Seoul shares end lower on profit taking

Seoul shares closed lower Thursday as investors attempted to cash in recent gains. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index fell 6.62 points, or 0.25 percent, to close at 2,613.80. Trade volume was moderate at 607.8 million shares worth 10.25 trillion won ($7.68 billion), with decliners outnumbering gainers 539 to 330. Foreigners and institutions sold stocks worth 14.8 billion won and 49.3 billion won, respectively, while individuals purchased

MarketFeb. 15, 2024

Korean stock market could duplicate Japan's bull run: Shinhan chief

Shinhan Financial Group Chairman Jin Ok-dong believes that undervalued Korean stocks including his banking group’s shares could gain impetus with the government’s strong drive with its upcoming market revamp program aimed at creating a new investment wave. With the Korean financial authorities set to put forward detailed schemes to iron out deep-seated low valuation of Korean stocks this month, listed companies and investors are paying keen attention to what would be included in th

MarketFeb. 15, 2024

S-Oil CEO calls for continued incentives on long-term investments

S-Oil has called for continued incentives from the South Korean government to vitalize large-scale projects and investments in the new energy sector. “Expanding incentive supports such as extending the tax credit period for investment in large scale projects that take place over a long period of time is necessary,” said S-Oil CEO Anwar A. Al-Hejazi in a meeting with President Yoon Suk Yeol and foreign-invested company representatives and heads of Seoul-based commerce chambers in Seou

IndustryFeb. 15, 2024

Toss Securities logs first annual profit

Toss Securities saw its first profitable year since it started service three years ago by logging 1.53 billion won ($1.15 million) in net profit last year, it said on Thursday. Sales rose by 58 percent on year to 202 billion won in the same period, with the operating loss narrowed by 31.3 billion won to 900 million won. The firm attributed its first profitable year to transaction volume expansion, which led to improved earnings from the trading commission. Domestic and overseas market transactio

IndustryFeb. 15, 2024

[Photo News] Shining Future

Citibank Korea CEO Yoon Myung-soon (left) and JA Korea President Lee Eun-hyung pose for a photo during a sponsorship signing event held at the bank’s Seoul office on Wednesday. The bank donated 317 million won ($250,000) to the Korean unit of JA Worldwide, a non-profit youth organization, to help vocational school students prepare for their future careers as part of the Citi-JA Shining Future Program. (Citibank Korea)

IndustryFeb. 15, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index gained 14.7 points, or 0.56 percent, to 2,635.12 in the first 15 minutes of trading. Overnight, the US stock market gained ground after a sharp decline the previous day sparked by hotter-than-expected inflation data. Investors have been expecting the US Federal Reserve to start cutting interest rates this year amid hope for eased inflation. But January's consumer pri

MarketFeb. 15, 2024

Hyundai Motor fast-tracks US EV plant to 2024

Hyundai Motor Group has once again moved up the launch of its new US plant solely dedicated to producing electric vehicles to October this year, three months ahead of its current schedule, to enhance its readiness to toughened subsidy rules. "We're pulling ahead because everybody knows how important it is because so far we don't qualify for federal tax credits," Hyundai Motor America CEO Jose Munoz said during an interview with Automotive News, an American automotive industry media ou

MobilityFeb. 14, 2024

Seoul shares snap 3-day winning session on hotter-than-expected US inflation data

Seoul shares snapped a three-session winning streak Wednesday as hotter-than-expected US inflation data for January cooled investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 29.22 points, or 1.1 percent, to close at 2,620.42. Trade volume was moderate at 534.17 million shares worth 9.93 trillion won ($7.4 billion), with decliners outnumbering gainers 509 to 378. Institutions sold a net 535.25 billion won worth of stocks, offsetting

MarketFeb. 14, 2024

Race heats up for multifoldable phones

Chinese tech giant Huawei Technologies is reportedly preparing to launch the world’s first triple-foldable smartphone within the second quarter, aiming to challenge the dominance of Samsung Electronics in the global foldable phone market. Huawei has reportedly begun the development of a triple-foldable phone, which includes three display panels alongside two sets of hinge technologies. The device will likely sport an S- or Z-shaped form factor, according to news reports on Wednesday. The

TechnologyFeb. 14, 2024

Mobile payment surges by W17tr in 2023

The local mobile payments market continued its relentless expansion last year, swelling by a whopping 17 trillion won ($12.72 billion) on year. The total amount of mobile payments made through four major companies providing the service locally -- Samsung Pay, Naver Pay, Kakao Pay and NHN Payco -- tallied 147.79 trillion won last year, according to Financial Supervisory Service data obtained by lawmaker Oh Gi-hyoung of the Democratic Party of Korea. The number has climbed steeply in recent year

IndustryFeb. 14, 2024

Korean Air steps closer to merger with EU approval

The European Union's antitrust regulator on Tuesday granted conditional approval for the merger of Korean Air with its smaller domestic rival Asiana Airlines, leaving only the last approval from the US pending among the 14 relevant authorities. The announcement comes after the nation’s largest air carrier submitted a revised merger plan to the European Commission in November last year, which entails selling off Asiana Airlines' cargo business and turning over certain airport slots for fou

