Over 80,000 millionaires, 20 billionaires in Seoul: report

There are over 80,000 individuals in Seoul with wealth of over $1 million, making it the city in the world with the 19th-highest number of millionaires, a recent study found. Around 82,500 residents in Seoul have wealth over $1 million as of December 2023, according to the “2024 World’s Wealthiest Cities” report issued by investment migration consultant Henry & Partners in collaboration with global data intelligence firm New World Wealth, Tuesday. In the annual report, weal

May 8, 2024

HD Hyundai Marine Solution soars on first day of public trading

HD Hyundai Marine Solution, a ship maintenance unit affiliated with Korean shipbuilding giant HD Hyundai, made its stock debut Wednesday, with the stock price soaring on the first day of trading. Listed on Kospi, the nation’s main bourse, its stock opened at 119,900 won ($88), a 48.8 percent surge from the initial public offering price of 84,300 won. It hit a high of 166,100 won before closing at 163,900 won. During its book-building period earlier in April, the company managed to amass

May 8, 2024

Kakao Bank hits record high quarterly profit in Q1

South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew

May 8, 2024

Minister pledges support for Naver in Line dispute

Korea will put Naver’s interest in the forefront in coming up with countermeasures to cope with the Korean IT firm’s conundrum of the Japanese government’s pressure on Naver to give up its ownership in Line, a leading messaging app in Japan that Naver has fostered for over a dozen years, the Korean science minister said Wednesday. “Regarding Japan’s administrative guidance of (Line), we have been continuously and closely cooperating with Naver to guarantee the maxim

May 8, 2024

20 major S. Korean conglomerates have no female inside directors

A report showed Wednesday that women account for only 3.2 percent of all inside directors at the biggest companies in South Korea. There are 787 inside directors and 850 outside directors on the boards of the 30 largest South Korean conglomerates and their 298 affiliates according to the local market analysis firm Leaders Index. There are 174 female outside directors and 25 female inside directors, each accounting for 20.5 percent and 3.2 percent of the respective totals. All 30 conglomerates ha

May 8, 2024

Less than 1 in 4 Seoul apartment deals are under W600m

Housing prices keep soaring in Seoul, as a report showed Wednesday that only 23.5 percent of high-rise apartments sold in the first quarter of this year went for less than 600 million won ($440,000). The real estate news platform Gyeongjae Man Lab -- Economy 10,000-Lab -- analyzed the data from the Ministry of Land, Infrastructure and Transport. It found that 2,188 of the 9,314 high-rise apartment transaction deals in the first quarter involved apartments worth less than 600 million won. It was

May 8, 2024

Czech envoy visits S. Korea's latest nuclear plant ahead of bid result

A Czech envoy visited a South Korean nuclear power plant last week amid the ongoing process to select the winner for the European nation's construction project estimated at around 30 trillion won ($22 billion), industry sources said Wednesday. Ivan Jancarek, the Czech Republic's ambassador to South Korea, visited the Saeul Nuclear Power Plant in Ulsan, 299 kilometers south of Seoul, on Friday, and was briefed on the overall operations of the facility, according to the sources. The visi

May 8, 2024

Seoul shares open higher on institutional buying

Seoul shares opened higher Wednesday on institutional buying, with investors staying watchful on whether the US Federal Reserve will slash key rates this year. The benchmark Korea Composite Stock Price Index rose 3.65 points, or 0.13 percent, to 2,738.01 in the first 15 minutes of trading. Overnight, US stocks ended nearly flat. The Dow Jones Industrial Average inched up 0.08 percent at 38,884.26, and the tech-heavy Nasdaq fell 0.1 percent to 16,332.56. Institutions and individuals bought a comb

May 8, 2024

Korea's logistics firms upscale facilities on Chinese e-commerce rise

Korean logistics companies are boosting their investment in their facilities to cope with the country’s increasing direct purchases from China, industry sources said Tuesday. According to Korea Customs Service, the number of items purchased through Chinese online shopping platforms last year reached 88.8 million, up 70.3 percent on-year. The combined value of those transactions also came to some 3.3 trillion won ($2.43 billion), up 121.2 percent from a year ago. The number of monthly activ

May 7, 2024

Seoul shares soar over 2% on looming hopes for US rate cuts

South Korean shares shot up over 2 percent Tuesday as investors were buoyed by growing hopes that the U.S. Federal Reserve may carry out rate cuts this year. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index jumped 57.73 points, or 2.16 percent, to close at 2,734.36. Trading volume was moderate at 523 million shares worth 10.9 trillion won ($8 billion), with winners outpacing losers 582 to 285. Investor sentiment was boosted by growing hope that t

May 7, 2024

Will China's self-sufficient dream in HBM come true?

