Seoul shares up for 4th day on revived hopes for Fed's rate cut

South Korean shares closed up for the fourth consecutive session Friday amid hopes for a US rate cut that helped push US stock indexes to record highs. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.53 points, or 0.13 percent, to close at 2,758.42. Trade volume was heavy at 633.1 million shares worth 15.7 trillion won ($11.38 billion), with losers outnumbering gainers 481 to 399. Foreign investors remained net buyers for a third con

June 14, 2024

Science Ministry to cancel license of Stage X as new mobile carrier

South Korea's Science Ministry said Friday that it will revoke the license of new mobile carrier Stage X for failing to meet legal requirements to run the business, including paid-in capital of 205 billion won ($149 million) that was due last month. The Ministry of Science and ICT will carry out a hearing on Stage X's case to finalize its decision on canceling the designation of the firm as a frequency allocation target corporation. Stage X had been expected to become the country'

June 14, 2024

Doosan Bobcat breaks ground on new plant in Mexico

Doosan Bobcat, a South Korean industrial machinery builder under Doosan Group, has broken ground on a new manufacturing plant in Monterrey, Mexico, to handle increasing demand for loaders in the North American market, the company said Friday. Officials from Doosan Bobcat and the Mexican local government took part in the groundbreaking ceremony held on Thursday local time. The new overseas site will be Doosan Group’s first manufacturing facility in Mexico. Doosan Bobcat will invest $300 mil

June 14, 2024

Nongshim to build W229b logistics center on robust overseas sales

Nongshim, the top ramyeon manufacturer in South Korea, said Friday it plans to invest 229 billion won ($166 million) to build a new logistics center in Ulsan, South Gyeongsang Province, largely driven by increasing overseas sales in recent years. The new Ulsan logistics facility will enhance the company’s distribution network, facilitating connections between ingredient suppliers and its ramyeon production plants in Gumi and Busan. Nongshim said that the company is considering constructing

June 14, 2024

Line Pay service to be terminated in Japan next year: LY

LY Corp., the operator of popular mobile messenger Line, has announced its plan to terminate its Line Pay service in Japan next year, amid criticism over Japan's apparent pressure to shed Naver Corp., South Korea's biggest internet portal operator, from LY. LY, a 50-50 joint venture between Japan's SoftBank and South Korea's Naver, said Thursday the mobile payment service will be terminated by April 30, 2025, in Japan, citing "optimal allocation of management resources.&

June 14, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened slightly higher Friday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 4.72 points, or 0.17 percent, to 2,759.61 in the first 15 minutes of trading. The Kospi has finished higher for three consecutive sessions, tracking US stock indexes that climbed to record highs amid a slowdown in inflation. The Nasdaq and S&P 500 again reached new highs Thursday, helped by renewed hopes for the start of US rate cuts within the year

June 14, 2024

KGC taps into Malaysia's top health store chains

Korea Ginseng Corp., the leading ginseng product manufacturer in the country, announced on Thursday its plans to introduce its flagship health functional food products to Guardian and Watsons, the top health and beauty stores in Malaysia, as part of efforts to expand its presence in Southeast Asia. This initiative follows a recent increase in health awareness in Malaysia, a significant economic player in the region, which has led to growth in the health-functional food market from 1.5 trillion w

June 14, 2024

Samsung's Lee meets with CEOs of global tech giants in US

Samsung Electronics Co. Chairman Lee Jae-yong has met with the heads of Meta Platforms Inc., Amazon.com Inc. and Qualcomm Inc. in the United States this week to discuss future technologies and business collaborations, the company said Thursday. Lee, who has been on a two-week business trip in the U.S., was invited to Mark Zuckerberg's home in Palo Alto, California, on Tuesday (U.S. time) and had talks with Meta's founder and CEO, according to Samsung Electronics. It is their second mee

June 13, 2024

Coupang’s Rocket Delivery faces antitrust fine

South Korean e-commerce giant Coupang is in trouble, as the nation’s antitrust watchdog has flagged the company for allegedly promoting its own private label products -- particularly those eligible for its signature Rocket Delivery service -- on its platform’s algorithm-driven ranking system. On Thursday, the Korea Fair Trade Commission issued a fine of 140 billion won ($102 million) along with prosecution against Coupang, arguing that the company engaged in "consumer deception&

June 13, 2024

Samsung chief holds meetings with global tech CEOs in US

Samsung Electronics Chairman Lee Jae-yong held consecutive meetings with the chiefs of global tech giants including Meta, Amazon and Qualcomm, in an effort to strengthen ties and boost collaboration during his two-week trip to the US, the company said on Thursday. Lee shared insights and prospects over advanced technology markets with the tech leaders and also checked on the company's business operations, the company said. In his meeting with Qualcomm CEO Cristiano Amon on Monday, Lee discu

