SK Square CEO upbeat about partnership with EQT to nurture global security firm

SK Square Vice Chairman and CEO Park Jung-ho on Tuesday showed high expectations about joint management with Sweden’s EQT Infrastructure to nurture SK Shieldus into a global security firm. In a press conference held on the sidelines of this year's Mobile World Congress in Barcelona, Spain, Park -- who also doubles as SK hynix CEO -- revealed that EQT Infrastructure will purchase a total 68 percent stake to become the top shareholder of the Korean Security firm. EQT Infrastructure is a

IndustryMarch 1, 2023

Coupang earnings extend winning streak in Q4 2022

South Korean e-commerce giant Coupang is extending its winning streak in earnings, posting a profit for the second consecutive quarter in the fourth quarter 2022, according to its earnings report on Wednesday. The US-listed company said it posted quarterly operating profits of $83.4 million in the September-December period, an almost 10 percent growth from $77 million in the third quarter when the company first turned a profit since launching its ultrafast Rocket Delivery service in 2014. The co

ConsumerMarch 1, 2023

Hyundai Motor Group chief promotes Busan Expo bid

Hyundai Motor Group Executive Chair Chung Euisun underscored South Korea’s vision to host the 2030 World Expo in Busan to 12 ambassadors from countries in Africa, the Caribbean and the Pacific region, asking for their support in the country’s bid. According to Hyundai Motor Group on Wednesday, Chung met the ambassadors at the Korean Embassy in the US on Tuesday. The ambassadors represented Malawi, Mali, Mauritius, Burundi, Central African Republic, Togo, Guyana, Barbados, Bahamas, Sa

MobilityMarch 1, 2023

Samsung Electronics top stock pick in Feb.; SM ranks No. 4

Market bellwether Samsung Electronics was the top stock pick among investors in February, with the total trade volume of its stocks soaring to 16.17 trillion won ($12.3 billion) on the nation’s main bourse Kospi, according to data from the Korea Exchange on Wednesday. The tech giant’s daily trade volume was 808.9 billion won on average last month. Posco Chemical, a battery materials company that has recently inked a whopping 40 trillion won supply deal with Samsung SDI, had the sec

IndustryMarch 1, 2023

SKT to expand global presence ifland metaverse platform

South Korean telecommunication giant SK Telecom is launching its metaverse platform ifland in the United States, Europe and Southeast Asia, in cooperation with a number of global telcos, the company said Wednesday. SKT said it inked separate agreements with Germany’s Deutsche Telekom, US’ T-Mobile, Axiata, which operates in 11 countries in Southeast Asia, and Malaysia’s CelcomDigi on expanding the ifland service, on the sidelines of this year’s Mobile World Congress. &ldq

IndustryMarch 1, 2023

S. Korea's exports down for fifth month in Feb. on falling chip demand

South Korea's exports fell for the fifth consecutive month in February due mainly to weak global demand for semiconductors amid an economic slowdown, the industry ministry said Wednesday. Outbound shipments fell 7.5 percent on-year to $50.1 billion in February, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It is also the first

EconomyMarch 1, 2023

[Graphic News] S. Korea’s fisheries output down 6% in 2022

South Korea’s fisheries output moved down 6 percent from a year earlier in 2022, data showed, primarily due to a fall in the production of anchovies, hairtail and squid. Total fisheries output amounted to 3.6 million tons last year, down from 3.83 million tons tallied in 2021, according to Statistics Korea. The statistics agency attributed the overall decrease to the fall in output from the aquaculture, littoral and deep-sea fishing sectors. The number of boats in the deep-sea fishing indu

IndustryMarch 1, 2023

Duty-free retailers eye China’s reopening

South Korean duty-free retailers are expected to see a bump in profits this year with the return of Chinese tourists, according to a Bank of Korea report released Tuesday. This year the number of Chinese tourists visiting Korea is estimated to reach 2 million –10 times last year’s 200,000. The Korean government’s lifting of mandated PCR tests for Chinese tourists upon arrival and the recent resumption of short-term visa issuance for Chinese nationals were cited as key driving

ConsumerFeb. 28, 2023

GC acquires Catalyst's orphan hematology disorder pipeline

GC Biopharma announced on Tuesday that it has signed an asset purchase agreement with US drug developer Catalyst Biosciences to acquire its orphan hematology disorder treatment candidates. Under the agreement, GC Biopharma will acquire three drug candidates including Marzeptacog alfa (MarzAA), a rare bleeding disorder treatment candidate, which is being tested in a phase 3 global clinical trial. With the latest agreement, GC Biopharma aims to launch a first-in-class novel drug in global markets,

TechnologyFeb. 28, 2023

Seoul shares close higher amid Fed rate uncertainties

South Korean stocks closed moderately higher Tuesday amid worries the US Federal Reserve's monetary tightening may last for longer than expected. The local currency ended almost flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.21 points, or 0.42 percent to 2,412.85. Trading volume was moderate at 518.1 million shares worth 8.9 trillion won ($6.72 billion) with gainers outnumbering decliners 504 to 362. "Investors have become quite immune to the negati

