S. Korea aims to allow overseas firms' participation in FX market in Q4

South Korea plans to allow overseas financial firms to participate in the local foreign exchange market in the fourth quarter, the finance ministry said Wednesday, in the latest move to meet "global standards." Under the measure, the country will allow foreign institutions that obtain registration from the South Korean government to participate in the South Korean foreign exchange market, according to the Ministry of Economy and Finance. Currently, foreign institutions can only partici

MarketJuly 12, 2023

Seoul shares open lower ahead of key US inflation data

Seoul shares opened lower Wednesday, bucking overnight gains on Wall Street, as investors await key US inflation data and major firms' second-quarter earnings results. The benchmark Korea Composite Stock Price Index fell 3.32 points, or 0.13 percent, to 2,559.17 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.9 percent, and the tech-heavy Nasdaq Composite climbed 0.6 percent. Federal Reserve officials have said the US central bank will likely need to r

MarketJuly 12, 2023

S. Korean banks' net income from overseas businesses down in 2022

South Korean banks' net income from overseas businesses decreased in 2022 from a year earlier on increased bad debt expenses, data showed Wednesday. The net income of domestic banks' overseas businesses sank to $991 million from $1.17 billion on-year, according to the Financial Supervisory Service. The FSS attributed the decrease to a rise in banks' bad debt expenses intended to prepare for bad loans amid global rate hikes. The banks' interest income rose 13.7 percent on-year

EconomyJuly 12, 2023

Better-than-expected job additions continue in June on strong senior workforce

South Korea's job additions remained stronger than expected in June on the back of the senior workforce, data showed Wednesday, although the on-year growth slowed for the third consecutive month. The number of employed people came to 28.81 million in June, up around 333,000 from a year earlier, according to the data compiled by Statistics Korea. South Korea's on-year job additions slowed for nine consecutive months through February before rebounding in March, when they rose 469,000 on-

EconomyJuly 12, 2023

Seoul shares spike nearly 2% ahead of key US inflation data; won sharply up

Seoul shares finished nearly 2 percent higher Tuesday, led by gains in techs and telecoms, as investors eye this week's US inflation data for clues on future rate hikes. The South Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 41.79 points, or 1.7 percent, to finish at 2,562.49, snapping its five-session losing streak. Trading volume was moderate at 584.15 million shares worth 10.46 trillion won ($8.08 billion) with gainers outpacing decliners

MarketJuly 11, 2023

[Exclusive] Hyundai’s 'walking vehicle' obtains US patents

Hyundai Motor Group has obtained patents for walking vehicles in the US, taking the next step in making the South Korean auto giant’s futuristic four-legged cars a reality. According to the US Patent and Trademark Office on Tuesday, two patent applications for walking vehicles were published under the names of both Hyundai and Kia on July 6, about 19 months after the two companies filed for the patents on Dec. 31, 2021. The patents protect the technologies of Hyundai’s concept car, E

MobilityJuly 11, 2023

[Photo News] Say no to disposables

KB Financial Group Chairman Yoon Jong-kyoo said Tuesday he is joining the "Zero Disposables Challenge," a campaign launched by the Minister of Environment Han Hwa-jin in February to encourage using more reusable products than disposables. The KB chief encouraged the public to join forces, saying "Even small actions that consider the environment can be widespread."

IndustryJuly 11, 2023

[From the Scene] KT to boost mining safety with digital solutions

YEONGWOL, Gangwon Province -- In a push toward digital transformation, South Korean telecommunications giant KT Corp. has launched communication-based digital solutions to help improve worker safety in mines. Jointly developed with Almonty Korea Tungsten Corp., the Korean office of a Canadian mining firm, the LTE-based communication infrastructure has been deployed at Sangdong Mine, in Yeongwol-gun, Gangwon Province. The KT-Almonty "mine safety DX" solution is composed of smart devices

TechnologyJuly 11, 2023

[Herald Interview] Why Korea is a crucial partner for Qualcomm

US chip giant Qualcomm Technologies has made an active push to drive innovation in next-generation growth engine industries in South Korea, with big name companies such as Samsung, LG and Hyundai. It looks to continue the journey through closer partnerships with key industry players here, according to a Qualcomm executive. “Building on more than 30 years of our close collaborations, Qualcomm is committed to driving continued innovation in Korea. We are excited to continue our journey with

TechnologyJuly 11, 2023

Posco raises 2030 second battery material sales target by 50%

Posco Holdings has set a goal of achieving 62 trillion won ($48 billion) in sales of secondary battery materials by 2030 by expanding its raw material production capacity, it said Tuesday. During its Posco Group Secondary Battery Materials Business Value Day, the firm announced the new goal, which is a 51 percent increase compared to the announced target last year of 41 trillion won. The raw materials it plans to expand production include lithium and nickel as well as next-generation, cathode an

