Seoul shares start slightly lower on US losses

South Korean stocks opened slightly lower Friday as Wall Street experienced a sharp drop on weaker-than-expected earnings from tech heavyweights. The benchmark Korea Composite Stock Price Index (Kospi) fell 0.24 point, or 6.06 percent, to 2,550.09 in the first 15 minutes of trading. Overnight, U.S. stocks finished sharply lower. The Dow Jones Industrial Average declined 0.9 percent and the Nasdaq Composite dropped 2.8 percent after a disappointing outlook from Meta Platforms and Microsoft. In Se

MarketNov. 1, 2024

Exports rise 4.7% in Oct. to extend gains to 13th straight month

South Korea's exports extended on-year gains to the 13th straight month in October, data showed Friday, on the back of the robust performance of semiconductors. Outbound shipments rose 4.6 percent on-year to $57.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 1.7 percent on-year to $54.3 billion, resulting in a trade surplus of $1.62 billion. South Korea has been maintaining a trade surplus for 17 consecutive months. Exports

EconomyNov. 1, 2024

Presidential office says Czech nuclear power project to proceed as planned

The presidential office said Thursday that a South Korean nuclear power plant project in the Czech Republic will proceed as planned despite a temporary hold placed by the Czech antitrust body. On Wednesday, news reports said the Czech Office for the Protection of Competition had imposed the hold in response to appeals filed by U.S. nuclear energy firm Westinghouse Electric Co. and French energy company Electricite de France. The news came as a South Korean consortium, led by Korea Hydro &

IndustryOct. 31, 2024

KNOC inks 4 mln-barrel oil storage agreement with Kuwait

South Korea's state-run oil company said Thursday it has signed an agreement with Kuwait Petroleum Corporation to store 4 million barrels of oil from the Middle Eastern country that can be accessed in case of a global energy crisis, adding to Seoul's efforts to secure a stable supply of energy sources. Under the agreement, the Korea National Oil Corp. (KNOC) will store the barrels in the southeastern industrial city of Ulsan, where they can be supplied domestically when needed. "A

CompaniesOct. 31, 2024

Amorepacific Q3 earnings more than double on overseas sales

South Korean cosmetics giant Amorepacific said Thursday that its third-quarter operating profits nearly doubled, driven by strong overseas sales and improved operational efficiency in the domestic market. According to a regulatory filing, Amorepacific posted revenue of 1.07 trillion won ($775 million) and an operating profit of 75 billion won in the third quarter of 2024, up 11 percent and 160 percent, respectively, year-over-year. The company attributed this growth largely to its global rebal

CompaniesOct. 31, 2024

Financial watchdog puts brakes on Korea Zinc’s W2.5tr capital increase

Korea Zinc’s decision to execute a 2.5 trillion won ($1.8 billion) paid-in capital increase has come under the scrutiny of financial authorities. The country’s financial watchdog views there could be a possibility of unfair practice in a potential overlap in the period. “The Financial Supervisory Service will look into whether there had been any illegality in the execution of Korea Zinc’s tender offer and paid-increase,” Ham Yong-il, the deputy chair at the watchdog

MarketOct. 31, 2024

Samsung vows to boost AI chip sales after earnings miss

Samsung Electronics said Thursday it will focus on producing high-value chips and is ready to supply the cutting-edge AI chips high in demand after announcing disappointing quarterly earnings. The company also hinted it is making strides to supply its cutting-edge HBM3E chips to Nvidia, which controls some 80 percent of the world's AI chips, and said it aims to mass produce the next HBM4 in the second half of next year. “There was a delay in commercializing HBM3E chips, but we have ma

IndustryOct. 31, 2024

Seoul shares dip nearly 1.5% on tech, financial losses

South Korean stocks closed almost 1.5 percent lower Thursday as tech and financial shares sharply lost ground. The local currency was rising against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 37.64 points, or 1.45 percent, to close at 2,556.15. Trading volume was a little slim at 396.7 million shares worth 10.7 trillion won ($7.75 billion), with winners slightly outnumbering losers 473 to 401. Overnight, Wall Street finished lower on the losses of chip companies,

MarketOct. 31, 2024

Posco International unveils new brand identity in global push

Posco International, the trading and energy arm of Posco Group, unveiled its first brand identity Thursday, presenting a new vision under the tagline, “We Find Answers Planet Wide.” The new identity reflects Posco International’s mission to seize the lead across diverse sectors, including steel, energy, food and emerging industries, while contributing to sustainable growth, CEO Lee Kye-in explained at the brand launch event, where he outlined the company’s ambitions for g

CompaniesOct. 31, 2024

Hyundai renews hydrogen vision with more advanced Initium SUV

Hyundai Motor on Monday introduced a concept version of Initium, a hydrogen fuel-cell sport utility vehicle, adding a new chapter to its 27-year commitment toward renewable energy solutions. “The new addition to the hydrogen-powered SUV lineup will debut next year,” said Chang Jae-hoon, president and CEO of Hyundai Motor, at a press conference at Hyundai Motor Studio in Goyang, Gyeonggi Province. “Moving beyond mobility, we have introduced our hydrogen value chain business, H

