Seoul shares rebound on tech gains, revived rate-cut hopes

Seoul shares rebounded sharply Thursday from the previous session's dip on tech, auto gains and revived optimism for the US Federal Reserve to cut rates this year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 35.03 points, or 1.29 percent, to close at 2,742.00. Trade volume was moderate at 468.06 million shares worth 11.64 trillion won ($8.6 billion), with decliners outpacing gainers 465 to 416. Foreigners bought a net 588 billion won worth

MarketApril 4, 2024

IBK Venture Investment to inject W500b into startups

IBK Venture Investment, an investment arm of the state-owned Industrial Bank of Korea, pledged to inject 500 billion won ($370 million) into local startups over the next three years at an event in Seoul on Thursday. The investment unit, the ninth subsidiary under the IBK Financial Group, was founded in December with an initial capital of 100 billion won to fund early-stage startups. It was licensed as a new technology venture capital business in March, according to the lender. While IBK Venture

IndustryApril 4, 2024

LG Energy Solution breaks ground on $5.5b Arizona battery complex

LG Energy Solution has started construction on its second stand-alone battery manufacturing complex in the United States, located in Arizona, with a groundbreaking ceremony and stakeholder meeting on Wednesday. Announced last year, the $5.5 billion project will stand out as the first of its kind in North America, dedicated entirely to the production of cylindrical batteries for EVs and lithium iron phosphate pouch-type batteries for energy system solution applications. The company aims to comple

IndustryApril 4, 2024

[Photo News] Promoting Korea's shipbuilding capabilities

HD Hyundai Heavy Industries on Thursday invited government officials from nine countries to observe its submarine and battleship building technologies as it hosted a delivery signing ceremony of the third Batch-1 3000t submarine Shin Chae-ho at its headquarters in Ulsan. The Korean shipbuilder said the international guests from Australia, Canada, Peru, the Philippines, Poland and the US had a closer look at not only the submarine but also at the Jeongjo the Great Aegis destroyer and the Chungnam

IndustryApril 4, 2024

Shinhan Bank secures 10% stake in India’s Credila

Shinhan Bank, a major commercial lender in South Korea, is bolstering its footprint in India through a strategic share acquisition of the local student loan provider, Credila. The bank announced Thursday that it successfully secured an equity investment agreement with Mumbai-based HDFC Credila Financial Services the previous day. As per the agreement, Credila will undergo a capital increase, with Shinhan Bank injecting around $180 million through the acquisition of new shares. This transaction w

IndustryApril 4, 2024

[Exclusive] Spelling errors call space agency's foreign talent search into question

Multiple spelling errors have been found in the Korea AeroSpace Administration’s English-language job application, raising questions about the country’s professionalism and sincerity in recruiting professionals from overseas to its soon-to-be-established space body. KASA’s English job application, which can be downloaded from the new space body’s official website, on Wednesday showed that all four documents contained the same spelling mistake in the name of the agency. Th

TechnologyApril 4, 2024

S-Oil earns certifications for SAF production

S-Oil announced Thursday that it has become the first refinery in South Korea to achieve three International Sustainability & Carbon Certification (ISCC) certificates: ISCC CORSIA, ISCC EU, and ISCC PLUS. This certification, also known as the Carbon Offsetting and Reduction Scheme for International Aviation, formally qualifies the production of sustainable aviation fuel (SAF) in the international aviation sector. The International Civil Aviation Organization (ICAO), a subsidiary body of the

IndustryApril 4, 2024

SK hynix to build $3.87b chip packaging plant in Indiana

South Korean semiconductor powerhouse SK hynix said Thursday it will invest about $3.87 billion to build an advanced chip packing fabrication and research and development facility in West Lafayette, Indiana, amid intensifying global competition in the burgeoning artificial intelligence memory semiconductor industry. The announcement was made at an investment agreement ceremony attended by officials from SK hynix, the state government of Indiana and Purdue University at the school on Wednesday. S

