S. Korea, US agree to minimize US CHIPS Act-induced uncertainties

South Korean Industry Minister Lee Chang-yang and US Secretary of Commerce Gina Raimondo agreed to minimize uncertainties and business burdens chipmakers face over the US’ semiconductor subsidy program, Seoul’s Industry Ministry said Friday. The two sides held their first Supply Chain and Commercial Dialogue, or SCCD, in Washington on Thursday and released a joint declaration statement, vowing to work closely together to minimize the impacts of the US’ CHIPS Act and Inflation R

IndustryApril 28, 2023

[Photo News] Hyundai chair at Yoon’s US Congress speech

Hyundai Motor Group Executive Chair Chung Euisun (second from right in second row) was spotted during President Yoon Suk Yeol’s address to a joint meeting of the US Congress, celebrating the 70th anniversary of the bilateral alliance at the House Chamber of the US Capitol, Washington, D.C., on Thursday. Chung and top executives including Hyundai Motor Group CEO Chang Jae-hoon and Jose Munoz, president and CEO of Hyundai and Genesis Motor North America, had reportedly signed up to make sure

MobilityApril 28, 2023

LG Uplus to compensate customers for network failure

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Friday it will compensate more than 4 million customers for a network disruption caused by distributed denial-of-service attacks earlier this year. The company's network had suffered partial disconnections for a combined five times on Jan. 29 and Feb. 4 due to the DDoS attacks. Its fixed-line internet, video-on-demand and internet telephone services were unavailable for 63 minutes and 57 minutes on the respective days. LG Uplus s

IndustryApril 28, 2023

Industrial output up 1.6 % in March

South Korea's industrial output and retail sales gained ground on-month in March, data showed Friday, while its facility investment fell over the period. The industrial output advanced 1.6 percent from the previous month in March, according to the data from Statistics Korea. Retail sales, a gauge of private spending, increased 0.4 percent over the period. However, facility investment slipped 2.2 percent, it added. In February, all three major indicators of economic activity -- industrial ou

IndustryApril 28, 2023

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Friday, tracking overnight gains on Wall Street, as major chipmakers and platform operators gathered ground on hope of a better outlook. The benchmark Korea Composite Stock Price Index added 6.72 points, or 0.27 percent, to 2,502.53 in the first 15 minutes of trading. Overnight, US shares ended higher as Meta Platforms' upbeat quarterly earnings report boosted tech shares. The Dow Jones Industrial Average rose 1.57 percent, and the tech-heavy Nasdaq Composi

MarketApril 28, 2023

Korea Exchange to resume trading of KG Mobility shares

South Korea's main bourse operator decided Thursday to keep KG Mobility, formerly known as SsangYong Motor, listed on the market. SsangYong's shares have been suspended since December 2020, when the carmaker filed for a court receivership. The court receivership procedure was completed in November last year, after KG Group decided to acquire SsangYong. The company was later renamed KG Mobility. The Korea Exchange conducted an eligibility review Thursday and decided to keep the compan

MobilityApril 27, 2023

Kakao Pay to acquire controlling stake in US brokerage firm Siebert

Kakao Pay Corp., the fintech unit of South Korean tech giant Kakao, said Thursday it plans to acquire a controlling stake in Siebert Financial Corp., a US brokerage firm, as part of efforts to expand its financial business abroad. Kakao Pay said in a regulatory filing it has signed a deal to purchase Siebert's new shares worth $17 million. The deal, set to be completed on May 4, will allow Kakao to secure a 19.9 percent stake in the New York-based firm. After winning approval from shareho

MarketApril 27, 2023

LG beats Q1 earnings estimates, outpaces Samsung for 1st time

Despite the global economic downturn, LG Electronics announced surprise earnings for the January-March period, outpacing its crosstown rival Samsung Electronics' financial result for the first time in more than a decade. In a regulatory filing on Thursday, the consumer electronics giant said its operating profit for the first quarter was 1.5 trillion won ($1.12 billion), down 22.9 percent from a year earlier. It has become the company’s second-highest profit for the January-March pe

TechnologyApril 27, 2023

[Herald Interview] Fairfax County ready to support Korean companies expanding into US

Fairfax County of Virginia, one of the major business destinations in the US, is home to 8,800 tech companies, including nine listed on the Fortune 500. South Korea also has a sizeable business community consisting of some 80 companies -- the largest number among Asian countries -- including Dongwon Group, SK Signet, Golfzon and Korea Aerospace Industries. Behind the successful attraction of the big names and multinational businesses stands Fairfax County Economic Development Authority, which se

