Samsung owns largest No. of Israeli subsidiaries among S. Korean conglomerates: report

Leading South Korean conglomerates with affiliates in Israel, including Samsung Electronics, are keeping a close watch on the heightened conflict in the Middle East, a report by corporate tracker Korea CXO Institute showed Thursday. Among the nation’s 82 companies with more than 5 trillion won ($3.7 billion) in assets, four conglomerates, including Samsung, SK, LG and OCI, operate subsidiaries in Israel, owning at least a 50 percent stake in the affiliates. Samsung has the largest number o

IndustryOct. 13, 2023

Subsidiary expansion procedure for insurers overseas to be simplified: FSC

Authorities are planning to slim down on the procedure for insurance companies acquiring foreign subsidiaries. The Financial Services Commission, South Korea's financial regulator, announced Friday its planned revision of the Enforcement Decree of The Insurance Business Act, reducing down the procedures for insurance companies seeking to acquire foreign subsidiaries. Currently, Korean insurance companies must either obtain direct approval from the FSC or submit a preliminary report when acq

EconomyOct. 13, 2023

[Photo News] Apple launches new iPhone models in S. Korea

People line up outside an Apple Store in Myeong-dong, central Seoul, on early Friday morning to be among the first to buy the new iPhone 15 in South Korea. On Friday, Apple launched four different models of the iPhone -- the iPhone 15, Plus, Pro and Pro Max -- along with the Apple Watch Series 9 and Apple Watch Ultra 2. According to the country’s three major telecommunications firms, 3 of 4 people who preordered the new iPhone were young adults in their 20s and 30s. (Yonhap)

IndustryOct. 13, 2023

LG Chem, GS Caltex to produce prototype of material for biodegradable plastics

LG Chem Ltd. and GS Caltex Corp. plan to produce a prototype of a material for biodegradable plastics next year, as they step up cooperation for the development of the eco-friendly raw material, the companies said Friday. LG Chem and GS Caltex signed an agreement in 2021 to develop technology for the production of the material called 3-Hydroxypropionic Acid (3HP). Plastic made from 3HP can be used to replace various disposable materials. In July of last year, they started construction on a plant

CompaniesOct. 13, 2023

Seoul shares open lower on rising woes over Fed rate hike speculation

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as investors moved to lock in profits from recent sharp gains on quicker-than-expected US inflation and high bond yields. The benchmark Korea Composite Stock Price Index shed 14.41 points, or 0.58 percent, to 2,465.41 in the first 15 minutes of trading. Overnight, US shares finished lower after the consumer price index rose at a quicker than expected rate of 3.7 percent on-year in September, which raised speculati

MarketOct. 13, 2023

S. Korea signs consortium deal with Canada, Italy for nuclear reactor refurbishment in Romania

South Korea's state-run energy company said Thursday it is taking a step closer to winning a project worth around 2.5 trillion won ($1.87 billion) to refurbish an aging nuclear reactor in Romania's Cernavoda power plant through a consortium with Canadian and Italian firms. The Korea Hydro & Nuclear Power Co. signed a tripartite consortium agreement with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare S.p.A. to jointly conduct a project to refurbish Cernavoda'

IndustryOct. 12, 2023

S Korea, UAE to hold aviation talks over potential increase in bilateral flights

South Korea and the United Arab Emirates plan to hold their first bilateral aviation talks in four years this week to discuss whether to increase the number of flights connecting the two countries, according to officials Thursday. During the two-day talks from Thursday in Seoul, the two sides will discuss whether to raise the maximum ceiling of 15 flights per week for each country. The UAE is reportedly demanding South Korea expand the number of allowed bilateral flights, as much as threefold or

IndustryOct. 12, 2023

[Photo News] Remembering Korean war veterans

SK Group Chairman Chey Tae-won (left) attends a memorial stone unveiling event for two US veterans – the late Colonel William E. Weber and late Major General John Kirk Singlaub – held in Paju, Gyeonggi Province, Thursday, with their bereaved family members also in attendance. Lauding the veterans who fought in the 1950-53 Korean War, the SK chief said that they "gave us the seed of liberal democracy." The event was held in in commemoration of the 70th anniversary of the Sou

IndustryOct. 12, 2023

[Herald Interview] Dyson engineer stresses potential of Korean hair care market

South Korean consumers' daily self-grooming routines make Korea an attractive market for Dyson, a hair care engineer from the UK consumer electronics giant told The Korea Herald during an interview held in Seoul, Thursday. "We conduct a lot of user trials and make sure we have Korea, one of our key markets, for those trials -- so that whenever we develop (technical specifications) they are tailored to what was successful during trials held in Korea," said Will Kerr, the director o

