S. Korea, India hold fresh round of trade talks

South Korea's industry ministry said Wednesday it held a fresh round of trade talks with Indian officials to improve a bilateral partnership agreement. Director General of FTA Negotiations Ryu Peob-min and his Indian counterpart, Anant Swarup, started the three-day session in Seoul to discuss the agenda, including goods, services and investment, according to the Ministry of Trade, Industry and Energy. South Korea and India implemented the CEPA in 2010 and have been carrying out negotiations

EconomyJuly 17, 2024

Seoul shares open lower on tech, auto losses

Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 pe

MarketJuly 17, 2024

Seoul shares up for 2nd day amid Trump effect

Seoul shares closed slightly higher Tuesday as traders were trying to digest the effect of Donald Trump's possible victory in the US presidential election on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.17 points, or 0.18 percent, to close at 2,866.09. Trade volume was slightly heavy at 667.5 million shares worth 12.4 trillion won ($8.95 billion), with losers outnumbering winners 498 to 356. Foreign investors and instituti

MarketJuly 16, 2024

[Herald Interview] SK’s investment in Kentucky to attract more investors like ‘gravity’: Gov.

SK On’s new battery plant in Kentucky – the world’s largest of its kind – will help attract more investments into the US state like “gravity,” Gov. Andy Beshear told The Korea Herald in an interview held in Seoul on Monday. SK On, the battery-making unit of SK Group, has set up a joint venture with US auto giant Ford, called BlueOval SK, in the southeastern state of the US, with a whopping $5.8 billion investment. “SK On’s project is the largest in

IndustryJuly 16, 2024

Crypto exchanges step up compliance as investor protection law takes effect

Local cryptocurrency exchange operators are ramping up their regulatory measures as the introduction of the virtual asset user protection law nears in South Korea. On Tuesday, the Digital Asset Exchange Alliance, a body of five top local crypto exchange operators, introduced a guideline that advises exchanges to monitor abnormal transactions. It further released a revision of the guideline on the internal control standards of the exchange operators. The movement comes as the Act on the Protectio

MarketJuly 16, 2024

Hanjin expands LA logistics center to boost global operations

South Korean airline-to-logistics conglomerate Hanjin Group's logistics arm Hanjin Logistics Corp. said Tuesday that it has expanded operations by expanding the size of the Los Angeles fulfillment center by 50 percent. Upon the expansion, Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho conducted an on-site inspection during a five-day visit to the US earlier this month. The aim is to provide a one-stop logistics solution so Korean companies

IndustryJuly 16, 2024

SKT invests $200m in data center specialist Smart Global in AI push

SK Telecom, South Korea's largest wireless carrier by membership, said Tuesday that it has signed a contract to invest $200 million in Smart Global Holdings, a US company specializing in data center integration solutions. Under the terms of the agreement, SKT will acquire 200,000 preferred shares and secure about 10 percent ownership through conversion to common stock. This marks the telecom giant’s largest investment in the artificial intelligence sector. With this investment, the am

TechnologyJuly 16, 2024

Posco International supports SMEs for global expansion

Posco International said Tuesday that it is supporting the nation’s small- and medium-sized enterprises to expand their business abroad by offering its own networks and infrastructure around the world. As part of the shared growth initiative, a group of 11 business people visited Canada last week to meet with potential buyers and nurture new business opportunities. Posco International, the trading and energy arm of Posco Group, plans to operate a field trip program in eight countries, in

IndustryJuly 16, 2024

Kolmar Korea revamps leadership for North American expansion

South Korea's leading cosmetics original design manufacturer Kolmar Korea appointed Hur Yong-chul, the former China business chief, as the CEO of Kolmar Laboratories and Kolmar USA, marking its full-scale entry into the North American market. With the appointment announced Tuesday, the company aims to maximize the use of its North American production facilities, including the first plant in the US and the second plant currently under construction. Hur previously served as the head of Kolmar

IndustryJuly 16, 2024

Renault Korea begins mass production of new Grand Koleos

Renault Korea has begun the mass production of its new Grand Koleos at its Busan plant, the company said Tuesday. The company held a ceremony to roll out its new Grand Koleos at the Busan plant on the previous day. The automaker plans to begin delivery of the new sports utility vehicle to customers in autumn. Renault Korea debuted the new Grand Koleos at the 2024 Busan International Mobility Show at Bexco on June 27, marking the first new car from the Renault subsidiary in four years. According