June 13, 2024

BOK's rate-cutting cycle coming, but timing depends on inflation

The Bank of Korea looks increasingly likely to push back the start of its interest rate-cutting cycle as late as October as the country enters the last mile in its inflation fight while the US dials back its rate cut forecasts, experts said Thursday. The country’s recent data showing signs of weakening inflation, coupled with a rebound in exports, has increased anticipation for rate cuts by the Bank of Korea. The borrowing rates were kept at 3.5 percent for the 11th consecutive session i

June 13, 2024

Seoul shares gain nearly 1% on tech gains

South Korean stocks finished nearly 1 percent higher Thursday, extending their winning streak to a third session on tech gains. The local currency slightly rose against the US greenback. The benchmark Korea Composite Stock Price Index surged 26.72 points, or 0.98 percent, to 2,754.89. Trade volume was heavy at 690 million shares worth 18.9 trillion won ($13.72 billion), with losers outnumbering gainers 461 to 398. The index had opened sharply higher, tracking overnight gains on Wall Street led b

June 13, 2024

BlockSquare Seoul to enhance market intelligence service for crypto investors

Korea's crypto data aggregator BlockSquare Seoul said Thursday that it plans to update its market analysis features in July to offer more detailed investment information for its users. Currently, the company provides market intelligence service under the name Retri, suggesting the best time to buy and sell cryptocurrencies by reading their price movements and transaction flows. Following the July update, the Retri service will offer more sophisticated real-time data updates on price project

June 13, 2024

Doosan chief, Kazakh president discuss key energy collaborations

Doosan Group Chairman Park Jeong-won met with Kazakh President Kassym-Jomart Tokayev in Astana to discuss energy sector collaboration, as part of his role in the economic delegation accompanying South Korean President Yoon Suk Yeol on a state visit to Central Asia. Chairman Park and President Tokayev met Wednesday at the Hilton Astana Hotel, accompanied by high-ranking officials and executives including Kazakhstan's Minister of Energy Almassadam Satkaliyev, Samruk-Kazyna CEO Nurlan Zhakupov

June 13, 2024

Celltrion's Stelara biosimilar receives approval in Korea

South Korean biosimilar giant Celltrion announced Thursday that Steqeyma, the company’s biosimilar referencing Stelara, has been approved by the Ministry of Food and Drug Safety. Stelara (ustekinumab) is Johnson & Johnson's blockbuster drug used to treat patients with plaque psoriasis. According to market research company IQVIA’s report, the global ustekinumab market was estimated to reach $20.3 billion as of last year. Celltrion said Steqeyma has been approved for its uses

June 13, 2024

GS Caltex partners with Sumitomo to supply natural cosmetics ingredient

South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients. According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava. The 2,3-Butanediol GreenDiol is produced fr

June 13, 2024

[KH Explains] Will Naver Webtoon, Yanolja be next Coupang?

Two Korean companies -- Naver Webtoon and Yanolja -- are preparing for a US stock debut this year, seeking higher valuation and aggressive overseas expansion. Their US push comes after Coupang’s successful Nasdaq listing in 2021 when the company was valued at $63 billion, the biggest IPO in the US by a foreign company since Alibaba Group in 2014. Industry watchers agree that the market sentiment has changed over the past three years following the bursting of pandemic-bubble stocks. But the

June 13, 2024

[Photo News] Shinhan Bank bolsters presence in Kazakhstan

Shinhan Bank announced Thursday that it participated in the "Korea-Kazakhstan Business Forum" in Astana, hosted jointly by the governments of both countries the previous day. As the sole commercial bank in the Korean delegation, Shinhan Bank signed two significant agreements during the forum. One was signed with the European Bank for Reconstruction and Development to enhance partnerships and financial support in Kazakhstan, while the other agreement involved cooperation with CU Centr

June 13, 2024

Korea's short selling ban extended to March 2025

South Korea's ban on the short selling of stocks is set to be extended until March next year. The projected deadline was discussed during a government-parliament meeting between the country's top financial regulators and the ruling People Power Party on Thursday to discuss the enhancement of short selling regulations. "We have proposed extending the short selling ban until March 2025, after the development of the computerized monitoring system," said lawmaker Jeong Jeom-sig,

June 13, 2024

Daewoo E&C chief visits Turkmenistan to discuss infrastructure projects

Daewoo Engineering & Construction Chairman Jung Won-ju visited Turkmenistan this week to meet with government officials and business partners to explore new opportunities in the country’s burgeoning infrastructure development market. Jung was visiting the country as part of a business delegation accompanying President Yoon Suk Yeol on his state visit for a summit with Turkmen President Serdar Berdymukhamedov in Ashgabat, the Turkmenistan capital. During the visit, the Daewoo chief insp

June 13, 2024