Government attempts to reassure KFCC depositors

The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u

IndustryAug. 31, 2023

Seoul shares snap 3-day rise amid US rate pause outlook

South Korean stocks closed marginally lower Thursday, snapping a three-day winning streak, amid growing expectations the US Federal Reserve may pause the interest rate hike after a set of fresh economic data signaled a cooling economy. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.95 points, or 0.19 percent, to close at 2,556.27. Trading volume was moderate at 461.5 million shares worth 10.8 trillion won ($8.16 billion), with decliners

MarketAug. 31, 2023

Hyundai’s Chung Mong-koo archery competetion kicks off

Hyundai Motor Group is sponsoring the Hyundai Motor Chung Mong-koo Cup Korea Archery Competition 2023, investing considerable effort to support development of the sport, the auto giant said Thursday. With the aim of providing quality experiences for Korean archery players, the conglomerate decided to sponsor this year’s competition along with its affiliates Kia, Hyundai Mobis and Hyundai Steel. Kicked off Wednesday, the nation’s most prestigious archery competition will take place at

IndustryAug. 31, 2023

[Photo News] GM Korea chief visits Boryeong

Hector Villarreal (second from right), president and CEO of General Motors Korea, visited the company’s Boryeong plant in South Chungcheong Province on Wednesday to mark that the number of six-speed automatic transmission manufactures at the facility has reached 6 million units. The plant started to produce the transmission in 2007, as the first among the carmaker’s production facilities, and was recognized for its stellar production record by the Harbour Report indicator up to 2020,

MobilityAug. 31, 2023

SK On co-develops more advanced lithium-ion conductivity

SK On announced on Thursday that it has developed in collaboration with Dankook University an innovative solid-state battery component that is expected to significantly extend battery lifespans and reduce charging times, with implications across industries, from portable devices to electric transportation. The component is a new oxide-based solid-state electrolyte called lithium-lanthanum-zirconium-oxygen, or LLZO, and boasts the highest lithium-ion conductivity to date. The findings of the rese

MobilityAug. 31, 2023

Woori wins global approval for net-zero target in shortest period

South Korean financial conglomerate Woori Financial Group announced Thursday that it obtained approval for its carbon reduction target from a global climate science organization earlier this month, saying that it took the shortest period among other domestic companies in the industry. The Science Based Targets initiative or SBTi, is a global organization which was jointly founded in 2015 by the Carbon Disclosure Project, the United Nations Global Compact, and the World Wide Fund for Nature. Co

IndustryAug. 31, 2023

Samsung Heavy wins certification for floating CO2 storage unit

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for a floating carbon dioxide storage unit (FCSU) from Norwegian accredited registrar and classification society DNV. The floating unit, developed jointly with Malaysia's MISC Berhad, is 330 meters long and 64 meters wide, and is capable of storing 100,000 cubic meters of liquid CO2 at temperatures of minus 50 C and below, Samsung Heavy said. The shipyard said its FCSU is able to store CO2 c

IndustryAug. 31, 2023

Seoul shares open higher amid US rate pause outlook

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as the latest US data bolstered bets that the US Federal Reserve may pause the interest rate hike in the next policy meeting. The benchmark Korea Composite Stock Price Index rose 4.57 points, or 0.18 percent, to 2,565.79 in the first 15 minutes of trading. The US economy grew at a 2.1 percent annual pace in the second quarter, falling short of a 2.4 percent expansion estimate. Payrolls in the private sector slow

MarketAug. 31, 2023

Industrial output, retail sales, facility investment lose ground in July

South Korea's industrial output, retail sales and facility investment lost ground from a month earlier amid growing concerns of an economic slowdown, data showed Thursday. The industrial output fell 0.7 percent in July from a month earlier after standing still in June, according to the data from Statistics Korea. The three indicators lost ground at the same time for the first time since January. The output in the mining, manufacturing, gas and electricity industries decreased 2 percent due

EconomyAug. 31, 2023

Hillstate Sinyong in Gwangju blends modernity, nature

Hyundai Engineering & Construction has started sales of its new apartment complex, Hilstate Sinyong The River, located in Gwangju’s Sinyong district. The apartment complex consists of a total of 19 buildings with 1,647 housing units, which range from 74-square-meter homes to 135-square-meter luxurious penthouses. According to the builder, one of the standout features is its strategic location. The complex is near the brand new Sinyong Station of Gwangju Metro Line 2, set to be operatio

ConsumerAug. 30, 2023

Texas Instruments looks to bolster EV battery ties with Korea

Texas Instruments, the US-based semiconductor manufacturer, said Wednesday it plans to further boost business ties with electric vehicle manufacturers and battery makers in Korea. “I see Korea as a very key market for vehicle electrification and it is a key pioneer of battery technology as well,” said Matt Xiong, a product line manager for Texas Instruments’ battery management system, during an online media briefing. “We’re very closely engaged with Korean customers

