after

MobilityApril 29, 2024

SK Innovation's Q1 net loss widens on FX losses

SK Innovation Co., South Korea's leading refiner by sales, said Monday its net losses widened in the first quarter from a year earlier due mainly to foreign-exchange losses. Net losses deepened to 97.62 billion won ($71 million) in the first quarter from 51.95 billion won in the year-ago period, the company said in a statement. "A weak won, which drove up import prices of crude oil and decreased equity gains from SK On, weighed on the quarterly bottom line," a company spokesperson

IndustryApril 29, 2024

[Herald Interview] Korean banks’ earnings dilemma: More profits, more responsibility

Korean banks may face diminishing profitability due to mounting pressure to take on social responsibilities amid the country's slowing economic growth, a senior official at global credit appraiser Fitch Ratings said. Commercial banks, often criticized for making money from excessively high interest rates, are facing stronger pressure from local authorities to return a portion of profits to the provision of public goods. “From the operating environment side, the pressure to commit to s

IndustryApril 29, 2024

Seoul shares open higher on large cap gains

South Korean stocks opened higher Monday on large cap gains, tracking advances on Wall Street last week. The benchmark Korea Composite Stock Price Index added 13.6 points, or 0.51 percent, to 2,669.93 in the first 15 minutes of trading. The advance follows Wall Street gains last week. The Dow Jones Industrial Average closed 0.4 percent higher Friday, while the tech-heavy Nasdaq spiked 2.03 percent. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics went up

MarketApril 29, 2024