Seoul shares remain volatile after market meltdown

The South Korean stock market partially rebounded Tuesday following the previous day's massive rout, as bargain-hunting investors sought to profit. The benchmark Kospi closed at 2,522.15, up 80.6 points, or 3.3 percent, Tuesday. After opening at 2,533.34, the market showed a limited recovery. It fluctuated throughout the trading hours, but eventually lost over 10 points. Shortly after trading began Tuesday, the Korea Exchange, the nation's sole bourse operator, activated a sidecar trad

MarketAug. 6, 2024

[Contribution] Conditions for becoming a sustainable company

By Lee Young-suk Head of sustainability management, SK Inc. The ongoing global liquidity tightening, high interest rates causing economic recession and geopolitical tensions are increasing uncertainties in business management. As a result, governments and companies worldwide are relentlessly focusing their resources on reviewing policies and strategies to overcome crises. At this point, as we navigate through significant challenges, I would like to revisit the essence of “sustainabil

IndustryAug. 6, 2024

KGC taps into Japan's top retail giants

Korea Ginseng Corp., the leading manufacturer of ginseng products in the country, said Tuesday it has signed agreements with Japanese retail giants Welcia and Aeon Mall to introduce its red ginseng brand, JungKwanJang, in their stores. This initiative aims to enhance the presence of JungKwanJang in the Japanese market by entering the largest drugstore chain and the leading comprehensive shopping mall company, the firm said. Welcia is the largest drugstore chain in Japan, boasting over 2,000 offl

CompaniesAug. 6, 2024

Volkswagen keen to revive Korean sales with new Touareg

Volkswagen Group Korea on Tuesday launched the new Touareg, the first release from the German automaker in the local market in about two years, as the German automaker looks to bolster its presence here. “The Touareg has established a unique position, offering exceptional product value at a reasonable price,” said Till Scheer, CEO of Volkswagen Group Korea, during the launch ceremony of the new sport utility vehicle at Grand Hyatt Seoul. “It is an unmatched powerful premium SUV

MobilityAug. 6, 2024

Govt. sets deadline for Qoo10 crisis consumer refunds

Some customers who have yet to receive refunds from e-commerce platforms Tmon and WeMakePrice due to a liquidity crisis surrounding the companies will get their money back by the end of this week, officials said Tuesday. Finance Minister and Deputy Prime Minister Choi Sang-mok announced that the refund process for the customers who purchased products other than travel services or gift cards on the two imperiled e-commerce platforms would be completed by “the end of this week,” in a b

PoliticsAug. 6, 2024

World Bank's digital chief vows to close digital divide

World Bank's new Vice President for Digital Transformation Kim Sang-bu outlined his mission to enhance the impact of digital technologies in accelerating development. "Digital technology has become a critical focus as the World Bank advances initiatives aimed at eradicating poverty," Kim said at a press meeting in Seoul on Tuesday. "A major challenge is ensuring that low-income countries without internet access can benefit from rapid advancements in artificial intelligence.&q

EconomyAug. 6, 2024

SK-II joins Coupang's Rocket Luxury one-day delivery service

South Korean e-commerce giant Coupang announced Tuesday that it has started offering products from the global premium skincare brand SK-II through Rocket Luxury, the company's one-day delivery service dedicated to premium beauty products. “We are excited to offer a greater variety of luxury skincare brands popular with customers through the inclusion of SK-II,” a Coupang official said. “We will continue to introduce global premium brands that meet the needs of our customer

CompaniesAug. 6, 2024

[Exclusive] Thailand’s SCBX reaffirms partnership with Kakao Bank

Thailand’s largest financial group SCBX has reaffirmed its commitment to the digital banking partnership with Kakao Bank despite growing legal risks surrounding Kakao Corp., the largest shareholder of the Korean internet-only bank. "We do not foresee any changes to our current business relationship (with Kakao Bank) based on the recent news," SCBX's Chief Customer Officer Sutirapan Sakkawatra told The Korea Herald via email, regarding the impact of Kakao's legal develop

IndustryAug. 6, 2024

Krafton hires ex-Riot exec as publishing chief

Krafton, the South Korean game developer behind PUBG: Battlegrounds, said Tuesday it had appointed Oh Jin-ho, a seasoned executive with experience at Riot Games and Blizzard Entertainment, as its new chief global publishing officer. Oh's extensive background includes major roles such as general manager of Riot Games and president of Blizzard Entertainment Korea and Southeast Asia, where he was instrumental in localizing and launching blockbuster games like World of Warcraft and StarCraft. O

CompaniesAug. 6, 2024

Samsung Biologics joins Pharmaceutical Supply Chain Initiative to enhance ESG practices

Samsung Biologics announced Tuesday that it became Korea's first domestic contract development and manufacturing organization to join the US-based Pharmaceutical Supply Chain Initiative. PSCI, a non-profit organization established in 2013, aims to promote sustainable supply chains in the biopharmaceutical sector. Its members include some 80 biopharmaceutical companies worldwide such as Johnson & Johnson, Pfizer, Novartis and AstraZeneca. To become a member of PSCI, companies must underg

