Ottogi rebrands as Otoki to enhance global reach

South Korean food giant Ottogi said Friday it will change its English name to Otoki to make the brand more recognizable to international consumers. "We decided to pursue this rebranding to clarify the company's identity for global consumers while introducing a modernized symbol that feels more approachable. This will resolve confusion surrounding the pronunciation of our English name," said a company official. As a part of the rebranding initiative, its mascot received a face-lift

CompaniesAug. 9, 2024

Seoul shares end over 1% higher on calmed recession woes

South Korean stocks finished more than 1 percent higher Friday as investor sentiment was boosted by better-than-expected recent US jobless data, soothing recent recession fears that had rocked global financial markets. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 31.7 points, or 1.24 percent, to close at 2,588.43. Trade volume was moderate at 464.3 million shares worth 9.5 trillion won ($6.96 billion), with gainers largely outnumbering de

MarketAug. 9, 2024

Naver's operating profit surges 27% in Q2

South Korean internet giant Naver on Friday reported record-high quarterly revenue of 2.6 trillion won ($1.91 billion) for the April-June period this year, thanks to profit increases in all of its major businesses including the search platform and cloud service. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company will enhance the user experience by launching a “search feed” feature and adopting AI tools in the second half of the year. Choi also said

IndustryAug. 9, 2024

Meritz Fire joins protracted race for MG Insurance acquisition

A three-way takeover battle for MG Non-Life Insurance began Thursday, with Meritz Fire & Marine Insurance entering the prolonged race as a new contender. According to local reports, three companies submitted letters of intent to participate in the fourth preliminary bidding for MG Insurance on Thursday. The contenders include Meritz Fire & Marine Insurance and private equity firms Dayli Partners and JC Flowers. Meritz Fire, the non-life insurance arm of local financial holding company Me

IndustryAug. 9, 2024

Software update of Hyundai, Kia cars result in lower theft rates in US

The anti-theft software upgrade for Hyundai Motor Company and Kia vehicles has reduced theft rates by more than half in the United States, according to a new study by the Highway Loss Data Institute. The two Korean automakers came under fire as numerous vehicle thefts among certain models lacking immobilizers grew exponentially after videos of young men stealing the cars went viral on social media platforms in the summer of 2022. In the videos, the thieves would rip off a plastic cover behind th

MobilityAug. 9, 2024

[Photo News] New K8

Kia launched the new K8 on Friday, looking to invigorate the mid- to large-size sedan market with the product enhancement model. The new K8, which underwent a facelift for the first time since its initial release in April 2021, abandoned its old look and adopted the automaker's new star-map signature lighting on the front. The new sedan has been equipped with an advanced driver assistance system to offer upgraded marketability. The price of the new K8 starts at 37.36 million won ($27,338) i

MobilityAug. 9, 2024

Seoul shares open higher on eased recession woes

South Korean stocks got off to a strong start Friday tracking overnight gains on Wall Street on eased recession woes. The benchmark Korea Composite Stock Price Index added 36.85 points, or 1.44 percent, to 2,593.58 in the first 15 minutes of trading. In the United States, stock indices finished higher as better-than-expected unemployment data buoyed investor sentiment. The Dow Jones Industrial Average rose 1.76 percent and the tech-heavy Nasdaq Composite jumped 2.87 percent. In Seoul, most share

MarketAug. 9, 2024

Govt. to ease greenbelt restrictions in Seoul

The South Korean government announced it plans to supply more than 80,000 housing units in Seoul and adjacent areas over the next six years by removing restrictions on developing greenbelt areas in the capital for the first time in 12 years. The Ministry of Land, Infrastructure and Transport and Ministry of Economy and Finance on Thursday announced a real estate development plan that aims to stabilize the housing market amid soaring apartment prices in the capital. “The key to stabilizin

EconomyAug. 8, 2024

KT&G profits jump in Q2, led by overseas cigarette sales

South Korea’s leading tobacco manufacturer KT&G on Thursday reported a surge in its earnings in the second quarter of this year, largely driven by the upbeat performance of its overseas business. The company posted 321.5 billion won ($233 million) in operating profits in the April-June period, a 30.6 percent jump from a year ago. Sales also increased 6.6 percent to 1.424 trillion won on-year. Its overseas business, in particular, drove up its earnings overall, the company said. Oversea

IndustryAug. 8, 2024

Nexon posts record Q2 earnings on upbeat China sales

Nexon has set a new record for second-quarter revenue and operating profits, driven by the exceptional performance of Dungeon & Fighter Mobile in China, which launched in May earlier this year. In its latest filing to the Tokyo Stock Exchange on Thursday, Nexon reported a 64 percent year-over-year increase in operating profit, reaching 45.2 billion yen ($310.2 million) for the second quarter of this year. Revenue for the quarter surged 30 percent to 122.5 billion yen, and net income rose 63

