Seoul shares up for 3rd day led by Samsung

South Korean stocks rose for three straight sessions Tuesday as the robust performance of top-cap Samsung Electronics offset losses from battery and auto shares. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) gained 5.37 points, or 0.21 percent, to 2,617.8, extending its winning streak for the third consecutive session. Trade volume was slim at 335.2 million shares worth 9.1 trillion won ($6.56 billion), with decliners beating gainers 441 t

MarketOct. 29, 2024

Korea downplays impact of US investment ban on Chinese tech

Korean authorities expect the United States’ decision to ban outbound investments in artificial intelligence and other technology sectors in China to have a limited impact on South Korea's economy. On Monday, the Biden administration said it finalized rules that will bar US funds from flowing into Chinese technology such as quantum information technologies, AI systems and advanced microelectronics due to national security concerns. The new rules, directed by an executive order signed

EconomyOct. 29, 2024

Hyundai, rival carmakers urge US to delay Chinese tech ban

Global automakers, including Hyundai Motor, Toyota and General Motors, are urging the US government to delay new restrictions on Chinese-made parts used in connected vehicles. The proposed regulations, which aim to limit Chinese and Russian components in vehicles with advanced communication and autonomous driving features, are raising concerns not only among automakers but also from Mexico, where many companies affected by the rules have invested in production facilities. According to Reuters on

MobilityOct. 29, 2024

Why Kia’s first pickup isn't debuting in US

Kia’s first-ever pickup, the Tasman, is unlikely to debut in the US, the world’s largest pickup truck market, largely due to lower profitability amid protectionist policies there. “We do not have plans to sell the Tasman pickups in the US because of the hefty tariffs imposed on Korea-made pickups under the free trade agreement between the two nations,” a Kia official told The Korea Herald at the Tasman’s media unveiling event in Seoul on Monday. The official also

MobilityOct. 29, 2024

Hanon Systems to build 1st electric compressor plant in North America

Hanon Systems, a Korean automotive thermal management supplier, announced plans to build a new manufacturing plant for electric compressors in Ontario, Canada, on Tuesday to cope with growing demand from global automakers. The new plant will mark the company’s first North American facility to produce electric scroll compressors, which are essential components for thermal management in hybrid and battery electric vehicles. Hanon Systems will invest $111 million in the new plant to produce u

CompaniesOct. 29, 2024

Hankook Tire uses carbon black for sustainable production

Hankook Tire announced on Tuesday that it has incorporated three types of carbon black, a byproduct of the combustion of various petroleum products, into tire production as part of its efforts to create a circular economy. Last year, Hankook Tire launched the Tire-to-Tire Circular Economy Model consortium together with HD Hyundai Oilbank and HD Hyundai OCI to upcycle waste tires and develop carbon black. HD Hyundai Oilbank sources recovered carbon and pyrolysis oil, or bio-oil, from end-of-life

IndustryOct. 29, 2024

Innocean hosts 2024 Partners Day for shared growth

Innocean, a South Korean marketing agency affiliated with Hyundai Motor Group, held its annual Partners Day event Tuesday. The event, which brought together around 180 executives and employees from partner firms, provided a platform for open dialogue and strategic discussions on shared growth, according to the company. This year’s gathering featured presentations on Innocean’s collaborative initiatives and introduced a range of new programs aimed at enhancing partner capabilities. Th

CompaniesOct. 29, 2024

Asia-Pacific tax chiefs gather in Seoul to bolster cooperation

The Asia-Pacific region’s largest annual tax administration meeting launched Tuesday in Seoul, bringing together top tax officials from 18 countries to advance tax administration and bolster international cooperation. The 53rd annual meeting of the Study Group on Asia-Pacific Tax Administration and Research opened at Shilla Hotel in central Seoul, hosted by South Korea's National Tax Agency. This is the fourth time Korea has hosted this gathering, and the first since 2013. Around 180

EconomyOct. 29, 2024

Lambda CEO upbeat on AI partnership with SK Telecom

Lambda CEO Stephen Balaban expressed his anticipation of teaming up with SK Telecom, South Korea's largest wireless carrier by membership, ahead of his upcoming visit to the country as a keynote speaker for the SK AI Summit on Nov. 4-5. “As we continue working toward a world where access to computing is as easy and ubiquitous as electricity, there’s no better partner than SK Telecom -- a telecommunications company that connects people around the world and truly understands how A

IndustryOct. 29, 2024

SK Inc. to enhance shareholder policy in value-up push

SK Inc., the holding company of South Korea's SK Group, has unveiled a three-year corporate value-up plan that includes enhanced shareholder benefits. In a plan unveiled Tuesday, the company vowed an annual dividend of about 280 billion won ($202 million), maintaining a minimum payout of 5,000 won per common share annually until 2026. Additionally, the company plans to buy back and retire 1 to 2 percent of its market capitalization in treasury shares each year. These efforts will be finance

