Seoul shares snap 4-day rise amid rate-cut delay prospects

Seoul shares ended lower Monday to snap a four-session winning streak, amid speculations over a possible delay in long-awaited interest rate cuts by the US Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 14.32 points, or 0.52 percent, to close at 2,744.10. Trade volume was moderate at 545 million shares worth 12.2 trillion won ($8.8 billion), with losers outnumbering gainers 522 to 359. Individuals bought a net 313 billion won wort

MarketJune 17, 2024

[Business Diplomacy] Korean firms evolve to stay on top of compliance: Kim & Chang lawyers

This article is the first installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega election year around the world. -- Ed. South Korean companies used to respond belatedly to regulatory changes in overseas markets, but now they predict and monitor potential legislative shifts in advance, showing the economy’s improved capability to do business in overseas mar

EconomyJune 17, 2024

Samsung, SNU to set up joint AI research lab

Samsung Electronics and Seoul National University are collaborating to establish a joint research center dedicated to advancing artificial intelligence technology and nurturing talent in the field. Samsung Electronics held a signing ceremony Monday at SNU’s Global Engineering Center for Engineers in southern Seoul to formalize the establishment of the joint AI research center. Key figures including Cheun Kyung-whoon, president and chief technology officer at Samsung's DX or device exp

TechnologyJune 17, 2024

SK chief claims 'flagrant error' in divorce settlement ruling

SK Group Chairman Chey Tae-won issued an apology Monday for raising public concerns with his high-profile divorce settlement but made it clear that he will appeal to the Supreme Court because a “flagrant error” was found in the court ruling that now threatens his grip on the telecom-to-chips conglomerate. Last month, the Seoul High Court ruled in favor of Chey's estranged wife Roh Soh-young in their divorce settlement and ordered the SK chief to pay 1.38 trillion won ($1 billion

IndustryJune 17, 2024

Korea to pilot visa for K-pop trainees

South Korea is to introduce a separate visa track for foreign nationals who aspire to become K-pop stars in a move to attract more tourists from overseas, the Finance Ministry announced Monday. The ministry released a set of measures to help bring more foreign visitors to the country such as streamlining the entry process and offering incentives for using public transportation during a meeting of economic affairs ministers. The measures were based on the concern that the country’s tourism

EconomyJune 17, 2024

AliExpress’ Homeplus buyout rumors unnerve Korean rivals

AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus

IndustryJune 17, 2024

Hyundai Motor India files for record $3b IPO

Hyundai Motor India has officially submitted an initial public offering application to the Securities and Exchange Board of India to raise approximately $3 billion, potentially setting a record as the largest IPO in the country’s history. On Monday, Hyundai confirmed in a corporate disclosure that it has submitted a Draft Red Herring Prospectus to SEBI, initiating the IPO process for Hyundai Motor India Ltd., its local subsidiary. It marks a significant step in expanding both Hyundai&rsquo

MobilityJune 17, 2024

'Korea's Space X' Innospace to go public in July

Innospace, a South Korean startup specializing in developing hybrid space rockets, said Monday that it will go public on the country’s tech-heavy bourse Kosdaq next month, spearheading the private sector’s space shuttle era. “In order to commercialize space projects such as data services using communications and Earth-observing satellites, space exploration, space travel and asteroid mining, space launch vehicles, which can carry satellites, people and supplies to space, are a

CompaniesJune 17, 2024

Hanjin to extend logsitics network in Europe

Hanjin Logistics Corp., an affiliate of domestic airline-to-logistics conglomerate Hanjin Group, said Monday it is expanding its logistics network in Europe with plans to launch two new locations, in Hungary and Morocco, this year alone. The new initiative follows an assessment of the market potential by Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho during their recent visits to Germany, the Czech Republic and Norway. The company currently ope

IndustryJune 17, 2024

[Photo News] Hanwha's rocket system in Paris

Korean defense giant Hanwha Aerospace and defense electronics provider Hanwha Systems are presenting their latest advancements at Eurosatory 2024, the world’s largest defense exhibition, held in Paris this week. The highlight is Hanwha Aerospace's Chunmoo guided weapon system -- a versatile, self-propelled multiple-launch rocket system that has drawn interest from the Middle East, Europe and Southeast Asia for its ability to fire both guided and unguided rockets, providing versatile f

IndustryJune 17, 2024

S. Korea to ease regulations on REITs to help normalize PF market

The finance ministry said Monday it will ease regulations on real estate investment trusts as part of efforts to help normalize the real estate project financing sector. The government will create "project REITs" after drastically lifting regulations so as to allow a greater number of small investors to join the projects and will expand REIT investment targets to health care, data centers and other promising fields, according to the Ministry of Economy and Finance. REITs are a type of

