[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant

Amid growing uncertainties about the timely operation of Samsung Electronics' $40 billion semiconductor fabrication plant in Taylor, Texas, regional economic development chiefs in the state dismissed downsizing rumors, saying construction would be completed by mid-2025. “There was a recent story that workers left, but Samsung every two years recycles in other employees. So the employees there came back to Korea, and they have a new group of employees or construction workers on site,&r

IndustrySept. 25, 2024

Seoul shares open higher on Wall Street gains

Seoul shares opened higher Wednesday tracking overnight gains on Wall Street on increasing hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.56 percent, or 14.79 points, to 2,646.47 in the first 15 minutes of trading. Overnight, major US indexes closed higher on hopes for additional rate cuts by the Federal Reserve amid lingering concerns on the labor market. Blue chip tech shares rallied, with AI chip giant Nvidia up 3.97 percent and TSMC up 4.13 percent. In Se

MarketSept. 25, 2024

Young Poong adviser says teaming up with MBK Partners meant to save Korea Zinc

The adviser of Young Poong Corp., the biggest shareholder of Korea Zinc Inc., on Tuesday defended Young Poong's joint tender offer to buy the top zinc smelter with private equity firm MBK Partners as an attempt to save the company. Chang Hyung-jin, son of Young Poong co-founder Chang Byung-hee, made the remark in a rare interview with the local wire Yonhap News Agency, as a management conflict flared up over the share purchase plan, which Korea Zinc has strongly protested as a "hostile

CompaniesSept. 24, 2024

Samsung, top banks to create W2tr green growth fund for SMEs

Samsung Electronics and the nation’s top five lenders have collaborated to create a 2 trillion won ($1.5 billion) fund to support small and medium-sized companies struggling to meet toughening carbon regulations at home and in overseas markets. On Tuesday, the tech giant, together with the nation’s top five financial groups and the Financial Supervisory Service, vowed to offer low-interest rates on loans to smaller businesses seeking to invest in low-emissions facilities, equipment o

IndustrySept. 24, 2024

[Herald Interview] Han River set to transform into lifestyle platform

Once a symbol of Korea‘s rapid economic growth, the Han River is poised to evolve into a “lifestyle platform” for citizens and the ultimate place for healthy pleasure, according to Joo Yong-tae, deputy mayor of the city government’s Future Hangang Project Headquarters. “The Han River is a source of both relaxation and pride for the citizens of Seoul,” Joo said in an interview with The Korea Herald in early September. “Until a few years ago, the Han Riv

IndustrySept. 24, 2024

Government seeks public opinion on potential Lotto prize increase

The South Korean government will look into ways to address issues regarding the national lottery, following the outcry over the relatively small jackpot and large numbers of first-place winners. The Korea Lottery Commission, under the Finance Ministry, announced Tuesday that it has posted a survey titled, “What are your thoughts on changing the first-place prize for the Lotto?” on the public forum run by the Anti-Corruption & Civil Rights Commission. Questions in the survey inclu

MarketSept. 24, 2024

Seoul shares rise for 6th day on US rate cut hopes

Seoul shares closed higher Tuesday to extend their winning streak to a sixth day, driven by hopes for further US rate cuts and China's stimulus plan. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 1.14 percent, or 29.67 points, to 2,631.68. Trading volume was slim at 345.9 million shares worth 10.1 trillion won ($7.6 billion), with gainers surpassing decliners 605 to 264. Institutions bought 561.6 billion won worth of local shares to off

MarketSept. 24, 2024

Value-up index enlists 100 ‘best practice’ companies

The Korea Value-up Index, the key component of the government’s push to boost corporate value and address the “Korea Discount,” is to enlist 100 companies, including Samsung Electronics, Hyundai Motor and Mirae Asset Securities, according to the bourse operator Korea Exchange. On Tuesday, the Korea Exchange released the details on the value-up index, a stock index comprising "best practice" Korean companies complying with the corporate value-up program. The initiative

MarketSept. 24, 2024

Korea Zinc’s tit-for-tat dispute with MBK escalates

The vice chairman of Korea Zinc on Tuesday strongly condemned a takeover attempt by its major shareholder Young Poong, which teamed up with private equity firm MBK Partners for the bid, calling it a “predatory action” that would lead to the outflow of homegrown technology and put the country’s industrial competitiveness under threat. “Non-ferrous metals are a vital industry that supplies key raw materials to major domestic industries such as automobiles, semiconductor

CompaniesSept. 24, 2024

Kia to debut PV5 electric van in Japan in 2026

Hyundai Motor Company’s smaller sibling Kia is poised to enter Japan’s purpose-built vehicle market, a tricky segment already crowded with Japanese rivals. Kia said Tuesday it joined hands with Japan-based trading company Sojitz to launch its PV5 van, the carmaker's first PBV model built on an electric vehicle platform, in Japan in 2026. The car's Japanese debut hopes to benefit from the country’s net-zero goals. Currently, Japan offers hefty incentives to EV buyers