MarketFeb. 28, 2023

Huons to export local anesthetics to Canada

Huons, a local bio company, announced Tuesday that the company received regulatory approvals from Health Canada to export the company’s local anesthetics. According to Huons, both ampoule and vial types of its lidocaine -- the most widely used local anesthetic -- have received approvals from Health Canada. The company will first send 70,000 vials of its lidocaine in the second quarter this year. Formative Pharma, a Canadian firm specializing in the registration and distribution of pharmace

TechnologyFeb. 28, 2023

Schenker Korea CEO reelected as ECCK chairman

The European Chamber of Commerce in Korea announced Tuesday that Dirk Lukat, CEO of Schenker Korea, has been reelected as the chamber’s chairperson at the annual general meeting on Monday. The ECCK is an organization representing over 400 European companies operating in Korea. Board elections for the 2023-2025 mandate were also held on the same day. Per Stenius, chairman and CEO of Reddal, Lee Ga-young; managing director of Knoell Korea; Erik Roelans, CEO of ER-Marine Erik Roelans; co-CEO

IndustryFeb. 28, 2023

Tech leaders flock to MWC to take cue for innovation

Chiefs of South Korea’s major information and communication technology conglomerates attended the Mobile World Congress 2023, which kicked off in Barcelona, Spain, on Monday. As innovative future technologies ranging from telecommunications and mobile to artificial intelligence and robots are showcased at the event, they gathered to foster new growth engines. On the first day of the MWC, SK Group Chairman Chey Tae-won visited the ICT trade show to support the group’s telecommunicatio

TechnologyFeb. 28, 2023

Tensions heat up over SM acquisition

Hybe, the Korean entertainment agency behind BTS, announced on Tuesday that it has submitted a petition to the Financial Supervisory Service asking for an investigation into a "suspicious" large purchase deal of SM Entertainment stocks. The request comes amid Hybe’s bid to take over its rival agency after becoming its largest shareholder. “On Feb. 16, an abnormal purchase of 2.9 percent (683,398 shares) of SM's issued shares took place at IBK Investment Securitie

IndustryFeb. 28, 2023

Renault Korea, union pledge win-win partnership

Renault Korea said Tuesday its labor and management have agreed to join forces to push for the company’s Busan factory to become a global production base for the French carmaker. According to the company, Renault Korea CEO Stephan Deblaise and Kim Dong-suk, the labor union leader, signed a joint declaration that underscores a win-win partnership and mutual trust. “Based on renewed labor-management relations, we should fulfill our vision as one team. Without cooperation from the lab

MobilityFeb. 28, 2023

Finance minister urges close attention to China's reopening

South Korea's chief economic policymaker on Tuesday called for more attention to the reopening of the Chinese economy in order to address the prolonged downturn in the country's outbound shipments. At a Cabinet meeting, Finance Minister Choo Kyung-ho pointed out challenges facing South Korea, such as high inflation, higher borrowing costs and the strong US dollar amid the war between Russia and Ukraine. The finance minister added each ministry should especially keep a watchful eye

EconomyFeb. 28, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking gains in Wall Street overnight amid speculation that the tight monetary policy by the Federal Reserve may persist for longer than expected. The benchmark Korea Composite Stock Price Index rose 16.01 points, or 0.67 percent, to 2,418.65 in the first 15 minutes of trading. US stocks rebounded Monday as investors hunted for bargains from last week's losses. Data showed new orders for capital goods in the world's largest economy increased

MarketFeb. 28, 2023

Iced Americano most popular drink in freezing temperatures: S.Korean coffee chain data

“Eol-juk-a,” a shortened version of the phrase that roughly translates to “iced Americano even if I freeze to death,” has been vindicated as the cold beverage turned out to be the most popular menu in a nationwide coffee franchise during January, the coldest month in South Korea. Hollys Coffee, one of South Korea’s top 10 coffee franchises, on Monday announced sales statistics for January when the average temperature was below zero. The figures, collected from custo

ConsumerFeb. 27, 2023

SeAH Group remains mum over SpaceX supply deal

SeAH Group, a South Korean steelmaker, could become the first South Korean company to sign a delivery contract with SpaceX as the conglomerate is in talks with the US spacecraft manufacturer to supply materials for rockets and satellites, according to local reports Monday. Citing anonymous industry sources, the reports said SeAH Changwon Integrated Special Steel (SeAH CSS) -- the group’s unit that specializes in producing special steel alloys for aerospace parts -- is carrying out negoti

IndustryFeb. 27, 2023

China’s duty-free giant joins bid to operate at Incheon Airport

Competition for operational rights for lucrative duty-free shops at Incheon Airport is heating up, with China Duty Free Group, one of the largest duty-free retailers globally, joining the race. According to industry sources on Monday, CDFG offered its bid to join the heated race after participating in a tender briefing session last month. Competing head-on with Korean rivals such as Lotte, Shinsegae and Hotel Shilla, the Chinese duty-free giant aims to win as many as two business licenses to ope

ConsumerFeb. 27, 2023