Seoul shares spike over 1% on eased US recession woes

South Korean stocks closed more than 1 percent higher Monday, recovering from last week's rout as concerns over a US economic recession eased. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 29.87 points, or 1.15 percent, to 2,618.30, rising for the second consecutive day. Trade volume was slim at 286.2 million shares worth 7.4 trillion won ($5.4 billion), with winners far outnumbering losers 674 to 202. Foreigners and institution

MarketAug. 12, 2024

[Herald Interview] Why Korean investors can benefit from US equity exposure

With the US stock market representing more than half of the world’s total equity market capitalization, adopting a US perspective for investment decisions can be helpful for Korean investors, Hamish Preston, head of US Equity Indices at S&P Dow Jones Indices, said in a recent interview held online with The Korea Herald. Over the years, Korean investors have been showing an increased appetite in US-listed stocks. Their holdings of US equity stood at $88.23 billion in end-July, displayin

MarketAug. 12, 2024

EV fires prompt transparency moves over battery origins

Electric vehicle battery manufacturers are bracing for increased scrutiny as South Korea considers new regulations requiring automakers to disclose their battery suppliers for each vehicle model, following a series of EV-related fires including a blaze in Incheon that damaged 100 vehicles. The car in the Incheon fire was a Mercedes-Benz equipped with a battery from Farasis, a Chinese manufacturer ranked 10th in the world by revenue. The exact cause of the fire -- whether it stemmed from the batt

MobilityAug. 12, 2024

Kyobo Life nurtures future sports stars

Kyobo Life Insurance announced Monday that the Kyobo Life Cup Youth Athletic Competition, a nationwide sports event for young athletes, has completed its 21-day run early this month. The annual event kicked off on June 13, with over 4,000 student-athletes competing in seven sports, including track and field, judo, ice skating, table tennis, gymnastics, tennis and swimming. The insurer said the competition showcased the talents of young athletes with aspirations of representing the country in the

IndustryAug. 12, 2024

NCSoft shakes up overseas leadership to spur growth

NCSoft announced new leadership appointments at its global offices Monday, as the Korean gaming giant looks to foster new growth and bolster global businesses. NCSoft has appointed Jin Jeong-hee, former head of Pearl Abyss America, as the new CEO of NC America. Pearl Abyss, a Korean game developer, is best known for its popular massively multiplayer online role-playing game franchise Black Desert. With over 15 years of leadership experience at global gaming companies including the US offices of

CompaniesAug. 12, 2024

Celltrion gets FDA approval for phase 3 trial of Keytruda biosimilar

South Korean biopharmaceutical firm Celltrion has received US Food and Drug Administration approval to kick off advanced clinical testing for CT-P51, a biosimilar of the breakthrough cancer drug Keytruda, the company announced Monday. CT-P51 replicates the effects of pembrolizumab, marketed under the brand name Keytruda by Merck & Co., known as MSD outside North America. An immunotherapy agent enhancing the body's immune response against cancer cells, pembrolizumab has demonstrated effi

IndustryAug. 12, 2024

Innocean hires former Mediamonks, DDB exec as European COO

Innocean, the marketing communications arm of Hyundai Motor Group, said Monday that it has named Susanne Plumecke, an automotive marketing specialist, as its new European chief operating officer. Plumecke is an industry veteran with over 20 years of experience in marketing brands, mostly carmakers. Plumecke held leadership positions at global marketing companies, including DDB and Mediamonks. Most recently, she oversaw the branding strategies of BMW and Mini as managing director of Mediamonks. I

IndustryAug. 12, 2024

CJ CheilJedang’s Bibigo booth lures K-food enthusiasts in Paris

South Korean food giant CJ CheilJedang said Monday that its Bibigo booth, set up at the Korea House during the Paris Olympics, lured both Korean food enthusiasts and potential business partners during the 18-day run. The Bibigo products showcased at the booth included a range of Korean dishes and snacks, such as tteokbokki, "jumukbap" (stuffed rice balls), corn dogs, and mandu. The company also offered on-site cooking classes for making "gimbap," or seaweed rice rolls, which

CompaniesAug. 12, 2024

FSC chief stresses need to enhance corporate values for strong economy

The chief of the financial regulator called on local companies to actively join the government-initiated corporate value-up program Monday, stressing the need to build a stock market that is "stronger" and can "recuperate faster." Kim Byoung-hwan, head of the Financial Services Commission, made the call in a meeting with the heads of eight local businesses that have made public disclosures about their corporate value-up efforts or promised to do so in the near future. "I

MarketAug. 12, 2024

Seoul shares open higher on eased US recession woes

South Korean stocks opened higher Monday on eased woes over a US recession after last week's rout. The benchmark Korea Composite Stock Price Index added 26.81 points, or 1.04 percent, to 2,615.24 in the first 15 minutes of trading. Major US indexes finished higher Friday following a rout as recession woes diminished thanks to better-than-expected unemployment data. Investors' eyes are now on the US consumer price, producer price and retail sales data due out later this week. In Seoul,

