IFC Seoul in acquisition talks for over W3tr

Singapore’s ARA Asset Management is reportedly in talks with Brookfield Asset Management to acquire the International Finance Center Seoul, one of South Korea's largest mixed-use commercial properties, according to sources Friday. Following its purchase of the Conrad Seoul Hotel in August, ARA is now discussing a potential deal with the owner of IFC Seoul to buy the remaining office towers and retail mall. Located in Yeouido, Seoul, the IFC complex was initially developed by US-based

Nov. 8, 2024

KT&G declines FCP proposal to buy ginseng unit

South Korean top tobacco company KT&G has rejected a recent proposal from the Singapore-based activist private equity fund Flashlight Capital Partners to acquire Korea Ginseng Corporation, a KT&G affiliate. In a move to turn down Flashlight Capital Partners' bid, KT&G issued a statement Friday and reiterated its commitment to a long-term growth strategy focused on three core businesses, including health functional foods -- the segment Korea Ginseng Corporation falls under. KT&am

Nov. 8, 2024

Starbucks to open store on North Korea's doorstep

Starbucks Korea will open a new outlet this month, just 1.4 km away from North Korea. The store will be located on the second floor of the observatory at Aegibong Peace Ecopark in Gimpo, Gyeonggi Province. Aegibong, a 154-meter peak, offers a direct view of North Korea’s Kaepung County and Songaksan. Since the park’s opening in 2021, the observatory has drawn large crowds. Last year, almost 140,000 tourists visited the park to catch a glimpse of North Korea. The ecopark features an o

Nov. 8, 2024

Posco considers selling off steel plant in China amid market oversupply

Posco Group is reportedly considering selling its stainless steel plant in Zhangjiagang, China, as part of a broader restructuring initiative led by Chairman Chang In-hwa to streamline 125 low-profit and non-core assets. According to industry sources Friday, Posco is in the process of selecting an advisory firm to aid in decision-making regarding the sale of Zhangjiagang Pohang Stainless Steel. With an annual production capacity of 110,000 metric tons, the plant was constructed near the Yangtze

Nov. 8, 2024

Seoul shares down despite Fed's rate cut; won sharply up

South Korean stocks closed lower Friday as uncertainties over the incoming Trump administration's policies overshadowed a back-to-back rate cut by the Federal Reserve. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.48 points, or 0.14 percent, to close at 2,571.15. Trade volume was moderate at 440.7 million shares worth 9.63 trillion won ($6.94 billion), with losers outpacing winners 469 to 388. Foreigners sold a net 18.1 billion

Nov. 8, 2024

Naver to enhance 'AI Briefing' after record Q3 earnings

South Korean internet giant Naver on Friday reported record-high quarterly earnings for the July-September period, showing strong performances in all of its major businesses including the search platform, commerce and content. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company would expand its "AI Briefing" summary function to mobile phones next year. The feature provides direct answers to search queries by understanding user intent and context based

Nov. 8, 2024

LG ramps up US battery push with $6.7b supply deal for Rivian EVs

South Korea's LG Energy Solution has secured a landmark deal with Rivian, the US electric vehicle maker known for its rugged electric trucks and SUVs. The South Korean battery manufacturer will deliver a total of 67 gigawatt-hours worth of 4695 cells -- named for their 46mm diameter and 95mm height -- over the next five years. Although neither company disclosed the exact financial details, Korean industry analysts estimate that the deal could be worth at least $6.7 billion, based on the typ

Nov. 8, 2024

Korean transformer export surge on clean energy, AI demand

South Korea’s transformer industry is booming thanks to rising global demand for clean energy and artificial intelligence infrastructure. Leading Korean manufacturers like HD Hyundai Electric and Hyosung Heavy Industries have seen a significant surge in orders for their high-capacity transformers, which are essential for handling the massive electricity loads required by renewable energy projects and data centers supporting AI. With their order books full and growing, these companies are n

Nov. 8, 2024

BOK warns of growing uncertainties over global inflation, monetary policy

The South Korean central bank said Friday uncertainties have grown over global growth, inflation, and monetary policy paths of major economies following Donald Trump's presidential election victory, vowing enhanced market monitoring and timely responses. Bank of Korea Deputy Gov. Ryoo Sang-dai made the comment during a meeting meant to check the market situation after the Federal Reserve on Thursday decided to cut the benchmark interest rate by 0.25 percentage point, the second consecutive

Nov. 8, 2024

Seoul shares open sharply higher on US rate cut

South Korean stocks opened sharply higher, tracking overnight gains on Wall Street, after the US Federal Reserve lowered its benchmark interest rate by a quarter-percentage point. The Korean won also sharply gained against the greenback. The benchmark Korea Composite Stock Price Index added 25.57 points, or 1 percent, to 2,590.2 in the first 15 minutes of trading. The rate cut marked the second consecutive reduction following a 50-basis-point cut in September. The move came after Republican flag

