Seoul shares open lower on Samsung, global banking system woes

South Korean stocks opened lower Thursday on Samsung Electronics' poor earnings and renewed concerns about the health of the global banking system. The benchmark Korea Composite Stock Price Index shed 11.7 points, or 0.47 percent, to 2,473.13 in the first 15 minutes of trading. Overnight, US shares ended mixed as concerns about the US banking sector instability overshadowed upbeat corporate business results. The Dow Jones Industrial Average lost 0.68 percent, while the tech-heavy Nasdaq Com

MarketApril 27, 2023

Yoon asks Tesla CEO Musk to invest in S. Korea

WASHINGTON--President Yoon Suk Yeol met with Tesla CEO Elon Musk on Wednesday and asked for his investment in a gigafactory in South Korea, a presidential official said. The meeting took place at Musk's request during Yoon's state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok. Yoon said South Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a gigafactory. "Shou

IndustryApril 27, 2023

Shinsegae, Hotel Shilla win Incheon airport duty-free licenses

Shinsegae DF and Hotel Shilla were selected Wednesday as new duty-free operators at Incheon International Airport, the Korea Customs Service said. Shinsegae and Shilla were awarded licenses to operate duty-free shops in DF 1 zone and DF 2 zone, respectively, for 10 years starting from July. The shops sell perfumes, cosmetics, alcohol and tobacco. Five companies, including Hyundai Department Store Duty Free, Lotte Duty Free and China Duty Free Group, competed for the rights to run duty-free store

CompaniesApril 26, 2023

Hyundai, Kia likely to outpace Toyota in Q1 earnings for 1st time

Hyundai Motor Group is highly likely to outpace Toyota in first quarter earnings this year for the first time, according to industry estimates on Wednesday. The South Korean auto giant’s Hyundai and Kia brands posted a combined 6.5 trillion won ($4.8 billion) in operating profits in the first three months of this year. It is a record figure for the carmaker, exceeding the estimated 5.98 trillion won of operating profits of its archrival Toyota, the world’s No. 1 carmaker in terms of

MobilityApril 26, 2023

[Contribution] Building trust with foreign taxpayers

By Kim Tae-ho National Tax Service vice commissioner In March, the National Tax Service held an official gathering with the European Chamber of Commerce in Korea for the first time in 12 years. This event, along with a similar engagement with the American Chamber of Commerce last year, highlights our commitment to improving communication with foreign investors and building mutual trust. Trust between the revenue agency and the taxpayer promotes voluntary and honest tax filing and payment, whil

EconomyApril 26, 2023

Korea, US agree to bolster ties on bioeconomy

The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development. The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden. The agreement is the first of its kind signed betwe

TechnologyApril 26, 2023

Seoul shares down for 5th day despite big-cap tech rebound

South Korean stocks ended slightly lower Wednesday, as investors began assessing corporate quarterly earnings amid renewed concerns over the stability of the global banking system and the Sino-US rivalry. The local currency fell to a yearly low against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.19 points, or 0.17 percent, to close at 2,484.83, extending its losing streak to a fifth session. Trading volume was heavy at 1.01 billion shares worth 12.24 trillion won ($9.16

MarketApril 26, 2023

Korea, US ink 23 MOUs to rachet up tech alliance

  Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Roundtable and the Korea-US Business Forum were held at the US Chamber of Commerce in Washingt

IndustryApril 26, 2023

Korean battery makers bolster EV alliance in US to tackle IRA

South Korean battery and automakers are shelling out big funds to set up joint ventures for electric vehicle batteries in the US in response to the protectionist Inflation Reduction Act, industry sources said Wednesday. Samsung SDI announced Tuesday it is poised to build a joint venture with General Motors in the US. Details of the deal including the location were not made available. Under $3 billion investment, the plant will have an annual production capacity of 30 gigawatt-hours, supplying

MobilityApril 26, 2023

ReWorld Forum explores finance roles in tackling climate change

The SDX Foundation chairman warned that innovative changes to our old perception of the climate crisis must occur within the next 10 years, or it will be impossible to prevent catastrophic consequences. “Although our generation only worked hard for our family and society, the outcome has unfortunately led to passing on a deteriorated environment to our children,” said SDX Foundation Chairman Jhun Ha-jin, 65, during a ReWorld Forum in Seoul on Wednesday. “Due to this unfortunate