EconomyJune 17, 2024

Seoul shares open lower amid rate-cut delay prospects

Seoul shares opened lower Monday, after a mixed close on Wall Street, as investors remain concerned over a possible delay in long-awaited interest rate cuts by the US Federal Reserve. The benchmark Korea Composite Stock Price Index fell 6.15 points, or 0.22 percent, to 2,752.27 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average fell 0.2 percent to 38,589.16 and the Nasdaq Composite rose 0.1 percent to 17,688.88. The Fed has recently pared back projections for rate cu

MarketJune 17, 2024

HD Hyundai marks Veterans Month with gravesite cleanups

HD Hyundai organized gravesite cleanup services at Seoul National Cemetery and Yeongcheon National Cemetery in North Gyeongsang Province to honor the Korean Patriots and Veterans Month of June. A total of 140 employees participated in these volunteer services on June 14 and May 24. They began by paying respects to individuals of national merit followed by weeding, planting flowers, polishing tombstones and maintaining flags. In South Korea, individuals of national merit are recognized for signif

CompaniesJune 16, 2024

Hyundai Rotem wins bullet-train export deal from Uzbekistan

For the first time, a Korean high-speed rail vehicle will be deployed internationally, with Uzbekistan as the destination. Hyundai Rotem announced Friday that it has secured a 270 billion won ($194 million) contract to supply and maintain power-distributed high-speed trains for Uzbek Railways in collaboration with the Korea Railroad Corporation. Hyundai Rotem is a Korean rail transport manufacturer that pioneered the nation’s first high-speed rail system, the Korea Train Express, in 2004.

IndustryJune 16, 2024

Top 4 conglomerates convene strategy meetings to navigate uncertainties

Top conglomerates in Korea are set to hold their strategic meetings this month to navigate the ongoing economic slowdown and geopolitical uncertainties according to industry sources on Sunday. Samsung Electronics, the country's No. 1 conglomerate in terms of assets, will kick off its series of strategic meetings from Tuesday to Thursday. Top executives are expected to convene to discuss the company’s global strategies in key technology sectors, including artificial intelligence, which touc

IndustryJune 16, 2024

Banks ramp up services for growing foreigner market

South Korean banks are bolstering their services for foreigners to tap into the rapidly expanding foreign customer market. Shinhan Bank recently pioneered a service among local commercial banks that allows foreign residents in Korea to conveniently apply for new check cards online through its mobile app SOL Bank. With its newly implemented foreign identification verification system, foreigners aged 17 or older with valid domestic identification documents, like an alien registration card or domes

IndustryJune 16, 2024

[KH explains] Why Korean battery companies are key to Tesla's 2170 upgrade strategy

South Korean battery material companies are emerging as key players in Tesla's revamped supply chain as the carmaker upgrades its 2170 battery cells -- integral to its most popular models. Tesla's initiative to enhance battery performance centers on upgrading the anode and cathode materials, which are critical for improving energy density and charging speeds. The anode, which determines how much energy the battery can store, directly impacts the driving range of electric vehicles. Mean

MobilityJune 16, 2024

[Test Drive] New Mini Countryman not so mini anymore

BMW Group’s premium compact car brand Mini has come back with a bigger, simpler and more digitalized model -- the new Mini Countryman -- as it aims to expand its turf. The Korea Herald participated in the Mini Countryman’s launch ceremony and media test drive event in Seoul on Thursday. The newest, third-generation Mini Countryman marked the product’s first fully changed model since its second-generation model was launched in 2017. The car's most distinguishable features a

MobilityJune 16, 2024

[Photo News] Tradition meets technology

LG Electronics said Sunday it has unveiled its new brand experience zone, called “Another Hanok,” for its latest energy-efficient home appliances, in Madrid, Spain. Styled on a traditional Korean house or "hanok," the net-zero space features the company’s artificial intelligence-based heating, ventilation and air conditioning solutions for corporate clients. (LG Electronics)

CompaniesJune 16, 2024

How Korean convenience stores became big names in Central Asia

South Korean convenience store operators facing a saturated market at home are now eyeing expansion overseas, especially in Southeast and Central Asia where rapid economic growth and the popularity of Korean content are leading to a growing demand for Korean-style comprehensive convenience stores. Currently, the nation’s top two chains, BGF Retail and GS25, operate a combined 1,168 convenience stores overseas. While GS25 operates 573 namesake stores in Vietnam and Mongolia, BGF Retail ha

IndustryJune 16, 2024