Seoul shares almost flat after Fed minutes, Nvidia results

Seoul shares closed little changed Wednesday, as the Federal Reserve still warned against high inflation and US AI chip leader Nvidia released lower-than-expected earnings results. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index was up 1.28 points, or 0.05 percent, to close at 2,511.70. Trade volume was moderate at 433.37 million shares worth 7.66 trillion won ($5.9 billion), with gainers outnumbering losers 428 to 421. Institutions and individuals sold

MarketNov. 22, 2023

[KH Explains] Why Apple's iPhone15 is selling better in Korea than China, Japan

Apple’s latest iPhone 15 series is enjoying more popularity than its predecessor in Korea, bucking the lukewarm sales trend in neighboring countries such as China and Japan. Sales of the latest iPhone lineup -- the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max -- jumped 41.9 percent in the first month of its official release here on Oct. 13, compared to that of the iPhone 14 series from a year prior, according to market tracker Atlas Research and Consulting. Sales of the

TechnologyNov. 22, 2023

Golfzon offers employees wellness program

Golfzon, the nation’s leading virtual golf simulator company, strives to grow together with workers by achieving work-life balance via diverse employee benefits as well as environmental, social and corporate governance-centered management. This year, Golfzon started to focus on a mental health assistance service dubbed Maum Care. “Maum” meaning heart or mind in Korean, the newly launched program provides employees with counseling and psychotherapy opportunities, helping boost m

IndustryNov. 22, 2023

Samsung may head to San Jose to unveil new Galaxy S phones

Samsung Electronics may hold its unpacking event for its flagship Galaxy S24 smartphone lineup in January, advancing the date by two weeks compared to last year’s event, in archrival Apple’s backyard for the first time, according to industry sources on Wednesday. Samsung is planning to unveil the Galaxy S24 series, consisting of three models -- the standard S24, the S24 Plus and the S24 Ultra -- on Jan. 17. The company is considering San Jose, California, as an option for the annual

TechnologyNov. 22, 2023

T1's fourth LoL win to pump up valuation

T1, the world’s top League of Legends esports company, is anticipated to reach a higher valuation and near the financial break-even point next year after winning the 2023 World Championship title, SK Telecom’s investment arm and T1’s majority shareholder SK Square said Monday. This victory was T1's fourth World Championship title and follows their two Mid-Season Invitational wins, another international LoL tournament hosted by Riot Games. Formed as a joint venture between

CompaniesNov. 22, 2023

[From the Scene] HD Hyundai to expand military vessel business

ULSAN -- The docks of HD Hyundai Heavy Industries at the shipbuilder’s Ulsan shipyard were filled with ships being built and bustling with workers on Monday morning. Covering 6.35 square kilometers, the Ulsan shipyard is known for having the most dry docks in the world. Building on top of its global in the merchant ship sector, the world's biggest shipbuilder is now looking to expand its naval and special vessel business with state-of-the-art military vessels. “HD Hyundai Heavy

MobilityNov. 22, 2023

LG Energy Solution names new CEO to propel growth

LG Energy Solution, the nation’s top battery maker for electric vehicles, said Wednesday that its board of directors has appointed President Kim Dong-myung as its new CEO starting next year. Kim, replacing the firm’s iconic leader Kwon Young-soo, is a chemical specialist who has been leading the aggressive overseas expansion in the burgeoning EV market in recent years. The new CEO joined the company, then a business unit of LG Chem, in 1998 to work at a battery research center. The u

MobilityNov. 22, 2023

Kakao Bank to halve international wire fees

Kakao Bank, an internet-only bank, launched promotional events on Wednesday for overseas remittance service users, as it recently hit over a cumulative 3 million international wire transfers. Both new and existing customers sending money internationally will automatically receive a 50 percent discount on transfer costs, with no limits on frequency, transfer amount and recipient countries. The event will run until Dec. 20. The current fee, in the range of 5,000 ($3.86) to 10,000 won, will be halv

IndustryNov. 22, 2023

Seoul shares open lower on Fed minutes, Nvidia results

Seoul shares opened lower Wednesday as the Federal Reserve still warned against high inflation and US AI chip leader Nvidia released lower-than-expected earnings results. The benchmark Korea Composite Stock Price Index fell 13.92 points, or 0.6 percent, to 2,496.50 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 35,088.29, and the tech-heavy NASDAQ shed 0.6 percent to 14,199.98. There have been expectations that the Fed is at the end of its hik

MarketNov. 22, 2023

S-Tec System, Vietnam’s Military Bank partner on security services

S-Tec System, a South Korean security services provider, announced Monday that it has signed a memorandum of understanding with Vietnam's Military Commercial Joint Stock Bank. The company aims to capitalize on the Vietnamese bank's network, which includes over 300 branches and 1,000 unattended locations throughout Vietnam. The agreement was signed Friday at S-Tec's headquarters in Seoul, with S-Tec System CEO Lee Byung-hwa and Chairman Luu Trung Thai of the Military Bank in attend

