[Photo News] Hyundai's lunar dream

Hyundai Motor Group on Thursday unveiled the concept image of a lunar exploration rover, signaling the auto giant's initiatives to develop future space mobility. Working with South Korea's leading institutes, Hyundai Motor said it expects to complete the development of a prototype in the second half of 2024, setting 2027 as the target year to launch the actual product. The lunar rover will be equipped with autonomous driving technology, a self-charging system based on solar power, and

TechnologyApril 20, 2023

S. Korea cuts more than 10,000 employees at state-run firms in Q1

SEJONG-- South Korea's finance ministry said Thursday it has reduced the staff of state-run companies by more than 10,000 workers through voluntary retirement and sold assets to tighten its belt amid economic uncertainties. Around 290 state-run businesses let go of a combined 10,721 workers over the January-March period, according to the Ministry of Economy and Finance. Additionally, local state-run firms sold unnecessary assets worth 1.4 trillion won ($1 billion) over the same period. Th

EconomyApril 20, 2023

Seoul shares open lower on rate hike woes

Seoul shares opened lower Thursday as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The benchmark Korea Composite Stock Price Index lost 7.1 points, or 0.28 percent, to 2,567.98 in the first 15 minutes of trading. Overnight, Wall Street closed little changed following the release of the Federal Reserve's Beige Book, Fed officials' hawkish comments and a string of mixed corporate earnings including Tesla and Morgan Stanley. The Dow Jones Indu

MarketApril 20, 2023

Vietnam's Thai Binh province looks to attract investment from Korea

A delegation from Vietnam held a conference in Seoul on Wednesday to promote the Vietnamese province of Thai Binh's potential to rise as an industrial zone, calling for investments from South Korean companies. The event, co-organized by Thai Binh Provincial People's Committee, the Embassy of the Vietnam and The Korea Herald, sought to introduce the province's transition from agriculture-oriented industry to a smart industrial complex. "As of first quarter of 2023, Thai Binh&#

IndustryApril 19, 2023

S. Korea backs down on possible tax hike for heated tobacco products

The South Korean government on Wednesday backed down on a possible tax raise for heated tobacco products, just two days after the nation’s finance minister hinted at the possibility of a parliamentary hearing. “(The government) is not currently considering raising the tobacco tax at the moment,” the Finance Ministry said in a statement after the minister’s comments were met with immediate public backlash. A possible tax hike for heat-not-burn cigarettes first emerged when

IndustryApril 19, 2023

EU Chips Act potential boon for Korean parts makers: ministry

South Korea's Industry Ministry said Wednesday the European Union's version of the Chips Act could provide as an "opportunity" for Korean manufacturers. The European Union agreed Tuesday to pass the 43 billion euro ($47 billion) Chips Act aimed at doubling the bloc's share of global chip output, from the current 9 percent to 20 percent by 2030. Countries around the world, such as the United States, China, Taiwan and South Korea, have been introducing state support progra

IndustryApril 19, 2023

Seoul shares end higher on auto, battery materials, financial gains

South Korean stocks finished up Wednesday, as automakers, battery materials companies and banks led the market gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 3.99 points, or 0.16 percent, to close at 2,575.08. Trading volume was high at 933 million shares worth 12.4 trillion won ($9.4 billion), with gainers outnumbering losers 596 to 276. Institutions bought a net 455 billion won worth of stocks, while foreigners and retail investors o

MarketApril 19, 2023

[Photo News] World IT Show kicks off

The latest home appliances are showcased by Samsung Electronics and LG Electronics at the World IT Show 2023 that kicked off Wednesday in Seoul. The nation’s two top tech giants set up exhibition booths to show off their latest home appliances and mobile devices at the tech trade show running through Friday. Above is LG’s MoodUp color-changing refrigerator, while below is a gaming zone for Samsung’s flagship Galaxy S23 smartphone.

IndustryApril 19, 2023

Hyundai Mobis aims for $1b orders in China this year

Hyundai Mobis, a car parts maker under Hyundai Motor Group, is renewing its commitment to the all-important Chinese market as it showcases its latest technologies at Auto Shanghai 2023, the first large-scale motor show since the COVID-19 pandemic. The company said Wednesday it is holding extensive business meetings with Chinese and other global carmakers during the trade show that kicked off Tuesday. Over 1,000 carmakers and their suppliers have flocked to the Chinese city to flaunt their late

MobilityApril 19, 2023

Market cap of listed firms jumps 14% in Q1

The total market capitalization of listed firms in Korea rose by 14 percent, or 280 trillion won ($212 billion), during the first quarter of 2023, a report by issued by market tracker Korea CXO Institute showed Wednesday. As the local stock market has been on course for a gradual rebound in the first three months of 2023, the total market cap of 2,558 firms listed on the country’s benchmark Kospi and secondary Kosdaq increased by 280 trillion won, from 2,011 trillion won on Jan. 2 to 2,291