Nov. 8, 2024

US Fed cuts key lending rate by quarter-percentage point

The US Federal Reserve lowered its benchmark interest rate by a quarter-percentage point on Thursday, marking the second consecutive reduction following a jumbo 50-basis-point cut in September. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to reduce the rate to the 4.50 to 4.75 percent range. It came after Republican flag-bearer Donald Trump won in Tuesday's presidential election over Vice President Kamala Harris. In a press release, the Fe

Nov. 8, 2024

Netmarble swings to black in Q3 on steady-selling titles

Netmarble Corp., a South Korean game developer, said Thursday it swung to net profit in the third quarter on steady sales of its webtoon-based game title Solo Leveling: ARISE. The company posted a net income of 20.6 billion won ($14.8 million) for the July-September period, shifting from a loss of 28.4 billion won a year earlier, according to a regulatory filing. Operating income was 65.5 billion, compared with a loss of 21.9 billion won a year ago, while sales rose 2.6 percent to 647.3 billion

Nov. 7, 2024

KT&G reports record cigarette sales in Q3

KT&G, the nation’s largest tobacco company, said Thursday its cigarette sales hit a new record in the third quarter, largely buoyed by overseas sales. In the July-September period, the company reported 1.04 trillion won ($780 million) in cigarette sales, up 7.7 percent from a year ago and the highest-ever quarterly figure. Operating profit in cigarette sales also soared 23.6 percent to 333 billion won. Overseas sales made up about one-third of its total cigarette sales, worth 419.7 bil

Nov. 7, 2024

Mirae Asset Securities Q3 earnings more than double

Mirae Asset Securities, a leading brokerage house in Seoul, reported robust earnings in the third quarter, largely buoyed by the strong performance of overseas units. In its earnings report on Thursday, the brokerage firm said its operating profit more than doubled to 370 billion won ($265 million) in the July-September period compared to a year ago, while its net profit soared to 290 billion won, almost tripling on-year. The company attributed the upbeat earnings to the growth of its foreign su

Nov. 7, 2024

PUBG powers Krafton to record Q3 earnings

Krafton, the South Korean gaming giant behind the popular title PUBG: Battlegrounds, on Thursday posted record-breaking financial results for the third quarter of 2024, fueled by strong demand for its flagship game and ongoing investments in artificial intelligence. The company reported third-quarter revenue of 719.3 billion won ($516.18 million) and an operating profit of 324.4 billion won, reflecting year-over-year increases of 59.7 percent and 71.4 percent, respectively. This strong performan

Nov. 7, 2024

Chipmakers urged to leverage AI edge in tackling uncertainties

Donald Trump's second presidency is unsettling the chip industry globally, after the outspoken leader had publicly threatened during his campaign to cut subsidies for chipmakers and raise tariffs on foreign firms. South Korea, home to the world’s top two memory chip-makers, is no exception. Experts suggest that Korea should leverage its strengths in artificial intelligence chips and further bolster ties with the new US administration. One of the imminent concerns is the possibility of

Nov. 7, 2024

Korea on alert over reshaped global economy during Trump's 2nd term

The export-reliant Korean economy is bracing for Donald Trump’s return to the White House, with the energy and high-tech sectors here expected to bear the brunt of the US policy shift centered on his trade protectionism and the rollback of Joe Biden's green energy push. Korea’s Finance Minister Choi Sang-mok said on Thursday he expected considerable changes in external economic conditions in the wake of President-elect Donald Trump's victory over Vice President Kamala Harri

Nov. 7, 2024

Seoul shares close tad higher amid Trump policy uncertainties

South Korean stocks finished slightly higher to end a two-session losing streak Thursday as investors scurry to gauge the potential impact of the upcoming President-elect Donald Trump administration's policy on key sectors like semiconductors, EV batteries and shipbuilding. The Korean won edged down against the US dollar. After opening slightly lower, the benchmark Korea Composite Stock Price Index added 1.12 points, or 0.04 percent, to close at 2,564.63. Trade volume was moderate at 447 mi

Nov. 7, 2024

'Trump trade' shakes up markets

With Donald Trump winning the US presidential election, the “Trump trade” flowed into the South Korean stock market, with shares of defense and shipbuilding firms surging. The value of the local currency against the US dollar dropped to a two-year low. Shares of defense companies jumped, with investors anticipating robust earnings on the potential for escalated geopolitical risks. Furthermore, Korea could face renewed pressure to pay more in its defense cost-sharing arrangement with

Nov. 7, 2024

Korean auto, battery firms buckle up for second Trump term

Korean automakers and battery-makers now face the daunting task of coping with a second Donald Trump administration, as they try to prepare various measures to weather the storm of uncertainties expected from the next president of the United States. Throughout his election campaign, Trump has openly criticized the Joe Biden administration’s Inflation Reduction Act and its Advanced Manufacturing Production Credit that have given financial benefits to Korean companies in the electric vehicle

Nov. 7, 2024