EconomyNov. 21, 2023

KB’s new chief starts term by vowing to give back to society

Yang Jong-hee, the new chairman of KB Financial Group, South Korea's largest financial giant, commenced his official term on Tuesday, putting renewed emphasis on “giving back to society.” "I deeply feel the weight of responsibility that comes with the role of finance," Yang said during his inaugural ceremony held at the group's headquarters in Seoul earlier in the day. "There is a saying that ‘if we want to go far, we go together.’ Without the gro

IndustryNov. 21, 2023

Daewoo E&C chief cements ties with Nigerian leaders

South Korean builder Daewoo Engineering & Construction said Tuesday that Chairman Jung Won-ju has recently concluded a weeklong business trip to Nigeria, in his ongoing push for business expansion abroad. While Korea's local construction market is facing uncertainty, Jung headed to Africa to fulfill his role as a “salesman” representing Daewoo E&C, the builder said. “The chairman’s visit to Nigeria, where diverse planned city projects are actively carried out

IndustryNov. 21, 2023

[Herald Interview] Food trade chief confident of winning official recognition of Kimchi Day in US

The declaration of "Kimchi Day" is not only necessary to raise awareness about the Korean staple food globally, but also to protect it in a decadeslong cultural feud over its origin, according to Kim Choon-jin, CEO of Korea Agro-Fisheries and Food Trade Corp. Kim is a three-term lawmaker who entered South Korea's political scene after having been the dentist of former President Kim Dae-jung. He was appointed as CEO of the state-run food trade agency, known as aT for short, in 2021

IndustryNov. 21, 2023

Seoul shares end up on tech gains ahead of Nvidia results

Seoul shares closed higher Tuesday on tech gains, with investors awaiting earnings results from AI chip leader Nvidia and other US tech firms this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 19.22 points, or 0.8 percent, to close at 2,510.42. Trade volume was moderate at 340.42 million shares worth 7.6 trillion won ($5.9 billion), with gainers outnumbering losers 598 to 271. Overnight, the Dow Jones Industrial Average increased 0.6 perc

MarketNov. 21, 2023

Meritz carries out reshuffle for group synergy

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year. Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overal

IndustryNov. 21, 2023

Hyundai opens innovation center in Singapore

Hyundai Motor Group on Tuesday opened the Hyundai Motor Group Innovation Center Singapore, which aims to transform the traditional auto manufacturing process and move closer to future mobility through automating vehicle production. “Singapore and Hyundai Motor Group have common innovative DNA to move into a better future,” said Hyundai Motor Group Executive Chair Chung Euisun. “Based on this, Hyundai Motor Group is looking to achieve innovation through human-centered technology

MobilityNov. 21, 2023

[From the Scene] Hyundai Motor looks into future of auto production in Singapore

SINGAPORE -- When asked to picture an auto-manufacturing plant, one would easily think of multiple assembly lines filled with engineers and vehicle parts being transported to their next destinations. Hyundai Motor Group Innovation Center Singapore, or HMGICS, is anything but that. Built to illustrate the future of vehicle production, the complex resembles more of a high-tech lab, filled with roaming autonomous robots, a massive smart farming system and a dizzying number of digital screens. Hyund

MobilityNov. 21, 2023

Samsung retains No. 1 spot in TV sales; LG tops OLED market

Samsung Electronics topped the global TV market with a share of nearly 30 percent in total revenue in the July-September period, as runner-up LG Electronics took the lead in the global organic light emitting diodes TV market, data showed Tuesday. According to data by Omdia, a market tracker, Samsung’s share in the total revenue in the third quarter was 29.9 percent, up by 2.4 percentage points on-year. The tech giant also maintained the top rank in the number of units sold, accounting for

IndustryNov. 21, 2023

Hyundai Steel starts new campaign promoting recycled steel

South Korean steelmaker Hyundai Steel has launched a new environmental campaign with the slogan, "A future drawn by steel," as part of its commitment to ESG management, the company said Tuesday. The campaign slogan plays on the meaning of the word "green," which is pronounced '"geurin" in Korean. In Korean, "geurin" means "drawn." This initiative seeks to raise public awareness about the sustainability of steel, emphasizing its role in resou

IndustryNov. 21, 2023

LG Chem boosts diverse ESG campaigns

South Korea’s largest chemical firm LG Chemical is ramping up efforts in social contribution projects as part of its ongoing environment, social, and corporate governance campaign. In August 2020, LG Chem declared its new ESG vision called Green Connector, unveiling its commitment to four key areas: education, ecosystems, economy and energy. To pursue this vision, LG Chem launched its flagship online education program Like Green later that year to educate elementary and middle school stude

IndustryNov. 21, 2023