Seoul shares inch up on bargain hunting ahead of Fed meeting

South Korean stocks closed slightly higher Monday as investors scooped up bargains ahead of the US Federal Reserve's policy meeting this week, analysts said. The local currency closed higher against the greenback. The benchmark Korea Composite Stock Price Index gained 7.74 points, or 0.34 percent, to close at 2,310.55. Trading volume was moderate at 437 million shares worth 6.82 trillion won ($5 billion), with gainers outnumbering losers 593 to 281. After opening lower, shares rebounded lat

MarketOct. 30, 2023

Mirae Asset ETF to make Chinese debut

Mirae Asset Global Investments is making its foray into China’s exchange-traded fund market, becoming the first Korean asset management firm to do so. The Global X Hang Seng Tech ETF, operated by the asset manager’s ETF arm in Hong Kong, will be set up for trading on China’s Shanghai Stock Exchange and Shenzhen Stock Exchange from Nov. 6. The ETF tracks the Hang Seng Tech index, a gauge of the 30 largest Chinese tech shares listed on the Hong Kong Stock Exchange. Through the

MarketOct. 30, 2023

Korea Investment & Securities joins hands with Carlyle

South Korean brokerage house Korea Investment & Securities has partnered with global private equity firm Carlyle Group, seeking to globalize its investment portfolio. The Korean firm said Monday it signed a strategic partnership with Carlyle Group, a global private equity firm with $385 billion of assets under management as of June. Korea Investment & Securities CEO Jung Il-moon and Harvey Schwartz, CEO of Carlyle Group, attended a signing ceremony held Friday in Seoul. Through the par

CompaniesOct. 30, 2023

LG, Hyundai join forces to advance robot-friendly buildings

LG Uplus and Hyundai Motor Group have teamed up to develop an ecosystem of communication infrastructure for robot-friendly buildings to secure core technologies required for automation, the companies said Monday. According to the announcement, the mobile carrier and automaker agreed to collaborate in crafting total solutions for robotics, such as providing communication services tailored for robots and developing standard and certification systems that can assess robot-friendly buildings’

TechnologyOct. 30, 2023

Low birthrate drives rise in number of working women in 30s

The recent trend of an increase in the proportion of working women in their 30s was primarily due to a reduction in the number of women with children, according to a report released Monday by the Korea Development Institute, a South Korean state-run think tank. Kim Ji-yeon, a researcher at the KDI, noted that although the drop in the number of women in their 30s that have children may seem like a positive factor in the short term because it boosts the number of women working in their 30s, it wil

IndustryOct. 30, 2023

Posco faces first-ever pay strike risk

South Korean steel giant Posco faces the threat of a strike -- the first in its 55 years of history -- after months of wage talks between management and the company's labor union failed to reach an agreement. In a vote held over the weekend, nearly 80 percent of Posco's unionized workers voted in favor of a strike, marking the first time a Posco union has approved a strike since the firm’s establishment in 1968. Of the 11,145 union members, 10,756 people, or 96.51 percent, partic

IndustryOct. 30, 2023

CJ’s Korean-style fried rice hits W100b in US sales

South Korean food giant CJ CheilJedang announced Monday that cumulative sales of its frozen fried rice products manufactured in the US have surpassed 100 billion won ($74 million) in the country, on the back of the rising popularity of Korean food among American consumers. The figure is expected to rise to some 130 billion won by the end of the year, the food giant added. The upbeat earnings are attributed to the acquisition of major US food firm Schwan's Co. in 2019, which helped it secure

IndustryOct. 30, 2023

[Photo News] IT competition for youth with disabilities

LG Electronics said Monday it held the Global IT Challenge, a five-day IT skills competition for youth with disabilities, in Abu Dhabi, UAE, last week. Since its launch in 2011, more than 5,000 students from 40 countries have participated in the competition, which aims to enhance their accessibility to IT services and help them advance into society. (LG Electronics)

TechnologyOct. 30, 2023

[Photo News] Mercedes meets Haute couture

Mercedes-Benz Korea on Monday unveiled the Mercedes-Maybach S 680 4MATIC Haute Voiture Edition, a limited special edition model inspired by high-end fashion, for the first time in the country. Only 150 units of the special edition of the German automaker's most prestigious vehicle have been produced worldwide. Of them, 20 have been allocated to Korea, the world's second-largest market for the Maybach. The luxury vehicle's price begins at 590 million won ($437,000). (Mercedes-Benz

MobilityOct. 30, 2023

Hyundai Rotem debuts world's 1st LTE-based train control system

Hyundai Rotem, a railway, defense and plant systems provider under Hyundai Motor Group, said Monday that it has successfully commercialized an LTE-based train control system for the first time in the world. Called Korean Train Control System 2, or KTCS-2, the latest system will be installed on the Jeolla Line spanning 180 kilometers from Iksan in North Jeolla Province to Yeosu in South Jeolla Province. Based on the ultrafast wireless communication network, the technology transmits data in real t