MobilityOct. 31, 2024

HDC reports clear progress in sustainable management

HDC Hyundai Development Company, a leading South Korean real estate developer, said Thursday it has recently seen progress in its ongoing efforts for sustainable growth. HDC recently received an “A” rating in environmental, social and governance management from the Korea ESG Standards Institute, the highest rating in the construction sector. This improvement marks a one-grade increase from the previous year. Key advancements in governance included appointing a female outside director

CompaniesOct. 31, 2024

HD Hyundai Oilbank to launch rice lottery

HD Hyundai Oilbank, one of the nation’s top refiners, announced Thursday that its gas and charging stations will offer customers the chance to win instant rice made from freshly harvested grains. Starting Friday, customers who spend over 40,000 won ($29) at gas stations or more than 20,000 won at charging stations can enter a raffle. Only those with a Bonus Card -- a loyalty card that offers points and benefits -- are eligible. Winners will receive a bundle of three instant rice packs, mad

IndustryOct. 31, 2024

LG’s transparent OLED TV makes Time's best inventions list

The world’s first wireless and transparent OLED TV and a premium built-in appliance introduced by LG Electronics have been selected among the 200 best inventions of the year by Time magazine. The transparent OLED TV, dubbed LG Signature OLED T, was included in the consumer electronics criteria, according to industry sources on Thursday. “The TV’s always-on-display feature can display ever-changing artwork, or you can turn it off to simply look like a pane of glass,” the m

IndustryOct. 31, 2024

[Photo News] Carnival for quintuplets

Korean automaker Kia said Thursday that it has donated a 2025 Carnival, the automaker's latest edition of its signature nine-seat minivan, to the parents of quintuplets in Dongducheon, Gyeonggi Province. The quintuplets -- two girls and three boys -- were born Sept. 20. The automaker also donated 30 million won ($21,800) to the city of Dongducheon to support households with more than one child, as the country struggles with a low birth rate. (Hyundai Motor Group)

MobilityOct. 31, 2024

Five Guys to launch delivery service in Korea

The US burger franchise Five Guys is set to launch its first delivery service in South Korea, enabling more customers to enjoy its menu at their convenience, its Korean operator FG Korea announced Thursday. Starting Friday, the service will be available through one of the nation's biggest food delivery platforms, Coupang Eats, served by two locations in Seoul: Gangnam and Seoul Station. This marks the first time the popular chain has offered delivery in Korea since its launch last year, and

CompaniesOct. 31, 2024

[From the Scene] Crash-tested, fire-proofed: Mercedes shows Korea how it keeps EVs safe

SINDELFINGEN, Germany -- A bright orange Mercedes EQS 450 electric sedan sped down a spotless track, reaching 64 kilometers per hour before slamming into a massive concrete wall. The front end crumpled like a soda can, but a bright ring of 72 lights immediately illuminated the wreck as high-speed cameras captured every millisecond from all angles. On Oct. 22, Mercedes let a group of reporters from South Korea witness a full-scale crash test up close at its Vehicle Safety Technology Center in S

MobilityOct. 31, 2024

Touareg drives Volkswagen’s push into Korea’s premium SUV market

In response to South Korea’s surging appetite for luxury SUVs, Volkswagen is doubling down with an upgraded Touareg that emphasizes advanced technology and understated elegance. Launched in August, the third-generation 2024 Touareg positions Volkswagen to compete in a market where SUVs now dominate imported car sales, driven by demand for both versatility and premium features. The third-generation 2024 Touareg has received a subtle design makeover that focuses on clean lines and understate

MobilityOct. 31, 2024

[Herald Interview] S. Korea sets example in forest conservation, says UN forest chief

Juliette Biao, director of the United Nations Forum on Forests Secretariat, describes South Korea’s forest policy as a global model of successful reforestation and sustainable forest management, achieved through a balance of scientific methods and community-based efforts. “Korea’s forest policy is one of the great examples of success in conservation, reforestation, and sustainable management. Since the mid-20th century, the country has transformed degraded landscapes into well-

IndustryOct. 31, 2024

Bentley’s fastest luxury coupes arrive in Korea with hybrid power

Bentley Motors Korea launched two of its most powerful and luxurious coupes in the Korean market: the fourth-generation Continental GT Speed and the Continental GTC Speed, its convertible counterpart, at Bentley Seoul Gangnam on Wednesday. The new Continental GT Speed is the most powerful street-legal vehicle in Bentley's history -- a term used for extremely high-performance cars that are still legal to drive on regular roads, unlike racing cars. Bentley has equipped both models with a plu

MobilityOct. 31, 2024

Seoul shares open sharply lower on US losses

South Korean stocks kicked off sharply lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite S tock Price Index (Kospi) lost 33.62 points, or 1.3 percent, to 2,560.17 in the first 15 minutes of trading. Overnight, Wall Street finished lower, with the Dow Jones Industrial Average down 0.22 percent, the tech-heavy Nasdaq composite down 0.56 percent and the S&P 500 down 0.33 percent, as chip companies, including Advanced Micro Devices and Nvidia, lost ground. I

MarketOct. 31, 2024