IndustryApril 27, 2023

Korean chip, car industries unassuaged by summit talks

South Korean chip suppliers and automakers have been left unimpressed by the summit between Presidents Yoon Suk Yeol and Joe Biden, after it failed to bring out any tangible measures to ease their concerns over Washington's increasingly protectionist policies. Holding a joint press conference after their summit on Wednesday, the two presidents announced their agreement on strengthening cooperation in advanced technology sectors, including chips, electric vehicles and batteries. But they did

IndustryApril 27, 2023

Nexon's MapleStory turns 20, uniting fans in nostalgia

Nexon's iconic MMORPG, MapleStory, is commemorating its 20th anniversary this year with an array of virtual and real-world celebrations. First launched in 2003, the 2D side-scrolling game quickly amassed players of all ages thanks to its inviting visuals and straightforward gameplay. Nexon said that "MapleStory has long been loved for its series of well-received content updates." Significant updates include 2011's "Legend," which achieved a record 626,000 concurre

CompaniesApril 27, 2023

[Contribution] Luxury boom shows the power of the brand

By Achim Berg Senior partner at McKinsey & Company In 2023, challenges will persist in the fashion industry, but things are not all gloom and doom. Disruption in markets, fears over global food and energy supplies, and worries over rising inflation pressure will continue to dampen the mood of the global fashion industry. The world is grappling with high inflation and a cost of living crisis – which have had a deleterious effect on consumers’ purchasing power. Consumers ar

IndustryApril 27, 2023

Seoul shares end 5-day losing run on big-cap tech gains

South Korean stocks ended higher Thursday after a five-session losing streak as investors picked up tech bargains despite concerns about the global banking sector instability and an economic recession. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 10.98 points, or 0.44 percent, to close at 2,495.81. Trading volume was moderate at 722.69 million shares worth 10.97 trillion won ($8.19 billion), with decliners outpacing gainers 465 to 405. Reta

MarketApril 27, 2023

Hanwha completes puzzle with DSME takeover

The final puzzle piece for Hanwha Group's ambitions in becoming a global defense company has fallen into place. With antitrust regulators approving the acquisition of Daewoo Shipbuilding and Marine Engineering, the group's business operations now span all three areas of air, land and sea. Hanwha, whose core businesses are its aerospace and defense systems, previously tried to acquire DSME in 2008 with Hanwha Group Chairman Kim Seung-yeon leading the takeover. But the global financial c

IndustryApril 27, 2023

BOK downplays concerns over fall in foreign reserves

The Bank of Korea has refuted reports claiming that the amount in Korea's foreign reserves has fallen to the level below what the International Monetary Fund suggests as “adequate.” "The amount of Korea's foreign reserves stands at $426.07 billion, the ninth-largest in the world," the central bank said through a press release Wednesday, referring to the figure drawn up at the end of March. "The IMF also assessed the reserve shows an adequate response to ext

EconomyApril 27, 2023

Top financial firms log Q1 net growth; increase loan loss reserves

All four major financial holding companies in Korea have increased their loan loss reserves during the first quarter of this year. Despite this, KB Financial Group, Woori Financial Group, Hana Financial Group and Shinhan Financial Group have managed to report an improvement in net profit during this period. KB's loan loss reserves in the January-March period were 668.2 billion won, surging dramatically from 145.8 billion won during the same period last year. Despite the increase in loan los

IndustryApril 27, 2023

Posco International posts upbeat earnings after merger

Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the same period from a year earlier. However, the company added that it generally saw a jump in its p

IndustryApril 27, 2023

Hyundai Steel unveils roadmap for carbon neutrality

South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050. For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030. “Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Ste

IndustryApril 27, 2023

Posco, Siemens boost ties on eco-friendly projects

South Korean steelmaker Posco Group said Thursday that it has teamed up with German industrial giant Siemens to enhance the competitiveness of the steel industry during their meeting in Seoul, Tuesday. Posco Vice Chairman Kim Hak-dong and Siemens CEO Roland Busch held the meeting to strengthen mutual cooperation between the two groups and find new business opportunities. Siemens is Europe's largest engineering company pushing for business in a range of fields including factory automation, e

IndustryApril 27, 2023

Samsung posts worst quarterly earnings in 14 years

Samsung Electronics, which posted its worst quarterly earnings in 14 years amid weak demand and falling chip prices, said it expects a gradual recovery in the second half of the year as the effects of production cuts kick in from the following quarter. In response, the world's largest memory chip and smartphone maker plans to increase the proportion of advanced processes and high-value-added products and continue to invest in securing future technologies. “We are in the process of red

TechnologyApril 27, 2023