IndustryOct. 30, 2023

Retail sales up 9.5 pct in Sept. on strong online demand

Retail sales in South Korea advanced 9.5 percent on-year in September amid the strong performance of online platforms coupled with the Chuseok holiday, data showed Monday. The combined sales of 25 major offline and online retailers came to 15.3 trillion won ($11.2 billion) last month, compared with 13.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms saw their sales advance 12 percent to 7.46 trillion won on the back of

EconomyOct. 30, 2023

Exports of passenger cars up 16 pct in Q3 on eco-friendly models

Exports of passenger cars moved up 16 percent in the third quarter of 2023 from a year earlier following robust demand for eco-friendly models, data showed Monday. South Korean carmakers shipped $14.6 billion worth of passenger cars over the July-September period, rising from $12.6 billion tallied a year earlier, according to the Korea Customs Service. The number of cars shipped reached 610,000, also advancing 2.9 percent over the period. Exports of eco-friendly models especially shot up 35.6 pe

EconomyOct. 30, 2023

Seoul shares open lower ahead of Fed meeting this week

South Korean stocks opened lower Monday as investors sat on the sidelines as the US Federal Reserve is set to hold its monetary policy meeting later this week. The benchmark Korea Composite Stock Price Index fell 3.78 points, or 0.16 percent, to 2,299.03 in the first 15 minutes of trading. The Federal Reserve is set to hold its two-day meeting Tuesday and Wednesday, with investors focusing on whether Federal Reserve Chairman Jerome Powell will provide any hint on future monetary policy. Tech gia

MarketOct. 30, 2023

Asiana Airlines deliberating on sale of cargo biz for EU approval of Korean Air's takeover

The board of Asiana Airlines Inc., South Korea's second-largest air carrier, convened Monday to decide whether to sell its cargo business, as Korean Air Co. seeks to win antitrust approval from European Union regulators for its takeover of the rival. The EU antitrust regulators have raised concerns that Korean Air's acquisition of Asiana may restrict competition in the markets for passenger and cargo air transport services between the EU and South Korea. The board meeting, which has co

EconomyOct. 30, 2023

[Herald Interview] Hyundai Motor takes step-by-step approach in Japan

YOKOHAMA, JAPAN -- South Korea’s leading automaker Hyundai Motor aims to expand its presence in Japan with patience as the market is known for its tough-to-enter nature due to the overwhelming dominance of the country’s homegrown brands such as Honda, Nissan and Toyota. “Since we started taking orders in May last year and began to deliver cars in August, we have sold over 700 vehicles as of August this year,” said Cho Won-sang, CEO of Hyundai Mobility Japan, in an intervi

MobilityOct. 29, 2023

[KH Explains] Card firms increasingly hesitant over Apple Pay

To grab a bit of Apple or leave it on the shelf? That's the question that has been lingering among card companies here since Apple Pay was launched in Korea in March with initial local partner Hyundai Card. Hesitation over adopting Apple Pay entered a new phase after a parliamentary audit held on Oct. 11 raised concerns about Hyundai Card, which introduced the service at the cost of paying high commission fees to Apple. During the parliamentary audit, Rep. Yun Chang-hyun of the ruling P

IndustryOct. 29, 2023

Posco, HBIS Group complete steel sheet plant in China

South Korean steelmaker Posco said Monday that it has completed the construction of the first unit of its galvanized steel sheet plant for automobiles in China via its joint venture with Chinese steel producer, HBIS Group. Some 200 officials, including Posco CEO Choi Jeong-woo, Posco Vice Chairman Kim Hag-dong and HBIS Group Chairman Yu Yong, attended the completion ceremony held in Hebei province on Oct. 19. In 2021, Posco and HBIS Group inked an agreement to establish a $600 million joint comp

IndustryOct. 29, 2023

[Photo News] SK Chairman meets Vietnam PM

SK Group Chairman Chey Tae-won (right) shakes hands with Prime Minister of Vietnam Pham Minh Chinh at the launch ceremony of the National Innovation Center, Vietnam on Saturday. During the two-day visit to Hanoi, Chey met with key Vietnam government officials to share SK's business strategies and support Vietnam's green transformation toward net zero emissions. SK also backed $30 million for the construction of the NIC to promote Vietnam's digital era, tightening the three-decade

IndustryOct. 29, 2023

[News Analysis] Could Kakao’s M&A strategy be its own undoing?

The Korean financial regulator’s decision to refer Kakao and its executives to the prosecution could lead to disruptions on the IT giant’s future takeover strategy and global expansion plans, sources said Sunday. Three Kakao executives, including its chief investment officer Bae Jae-hyun, and two entities, Kakao and Kakao Entertainment, who were involved in market manipulation regarding Kakao’s purchase of K-pop agency SM Entertainment, were sent to the prosecution for possible

IndustryOct. 29, 2023

KGC wins minister's award for IP management

Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Monday that it won a minister's award from South Korea's Industry Ministry, for its ginseng cultivation technology and contribution to fostering the national intellectual property industry. It was named the best company in the field of intellectual property management during an award ceremony co-hosted by Korea’s Ministry of Trade, Industry and Energy and Korean Intellectual Property Office at The Shilla

IndustryOct. 29, 2023