MobilitySept. 24, 2024

SPC eyes foray into Eastern Europe

South Korean bakery giant SPC Group said Tuesday it hosted a conference in Prague last week to explore strategies for expanding its global business in Europe. SPC Group held the Paris Baguette Europe Conference in the Czech capital on Thursday and Friday. Chairman Hur Jin-soo and Jack F. Moran, head of SPC's European operations, put their heads together for ways to penetrate the Eastern European market. On the first day, Hur met with CzechInvest CEO Jan Michal to discuss investment strategi

IndustrySept. 24, 2024

Google pays way less tax in Korea: lawmaker

Google Korea allegedly evaded more than 600 billion won ($450 million) in taxes in 2023, paying only 2.5 percent of its estimated corporate tax obligations, a ruling party lawmaker said on Tuesday. Rep. Choi Su-jin of the People Power Party, citing reports from the Korean Association of Financial Management and filings from the US Securities and Exchange Commission, revealed that Google Korea paid 15.5 billion won in corporate taxes last year, but considering its estimated revenue, the company s

IndustrySept. 24, 2024

Daewoo E&C, Czech's Sudop Praha sign MOU for nuclear plant project

South Korean builder Daewoo Engineering & Construction said Tuesday it has signed a memorandum of understanding with Czech infrastructure company Sudop Praha as part of efforts to strengthen its partnership with local firms in constructing nuclear power plants in the Czech Republic. According to Daewoo E&C, the signing ceremony took place during South Korean President Yoon Suk Yeol’s visit to Doosan Skoda Power -- the Czech subsidiary of Doosan Enerbility, specializing in power gen

CompaniesSept. 24, 2024

KITA chief discusses EU’s regulatory impact in Brussels

Korea International Trade Association Chairman and CEO Yoon Jin-sik visited Brussels this week to convey South Korean companies' concerns regarding upcoming EU environmental regulations to key European Commission and European Parliament representatives. During his visit Monday through Tuesday, Yoon was accompanied by a KITA delegation, comprising executives from member companies, including Meta Biomed, Hanyoung Nux, Exicon and Daejoo Autotech, according to the KITA on Tuesday. In a meeting

IndustrySept. 24, 2024

Korean automakers pressured to diversify supply chains as US bans Chinese tech

Starting in the second half of 2026, the US will ban the sale of connected cars using Chinese-made software, with further restrictions on hardware to begin in 2029, a move that will pressure global automakers, including South Korea’s Hyundai Motor and Kia, to diversify their supply chains. On Monday, the US Department of Commerce’s Bureau of Industry and Security announced a proposed rule that would prohibit the sale and import of connected vehicles containing Chinese or Russian soft

MobilitySept. 24, 2024

SC Bank launches new high-interest savings account

Standard Chartered Bank Korea said Tuesday that it launched a new savings account offering eligible customers a special annual interest rate of up to 4 percent. The name of the product, Hi account, reflects both a greeting to new customers and the promise of a high interest rate. The account adds a maximum of 3.9 percentage points to the base rate of 0.1 percent. For up to one year from the account opening, new SC Bank customers can get an additional interest rate ranging from 2.4 to 3.4 percent

IndustrySept. 24, 2024

Financial regulator calls for timely supply of funds to businesses

The financial regulator stressed the need to supply enough funds to local businesses in a "timely" manner, noting a recent US rate cut may increase market volatility. Kim So-young, deputy chief of the Financial Services Commission, also insisted that there still remained many uncertainties stemming from the upcoming US presidential election and increasing tensions in the Middle East, as well as widely expected rate reductions in major economies. "The speed of rate reductions in ma

EconomySept. 24, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street amid hopes for more US rate cuts. The benchmark Korea Composite Stock Price Index rose 0.58 percent, or 15.18 points, to 2,617.19 in the first 15 minutes of trading. Overnight, major US indexes gained ground as several Federal Reserve policymakers voiced support for additional rate cuts in the future. Last week, the Fed cut its lending rate by half a percentage point to a range of 4.75 percent to 5 percent and pledged fu

MarketSept. 24, 2024

Middle East’s big AI push lures Korean tech firms

In the wake of the artificial intelligence boom, Korean tech giants are seen swiftly expanding their foothold in the Middle East, where countries are turning their eyes to AI as a hedge to diversify their oil-centric economies. On Monday, the Wall Street Journal reported that the world’s leading chipmakers, Samsung Electronics and Taiwan Semiconductor Manufacturing Co., were reviewing the notion of building new semiconductor manufacturing facilities in the United Arab Emirates in the comin

IndustrySept. 23, 2024

Seoul shares rise for 5th day on tech gains

Seoul shares closed higher Monday to extend their winning streak to a fifth day, backed by tech gains, as investors were digesting the US Federal Reserve's big cut last week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 0.33 percent, or 8.64 points, to 2,602.01. Trading volume was slim at 330.2 million shares worth 9.3 trillion won ($6.96 billion), with losers slightly surpassing winners 449 to 434. Retail investors and institutions pur

MarketSept. 23, 2024