CompaniesAug. 8, 2024

Seoul shares end two-day rise after global sell-off

South Korean stocks ended a two-day rebound after the global crash as investor sentiment was dampened by lingering US recession woes and the sluggish performance of big tech firms. The local currency slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 11.68 points, or 0.45 percent, to close at 2,556.73. Trade volume was moderate at 477.7 million shares worth 11.2 trillion won ($8.1 billion), with losers closely beating winners 464 to 423. Foreigners and i

MarketAug. 8, 2024

Hyundai Elevator, Kakao team up to integrate robotics with elevators

Hyundai Elevator said Thursday that it has signed a memorandum of understanding with Kakao Mobility to integrate Kakao's robotics technology with Hyundai's vertical transportation systems. The signing ceremony took place at Kakao Mobility's headquarters in Seongnam, Gyeonggi Province, on Wednesday, with CEOs from both companies in attendance. The companies agreed to standardize elevator-robot interactions and ramp up strategic cooperation across research, production and marketing.

IndustryAug. 8, 2024

Kakao hints at drastic revamp in non-core businesses in second half

Kakao Corp., the operator of South Korea’s No. 1 messenger app KakaoTalk, said Thursday that it would swiftly implement a contingency plan in the second half of this year to drastically reform its overall business operations. "We have defined KakaoTalk and AI as the key drivers of our growth," Kakao CEO Chung Shin-a said during the company’s second-quarter earnings conference, indicating the possible sell-off of non-core businesses. Her comments came when she answered a que

IndustryAug. 8, 2024

SK Earthon secures right to explore CO2 off Australian coast

SK Earthon, an exploration unit under SK Innovation, announced on Thursday that it secured the right to explore carbon dioxide reservoirs off the northern coast of Australia, looking to bolster its resource development and carbon capture and storage, or CCS, businesses. According to SK Earthon, the Korean oil and gas exploration company and Australian CCS firms -- InCapture and CarbonCQ -- won the exploration rights for the mining sector named G-15-AP located in the Carnarvon Basin from the Aust

CompaniesAug. 8, 2024

Paris Baguette hosts inaugural US franchise convention

South Korea's top bakery chain Paris Baguette held its inaugural franchise convention for US franchisees in Las Vegas on Aug. 5-7. Under the theme "Layers of Success," the three-day event brought together 250 executives, current franchisees and prospective partners to foster communication and networking within Paris Baguette's diverse franchise community. Paris Baguette America's executives, led by CEO Darren Tipton, shared the company's strategic vision, marketing

IndustryAug. 8, 2024

W630b Korean trades canceled amid huge global sell-off

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellations affected around 90,000 accounts at 19 local securities firms that offer daytime trading of US stocks to Korean investors. On Monday afternoon Korean time, US overnight trading platform Blue Ocean ATS

MarketAug. 8, 2024

[Contribution] Happy Birthday, "ASEAN"!

By Kim Jae-shin Secretary general of the ASEAN-Korea Centre Today marks the 57th anniversary of the founding of the Association of Southeast Asian Nations, celebrated as ASEAN Day. In the aftermath of World War II, the international political landscape became increasingly unpredictable with the tensions of the Cold War, a phenomenon that did not pass by the Southeast Asian region. In response, five countries -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- issued the ASEA

IndustryAug. 8, 2024

LG Innotek eyes digital twin tech for better efficiency

LG Innotek announced Thursday that it will expand the integration of digital twin technology throughout its operations in partnership with Ansys, a US engineering simulation software developer. Digital twin technology recreates physical objects in a virtual space to simulate real-world scenarios using computer models, thereby predicting outcomes and cutting manufacturing time and costs. Ansys is renowned for its technological prowess and experience in simulation using 3D modeling, AI and machine

TechnologyAug. 8, 2024

[KH Explains] Are underground parking bans for EVs fueled by fear or fact?

"No EVs permitted in underground parking areas." These signs have recently popped up at some apartment complexes and office buildings across South Korea, a response to a severe fire earlier this month. An electric vehicle ignited in the underground parking lot of an apartment building in Cheongna International City, Incheon, triggering widespread fear and leading some apartment managers to ban EVs from these spaces entirely. The fire began with a stationary, uncharging Mercedes-Benz EQ

MobilityAug. 8, 2024

SK Innovation's unit joins carbon storage project in Australia

SK earthon Co., a South Korean oil exploration and production (E&P) company, said Thursday it has joined a project to build a submarine carbon storage facility in Australia in its business diversification strategy. SK earthon invested in 20 percent of the project, with InCapture, an Australian carbon capture and storage (CCS) company, holding 75 percent and CCS technology consulting firm CarbonCQ holding 5 percent, the company said in a statement. The three companies will explore the G-15-AP

IndustryAug. 8, 2024