Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Thursday after four days of losses as investors bought on expectations of stock price hikes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.38 points, or 0.28 percent, to 3,004.73 points in the first 15 minutes of trading amid foreign buying. Stocks rebounded to positive terrain after the first five minutes, as impacts from news reports that North Korea launched two projectiles into the East Sea rapidly subsided. Market kingpin Samsung Elect

MarketMarch 25, 2021

Shareholders approve new Hana Financial chief, Mirae Asset name change

Hana Financial Investment shareholders approved the appointment of a new CEO on Wednesday -- a former vice chairman of global business at Hana Financial Group who has pledged to strengthen digital innovation and sharpen global competitiveness. As both shareholders and board members of the brokerage arm of Hana Financial Group agreed to welcome the new leader, 47-year-old Lee Eun-hyung is now the nation’s youngest chief within the securities industry. Hana Investment identified the CEO as

MarketMarch 24, 2021

What lies in future for Korean Air?

Battered by the unprecedented COVID-19 pandemic and the consequent traveling limits, South Korea’s national flag carrier Korean Air hit the rockiest patch of its half-century history last year. While there seems to be hope on the horizon on the back of the acquisition of longtime rival Asiana Airlines, the air carrier is still looking at another challenging year -- this time due to the uncertainty of the post-coronavirus recovery and slow vaccine distribution. In the latest developments

MobilityMarch 24, 2021

NPS seeks greater say at companies amid growing shareholder activism

In a bid to uphold shareholders’ rights, South Korea’s state pension fund is seeking a greater say in companies in which it holds considerable stake, drawing market attention toward decisions it would rarely have made before. The National Pension Service said Wednesday that it had decided to vote against the appointments of some board members at the nation’s largest airline, Korean Air, at the airline’s shareholders meeting scheduled for Friday. They include Cho Won-t

MarketMarch 24, 2021

Crypto exchanges see sales surge amid hope for mega deals

Amid months of bullish cryptocurrency markets, digital coin trading volume is enjoying a stellar performance, raising expectations for a high market valuation of their businesses. The country’s two largest crypto exchange operators -- Dunamu and Bithumb Korea -- both recorded a hike in sales and revenue last year, backed by increased transactions from November, when the largest digital coin Bitcoin rose above 20 million won ($17,640) for the first time in 34 months. Dunamu, the operat

MarketMarch 24, 2021

Georgia lawmakers urge Korean battery firms to settle

In a notable shift of tone, senators in the US state of Georgia have called on LG Energy Solution and SK Innovation to resolve their battery patent disputes on their own. According to media reports Wednesday, the Georgia Senate unanimously passed a resolution on Tuesday US time, which calls on two battery makers to negotiate a settlement so that SK could continue building two battery factories in the state. A draft of the resolution had reportedly been directed toward President Joe Biden,

IndustryMarch 24, 2021

Hyundai Motor Group wraps up generational shift in leadership

Hyundai Motor Group’s key affiliates held their annual shareholders meetings Wednesday and addressed pending issues such as reshuffling boardrooms, enhancing ESG policies and revamping business in keeping with the post-coronavirus market trends. A notable change was that the group efficiently wrapped up the generational shift in its leadership, with the senior honorary chairman stepping down from all his official posts and fully clearing the track for his recently inaugurated son. Chung

IndustryMarch 24, 2021

Pulmuone aims to challenge Beyond Meat, Impossible Foods in plant-based food

Amid the growing popularity of plant-based proteins as healthy and eco-friendly alternatives to meat, Pulmuone aims to become a leader in the plant-based food industry, the company said Wednesday. The South Korean food company’s Plant Protein Meal Bureau will release new products domestically and globally, in countries including the US, China and Japan, it added. Pulmuone, which revealed a three-year plan for the plant-based food push, chose six categories to focus on: plant-based pro

ConsumerMarch 24, 2021

Chipmakers show mixed reactions to Intel foundry plan

South Korea’s semiconductor industry on Wednesday showed mixed reactions to Intel’s bid for the foundry business, agreeing with the US chip giant’s decision on the need for manufacturing not only its own chips but also chips for others at a critical time of global chip shortage. During its Engineering the Future event on Tuesday, US time, Intel’s new CEO Pat Gelsinger said the company will set a new branch named Intel Foundry Services and invest $20 billion to build t

TechnologyMarch 24, 2021

Seoul stocks down for 4th day on virus resurgence concerns

South Korean stocks retreated for a fourth consecutive session Wednesday as concerns over the resurgence in virus cases in Europe and the United States cast doubts over a prompt recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.39 points, or 0.28 percent, to close at 2,996.35 points. Trading volume was moderate at about 965 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering l

