Foreign reserves rebound, riding out strong US dollar

South Korea's foreign exchange reserves rebounded in March after a two-month decline, backed by deposits and investment gains offsetting the strong US dollar, the central bank said Wednesday. The country's foreign reserves had come to $419.25 billion as of late March, up $3.51 billion from the previous month, according to the data from the Bank of Korea. The figure advanced on-month after declining for the first two months of the year. It moved down $4.4 billion and $20 million in Janu

EconomyApril 3, 2024

Kakao Bank CEO joins Grab's board

Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee. Yun's appointment follows the strategic partnership formed between the two companies last year. In October, Kakao Bank announced the acquisition of a 10 percent stake i

EconomyApril 3, 2024

Samsung, GS win record gas plant deals in Saudi Arabia

South Korean builders Samsung E&A and GS Engineering & Construction have secured a contract worth a combined total of $7.2 billion for the construction of a substantial gas plant in Saudi Arabia, the two companies announced Wednesday. The landmark deal represents the largest plant construction agreement secured by Korean companies in the kingdom. The two firms signed an engineering, procurement and construction contract with Aramco, Saudi Arabia's state-run oil giant, in Dhahran, Sa

IndustryApril 3, 2024

[Photo News] LG Awards for innovation

LG Group Chairman Koo Kwang-mo (center) claps at the LG Awards ceremony, held at the LG Academy in Icheon, Gyeonggi Province, on Tuesday. The awards, launched in 2019, aim to recognize innovative technologies, products and services across LG affiliates. This year, 98 teams and 724 individuals received awards, including the life science business team at LG Chem that played a role in supplying essential infertility treatments during a supply shortage. "Customers recognize unique value when th

IndustryApril 3, 2024

Hyundai Mobis' media platform gets digital face-lift

Hyundai Mobis, a key subsidiary of the Hyundai Motor Group specializing in automotive components, unveiled Wednesday a comprehensive refurbishment of its media website, Mobis Live, aiming to bolster its communication channels. Mobis Live serves as the firm’s official platform to provide insights into the broader mobility industry and the latest developments within the company. This revamp is a part of the strategy to solidify its position as a central hub for mobility-related narratives th

MobilityApril 3, 2024

[Photo News] Hyundai's new delivery robot

Hyundai Motor Group on Wednesday unveiled DAL-e Delivery, the auto giant's upgraded indoor delivery robot for use in buildings. According to the auto conglomerate, the robot, which is based on four plug-and-drive modules, can move at a speed of up to 4.32 kilometers per hour -- equivalent to the average walking pace of an adult. The robot can also load up to 10 kilograms. The robots will be dispatched to the Factorial Seongsu office building in western Seoul in the second quarter of this ye

MobilityApril 3, 2024

Seoul shares open lower on faded hopes for early rate cut by Fed

Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto

MarketApril 3, 2024

Hyundai Motor Group becomes largest shareholder of KT Corp.

Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai's status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according t

IndustryApril 2, 2024

Hanwha reaffirms will to pursue Austal takeover

South Korean Conglomerate Hanwha Group on Tuesday reaffirmed its willingness to continue pushing for a takeover of Australian shipbuilder Austal despite the latter’s earlier announcement to reject the former’s offer due to low chances of obtaining regulatory approvals. According to media reports and industry sources, the value of the acquisition offer has been estimated between 895 million and 1.02 billion Australian dollars ($581 million and $663 million). Noting Austal’s posi

IndustryApril 2, 2024

FSC ramps up benefits to bolster corporate value-up drive

Financial regulators are ramping up efforts to encourage local companies to participate in the government's initiative to bolster South Korea's market valuation. The Financial Services Commission announced a series of new incentives on Tuesday for companies improving their governance structures, including exemptions from the government's stringent auditor designation system. Under the current regulations, listed companies appointing auditors voluntarily for six consecutive years m

EconomyApril 2, 2024

Crypto.com makes Korean debut

Cryptocurrency exchange operator Crypto.com said Tuesday it would launch its exchange app service in Korea this month while expressing its hope for winning the regulatory nod for Korean won-based transactions soon, the company announced Tuesday. The firm said it will launch an exchange app for Korean users on April 29, enabling coin-to-coin transactions through the license earned by local exchange OK-Bit. Through the launch, Crypto.com will become the first regulated foreign player to operate a

