Seoul shares end tad up amid rate hike concerns

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won. Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323. The index had fluctuated b

MarketFeb. 21, 2023

[Herald Interview] Align Partners CEO faces off against SM founder, Hybe

A two-year-old activist fund that triggered a controversial corporate ownership battle between two K-pop powerhouses said it will persistently demand governance improvement of SM Entertainment until it makes substantial profit. With only a 1.1 percent stake, Seoul-based Align Partners has been shaking up the governance structure of SM Entertainment, which is behind stars like NCT, EXO and aespa, by gathering minority shareholders. Align’s shareholder campaign against the K-pop juggernaut

MarketFeb. 21, 2023

Samsung, Naver join forces against Apple on payments

As IT behemoth Apple will likely launch its mobile payments service Apple Pay in Korea next month, Samsung Electronics appears to be reacting to the rival’s move by strengthening its digital payment service Samsung Pay through a strategic partnership with internet giant Naver. Samsung announced Monday that it signed a partnership agreement with Naver Financial to promote its mobile payment system, making digital payments more convenient for its users. Samsung has gained a stronger online p

TechnologyFeb. 21, 2023

Ssangyong E&C completes $1.2b UAE landmark project

South Korean builder Ssangyong Engineering & Construction said Tuesday it has completed the construction of Atlantis the Royal, a $1.2 billion ultraluxury resort complex, after almost seven years of work. Atlantis the Royal, set on the crescent of the human-made island Palm Jumeirah in Dubai of the United Arab Emirates, comprises three 44-story five-star hotels and three residence hotels. The hotel buildings consist of 791 rooms, 94 pools and penthouses with their own private infinity pools,

IndustryFeb. 21, 2023

LG Energy Solution seeks shared growth with employees

The fast-changing job industry in Korea has been showing a shift in work culture with a rising inclination toward catering to individual growth and self-improvement, away from a focus simply on boosting corporate growth. The country’s leading battery maker LG Energy Solution is making strides to invest more in their employees. Under the philosophy that corporate growth is achievable when employees truly want to work in their positions, the company aims to move away from the increasingly ob

IndustryFeb. 21, 2023

Local banks cut lending rates amid rising criticism

Top commercial Korean banks are moving to lower their lending rates further amid backlash from financial authorities and the public against its presentation of a social contribution plan that was deemed inadequate for easing pressing burdens from high rates. Many have demanded South Korean banks share their profits with society after they enjoyed a bumper year on last year's interest rate hikes. The top four Korean financial groups -- Shinhan, KB, Hana and Woori -- saw their combined ne

IndustryFeb. 21, 2023

Toyota aims to win back Korean customers

Toyota will release eight new electric vehicles in South Korea to ramp up its automation lineup to meet the diversifying needs of local customers this year, Toyota Motor Korea said Tuesday as it announced the launch of its RAV4 plug-in hybrid electric vehicle. According to the Japanese automaker, the Korean office has set 2023 as a turning point to implement the global headquarters’ “multipathway” strategy that aims to offer a varied selection of automated vehicles in different

MobilityFeb. 21, 2023

Exports fall 2.3 percent during first 20 days of February on weak chip demand

South Korea's exports fell 2.3 percent on-year in the first 20 days of February, data showed Tuesday, as the sluggish global demand for chips offset strong shipments of automobiles. The country's outbound shipments stood at $33.5 billion in the Feb. 1-20 period, compared with $34.3 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 9.3 percent on-year to $39.5 billion during the cited period, resulting in a trade deficit of $5.9 billion. The de

IndustryFeb. 21, 2023

Seoul shares open tad lower on rate hike concerns

South Korean stocks opened slightly lower Tuesday as traders remained uncertain about the US Federal Reserve's future monetary policy to curb inflation. The benchmark Korea Composite Stock Price Index had shed 7.36 points, or 0.3 percent, to 2,447.76 in the first 15 minutes of trading. US financial markets closed Monday for the Presidents' Day holiday. On Friday, Wall Street ended mixed as stronger-than-expected US inflation readings and a low unemployment rate reinforced investors

MarketFeb. 21, 2023

Former SK hynix VP named chief economist for US team overseeing chip development fund

A former vice president and chief economist for SK hynix has joined the US government team overseeing a $52.7 billion fund to boost development and manufacturing in the chipmaking industry. On Friday, the US Commerce Department announced that Dan Kim has joined the CHIPS Program Office as chief economist and director of strategic planning and industry analysis. The program is aimed at spurring manufacturing and innovation in the US semiconductor industry under the CHIPS and Science Act signed in