MarketAug. 12, 2024

Hana Financial, FSS join forces to raise alarm over youth gambling

Hana Financial Group said Sunday that it will inject 10 billion won ($7.32 million) over the next three years to bring awareness to the dangers of illegal gambling for youngsters. The project is co-organized by Hana Financial Group and Korea Center on Gambling Problems, joined by public institutions including the Financial Supervisory Service, National Gambling Control Commission, National Police Agency and Seoul Metropolitan Office of Education. "The Financial Supervisory Service, in charg

IndustryAug. 11, 2024

[Business Diplomacy] SK’s US control tower revamped to boost negotiating power

Endless guesses are made over who will win the race to the White House between former US President Donald Trump and current Vice President Kamala Harris, but both look likely to bolster the country's protectionist measures to boost the US' domestic industry. Against this backdrop, South Korea's second-largest conglomerate SK Group is beefing up its US offices to elevate negotiating power in the all-important market, where it has been spending heavily to secure a firmer footing for

IndustryAug. 11, 2024

SK hynix gives boost to chip exports to Taiwan

South Korea’s chip exports to Taiwan have surged on the back of increased SK hynix shipments for Nvidia, data showed Sunday. According to the data compiled by the Ministry of Trade, Industry and Energy and the Korea International Trade Association, Korea’s memory chip exports to Taiwan amounted to $4.26 billion in the January-June period this year, up 225.7 percent from a year ago. During the same period, the nation’s total memory chip exports increased 88.7 percent on-year. In

IndustryAug. 11, 2024

Hyundai Motor names battery sources as EV fire concerns grow

Hyundai Motor Group is addressing public safety concerns over electric fires in Korea by disclosing the battery manufacturers for its electric vehicle lineup and implementing enhanced safety features. It has listed the battery manufacturers for all 13 Hyundai and Genesis EVs on its official Korean website. According to the carmaker, most of the Hyundai EVs, including the flagship Ioniq brand cars, used batteries from Korea’s LG Energy Solution and SK On. Hyundai’s Kona Electric was t

MobilityAug. 11, 2024

HD Hyundai Marine Solution wins first-ever FSU conversion contract

HD Hyundai Marine Solution has secured a $30 million contract with a European maritime firm to develop an LNG floating storage unit, its first such project, the company announced Sunday. The project will convert a 2004-built, 138,000-square-meter Spanish carrier into an FSU capable of gas storage and offloading. HD Hyundai will manage the entire turnkey project from design through delivery. "Carrier-to-FSU conversions are complex projects that demand high-level engineering skills," a c

IndustryAug. 11, 2024

[Herald Interview] TmaxTibero eyes global expansion with certified DBMS tech

TmaxTibero, a Tmax Group subsidiary specializing in database management systems, or DBMS, is set to make significant strides in the global market and public sector following the recent recognition of its technological capabilities by the Ministry of Science and ICT. Last month, TmaxTibero's research center was named one of the top corporate research facilities in the first half of this year. Kim Tai-kyoung, director of TmaxTibero, shared his pride with The Korea Herald. "We have been d

IndustryAug. 11, 2024

Starbucks mobile ordering hits 500m orders in Korea

Starbucks Korea announced Sunday that its mobile ordering and payment platform "Siren Order" has exceeded 500 million cumulative orders since its debut here a decade ago. Launched in 2014, Siren Order reached 100 million orders in September 2019 and 300 million in June 2022. Now, more than half the total orders -- 54 percent -- are made with the mobile app. Starbucks Korea attributed the robust growth in mobile orders to its continued service improvements based on customer usage patter

IndustryAug. 11, 2024

Mercedes-Benz's crisis management capacity questioned amid lax stance on S. Korean EV fire

Questions have been raised over the crisis response capacity of Mercedes-Benz Korea Ltd., as the company remained largely silent for over a week on an electric vehicle fire scare that started from one of its vehicles. Public concerns over EV safety mounted in the country after a spontaneous fire that began in a parked Mercedes-Benz EV ended up obliterating an entire parking garage inside an apartment complex in Incheon, 27 kilometers west of Seoul, either completely destroying or damaging over 1

IndustryAug. 9, 2024

Qoo10 seeks merger of embattled e-commerce subsidiaries TMON, WeMakePrice

The chief of Qoo10, the Singapore-based parent firm of TMON and WeMakePrice, said Friday it has begun a process to merge the two e-commerce platforms to help resolve the liquidity crisis facing the companies. On Thursday, Qoo10 applied for the establishment of a new business entity named K-Commerce Center for World with an initial capital of 1 billion won ($730,000) to proceed with the merger plan, the company said in a statement. The merger between TMON and WeMakePrice requires approval from th

IndustryAug. 9, 2024

Customs agency opens probe into Tmon, WeMakePrice

The Korea Customs Service has initiated an investigation into potential damages related to overseas product purchases made through the troubled e-commerce platforms Tmon and WeMakePrice. The probe comes in response to customer reports that items purchased through these platforms cleared customs but were not delivered. "We have launched an internal investigation following reports from customers and media that a courier company moved these items to a different location inside the country upon

IndustryAug. 9, 2024