Seoul shares end 2-day rise on slump in techs, financials

South Korean stocks ended lower Wednesday due to losses in tech shares amid concerns over their earnings. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 23.09 points, or 0.88 percent, to close at 2,610.36, ending the two-session winning streak. Trading volume was moderate at 429.5 million shares worth 9.8 trillion won ($7.2 billion), with losers outnumbering gainers 551 to 323. Foreign investors led the daily drop, dumping a net 664.3 b

MarketOct. 16, 2024

ASML's lukewarm outlook pulls down Samsung, SK shares

Shares of Korean chipmakers fell on Wednesday in a bearish market as major chip-related stocks worldwide declined following a gloomy 2025 forecast from semiconductor bellwether ASML. ASML, a Dutch company that makes the world’s most advanced chip-making equipment, reported its booking was half the orders the market expected in its quarterly earnings, and saw its shares plunge 16 percent to close at 668.10 euros ($727) in Amsterdam. Other chip stocks also declined, with Nvidia falling 4.5 p

IndustryOct. 16, 2024

Hyundai Mobis to build 1st EV power system plant in Slovakia

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Thursday that it signed an agreement with the Slovakian government to set up its first manufacturing plant for electric vehicle power systems in Europe. With a 350 billion won ($256.7 million) investment, Hyundai Mobis will construct a plant in the Novaky region of western Slovakia to produce EV drive units consisting of an electric motor, inverter and reducer. Once completed next year, the facility will have the capacity

MobilityOct. 16, 2024

Investors upbeat on LG CNS’ W7tr IPO

South Korean IT solutions provider LG CNS has emerged as a major initial public offering contender for next year as it began the listing process on the country’s main bourse Kospi earlier this month. Market watchers estimate the firm’s corporate value to reach around 7 trillion won ($5.14 billion), making it Korea's largest IPO since LG Energy Solution in January 2022. For a successful market debut, it will be crucial for the company to add more corporate clients and improve pro

IndustryOct. 16, 2024

Hyundai, Kia develop 1st automatic system for press die design

Korea’s two leading auto brands -- Hyundai Motor Company and Kia -- announced Wednesday that they developed the world’s first automatic press die system for all designs. Press dies are used to form a vehicle’s body parts such as the trunk, hood and fender. Depending on the part’s design, automakers usually conduct the press dying process three to five times to manufacture a part while press die designers line up numerous requirements for the production of each part. Accor

MobilityOct. 16, 2024

Posco Group Chairman joins WSA executive committee

South Korean steel giant Posco Group announced Wednesday that Chairman Chang In-hwa has joined the executive committee of the World Steel Association. The World Steel Association, consisting of 155 members ranging from global steelmakers to research institutes, aims to enhance profitability in the steel industry. Over the next three years, Chang will work on key issues such as low-carbon technology, the environment and safety. At the WSA executive committee meeting Sunday, leaders of the global

IndustryOct. 16, 2024

Korea to pump in W8.8tr in 2025 to contend in global chip race

The South Korean government will inject 8.8 trillion won ($6.45 billion) next year to advance the country’s semiconductor ecosystem through low-interest loans while accelerating infrastructure construction and nurturing talent. Finance Minister Choi Sang-mok announced a slew of plans for comprehensive support for the chip industry while presiding over a ministerial meeting Wednesday, with firms in the sector clamoring for more concrete measures to catch up to global rivals. “We wil

IndustryOct. 16, 2024

British activist fund takes aim at SK to unlock value

London-based activist investor Palliser Capital is on its way to challenge South Korean chip-to-energy conglomerate SK Group, having secured a stake of over 1 percent in its investment arm SK Square. Having built a stake in SK Square over the past two years, the British activist fund is pushing for changes in the company to improve its market valuation, according to a report from the Wall Street Journal. Though SK Square is the holding company of the group’s key chip-making affiliate SK hy

IndustryOct. 16, 2024

KB Kookmin Bank to launch ‘Starbucks Account’ for coffee aficionados

KB Kookmin Bank and Starbucks Korea on Wednesday announced a partnership to launch a bank account product exclusively for local devotees of the US coffee chain. Set for launch in early 2025, the new partnership will introduce the first-ever "Starbucks Account," a savings account tailored to Starbucks customers, offering unique benefits that blend banking services with daily coffee purchases. Additionally, KB Kookmin Bank’s digital certificate service will be integrated into the S

TechnologyOct. 16, 2024

[Photo News] Maserati's first electric SUV

Maserati unveiled its first fully electric sport utility vehicle, the Grecale Folgore, in Korea on Wednesday, showcased in nero tempesta black (left) and dark aurora blue. Named after the Italian word for lightning, the Folgore is powered by CATL’s battery that provides up to 500 kilometers of range by Worldwide Harmonized Light Vehicles Test Procedure standards, with Korean certification still pending. It offers comparable performance to luxury electric SUVs like the Porsche Macan with 82

