Seoul shares close tad lower amid mixed US rate outlook

South Korean stocks closed slightly lower Thursday amid a mixed outlook on whether the United States will maintain its monetary tightening policy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index declined 2.09 points, or 0.09 percent, to close at 2,403.60. Trading volume was moderate at 446.01 million shares worth 8.96 trillion won ($6.64 billion), with losers outpacing gainers 583 to 295. Foreigners and institutions dumped a net 272.1 billion won an

MarketOct. 5, 2023

Hikes in prices of raw materials likely to fuel consumer inflation

Concerns are growing that soaring raw material costs could have a knock-on effect on the prices of daily necessities, following price hikes initiated by some of the largest liquor and dairy firms in South Korea. Korean brewery giant Oriental Brewery announced that starting Wednesday, it will raise the factory price of its beer products such as Cass and Hanmac, by an average of 6.9 percent. "The price adjustments came as the costs of raw materials for (alcoholic beverages), which rely largel

IndustryOct. 5, 2023

LG Energy Solution secures massive battery supply deal for Toyota EVs

LG Energy Solution and Toyota announced Thursday that they have signed a 10-year supply contract for lithium-ion battery modules to be used in Toyota’s battery electric vehicles assembled in the United States, marking the first collaboration between the Korean battery maker and the Japanese auto giant in the burgeoning EV market. LG Energy Solution said it will invest 4 trillion won ($3 billion) in its Michigan plant to set up new production lines for battery cells and modules exclusively

MobilityOct. 5, 2023

Doosan Robotics shares debut at double IPO price

Shares of Doosan Robotics, South Korea’s largest collaborative robot producer under the conglomerate Doosan Group, nearly doubled on Thursday, as the company made its stock market debut. Doosan Robotics closed at 51,400 won ($38.03) per share on Korea's main bourse Kospi, up 97.69 percent from its initial public offering price of 26,000 won. Its market capitalization stood at 3.33 trillion won, ranking in the top 100 stocks on Kospi. Its shares opened at 59,100 won, 127.3 percent hi

MarketOct. 5, 2023

[Photo News] New BMW 5 Series unveiled

BMW’s new 5 Series premium sedan made its debut in Korea on Thursday. The eighth-generation full-change model was introduced after six years, boasting a range of sporty upgrades, a cutting-edge infotainment system and other convenient features. The new lineup includes the carmaker's very first battery-powered electric vehicle, the New i5. The high-end i5 M60 xDrive 361 has a driving range of 361 kilometers on a single charge. (BMW Korea)

MobilityOct. 5, 2023

Apple under fire for ‘overpriced’ iPhones

Apple’s has been hit by criticism in Korea once again over the price of its latest flagship smartphone series, while the US tech giant is set to take preorders starting Friday, a week ahead of the official release here. A significant decline in the exchange rate has resulted in an actual increase in the shipment price of Apple’s new smartphones despite its public decision to freeze prices, according to Rep. Park Chan-dae of the country’s main opposition Democratic Party of Kore

TechnologyOct. 5, 2023

SK invests in US data specialist Glassdome

SK C&C, the IT solutions unit of SK Group, announced Thursday it has newly invested in San Francisco-based industrial software startup Glassdome, as part of its efforts to expand its net-zero business and bolster ties with related tech firms. The number of shares it acquired was not disclosed due to deal conditions. The investment is an extension of SK’s extensive partnerships with global tech startups, with the aim of launching IT services and taking a step forward to digital transfor

IndustryOct. 5, 2023

[Photo News] Genesis at BIFF

Hyundai Motor Group's luxury brand, Genesis, is sponsoring the 28th Busan International Film Festival, which runs Oct. 4-13, the automaker said Thursday. Genesis is providing 110 vehicles for participating actors, directors and other film industry officials to use during the festival. It will also showcase its vehicles, including the GV80 Coupe, which was first unveiled last month, at the venue. The automaker has sponsored BIFF every year since 2017. (Hyundai Motor Group)

MobilityOct. 5, 2023

Hyundai Glovis to go net-zero by 2045

Hyundai Glovis, a logistics affiliate under Hyundai Motor Group, unveiled Thursday its “Net Zero Special Report,” a road map aimed at achieving carbon neutrality by 2045. By setting the target year for 2045, Hyundai Glovis has formulated strategies to decarbonize the shipping sector five years ahead of the regulations set by the International Maritime Organization and the South Korean Maritime Ministry’s carbon neutrality goal. Under the road map, Hyundai Glovis plans to boos

IndustryOct. 5, 2023

Seoul shares open higher on Fed rate pause hopes

South Korean stocks rebounded Thursday from a crash the previous day, as weaker-than-expected US jobs data raised hopes that the Federal Reserve may refrain from further rate increases. The benchmark Korea Composite Stock Price Index added 9.08 points, or 0.38 percent, to 2,414.77 in the first 15 minutes of trading. Overnight, US shares rebounded after a slump the previous session thanks to big tech gains, including Tesla, Alphabet, Microsoft and Amazon. Investors hope that the Fed may not go fo

