LG chairman loses suit filed to recoup part of massive inheritance taxes

LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold

April 4, 2024

AI technology company Dabeeo wins fund from major defense investors

Spatial information firm Dabeeo has been selected for investment by Defense Innovation Technology Investment Consortium No. 1, South Korean fund for fostering future defense technology. The fund is formed by the Military Mutual Aid Association, IBK Capital, and LIG Nex1, a leading South Korean defense firm. With the investment from the fund, the total amount Dabeeo secured rose to $6 million in its recent Series B bridge round. With its selection as a Defense Innovation Company by the South Kore

April 4, 2024

S. Korea to spend W710.2b to expand AI in everyday life

South Korea will funnel 710.2 billion won ($526.9 million) into the government's projects to integrate artificial intelligence into everyday life, the science ministry said Thursday. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and IC

April 4, 2024

Seoul shares open sharply higher on revived rate-cut hopes

Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e

April 4, 2024

S. Korea's beauty exports hit all-time high of $2.3b in Q1

South Korea’s exports of cosmetics jumped around 22 percent on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday. According to the Korea Customs Service, the country’s exports of cosmetic products came to $2.3 billion in the January-March period, up 21.7 percent on-year from the same three-month period last year. The export figure is the highest ever for the first quarter. South

April 3, 2024

Renault Korea announces rebrand for fresh start

Renault Korea, the Korean branch of the French automotive firm, announced on Wednesday a significant rebranding initiative and the 2025 launch of the Renault Scenic E-Tech, an all-electric compact crossover SUV, in the Korean market. The announcement was made during a press conference at the Renault Seongsu flagship store in eastern Seoul. The rebranding sees Renault Korea shedding its previous moniker, Renault Korea Motors, in favor of a sleeker identity that simply reads "Renault Korea.&q

April 3, 2024

Hyosung TNC pledges W1tr to build new Vietnam plant

Hyosung TNC, the fiber production unit of South Korean industrial giant Hyosung Group, said Wednesday it will invest 1 trillion won ($740 million) in Vietnam to establish a new spandex material plant. Hyosung TNC secured approval for the investment from the Vietnamese government during a city development conference for Ba Ria-Vung Tau, a local province of the Southeast Asian country, held Saturday. With the approval, the company will commence construction of a facility in Ba Ria-Vung Tau capable

April 3, 2024

Seoul shares snap 3-day rise as early rate-cut optimism fades

Seoul shares ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the US Federal Reserve will keep interest rates higher for longer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.19 points, or 1.68 percent, to close at 2,706.97. Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246. Insti

April 3, 2024

HD Hyundai Marine Solution ready for record IPO

HD Hyundai Marine Solution, an industry leader in ship life cycle maintenance formerly known as Hyundai Global Service, has detailed a growth framework for its stock market debut as it gears up for what is expected to be Korea's largest initial public offering in the first half of 2024. The company held a press conference on Tuesday at the company's Global Research and Development Center in Seongnam, just south of Seoul, as it prepares to join the Korea Composite Stock Price Index in M

April 3, 2024

Hana Bank opens nation’s largest forex dealing room

Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the country's largest such space, the bank states. The opening ceremony was a

April 3, 2024

How did Hyundai Motor end up becoming KT's largest shareholder?

Hyundai Motor Group has become the largest shareholder of the nation's telecom giant, KT Corp. -- a rare move that is driving speculation about the carmaker's investment strategy and the possible impacts on KT's business direction. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on March 20, lowering its stake to 7.51 percent from 8.53 percent, the regulatory filing showed Tuesday. This is the first time that

April 3, 2024

Foreign reserves rebound, riding out strong US dollar

South Korea's foreign exchange reserves rebounded in March after a two-month decline, backed by deposits and investment gains offsetting the strong US dollar, the central bank said Wednesday. The country's foreign reserves had come to $419.25 billion as of late March, up $3.51 billion from the previous month, according to the data from the Bank of Korea. The figure advanced on-month after declining for the first two months of the year. It moved down $4.4 billion and $20 million in Janu

April 3, 2024

Kakao Bank CEO joins Grab's board

Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee. Yun's appointment follows the strategic partnership formed between the two companies last year. In October, Kakao Bank announced the acquisition of a 10 percent stake i

April 3, 2024

Samsung, GS win record gas plant deals in Saudi Arabia

South Korean builders Samsung E&A and GS Engineering & Construction have secured a contract worth a combined total of $7.2 billion for the construction of a substantial gas plant in Saudi Arabia, the two companies announced Wednesday. The landmark deal represents the largest plant construction agreement secured by Korean companies in the kingdom. The two firms signed an engineering, procurement and construction contract with Aramco, Saudi Arabia's state-run oil giant, in Dhahran, Sa

April 3, 2024

[Photo News] LG Awards for innovation

LG Group Chairman Koo Kwang-mo (center) claps at the LG Awards ceremony, held at the LG Academy in Icheon, Gyeonggi Province, on Tuesday. The awards, launched in 2019, aim to recognize innovative technologies, products and services across LG affiliates. This year, 98 teams and 724 individuals received awards, including the life science business team at LG Chem that played a role in supplying essential infertility treatments during a supply shortage. "Customers recognize unique value when th

April 3, 2024

Hyundai Mobis' media platform gets digital face-lift

Hyundai Mobis, a key subsidiary of the Hyundai Motor Group specializing in automotive components, unveiled Wednesday a comprehensive refurbishment of its media website, Mobis Live, aiming to bolster its communication channels. Mobis Live serves as the firm’s official platform to provide insights into the broader mobility industry and the latest developments within the company. This revamp is a part of the strategy to solidify its position as a central hub for mobility-related narratives th

April 3, 2024

[Photo News] Hyundai's new delivery robot

Hyundai Motor Group on Wednesday unveiled DAL-e Delivery, the auto giant's upgraded indoor delivery robot for use in buildings. According to the auto conglomerate, the robot, which is based on four plug-and-drive modules, can move at a speed of up to 4.32 kilometers per hour -- equivalent to the average walking pace of an adult. The robot can also load up to 10 kilograms. The robots will be dispatched to the Factorial Seongsu office building in western Seoul in the second quarter of this ye

April 3, 2024

Seoul shares open lower on faded hopes for early rate cut by Fed

Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto

April 3, 2024

Hyundai Motor Group becomes largest shareholder of KT Corp.

Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai's status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according t

April 2, 2024

Hanwha reaffirms will to pursue Austal takeover

South Korean Conglomerate Hanwha Group on Tuesday reaffirmed its willingness to continue pushing for a takeover of Australian shipbuilder Austal despite the latter’s earlier announcement to reject the former’s offer due to low chances of obtaining regulatory approvals. According to media reports and industry sources, the value of the acquisition offer has been estimated between 895 million and 1.02 billion Australian dollars ($581 million and $663 million). Noting Austal’s posi

April 2, 2024