MobilityOct. 16, 2024

RIAD launches new AI-powered platform for booking group travel

RIAD Corporation, a South Korean travel startup specializing in B2B trade, has launched a new AI-powered trading platform called RIA, aimed at automating the coordination of group bookings between hotels and travel agents. The new platform allows business clients to save time when handling group bookings, streamlining the process from days of back-and-forth communication to just minutes. “Traditionally, the group booking process relied heavily on analogue methods such as emails, phone call

TechnologyOct. 16, 2024

Seoul shares open sharply lower on US losses

South Korean stocks started sharply lower, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 29.41 points, or 1.12 percent, to 2,604.04 in the first 15 minutes of trading. Overnight, US stocks closed sharply lower due to poorer-than-expected earnings outlooks of chip equipment-maker ASML Holdings. The Dow Jones Industrial Average fell 0.75 percent, and the tech-heavy Nasdaq Composite tumbled 1.01 percent. In Seoul, most shares opened weaker across the

MarketOct. 16, 2024

S. Korea picks adviser for oil, gas exploration in East Sea

South Korea's state-run oil developer said Tuesday it has picked an adviser for the exploration of potential oil and gas reserves off the nation's East Sea. The Korea National Oil Corp has named S&P Global as the adviser for a project in the East Sea that could potentially uncover between 3.5 billion and 14 billion barrels of gas and oil. If confirmed, the quantity would be sufficient to meet the country's gas demand for up to 29 years and its oil demand for four years. The KN

IndustryOct. 15, 2024

Starlink services may be available in S. Korea next year: sources

US space firm SpaceX may launch its Starlink satellite internet services in South Korea next year, industry sources said Tuesday. According to the sources, the science ministry had notified the revisions of related regulations for Starlink's internet services. After a six-month period, the science ministry will launch the process for the approval of a deal between SpaceX and its Korean unit, Starlink Korea. The sources said once all required processes are completed, SpaceX will launch the s

TechnologyOct. 15, 2024

LG wins $9.5b battery deal to power over 1m Ford electric vans

LG Energy Solution has landed its biggest deal of the year, partnering with Ford to supply 109 gigawatt-hours of batteries for the automaker's electric commercial vehicles through 2032. Announced on Tuesday, this long-term agreement will see LG providing enough battery power for over a million electric commercial vehicles, all manufactured at the company’s plant in Wroclaw, Poland. The batteries, expected to be a high-performance ternary pouch type, will be delivered over two periods

MobilityOct. 15, 2024

K bank eyes W5tr IPO to spur growth

K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul

EconomyOct. 15, 2024

Spike in KAIST dropouts as med school draws talent away

Over the past three years, 182 students from the Korea Advanced Institute of Science and Technology have withdrawn from the university to pursue medical or dental school, with some even abandoning their graduate-level studies to make the switch. According to data provided by Democratic Party Rep. Hwang Jeong-ah, a member of the National Assembly's Science, ICT, Broadcasting, and Communications Committee, these 182 students left KAIST between 2021 and Oct. 4 this year, specifically citing th

EconomyOct. 15, 2024

Samsung Display showcases OLED for AI monitors in Taipei

South Korean display maker Samsung Display showcased its latest organic light-emitting diode panels for monitors and laptops optimized for artificial intelligence applications at the Samsung OLED IT Summit in Taipei, Taiwan, Tuesday. To address growing demand for OLED panels in the IT device market, Samsung Display reorganized its original Samsung OLED Forum as the Samsung OLED IT Summit to emphasize its focus on OLED panels for IT devices, the company said. Some 300 officials from 20 companies,

IndustryOct. 15, 2024

Manpower Korea sees robust growth in RPO service sales

Manpower Korea, the Korean unit of global human resources service company ManpowerGroup, said Tuesday that its recruitment process outsourcing, or RPO, service has seen robust growth since its debut 10 years ago. When the RPO service was first introduced in Korea in the early 2000s, they mainly served multinational companies entering the Korean market. But the service has secured a bigger footing here in recent years as both domestic and global companies struggle to respond effectively to drasti

IndustryOct. 15, 2024

Herald Business Forum envisions future with AI

Herald Media Group hosted the Herald Business Forum on Tuesday, offering insights to help businesses make decisions that enable them to lead the global industrial ecosystem. The theme was “Surviving Technology’s Metamorphosis.” "AI has become a key technology for national economy and security. The government will fully support companies so that they can boldly challenge the global market and achieve success,” said Park Chun-sup, senior presidential secretary for econ

IndustryOct. 15, 2024