MarketOct. 5, 2023

S. Korea's consumer prices accelerate in September on higher oil costs

South Korea's on-year consumer prices accelerated by the most in five months in September, driven by higher oil costs and rising prices of some farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, according to the data from Statistics Korea. In August, consumer prices increased 3.4 percent on-year, accelerating from 2.3 percent growth tallied in July. It was the highest on-year rise since the 3.7 percent growth tallied

EconomyOct. 5, 2023

S. Korea mandates flexible pricing in supply deals to protect SMEs

Incorporation of the price adjustment clause, or PAC, in consignment production contracts made between suppliers and subcontractors were mandated starting Wednesday for the first time in South Korea. The PAC, which requires suppliers to adjust the price of materials they provide to subcontractors in accordance with variations in raw material costs, aims to alleviate subcontractors' losses under the current fixed-price contract system. Under the current system, small and medium-sized consign

IndustryOct. 4, 2023

Seoul shares, won crash amid rising Fed woes

South Korean stocks fell to a six-month low Wednesday on a sharp decline in big-cap tech shares amid growing concerns the Federal Reserve will keep its rates higher for longer. The local currency fell against the US dollar to hit an 11-month low. The benchmark Korea Composite Stock Price Index slid 59.38 points, or 2.41 percent, to close at 2,405.69, the lowest since March. The secondary KOSDAQ plunged 4 percent. The Kospi's trading volume was moderate at 417.16 million shares worth 9.88 tr

MarketOct. 4, 2023

Celltrion's Humira biosimilar receives FDA approval for new doses

Celltrion announced Wednesday that the company received approval from the US Food and Drug Administration for two more dose versions of its Humira biosimilar Yuflyma, for 20 and 80 milligrams. Yuflyma is a copycat version of AbbVie’s blockbuster drug Humira, used to treat many inflammatory conditions in adults such as rheumatoid arthritis and psoriatic arthritis. With the FDA’s latest approval, Celltrion is now able to sell three different dose versions of Yuflyma in the US. The 40 m

IndustryOct. 4, 2023

Samsung Biologics raises annual estimated earnings to W3.6t

Samsung Biologics has raised the full-year earnings estimate in its company guidance again to 3.6 trillion won ($2.6 billion) for this year, up some 20 percent from last year, according to its regulatory filing released on Wednesday. It was the second time this year for Samsung Biologics to increase the estimate of its annual earnings. Earlier in April, the company raised its estimated earnings from sales to 3.52 trillion won. “(Samsung Biologics) has readjusted (the estimated earnings in

IndustryOct. 4, 2023

Korea to begin experiment with central bank digital currency

South Korean authorities are to chart out a new era of digital payments, carrying out a pilot test for a central bank digital currency, or CBDC, to determine how it could be used as savings and transactions vehicles, according to an announcement made by related authorities on Wednesday. From the fourth quarter of next year, not only banks and other financial institutions, but also individuals will be able to test out the CBDC platform under a pilot program. The Bank of Korea, Financial Services

EconomyOct. 4, 2023

Questions raised over Taihan Cable’s quality control

South Korean electric wire and cable manufacturer Taihan Cable & Solution has faced challenges of quality control after using impure copper from a new supplier in its production process, industry sources said Wednesday. For approximately three weeks -- from early last month to Sept. 24 -- the company’s Dangjin plant in South Chungcheong Province had shut down its copper rod manufacturing. Copper rods are a basic metal element in cable production. The melting furnace was reportedly clog

IndustryOct. 4, 2023

1 in 4 foreign workers earn more from unemployment benefits than from work

More than 1 in 4 foreign recipients of unemployment benefits received more last year in unemployment benefits than from the wages they earned before their employment ended, Ministry of Employment and Labor data showed. According to Labor Ministry data submitted to Rep. Kim Sang-hoon of the ruling People Power Party on Wednesday, of 12,100 foreign recipients of unemployment benefits last year, 3,200 (26.4 percent) received more from the scheme than from their previous wages. Rep. Kim expressed

IndustryOct. 4, 2023

[Photo News] Whiskey in vogue

(From left) Richard Quinn, an English fashion designer and a brand collaborator for Pernod Ricardo Korea; Frantz Hotton, CEO of Pernod Ricardo Korea; Mathieu Deslandes, head of Royal Salute; and Miguel Pascual, chief financial officer of Pernod Ricardo, pose for a photo to celebrate the global debut of the second edition of Royal Salute 21 Year Old Richard Quinn in Seoul on Wednesday. The whisky’s world premiere comes against the backdrop of significant growth in high-end wines and whiskie

IndustryOct. 4, 2023

SK On marks 2nd anniversary with twofold revenue, capacity growth

SK On, South Korea’s leading global EV battery manufacturer, reported Wednesday an approximate twofold rise in quarterly revenue and global battery production capacity over the last two years, as the company marks its second anniversary this month. Having spun off from the energy company SK Innovation to focus on the battery business in October 2021, SK On has more than doubled its quarterly revenue from 1.665 trillion won ($1.22 billion) in the last quarter of 2021 to 3.696 trillion won (

IndustryOct. 4, 2023