MobilityJuly 16, 2024

Shinhan Bank CEO stresses tighter internal control for global expansion

Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday. "For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gat

IndustryJuly 16, 2024

[Photo News] Drone delivery for Galaxy phones

Samsung Electronics said Tuesday that it will begin drone deliveries of its new Galaxy Z Flip6 and Z Fold6 to islands near Jeju, Yeoju and Tongyeong. In collaboration with the Ministry of Land, Infrastructure, and Transport, the first drone delivery service for mobile devices here will leverage existing drone and control systems set up by local governments nationwide. The service will shorten the delivery time from seven days to one day, the tech giant said. (Samsung Electronics)

IndustryJuly 16, 2024

Govt. asks refiners for efforts to stabilize oil prices

The industry ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy. "Although consumer prices have slowed to some extent since April, perceived inflatio

EconomyJuly 16, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by expectations for Donald Trump's victory in the US presidential election. The benchmark Korea Composite Stock Price Index rose 6.95 points, or 0.24 percent, to 2,867.87 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 0.53 percent to hit a fresh high, while the S&P 500 and Nasdaq composite rose 0.28 percent and 0.4 percent, respectively, following an assassination a

MarketJuly 16, 2024

Delinquency ratio on bank loans rises for 2nd month in May

The delinquency ratio on loans extended by banks in South Korea rose for a second consecutive month in May, data showed Tuesday. The delinquency ratio on banks' won-denominated loans stood at 0.51 percent at end-May, up 0.03 percentage point from a month earlier, according to the data from the Financial Supervisory Service. The rise follows a 0.05 percentage-point on-month increase in April. The May reading marks a 0.15 percentage-point rise from a year earlier. The amount of newly overdue

EconomyJuly 16, 2024

Korea sees surge in social media creators earning over W100m annually: report

Amid the burgeoning community of social media platforms, including YouTube and TikTok, the number of Korean individuals earning over 100 million won ($72,300) annually from their content on these platforms increased from 2020 to 2022, according to a report released Monday. The report submitted by the National Tax Service to Rep. Cha Gyu-geun of the Rebuilding Korea Party revealed the total number of individual creators increased from 27,560 in 2020 to 39,366 in 2022. Over the same period, the to

IndustryJuly 16, 2024

Import prices rebound in June on rise in costs of petrochemicals, raw materials

South Korea's import prices rebounded in June as a rise in prices of petrochemical goods and raw materials offset a fall in oil prices, central bank data showed Tuesday. The import price index rose 0.7 percent last month from a month earlier following a 1.3 percent on-month dip the previous month, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, prices also rose 9.7 percent last month following a 4.7 percent on-year advance the previous month, the data sh

EconomyJuly 16, 2024

Proptech startup DNK eyes expansion into Japan

DNK, a Seoul-based property management solution provider, formerly known as Dongnae, said Tuesday it has launched its fully redesigned property management system that enhances convenience for asset managers through centralized operational services. Currently managing over 15,000 units in the Korean market, the system now offers advanced features such as tenant tax reporting tools and banking virtual account integration. It supports English and Korean. Additionally, DNK disclosed its intention to

CompaniesJuly 16, 2024

Kentucky governor meets with S. Korean battery firms to woo investment

Kentucky Gov. Andy Beshear met with officials from South Korea's major electric vehicle (EV) battery and materials companies in a bid to attract additional investment to the US state, industry sources said Monday. The Kentucky governor came to Korea on Sunday for meetings on Monday with executives of car battery maker SK On Co. and Lotte Chemical Corp., which makes EV battery materials, according to the sources. He also plans to meet officials from LG Chem Ltd., which owns about an 80 perce

IndustryJuly 15, 2024

LG Electronics sets up HVAC tech lab in Frankfurt

LG Electronics said Monday it has opened a new research lab in Frankfurt, Germany dedicated to developing its heating, ventilation and air conditioning (HVAC) technologies, with a focus on providing practical air solutions for the European market. The Frankfurt facility, covering around 1,000 square meters, is the third of its kind, following branches in Changwon, Korea and Atlanta, the US. Its primary focus is to develop high-quality HVAC technologies for residential, commercial and industrial

CompaniesJuly 15, 2024