IndustryJuly 11, 2023

Hyundai hires first female factory workers

Hyundai Motor Group has hired female workers for its local production plants for the first time since its founding, according to the nation’s umbrella union on Tuesday. Among a total of 200 factory workers hired in July, six were women, the Korea Metal Workers’ Union said. The carmaker, however, did not reveal the exact gender ratio. Currently, the carmaker employs around 28,000 factory workers, among whom approximately 500 are women. Most of the female employees had previously worke

IndustryJuly 11, 2023

NHN Commerce acquires Italian luxury fashion retailer

NHN Commerce, the retail unit of South Korean information technology company NHN Corp., said Tuesday it acquired a controlling stake in Italian luxury fashion brand retailer Ikonic, in a bid to further extend its reach into the global stage. NHN Commerce now holds a 77.8 percent stake in Ikonic -- an Italian multi-brand fashion platform retailing over 250 brands in the global market. Terms of the deal were not disclosed. Ikonic's annual sales stands at some 100 billion won ($77 million) in

ConsumerJuly 11, 2023

SK chief renews will to support young talent

SK Group Chairman Chey Tae-won on Monday renewed his will to support the nation’s young talent, urging them to make Korea a “leading country.” “You should not remain satisfied with South Korea being among the Organization for Economic Cooperation and Development member countries,” he said during a scholarship awarding event in Seoul on Monday. “The responsibility of making it a country that leads the world rests on your shoulders.” Chey, who doubles as t

IndustryJuly 11, 2023

Bioethanol takes spotlight at Green Fuels forum

Some 200 experts from the biofuel, petroleum refinery and automaking industries gathered to attend the 2023 International Green Fuels Symposium on Tuesday to evaluate sustainable fuel market trends and examine related policies in the country. Under the theme “The Role of Green Fuels in Realizing 2050 Carbon Neutrality," the event was hosted by the Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council. Lawmakers, government officials and ac

IndustryJuly 11, 2023

Lenders throw W6tr lifeline to KFCC to ease liquidity concerns

Seven Korean lenders have decided to provide over 6 trillion won ($4.64 billion) in financial assistance to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea Development Bank, have signed repurchase agreement contracts with the Korean Federation of Community

IndustryJuly 11, 2023

SK hynix becomes sole Dram supplier for Apple's Vision Pro headset

SK hynix, the world’s second-largest memory chipmaker, has been named the sole chip supplier for Apple’s Vision Pro virtual reality headset, according to industry sources Tuesday. Even though the chipmaker declined to confirm the deal, sources said the company will provide a dynamic random access memory, or DRAM, customized for the brand-new Apple gear. “We cannot provide comments related to our clients,” an SK hynix official said. The special type of DRAM chip is reporte

IndustryJuly 11, 2023

Kia names new PBV chief in Europe

Hyundai Motor Group’s sister firm Kia said Tuesday it has tapped Pierre-Martin Bos, a commercial vehicle specialist, as the European chief of its burgeoning purpose-built vehicle, or PBV, business. PBVs refer to battery-powered cars designed to meet specific customer needs such as delivery, ride-hailing and business-to-business transactions. With 25 years of experience, Bos previously worked for Fiat and Stellantis, where he was tasked with handling sales and marketing of commercial vehicl

MobilityJuly 11, 2023

SFTS case in Jeju suggest stray cats can spread deadly disease

A woman contracted Severe Fever with Thrombocytopenia Syndrome, a tick-borne disease, after coming into contact with a stray cat in Seogipo-si, Jeju, health authorities said on Monday. SFTS is an infectious disease that emerged from China with a mortality rate of up to 17 percent in Korea. The condition has no cure or vaccine as of now. The first local case was reported in 2013, and a total of 608 people have been infected with the disease in the last three years. Common symptoms include fever,

Social AffairsJuly 11, 2023

Hanwha Systems obtains license for satellite internet service in S. Korea

Hanwha Systems Co. said Tuesday it has obtained a government license to operate as a satellite internet service provider, as it ramps up to advance into the space internet sector with an eye on military demand. The authorization by the Ministry of Science and ICT allows Hanwha Systems, the defense and ICT unit under Hanwha Group, to provide high-speed internet service using low-Earth orbit telecommunication satellites for businesses and government organizations, the Seoul-based company said. Han

IndustryJuly 11, 2023

S. Korea to host intl. statistics congress in 2027

South Korea's statistics agency said Tuesday the country has been selected as the host of an international statistics event scheduled for 2027, which will bring together experts and government officials from around the world to share knowledge in the field of statistics. South Korea will host the World Statistics Congress of the International Statistical Institute in 2027 in the southeastern port city of Busan, marking the second time for the country to host the biennial event, following it

EconomyJuly 11, 2023