MarketMarch 24, 2021

Incheon Airport to host aviation conference in celebration of 20th anniversary

Incheon International Airport Corp. will host the fifth Annual World Aviation Conference on Monday in celebration of its 20th anniversary. The event, which will take place at Paradise City in Incheon and will be livestreamed on YouTube for seven hours, will focus on the age of coronavirus and the post-pandemic future of the aviation industry and airports around the world, the corporation said. Dubbed “Innovation Beyond Boundaries: The New Airport Paradigm,” the event will feature s

MobilityMarch 24, 2021

Nongshim rakes in W2tr in ramen sales

South Korean food and beverage company Nongshim’s instant ramen sales reached 2 trillion won ($1.8 billion) for the first time last year on the back of the coronavirus pandemic and the “jjapaguri” dish from the Oscar-winning film “Parasite.” Sales of the company’s instant noodles rose to 2.09 trillion in 2020, a 16.3 percent year-on-year increase from one year ago and accounted for 79 percent of its total revenue, the firm’s annual report revealed on We

ConsumerMarch 24, 2021

BOK chief pens rosier forecasts for economy, downplays inflation

South Korea’s central bank chief said Wednesday that the nation’s economy could be expected to see a faster recovery from COVID-19 woes than anticipated in the bank’s previous forecast of 3 percent, while downplaying inflation risks that could stem from the rebound. In a nod toward the vaccination campaigns of major economies, which are picking up speed, Bank of Korea Gov. Lee Ju-yeol projected that Korea would see a faster-than-expected recovery of its exports and facility in

EconomyMarch 24, 2021

Han Sung Motor’s art scholarship evolves

Han Sung Motor’s unique art scholarship program, which supports 40 young students a year to foster their artistic dreams, has reached a 10-year milestone this year. Looking ahead to the next decade, the official dealership for Mercedes-Benz here has launched the Dream Gream 2.0, an upgrade to the program that chief executive Ulf Ausprung designed and introduced back in 2012. The Dream Gream 2.0 adds a variety of new activities to the existing program in order to benefit not just the c

MobilityMarch 24, 2021

Samsung to launch new premium vacuum cleaner in April

Samsung Electronics Co. said Wednesday its new premium vacuum cleaner will go on sale in South Korea next month as the tech giant targets to boost home appliance goods amid the pandemic-induced stay-at-home trend. The BESPOKE Jet, featuring an automatic dust emptying system in a battery charging station, will be sold at between 890,000 won ($780) and 1.39 million won here starting in April, according to Samsung. The new cordless stick vacuum cleaner comes in four colors -- midnight blue, woo

IndustryMarch 24, 2021

Tax agency launches probes into offshore tax evasion

South Korea’s tax agency said Wednesday that it has launched probes into 54 offshore tax evaders who enjoyed social benefits from the country without paying taxes here. The National Tax Service discovered 14 individuals with dual nationality who enjoyed health and welfare benefits but concealed their properties and earnings overseas to elude taxation, the agency said. Six foreign-affiliated firms were also caught for changing the form of their businesses to limited liability companies to

EconomyMarch 24, 2021

Insurers' profit up 13.9% in 2020 amid pandemic

The combined net profit of insurance firms in South Korea rose 13.9 percent on-year in 2020, due partly to fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Wednesday. Life and non-life insurers saw their combined net profit increase by 742 billion won ($654 million) to 6.08 trillion won last year, according to data from the Financial Supervisory Service (FSS). The FSS said profits of non-life insurers went up because of fewer claims as losses in car insuranc

EconomyMarch 24, 2021

4 auto parts makers fined W82b over price collusion

South Korea's antitrust regulator said Wednesday it has decided to fine four auto parts producers a combined 82.4 billion won ($72.7 million) for colluding to fix bidding prices of vehicle parts. Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018 for 99 rounds of auto parts purchasing bidding by the country's top automaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Korea Fair Trade Commission (KFTC). The commission ordered the

IndustryMarch 24, 2021

Population mobility falls at sharpest clip in 6 years in Feb.

The number of South Koreans who moved to different residences in the country declined at the sharpest pace in six years in February amid a housing supply shortage, data showed Wednesday. The number of people who changed their residences fell 9.6 percent on-year to 706,000 in February, according to the data compiled by Statistics Korea. It marked the biggest on-year decline for any February since a 12.5 percent fall in 2015. It also marked the second straight month of decline after population

EconomyMarch 24, 2021

HHIH join forces with KIC to push for global M&A

Global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed an initial deal with Korea Investment Corp. (KIC), South Korea's sovereign wealth fund, toward merger and acquisitions with global companies as part of efforts to expand its presence in new businesses. Under the deal, HHIH and KIC will jointly invest 1 trillion won ($900 million) to push for the mergers and acquisitions of global companies in the areas of AI, robots, remote autonomous ships

IndustryMarch 24, 2021