TechnologyFeb. 20, 2023

Korea targets drone, bot deliveries by 2027

The Ministry of Land, Infrastructure and Transport on Monday unveiled a slew of long-term plans to establish smart logistics infrastructure across the country, which will enable one-hour delivery services using drones and artificial intelligence. The government said it first plans on commercializing robot deliveries by 2026 and drone deliveries by 2027. "We will support the development of technologies to commercialize unmanned deliveries, and create a test bed made exclusively for the pract

ConsumerFeb. 20, 2023

Seoul shares inch up amid inflation woes

South Korean stocks ended slightly higher Monday as investors remain cautious about the United States' monetary policy path amid high inflation. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.91 points, or 0.16 percent, to 2,455.12. Trading volume was a bit slim at 382.21 million shares worth 7.43 trillion won ($5.74 billion), with gainers outpacing decliners 560 to 320. The index opened markedly lower but rose to positive terrain afte

MarketFeb. 20, 2023

KB Financial pledges W50b for child day care programs

KB Financial Group on Monday pledged to donate 50 billion won ($38.5 million) in donations over the course of five years from this year to 2027 to add forces to the Ministry of Education’s plans to advance the nation’s elementary care system. KB’s donation will be used mainly to support the Neulbom School service, an edu-care service operated by the Education Ministry that simultaneously cares for and offers diverse and flexible after-school activity programs for elementary sch

IndustryFeb. 20, 2023

SK Signet Europe wins first W10b order in UK

SK Signet, a South Korean manufacturer of electric vehicle chargers, said Monday it had recently won its first supply deal in Europe, worth 10 billion won ($7.7 million), through a regional subsidiary. The establishment of SK Signet’s European subsidiary, SK Signet Europe, was announced at the CES trade show in January. Based in Germany, the local office aims to create sales and partnership opportunities in the region’s top five EV markets, Germany, the UK, Italy, France and Spain. T

IndustryFeb. 20, 2023

[KH Explains] Samsung returns to OLED TV market after 10 years, renews competition with LG

Almost a decade after Samsung Electronics ditched the organic light-emitting diode TV business, the tech giant has returned to the market where crosstown rival LG Electronics dominates almost 60 percent of sales. Following its global launch last year, Samsung said Monday it would take preorders for its brand-new OLED TV at home, ahead of its official release on March 9. Samsung debuted 55-inch and 56-inch OLED TVs in Latin America, Oceania and Southeast Asia in March last year, but their Korean

TechnologyFeb. 20, 2023

Korea aims to showcase pre-6G network in 2026

South Korea will demonstrate the sixth generation of wireless technology to the world in 2026, the Ministry of Science and ICT said Monday as it unveiled the government’s network advancement plan called the "K-Network 2030" strategy. In order to carry out the technical display, the Korean government will host an international event, tentatively called 6G Vision Fest, to invite leading telecommunication companies, experts and ministerial-level state officials from across the world

TechnologyFeb. 20, 2023

Innocean names ex-Meta exec as new creative chief of US office

Innocean Worldwide, a South Korean marketing communications agency under Hyundai Motor Group, said Monday that Jason Sperling, a former executive creative director of Meta's Reality Labs, has joined the agency as chief creative officer of its US office. An industry veteran with more than 20 years of experience, Sperling has worked for many international brands, including Apple, Meta, TikTok, Amazon, Disney Pixar, Honda and UNICEF. Most recently, he served as global executive creative direct

IndustryFeb. 20, 2023

BOK likely to freeze base rate after 18 months of hikes

With the Bank of Korea set to hold its rate-setting meeting on Thursday, the market is expecting a freeze to the base interest rate for the first time in a year and half, marking an end to its rate hike cycle. The central bank, with its base rate standing at 3.5 percent, has been leading an aggressive monetary tightening policy, continuously raising the key rate since August 2021 to tamp down soaring prices. The market, however, expects the central bank to take a pause this month, considering th

EconomyFeb. 20, 2023

LG H&H to debut portable tattoo printer at MWC

LG Household & Health Care said Monday that it will be unveiling its own portable temporary tattoo printer, dubbed Imprintu, at the upcoming Mobile World Congress that is slated to kick off next week in Barcelona, Spain. The company will be the first South Korean beauty firm to participate in MWC, one of the largest trade shows for telecommunications and mobility technologies. A combination of "impromptu" and "print," the tattoo printer connects with mobile devices to all

ConsumerFeb. 20, 2023

South Korea’s life satisfaction among lowest in OECD

South Korea ranked near the bottom on reported levels of life satisfaction among member countries of the Organization for Economic Cooperation and Development, according to a report released this month. Statistics Korea's report Quality of Life Indicators in 2022 showed that South Korea ranked 36th among 38 OECD countries in terms of life satisfaction, based on data collected from 2019 to 2021. The country had a score of 5.9 out of 10, substantially lower than the OECD average of 6.7. Thi

IndustryFeb. 20, 2023