IndustryApril 26, 2023

Renault’s QM6 combines perks of SUVs and sedans

Renault Korea’s new QM6 SUV is more than just your typical SUV -- it is also equipped with the much-loved perks of a sedan. SUVs are usually known to offer a less comfortable riding experience compared to sedans due to the bigger tires causing higher road impact. With an improved power train, reduced noise, an upgraded exterior and additional convenience features, Renault’s QM6 presents a solution to this issue by keeping the performance and capabilities of an SUV while incorporating

MobilityApril 26, 2023

Korea Ginseng Corp. finds more evidence ginseng could help stop Alzheimer’s

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Wednesday that a collaborative research team supported by KGC and Konyang University has found a potential mechanism to reduce cognitive decline in Alzheimer's disease in red ginseng polysaccharides. Alzheimer's is the most common type of dementia, which occurs when amyloid beta, a proposed cause of Alzheimer's, aggregates and accumulates in the brain. Konyang University’s Research Institute for Demen

IndustryApril 26, 2023

Posco Future M, LG Energy Solution sign W30tr cathode supply deal

South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma

TechnologyApril 26, 2023

[Photo News] New Mercedes E-Class

Mercedes-Benz unveiled the new E-Class in a digital world premiere on Tuesday. The new E-Class underwent a full change for the first time in seven years to feature advanced personalization and digitalization functions. The luxury midrange sedan is expected to go on sale early next year in South Korea.

MobilityApril 26, 2023

Booyoung founder receives medal for contribution to growth in Cambodia

South Korean construction giant Booyoung Group’s Founder and Chairman Lee Joong-keun was awarded the Medal of National Merit by Cambodian Prime Minister Hun Sen on Monday. The medal is the highest honor given by the Cambodian government and is awarded to those who have significantly contributed to national development. As a recipient of the medal, Chairman Lee was recognized for his leadership in many social contribution projects that Booyoung Group carried out throughout Cambodia. This in

IndustryApril 26, 2023

Trade terms continue to fall in March on faster export price fall

South Korea's terms of trade worsened for the 24th straight month in March as export prices fell faster than import prices, central bank data showed Wednesday. The country's net terms-of-trade index for goods fell 5.1 percent from a year earlier, according to the preliminary data from the Bank of Korea. The index is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy for each unit of exports, with a lower figure

EconomyApril 26, 2023

Hyundai Mobis Q1 net jumps 62% on high-margin parts

Hyundai Mobis Co., South Korea's leading auto parts maker, said Wednesday its first-quarter net profit jumped 62 percent from a year earlier on increased sales of high-margin components. Net profit for the three months ending March 31 rose to 841.8 billion won ($629 million) from 520.9 billion won during the same period of last year, the company said in a statement. "The quarterly bottom line was buoyed by the increased production of modules and key components as the global chip shorta

IndustryApril 26, 2023

SK hynix suffers record loss in Q1, eyes recovery in Q2

In the wake of escalating competition between the US and China, SK hynix said it is reviewing plans for future operation of its manufacturing facilities in China, as it announced its worst operating profit losses on Wednesday. “We are looking at various factors of long-term geopolitical risks, market demand and operation efficiency to comprehensively review the future operation of our manufacturing plant in China,” Kim Woo-hyun, chief financial officer for SK hynix, said on the ear

IndustryApril 26, 2023

Seoul shares open nearly flat after sharp slide

South Korean stocks opened nearly flat Wednesday, as big-cap shares rebounded from recent deep losses. The benchmark Korea Composite Stock Price Index shed 1.37 points, or 0.06 percent, to 2,487.65 in the first 15 minutes of trading. Overnight, US shares fell on renewed concerns about the banking sector instability after the First Republic Bank reported a drop in deposits in the first quarter and its stock sank nearly 50 percent. The Dow Jones Industrial Average lost 1.02 percent, while the tech

MarketApril 26, 2023

Big firms' R&D spending rises 14% in 2022 despite lower earnings

Major South Korean firms' spending on research and development swelled 14 percent in 2022 from a year earlier despite sharply decreased operating income amid an economic slowdown, a market tracker said Wednesday. Combined R&D expenditures by 231 out of the country's top 500 companies came to 68.4 trillion won ($51 billion) last year, up 8.4 trillion won from a year earlier, according to CEO Score. The tally covers businesses that have disclosed their R&D expenditures over the p

IndustryApril 26, 2023