IndustryOct. 29, 2024

Celltrion's Zymfentra secures more insurance coverage in US

Celltrion has secured contracts to list its Zymfentra — the world’s only subcutaneous injection formulation of its infliximab Remsima — across all public and private insurance sectors managed by the top three US pharmacy benefit managers. Celltrion announced Tuesday that it had recently finalized an agreement with a pharmaceutical group purchasing organization representing one of these major pharmacy benefit managers to secure the listing of Zymfentra in private insurance formu

IndustryOct. 29, 2024

Posco, JSW team up to build integrated steel facility in India

South Korean steelmaker Posco Group said Tuesday it plans to establish a comprehensive steel manufacturing facility in India in partnership with Indian steel giant JSW Group. The facility will incorporate core processes -- ironmaking, steelmaking and rolling -- aiming for an annual production capacity of 5 million tons. Odisha, located on India’s eastern coast, is currently being considered as the site for the facility, with plans for future capacity expansion, the company said. The joint

CompaniesOct. 29, 2024

[Photo News] Gimjang in US

South Korea's leading kimchi maker Daesang said Tuesday it hosted the 2024 Jongga Kimchi Blast, an annual event dedicated to promoting kimchi in the US. The event featured a kimchi cooking contest and a "gimjang" experience, where around 200 residents tried traditional kimchi-making at a local mall in New Jersey. In New York, the cooking contest drew 381 contestants, including chefs, teachers and accountants, each crafting unique kimchi-based dishes. California-based food styl

IndustryOct. 29, 2024

Seoul shares open lower despite US gains

South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 12.01 points, or 0.46 percent, to 2,600.42 in the first 15 minutes of trading. U.S. stocks finished higher ahead of earnings reports of major tech firms. The Dow Jones Industrial Average rose 0.65 percent, and the Nasdaq Composite added 0.26 percent. In Seoul, market bellwether Samsung Electronics fell 0.69 percent and its chipmaking rival SK hynix went d

MarketOct. 29, 2024

After 3-year hiatus, JTI Korea reenters e-cigarette market

Japan's JTI is reentering South Korea's heated tobacco market with a new product, Ploom X Advanced, in a renewed growth push. "We understand Korea's market is highly competitive, but we believe now is the ideal time to introduce our product," JTI Korea general manager David Wheeler said at the launch of the new product at a Seoul hotel on Monday. "As we are standing in a rapidly evolving market, it's crucial to develop products to an advanced level with top qua

IndustryOct. 28, 2024

Leadership reshuffle looms as Samsung struggles to remain atop

Samsung Electronics, facing challenges from its smaller rivals, is expected to carry out a major personnel reshuffle later this year, according to industry sources Monday. The world’s largest maker of memory chips and smartphones has been battling growing competition at home and abroad. When it comes to artificial intelligence chips, for instance, it has been outpaced by its crosstown rival SK hynix, as it failed to secure an earlier edge. “Samsung’s losses in HBM and foundry a

IndustryOct. 28, 2024

Seoul shares rise over 1% on strong Samsung Electronics

South Korean stocks rose more than 1 percent to hit a two-week high Monday led by a sharp rebound in top-cap Samsung Electronics shares. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.16 points, or 1.13 percent, to 2,612.43, marking the highest closing price since Oct. 15 when the bourse finished at 2,633.45. Trade volume was slim at 327.6 million shares worth 9 trillion won ($6.5 billion), with winners outnumbering losers 615 to 271. Institu

MarketOct. 28, 2024

Korea Zinc dispute to drag on without clear winner

The first round of the power struggle over the world’s largest zinc smelter, Korea Zinc, has wrapped up without a solid winner, the results of a tender offer launched by the company's management showed Monday. The dispute is expected to continue as both sides have failed to secure a majority stake in the company. The current management of Korea Zinc, represented by Chairman Choi Yun-beom, secured an additional 2.33 million shares in the company through a tender offer that closed Wedne

IndustryOct. 28, 2024

[Exclusive] Thailand's No. 1 food delivery platform to set up R&D center in Korea

Line Man Wongnai, Thailand's leading food delivery app and digital solutions platform, is expected to open a research and development center in Korea in December in a move to tap into the nation’s deep pool of tech talent ahead of its planned stock debut next year. In an exclusive interview with The Korea Herald on Friday, the company’s Chief Financial Officer Chung In-young revealed that the company is actively recruiting Korean talent particularly in three sectors -- fintech

IndustryOct. 28, 2024

LG Energy Solution to cut down investment next year

LG Energy Solution will tighten its belt next year to cope with uncertain market conditions due to the slowing growth of the electric vehicle sector, the Korean battery maker said Monday as it announced its third-quarter earnings. The company posted 6.88 trillion won ($4.97 billion) in sales in the third quarter of this year, down 16.4 percent on year. Its operating profit was 448.3 billion won, down 38.7 percent on year. The company would have logged a quarterly operating loss of 17.7 billion

CompaniesOct. 28, 2024