MarketApril 19, 2023

Hanwha’s DSME takeover to be approved next week

Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is nearing its end as South Korea’s Fair Trade Commission is expected to approve the takeover next week. The antitrust regulator on Tuesday sent Hanwha and DSME the examination report over the acquisition and decided to include the report on the agenda for the general meeting on April 26. The examination report includes an opinion to impose corrective measures to ban discrimination against competitors under th

IndustryApril 19, 2023

Genesis BBQ opens new restaurant in California

South Korean fried chicken franchise Genesis BBQ said Wednesday it recently opened a new restaurant in California in an effort to further penetrate the American market. Labeled under the franchise’s brand name “bb.q Chicken,” it is its 35th outlet in California. The restaurant is located in a bustling business center called Callens Corner in the Orange County city of Fountain Valley. With schools, hospitals, churches and other public facilities in the area, Callens Corner is a

ConsumerApril 19, 2023

Philip Morris names new Korea chief

Philip Morris Korea, the Korean branch of US tobacco giant Philip Morris International, said Wednesday that Hanna Yun, former managing director of Philip Morris Australia, has been named its new chief. An industry veteran who has dedicated 27 years to working at Philip Morris and its numerous international branches, Yun is a leader with extensive experience in business strategy and finance, the company said. After majoring in finance at the University of Technology Sydney in Australia and receiv

IndustryApril 19, 2023

Samsung reclaims No. 1 ranking in global smartphone sales

Samsung Electronics has regained the top spot in the global smartphone market in the first quarter of this year, slightly outpacing its archrival Apple, the No. 1 in the previous quarter, a report showed Wednesday. In the January-March period, Samsung held a market share of 22 percent, followed by Apple with 21 percent, according to the report released by market tracker Canalys. The South Korean tech giant was the “only leading vendor” to achieve a quarterly jump during the first thr

TechnologyApril 19, 2023

[Photo News] Robot for rehabilitation

Hyundai Motor said Wednesday that it held a ceremony to donate two units of the X-ble MEX, a wearable robot developed to help users exercise the lower body, to Asan Medical Center in Seoul. The wearable robots will be used to help with the treatment and rehabilitation of paraplegia patients, according to the company. Hyundai has trademarked X-ble as its wearable robot brand with the intention to expand the technology to various industries.

TechnologyApril 19, 2023

Seoul shares open up boosted by battery gains

Seoul shares opened higher Wednesday with battery stocks leading the gains. The benchmark Korea Composite Stock Price Index gained 3.36 points, or 0.13 percent, to 2,574.45 in the first 15 minutes of trading. Battery stocks, including those affiliated with steel giant Posco Holdings in particular, led the market gains on the rosy growth prospects of their battery materials business. Posco Holdings rose 1.69 percent, and Posco Future M, the steelmaker's chemical components-making unit, spike

MarketApril 19, 2023

1st meeting to set 2024 minimum wage falls apart

The first negotiating session for next year's minimum wage fell through Tuesday, as public sector representatives stayed away from the meeting in protest of labor activists shouting slogans in the conference room. The tripartite Minimum Wage Commission, which is composed of nine members each from labor, business and public sectors, was scheduled to meet for its first plenary meeting at 3 p.m. Tuesday to determine the minimum wage for 2024. But public sector representatives, including Commis

EconomyApril 18, 2023

[Photo News] Volkswagen to foster tech talent in Korea

Volkswagen Group Korea said Tuesday it has signed a memorandum of understanding with 42 Wolfsburg, a German nonprofit coding school, the German Embassy in Korea and a consortium led by Seoul’s Education Ministry to nurture young tech talent in the automotive software sector. The signing ceremony was held Thursday in commemoration of the 140th anniversary of diplomatic ties between Korea and Germany, with German Ambassador to Korea Michael Reiffenstuel (front, center) and Volkswagen Group K

IndustryApril 18, 2023

Soju's main ingredient posts biggest price jump in 20 years

The price of spirits used to make soju products went up Tuesday, marking the biggest jump in the last 20 years. The price hike comes for a second consecutive year, increasing burdens on local soju makers. Korea Ethanol Supplies Co. said Tuesday it has raised the price by 9.8 percent. The price hike will apply to all soju makers as the company is the country's sole distributor of the spirit. The latest 9.8 percent increase follows an 8 percent raise last year, and it is the highest increase

ConsumerApril 18, 2023

Seoul shares snap 7-day winning streak to close lower

South Korean stocks finished down Tuesday, breaking their seven-day streak of gains amid concerns over possible rate hikes in the United States. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.82 points, or 0.19 percent, to close at 2,571.09. Trading volume was high at 882.9 million shares worth 13.9 trillion won ($10.5 billion), with losers outnumbering gainers 577 to 309. Institutions sold a net 664 billion won worth of stocks, while foreig

MarketApril 18, 2023