TechnologyApril 4, 2024

CJ Foodville's overseas ventures propel profits to new heights

CJ Foodville, the operator of bakery chain Tous Les Jours and a subsidiary of South Korean food giant CJ Group, achieved its highest-ever operating profit of 45.3 billion won ($33.6 million) last year. Some 60 percent of the profit stemmed from overseas ventures in key markets like the United States, Indonesia and Vietnam, showcasing the firm's commitment to advancing Korean-style baked goods worldwide. CJ Foodville announced its consolidated sales for 2023 on Wednesday, totaling 844.7 bill

IndustryApril 4, 2024

LG chairman loses suit filed to recoup part of massive inheritance taxes

LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold

CompaniesApril 4, 2024

AI technology company Dabeeo wins fund from major defense investors

Spatial information firm Dabeeo has been selected for investment by Defense Innovation Technology Investment Consortium No. 1, South Korean fund for fostering future defense technology. The fund is formed by the Military Mutual Aid Association, IBK Capital, and LIG Nex1, a leading South Korean defense firm. With the investment from the fund, the total amount Dabeeo secured rose to $6 million in its recent Series B bridge round. With its selection as a Defense Innovation Company by the South Kore

IndustryApril 4, 2024

S. Korea to spend W710.2b to expand AI in everyday life

South Korea will funnel 710.2 billion won ($526.9 million) into the government's projects to integrate artificial intelligence into everyday life, the science ministry said Thursday. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and IC

TechnologyApril 4, 2024

Seoul shares open sharply higher on revived rate-cut hopes

Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e

MarketApril 4, 2024

S. Korea's beauty exports hit all-time high of $2.3b in Q1

South Korea’s exports of cosmetics jumped around 22 percent on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday. According to the Korea Customs Service, the country’s exports of cosmetic products came to $2.3 billion in the January-March period, up 21.7 percent on-year from the same three-month period last year. The export figure is the highest ever for the first quarter. South

IndustryApril 3, 2024

Renault Korea announces rebrand for fresh start

Renault Korea, the Korean branch of the French automotive firm, announced on Wednesday a significant rebranding initiative and the 2025 launch of the Renault Scenic E-Tech, an all-electric compact crossover SUV, in the Korean market. The announcement was made during a press conference at the Renault Seongsu flagship store in eastern Seoul. The rebranding sees Renault Korea shedding its previous moniker, Renault Korea Motors, in favor of a sleeker identity that simply reads "Renault Korea.&q

MobilityApril 3, 2024

Hyosung TNC pledges W1tr to build new Vietnam plant

Hyosung TNC, the fiber production unit of South Korean industrial giant Hyosung Group, said Wednesday it will invest 1 trillion won ($740 million) in Vietnam to establish a new spandex material plant. Hyosung TNC secured approval for the investment from the Vietnamese government during a city development conference for Ba Ria-Vung Tau, a local province of the Southeast Asian country, held Saturday. With the approval, the company will commence construction of a facility in Ba Ria-Vung Tau capable

CompaniesApril 3, 2024

Seoul shares snap 3-day rise as early rate-cut optimism fades

Seoul shares ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the US Federal Reserve will keep interest rates higher for longer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.19 points, or 1.68 percent, to close at 2,706.97. Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246. Insti

MarketApril 3, 2024

HD Hyundai Marine Solution ready for record IPO

HD Hyundai Marine Solution, an industry leader in ship life cycle maintenance formerly known as Hyundai Global Service, has detailed a growth framework for its stock market debut as it gears up for what is expected to be Korea's largest initial public offering in the first half of 2024. The company held a press conference on Tuesday at the company's Global Research and Development Center in Seongnam, just south of Seoul, as it prepares to join the Korea Composite Stock Price Index in M

IndustryApril 3, 2024

Hana Bank opens nation’s largest forex dealing room

Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the country's largest such space, the bank states. The opening ceremony was a

EconomyApril 3, 2024

How did Hyundai Motor end up becoming KT's largest shareholder?

Hyundai Motor Group has become the largest shareholder of the nation's telecom giant, KT Corp. -- a rare move that is driving speculation about the carmaker's investment strategy and the possible impacts on KT's business direction. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on March 20, lowering its stake to 7.51 percent from 8.53 percent, the regulatory filing showed Tuesday. This is the first time that

IndustryApril 3, 2024