IndustryApril 2, 2024

Seoul shares up for 3rd day on tech gains; won at 5-month low

Seoul shares closed higher Tuesday to extend their winning streak to a third day on strong gains in techs amid speculation that strong US data may prod the Federal Reserve to push back its rate-cut timetable. The Korean won tumbled to the lowest in over five months to the US dollar. The benchmark Korea Composite Stock Price Index rose 5.30 points, or 0.19 percent, to close at 2,753.16. Trade volume was heavy at 618.07 million shares worth 12.9 trillion won ($9.5 billion), with decliners outpacin

MarketApril 2, 2024

LG Energy Solution rolls out 1st battery cell at Tennessee plant

LG Energy Solution said Tuesday that it has delivered the first battery cells produced at Ultium Cells’ manufacturing plant in Tennessee to its client. The battery products made at the Tennessee site will be loaded onto General Motors’ third-generation electric vehicles, including the Cadillac Lyriq. The Tennessee plant is the second battery production site of Ultium Cells, a joint venture between LG Energy Solution and General Motors. According to LG Energy Solution, the first batte

MobilityApril 2, 2024

Korea urged to step up incentives for chipmakers

As governments around the world fiercely compete to boost their semiconductor industries by distributing large subsidies, South Korea is pointed out as falling behind other chip powerhouses, raising concerns about the gap widening in the future. On Tuesday, the Japanese Ministry of Economy, Trade and Industry approved subsidies of up to 590 billion yen ($3.9 billion) for chip foundry venture Rapidus, adding to its promise earlier to provide funds worth some 330 billion yen into the chip project.

IndustryApril 2, 2024

[From the Scene] LG Twin Towers refurbished to better connect with employees

LG Group’s symbolic LG Twin Towers, a landmark in Yeouido, where its major affiliates including LG Electronics are headquartered, has been transformed into modern office spaces incorporated with nature-inspired elements to create a harmonious work and life integration. When The Korea Herald reporter visited the LG Twin Towers on Monday morning, the first day of the building's completed renovation, employees seemed to have beaten the Monday blues and were filled with excitement and lau

IndustryApril 2, 2024

Sulwhasoo publishes first sustainability report

South Korean cosmetics giant Amorepacific said Tuesday that its premium skincare brand Sulwhasoo has released its 2023 Sustainability Report, detailing the brand's sustainability initiatives and achievements. Sulwhasoo published the first standalone sustainability report by a brand under Amorepacific. The report comprises three chapters: ginseng, the environment and culture. The first chapter explores Sulwhasoo's journey with ginseng, transitioning from its use in food to beauty produc

CompaniesApril 2, 2024

Temu sets up Seoul office to tap deeper into Korean market

Chinese e-commerce platform Temu has recently established an entity for its operation in Korea, amidst Chinese platforms' broader entry into the Korean market. According to information obtained from open legal proceeding records, Pinduoduo, the parent company of Temu, formally registered a corporation named "Whale Co., Korea Limited" on Feb. 23. The purpose of corporation establishment is to engage in e-commerce and related activities. Notably, WhaleCo Inc. operates as a subsidiar

IndustryApril 2, 2024

Hyundai Group marks 20 years of Vision Forum

Hyundai Group celebrated the 20th anniversary of its Vision Forum on Tuesday, coinciding with a special session dedicated to the 40th anniversary of Hyundai Elevator, the group announced the same day. The session featured a comprehensive 70-minute webinar by Seoul National University professor Kim Jang-woo on the evolution of high-performance system semiconductors, drawing significant participation from employees. Launched in 2005 by Hyundai Group Chair Hyun Jeong-eun, the Vision Forum was estab

IndustryApril 2, 2024

[Herald Interview] Seoul anchors Rolls-Royce's Asian luxe

Seoul is soon to be the third city hosting a Rolls-Royce Motor Cars Private Office, an exclusive design studio where clients can work closely with bespoke managers and designers to create their own custom Rolls-Royce. “The Seoul Office covers clientele from the whole Asia-Pacific, not just Korea, like the Dubai Office is for the Middle East and the Shanghai Office for China. Believe me, our team looked at 60 places across Asia for a whole year to find the perfect spot. And we’ve dete

MobilityApril 2, 2024

HiteJinro’s Kelly sells 360m bottles in first year

South Korean liquor giant HiteJinro said Tuesday that its beer brand Kelly had exceeded 360 million bottles in sales as of March 26, a significant milestone within one year of its launch in April 2023. This achievement is equivalent to selling 11.5 bottles every second, the company said. Kelly's performance has propelled HiteJinro's sales growth. Last year, the liquor manufacturer posted 823.3 billion won ($607.6 million) in beer sales, marking a 5 percent increase from the previous ye

CompaniesApril 2, 2024