IndustryAug. 6, 2024

Daewoong debuts Fexuclue in Latin America

South Korean drug maker Daewoong Pharmaceutical said Tuesday that it launched its gastroesophageal reflux disease, or GERD, treatment Fexuclue in Mexico, Ecuador and Chile. According to pharmaceutical market research firm IQVIA, the market for antiulcer drugs in these three countries was valued at $300 million last year. Fexuclue, a potassium-competitive acid blocker developed independently by Daewoong Pharmaceutical over 13 years beginning in 2008, was introduced to the market in July 2022. The

IndustryAug. 6, 2024

SK chairman to contest court's recognition of slush fund in divorce case

SK Group Chairman Chey Tae-won is expected to contest a court's recognition of former President Roh Tae-woo's slush fund as seed money for the conglomerate in his divorce suit against Roh's daughter, sources said Tuesday. In May, the Seoul High Court ordered Chey to pay 1.38 trillion won ($1 billion) in property division to Roh Soh-yeong in the country's most expensive divorce suit in history. The court recognized that a purported slush fund of 30 billion won from the former

IndustryAug. 6, 2024

Seoul shares open sharply higher after worst crash

South Korean stocks began sharply higher Tuesday following the previous session's worst crash over mounting US recession fears and the sluggish performance of big tech shares. The benchmark Korea Composite Stock Price Index gained 106.11 points, or 4.35 percent, to 2,547.66 in the first 15 minutes of trading. During the session, the bourse operator issued a sidecar order at 9:06 a.m., halting program purchasing for five minutes, after the Kospi 200 index rose over 5 percent for more than 1

MarketAug. 6, 2024

Financial authorities ready to take action against stock market rout

South Korea's financial authorities said Tuesday that they are ready to take action against extremely volatile market jitters urging investors to remain calm and cool-headed given the country's sound economic fundamentals. The country's benchmark Korea Composite Stock Price Index suffered the worst crash on Monday as investors staged a massive selling binge out of fears over a recession in the United States. The index plummeted a record 234.64 points, or 8.77 percent, to close at

MarketAug. 6, 2024

NCSoft Q2 operating profit down 75 pct on weak sales

NCSoft, a major South Korean game developer, said Monday its operating profit decreased 75 percent from a year earlier on sluggish sales. Operating profit for the April-June period came to 8.8 billion won ($6.4 million), compared with 35.3 billion won a year ago, and sales fell 16.2 percent on-year to 368.9 billion won, the company said in a regulatory filing. Net profit for the period, however, jumped 132.8 percent on-year to 71.1 billion won thanks to favorable currency exchange rates, accordi

IndustryAug. 5, 2024

Korean shares tank as global rout continues

South Korean shares dived more than 8 percent on Monday, triggering the stock exchange to temporarily halt the main Kospi and secondary Kosdaq markets, as investors were gripped by fear that the US economy may head toward a recession. A record 190 trillion won ($139 billion) was wiped off the Kospi market, as it tumbled 8.77 percent, or 234.64 points, to close at 2,441.55. This is the first time since the benchmark bourse opened that it has fallen by more than 200 points, recording the largest d

EconomyAug. 5, 2024

US recession fears send Kospi plunging by record high of nearly 9%

South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a US economic slowdown, with big tech coming under heavy selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session. It is the lowest closing price since Nov. 14, whe

MarketAug. 5, 2024

SK chief inspects HBM chip production lines

SK Group Chairman Chey Tae-won called for its memory chip-maker SK hynix to seek next-generation profit models to continuously secure its leadership in the burgeoning artificial intelligence semiconductor market. “SK hynix is currently recognized in the high bandwidth memory market, but competition will become more intense when the sixth generation HBM4 is commercialized next year,” Chey said upon his visit to the chip maker’s plant in Icheon, Gyeonggi Province, to inspect the

TechnologyAug. 5, 2024

Woori returns to investment banking after 10-year hiatus

Woori Investment & Securities, a brokerage house under Woori Financial Group, is poised to bolster its presence in investment banking, backing the potential of its group affiliates. The securities firm, formed through the merger of Woori Investment Bank and Korea Foss Securities, officially launched Thursday. The launch comes nearly 10 years after Woori Financial Group sold its securities firm to NongHyup Financial Group in 2014. “Woori Investment & Securities will be a key affilia

IndustryAug. 5, 2024

[From the Scene] Woori Bank nurtures global talent in Asian push

Betary Syahlan, a final-year business management student at Kyunghee University in South Korea, said she enrolled in Woori Bank's "Woori Internship, Scholarship & Hiring" program to gain practical experience in global banking. "During the program, we are given various assignments that immerse us in real work, an opportunity often lacking in other internships, especially in Indonesia. Working at a major bank like Woori is challenging, but we are definitely learning a lot i

IndustryAug. 5, 2024