IndustryFeb. 14, 2024

HD Hyundai to develop large liquefied hydrogen carrier by 2030

HD Hyundai will develop a commercial large liquefied hydrogen carrier by 2030 in accordance with the hydrogen value chain cooperation with global leaders in the sector, the South Korean shipbuilding conglomerate said Wednesday. According to the announcement, HD Hyundai’s shipbuilding holdings company, HD Korea Shipbuilding and Offshore Engineering, or HD KSOE, recently signed a memorandum of understanding with Woodside Energy, a major Australian energy company, and Hyundai Glovis, a Korea

IndustryFeb. 14, 2024

LG Energy Solution beefs up supply chain for EV materials

LG Energy Solution on Wednesday announced that it had signed a supply deal with Australian lithium producer Wesfarmers Chemicals, Energy and Fertilisers, bolstering the supply chain of key materials for producing electric vehicle batteries within the boundaries of the United States' free trade agreement to cope with Washington’s incentive policy under the Inflation Reduction Act. According to the announcement, the Korean battery maker will receive 85,000 tons of spodumene concentrate, a h

IndustryFeb. 14, 2024

[Photo News] Korean BMW navigation

BMW Group Korea said Wednesday that it will begin loading the Korean BMW navigation system based on the country's leading mobility platform Tmap, starting with the BMW X1 and BMW 2 Series Active Tourer models this month. The automaker said the newly developed navigation system offers advanced convenience, as it receives the latest traffic and map information in real time through online streaming. The Korea-dedicated navigation will be equipped on the BMW New X2 and new Mini models, which ar

MobilityFeb. 14, 2024

CJ’s overseas food sales outpace domestic sales for 1st time in Q4

South Korean food giant CJ CheilJedang's overseas food business outperformed its domestic sales for the first time in the fourth quarter of 2023, driven by the strong performance of its flagship products in the US, Australia and Europe. On Tuesday, CJ CheilJedang reported its consolidated earnings for 2023 with sales of 29.2 trillion won ($21.9 billion) and an operating profit of 1.29 trillion won. Its food business, in particular, posed 11.3 trillion won in sales and 654.6 billion won in oper

CompaniesFeb. 14, 2024

Posco Future M’s ESG efforts recognized by S&P Global

  South Korean battery materials producer Posco Future M said Wednesday that it has won the “Industry Mover” title from the S&P Global Corporate Sustainability Assessment (CSA) in recognition of its outstanding environmental, social, and governance efforts. The Korean firm earned 69 points in the annual sustainability assessment, a 33 percent jump from a year ago. Out of over 9,400 companies across 62 industries worldwide, only 41 companies, including Posco Future M, were

CompaniesFeb. 14, 2024

KT&G’s Esse hits 900b mark in cigarette sales

    KT&G, South Korea’s largest cigarette manufacturer, said Wednesday that its ultra-slim cigarette brand Esse achieved cumulative sales of over 900 billion cigarettes last year. Since its launch in 1996, Esse has sold a total of 901.6 billion cigarettes, with 405.1 billion sold overseas. Last year alone, Esse sold 21.9 billion cigarettes at home and 28.9 billion cigarettes internationally. Since 2001, when KT&G started exports to the Middle East and Russia, Esse has b

CompaniesFeb. 14, 2024

Regulator to unveil guidelines on ESG disclosure as early as next month

The financial regulator said Wednesday it will unveil a set of guidelines on public disclosures for investments that commit to environmental, social and governance goals in March or April, the financial regulator said Wednesday. The new standards, however, will continue to be subject to changes until their implementation in 2026 or later, according to Kim So-young, vice chairman of the Financial Services Commission. "Considering that discussions of ESG disclosures are being delayed in other

EconomyFeb. 14, 2024

Seoul shares open lower after US inflation data

Seoul shares opened lower Wednesday following hotter-than-estimated US inflation data. The benchmark Korea Composite Stock Price Index fell 39.58 points, or 1.49 percent, to 2,610.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1.4 percent to 38,272.75, and the tech-heavy Nasdaq declined 1.8 percent to 15,655.60. Investors have been expecting the US Federal Reserve to start cutting interest rates this year amid hope for eased inflation. But January's

MarketFeb. 14, 2024

HD Korea Shipbuilding cancels 416.9 bln-won deal for 2 liners

HD Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has canceled a 416.9 billion-won ($313 million) order to build two passenger ships for a New Zealand state ferry operator. The contract was canceled at the request of KiwiRail Holdings Ltd., a New Zealand state-owned enterprise responsible for rail operations and operating interisland ferries, the South Korean shipbuilding giant said in a regulatory filing. HD Korea Shipbuilding had clinched the deal from KiwiRail in 2021, but

IndustryFeb. 13, 2024