IndustryOct. 12, 2023

KT & G to build new tobacco plant in Kazakhstan

KT&G, South Korea's largest tobacco company, said Thursday that the company has started construction of its fourth overseas manufacturing plant in Kazakhstan. The new plant will be built on a 200,000-square-meter site and is scheduled to be completed by 2025. The company did not disclose how much it would invest in the construction of the Kazakhstan plant. “We expect the new Kazakhstan factory to serve as a core global production hub that encompasses the Eurasian market," said KT

IndustryOct. 12, 2023

Seoul shares end higher on tech gains, Fed comments

Seoul shares ended higher Thursday, tracking gains on Wall Street, buoyed by Federal Reserve officials' dovish comments on interest rates and tech gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.74 points, or 1.21 percent, to close at 2,479.82. Trading volume was moderate at 505.19 million shares worth 8.79 trillion won ($6.5 billion), with gainers outpacing losers 676 to 201. Institutions bought a net 254.08 billion won worth of sto

MarketOct. 12, 2023

Korean economy expected to grow by 2.1% in 2024: Hana Institute

South Korea's economy is expected to achieve a growth rate of 2.1 percent in 2024, according to the recent report titled "2024 Economic and Financial Market Outlook" by Hana Bank's research institution, the Hana Institute of Finance. “Considering the base effect of the sharp slowdown in 2023, the growth momentum is not strong,” Oh Hyun-hee, a researcher at the Hana Institute of Finance said. The institute forecasts an annual economic growth rate of 1.3 percent f

IndustryOct. 12, 2023

Igis launches $100m secondary fund for overseas investment

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

IndustryOct. 12, 2023

Kia to expand EV lineup with mass market appeal

Kia on Thursday unveiled three new small- to medium-sized electric vehicles, vowing to lead the popularization of EVs across the world by offering more affordable options for customers. “Kia is keenly focused on providing solutions to the concerns that continue to cause hesitation when it comes to making an EV purchase. We will meet customer expectations by offering a full line-up of EVs at various price points and improve charging infrastructure availability,” said Kia CEO Song Ho-s

MobilityOct. 12, 2023

GS Caltex, Posco team up on biofuel

South Korean oil refiner GS Caltex announced Thursday that it has secured a partnership with Posco International to expand their presence in the biofuel industry, accelerating efforts toward a green transformation. The agreement was signed at the Posco Center in Gangnam, Seoul, Thursday, with top executives including GS Caltex CEO Hur Sae-hong and Posco International Vice Chairman and CEO Jeong Tak in attendance. Through a joint venture, the two will build the new refinery facility in Kalimantan

IndustryOct. 12, 2023

P&G Korea launches premium diaper to combat skin dryness

P&G Korea, the South Korean unit of the global consumer goods maker Proctor & Gamble, said Thursday that its Pampers diaper brand recently launched its latest premium diaper product, in a bid to prevent skin dryness for babies during in-between seasons. Named the "Pampers Touch of Nature Pants," the diaper, launched on Oct. 2, features a premium cotton-layered outer cover to prevent skin irritation. The diaper is also equipped with an absorption layer, which incorporates Pamper

IndustryOct. 12, 2023

HD Hyundai Shipbuilding invests $47m in Estonian fuel cell for green maritime energy

South Korean shipbuilder HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, announced that it has signed a 45 million euro ($47 million) investment deal with an Estonia-based fuel cell manufacturer, Elcogen AS. The signing ceremony was held in Seoul on Wednesday, with top executives, including HD Hyundai’s President Chung Ki-sun and Elcogen CEO Enn Ounpuu and Estonian President Alar Karis in attendance. The central objective of this investment is to upgrade HD Ko

IndustryOct. 12, 2023

LG CNS launches new AI platform for corporate clients

Information technology service provider LG CNS said Thursday that it has launched a generative artificial intelligence-based platform called Data Analytics & AI Platform Generative AI, or DAP GenAI, for its corporate clients. According to LG CNS, the new platform integrates the latest cutting-edge AI-based technologies including prompt engineering and large language model operations (LLMOps). It can be used upon installation on existing infrastructure, such as a company’s private serve

IndustryOct. 12, 2023

Samsung SDI, Stellantis to set up 2nd JV plant in Indiana

Samsung SDI said Thursday it is poised to set up a second electric vehicle battery manufacturing plant with Stellantis in the US state of Indiana. The production facility will be built by StarPlus Energy, a joint venture of Samsung SDI and Stellantis in the city of Kokomo, next to the JV’s first plant under construction within the region. The first and second StarPlus Energy Kokomo Gigafactory plants will start operation in the first quarter of 2025 and early 2027 for 33 GWh and 34 GWh cap

MobilityOct. 12, 2023

Seoul shares open higher on US gains

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, boosted by dovish comments on interest rates by Federal Reserve officials. The benchmark Korea Composite Stock Price Index rose 18.59 points, or 0.8 percent, to 2,468.67 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.2 percent to 33,804.87, and the tech-heavy Nasdaq Composite gained 0.7 percent to 13,659.68. Fed officials said the US central bank doesn't need to keep tighten

MarketOct. 12, 2023