With the US imposing strict trade restrictions on China's advanced semiconductors and chipmaking equipment, Beijing has been ramping up efforts to develop home-grown artificial intelligence chips to keep up with the global AI boom. Recently, the Chinese government and chipmakers have been working together to produce high-bandwidth memory chips, a crucial component in graphic processing units. With the backing of the government, the consortium led by Huawei aims to produce HBM2 by 2026. Indu

May 7, 2024

NPS commits record W1.5tr for alternative investments

South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit

May 7, 2024

Mirae Asset introduces high dividend yield ETF to China

Mirae Asset Global Investments, a leading asset manager based in Korea, announced on Tuesday its high dividend yield exchange-traded fund has been included in the Stock Connect Scheme, a program that allows mainland China investors access to certain eligible Hong Kong-listed ETFs. The Global X Hang Seng High Dividend Yield ETF, operated by the asset manager's Hong Kong branch, was included in the program on Monday. The ETF tracks shares with high dividend yields on the Hong Kong Stock Excha

May 7, 2024

Hanwha to receive $140m in US tax credits with new solar panel plant

Hanwha Solutions will receive additional tax credits of about $140 million from the United States government this year as it has completed the construction of a solar module production plant in Georgia and recently begun operations there, the Korean company said Tuesday. According to Hanwha Qcells, Hanwha Solutions’ US solar energy subsidiary, the company completed the construction of solar module production lines at the Cartersville plant at the end of April. The site will be capable of p

May 7, 2024

[KH Explains] Can tech firms' AI alliances take on Nvidia?

Tech firms have joined forces both domestically and globally to take on US chip giant Nvidia in the AI chip sector, which has enjoyed a near monopoly in the burgeoning market. An increasing number of global Big Tech companies are building their own AI ecosystems amid expectations for continuous growth in the sector, according to experts on Tuesday. While Nvidia has teamed up with SK hynix and TSMC to further strengthen its technical leadership in high-bandwidth memory chips, other tech firms are

May 7, 2024

LG CNS hosts contest for math optimization talents

LG CNS said Tuesday it will host a contest that targets talented individuals in the field of mathematical optimization for bundle deliveries. Co-organized with the Korean Institute of Industrial Engineers, Optimization Grand Challenge 2024 aims to nurture exceptional talents in mathematical optimization and foster broader social interest in the field. Mathematical optimization involves finding the most efficient solution by considering all possible scenarios under current resources and condition

May 7, 2024

Posco Future M unveils report on sustainable supply chain

To address increasing global concerns regarding ethical sourcing and environmental responsibility, domestic battery material manufacturer Posco Future M released its third Responsible Minerals Activity Report on Tuesday. The publication is a part of the company’s efforts to establish a sustainable supply chain for materials used in battery production, specifically the cathode and anode segments. It marks the continuation of a commitment initiated in 2021 when Posco Future M first outlined

May 7, 2024

Dried seaweed prices skyrocket to highest-ever level

The wholesale price of gim, or dried seaweed, in South Korea in April nearly doubled from last year, rising to its highest-ever level. A 100-sheet package of gim was traded at an average of 10,089 won ($7.4) in April, soaring by 80.1 percent compared to the same month in 2023, according to the state-run Korea Maritime Institute. It was the first time that the wholesale price of gim surpassed the 10,000-won mark, and the institute projects that the price will keep climbing to 10,875 won by Octobe

May 7, 2024

[Photo News] Family fun

Korean Air hosted a Family Day event at its headquarters in Seoul over the weekend, welcoming employees and their families from Saturday to Monday. After a hiatus due to the pandemic, the firm's annual tradition resumed last year. This year's gathering saw some 13,000 attendees, including Delta Air Lines employees stationed at Korean Air's headquarters as part of their joint venture partnership. The hangar was transformed into a theme park to offer a variety of activities, compa

May 7, 2024

[Photo News] Kia EV3

Kia on Tuesday released teaser images of the Kia EV3, the automaker's upcoming all-electric sports utility vehicle slated to hit the global market in the second half of this year. Kia expects the EV3, which will mark the Korean brand's third EV following the EV6 and EV9, to spearhead the mass adoption of EVs as it will be its most affordable model so far. The automaker will unveil the specifications of the EV3 through a global premiere on May 23. (Hyundai Motor Group)

May 7, 2024