MobilityAug. 30, 2023

Posco America relocates headquarters to Washington

Posco America, a subsidiary of Poscho Holdings, will relocate its headquarters from Atlanta to the nation's capital, in a move to strengthen its relations with the federal government and US Congress, the group said Wednesday. Posco America’s head Do Han-eui and other staff members will start to work at the new office in Washington from as early as this week. The group will also dispatch employees specializing in trade affairs from South Korea's office. The company’s new off

IndustryAug. 30, 2023

[KH explains] Chipmakers reach out to undergraduates to tackle talent shortage

Chipmakers around the world are competing fiercely not just to roll out more advanced chips faster than their rivals, but also to secure more tech talent as governments race to build up their chip industry as national security assets. South Korea, home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix, is no exception. Amid their big push for global expansion, the tech giants are struggling to meet staffing needs for their billion-dollar facilities at home and abro

IndustryAug. 30, 2023

Dong-A ST eyes Europe market with Stelara biosimilar

Dong-A ST, the pharmaceutical unit of South Korean giant Dong-A Socio Holdings, has submitted a Marketing Authorization Application to the European Medicines Agency for its Stelara biosimilar DMB-3115, the company announced Wednesday. DMB-3115 is a biosimilar to ustekinumab, also dubbed Stelara, a monoclonal antibody for the treatment of autoimmune and inflammatory diseases including Crohn’s disease, plaque psoriasis and ulcerative colitis. First developed by Janssen Pharmaceuticals, the a

IndustryAug. 30, 2023

Seoul shares up for 3rd day on hope for Fed's rate hike pause

Seoul shares ended higher Wednesday, as investors speculate that the US Federal Reserve may pause its tightening campaign. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 9.06 points, or 0.35 percent, to close at 2,561.22. Trading volume was moderate at 356.81 million shares worth 7.64 trillion won ($5.8 billion), with gainers outnumbering decliners 461 to 395. Institutions bought a net 178.42 billion won worth of stocks, offsetting foreigners and

MarketAug. 30, 2023

Korea likely to designate Oct. 2 as temporary holiday

    Finance Minister Choo Kyung-ho said the government was positively considering the ruling party's proposal to designate Oct. 2 as a one-off public holiday to allow people to have six consecutive days off work. "The ruling party made the suggestion to ensure the people's right to rest and to stimulate domestic consumption. The government agrees with the ruling party," Choo said in an interview held by a local broadcasting station Tuesday. Designating a temporary holiday on

EconomyAug. 30, 2023

Hyundai Steel’s new raw material analyzer revs up manufacturing pace

Hyundai Steel, in collaboration with Hyundai Motor Group's in-house startup 3I Solution, has developed an Industrial Neutron Composition Analyzer that accelerates steel manufacturing by evaluating raw materials, such iron ore and scrap metal, in real time. By providing real-time feedback, it allows Hyundai Steel to quickly achieve the right balance in their materials, sometimes referred to as optimal chemical composition. This balance not only ensures the consistent quality of the steel pro

IndustryAug. 30, 2023

SK-backed Sapeon raises W60b in series A funding

Sapeon, a global AI semiconductor company that spun out from SK Telecom last year, announced Wednesday it concluded its Series A financing round, securing over 60 billion won ($45.4 million) in investments. With the latest round, the company's valuation now exceeds 500 billion won. Ascent Equity Partners led the financing as the primary investor. Other key investors included GS Group affiliates like Daebo Communication & Systems Corp., Hana Financial Group, Mirae Asset Venture Investmen

IndustryAug. 30, 2023

KT appoints new CEO after monthslong leadership vacuum

South Korean telecommunications giant KT Corp. on Wednesday appointed a new chief following several months without a CEO. The company said its shareholders approved the appointment of Kim Young-shub, the former CEO of IT service provider LG CNS, as its new head at a shareholders meeting earlier in the day in Seoul. The agenda passed with the approval of more than 60 percent of the total voting shares. Upon his appointment at the meeting, KT’s new CEO told shareholders, “We’ll d

TechnologyAug. 30, 2023

Over 50% of Korean firms missing earnings target in China this year: survey

China’s disappointing economic recovery has led more than half of Korean companies to miss their earning targets in the market, with abounding downside risks hampering the path to a rebound in the second half of the year, Korea’s major business lobby group said Wednesday. The Korea Chamber of Commerce and Industry raised concerns over the factors causing financial instability in China which could further drag Korean companies down, including its real estate market crisis, contracti

EconomyAug. 30, 2023