Seoul shares end nearly flat; won dips to nearly 4-month low

South Korean stocks finished nearly flat Wednesday ahead of the releases of key US inflation data as investors cashed in recent gains. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.98 points, or 0.07 percent, to close at 2,755.11. Trade volume was moderate at 482.5 million shares worth 11.3 trillion won ($8.38 billion), with losers outnumbering winners 499 to 367. Individuals and institutions led the slight decline, dumping a net

March 27, 2024

LG vows W100tr investment in Korea with R&D focus

LG Group unveiled a plan Wednesday to invest 100 trillion won ($74.3 billion) in South Korea by 2028 as it seeks to secure technological competitiveness and expand new growth engines. The announcement was made during the regular shareholders meeting of its holding company LG Corp., held at the Seoul headquarters earlier in the day. The company said the planned investment accounts for 65 percent of LG’s overall global investment by 2028, which reflects its commitment to driving innovation a

March 27, 2024

Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026

Hyundai Motor Group announced Wednesday a grand plan to invest 68 trillion won ($50.7 billion) in Korea and create 80,000 jobs by the end of 2026 to secure future growth engines as a global first mover in the mobility sector. According to the auto conglomerate, 31.1 trillion won, about 46 percent of the investment, will be assigned to research and development to secure core technologies in improving product competitiveness, electric vehicle transition, advancing software-defined vehicles and int

March 27, 2024

[Hello India] Corporate Korea sees new growth drivers in India

Amid the escalating US-China rivalry, global supply chains are being reshaped and India, the world’s fifth-largest economy, is getting fresh attention from South Korean tech giants. India boasts the world’s largest population, at over 1.4 billion people, and a robust economy that has experienced substantial growth over the last three decades. Korea’s major conglomerates, which have already secured a sizeable footing in the burgeoning market, are more recently pouring resources

March 27, 2024

SK hynix aims to boost profits with advanced HBM chips

In the latest artificial intelligence boom, SK hynix will boost sales of its high bandwidth memory, or HBM, a critical chip to generative AI tools, to improve profitability, SK hynix Chief Executive Officer Kwak Noh-jung said at a general shareholders meeting Wednesday. Concerning the Wall Street Journal's report on SK hynix' plan to invest $4 billion to build an advanced chip packaging facility in Indiana, Kwan said nothing has been decided yet. "Even if (the market) experiences

March 27, 2024

Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027

South Korean e-commerce firm Coupang on Wednesday pledged to invest 3 trillion won ($2.23 billion) over the next three years to expand its signature Rocket Delivery service nationwide by 2027. The company's logistics network is expected to be drastically expanded, with eight new fulfillment centers being built by 2026. The centers also will feature more advanced automation technology to improve operational efficiency overall. Following the expansion, Coupang said that its overnight Rocket D

March 27, 2024

HD Hyundai vows to enhance support for foreign workers

HD Hyundai Chair Kwon Oh-gap and top executives convened Wednesday for a luncheon with foreign national workers at an Ulsan work site, pledging enduring support for their welfare. The gathering, held at a VIP restaurant within the HD Hyundai Heavy Industries headquarters, included a total of 42 foreign employees from seven countries such as Vietnam and Uzbekistan who work at the group’s shipbuilding affiliates and their partner firms. Along with Chair Kwon, Presidents Lee Sang-kyun and Noh

March 27, 2024

Investment banking veteran takes helm at NH Securities

Yoon Byung-un, an investment banking veteran, officially took office as the CEO of local brokerage house NH Investment & Securities, after winning approval at the annual shareholders’ meeting Wednesday. “We must be ready to make another leap without being satisfied with the present. The first part of the preparation is bringing together the capability (of our organization),” Yoon said in an inauguration speech during the meeting at the firm's headquarters in Yeouido, w

March 27, 2024

SK On, Ferrari team up to advance cell technology

SK On, an electric vehicle battery maker affiliated with SK Group, said Wednesday that it has partnered with Italian sports car maker Ferrari to advance innovation in battery cell technology. The two companies signed a memorandum of understanding at SK’s headquarters building in Seoul on Tuesday, with SK On CEO Lee Seok-hee and Ferrari CEO Benedetto Vigna in attendance. The collaboration aims to explore new avenues and potential solutions to advance battery cell technology. SK On and Ferra

March 27, 2024

Seoul shares start lower on US losses

South Korean stocks opened a tad lower Wednesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 6.94 points, or 0.25 percent, to 2,750.15 in the first 15 minutes of trading. US stocks finished lower ahead of key inflation data. The Dow Jones Industrial Average fell 0.08 percent, and the tech-rich Nasdaq Composite slid 0.42 percent. In Seoul, market heavyweights traded in mixed territory. Samsung Electronics, the world's largest memory chipmak

March 27, 2024

Korean banks up ante in Poland amid heightened ties

South Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday, KB Kookmin Bank, one of the country's leading lenders, announced a partnership with Poland's Bank Pekao to establish a "Korea Desk." According to Kookmin Bank, the signing ceremony for the deal was held on Monday at Pekao's Warsaw headquarters. The event was attended b

March 26, 2024

[Herald Interview] Indonesia, Korea can bridge global AI divide, says vice-minister

Nezar Patria, the Indonesian vice minister of communications and informatics, called for a bilateral partnership with South Korea to bridge the global artificial intelligence gap. The influence of Western values perpetuates an AI divide and leads to the concentration of economic and social benefits in specific regions of the Global North, he said, citing the 2023 World Economic Forum report. The report underscores the potential of AI to boost economic growth while noting the geographical concent

March 26, 2024

Seoul shares close higher on robust chip stocks

South Korean stocks rose Tuesday to end a two-session losing streak buoyed by strong semiconductor shares. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 19.52 points, or 0.71 percent, to close at 2,757.09. Trade volume was moderate at 439.5 million shares worth 11.9 trillion won ($8.88 billion), with gainers closely beating decliners 452 to 404. Foreign and institutional net purchases worth a combined 1.15 trillion won led the daily increa

March 26, 2024

Banks compete for foreign customers

Recognizing the expansion of the foreign population in Korea, banks are striving to improve access for foreign residents here by providing customized services from the point of arrival to departure. As Foreign nationals are expected to take up a more significant portion of Korea’s demographics amid the nation's continued population decline, local lenders are looking to woo foreign customers through designated communication channels. Korea's top four financial groups -- KB, Shinha

March 26, 2024

Genesis to expand beyond luxury

Genesis, a premium brand under South Korean auto conglomerate Hyundai Motor Group, unveiled two new concept vehicles -- the brand’s first full-size electric sports utility vehicle Neolun and the high-performance GV60 Magma -- at Genesis House New York on Monday, highlighting the future vision of the luxury automaker. “The Neolun Concept was inspired by Korea’s iconic moon-shaped porcelain jars,” said Luc Donckerwolke, chief creative officer at Genesis. “It’s

March 26, 2024

Kia hires ex-Mercedes, BMW designers

Kia Corp. on Tuesday announced it has appointed two former designers from Mercedes-Benz and BMW to head its design centers in Europe and China, respectively. Oliver Samson, previously with Mercedes-Benz, and Lim Seung-mo, formerly of BMW, will take on their new roles as head of the Kia Design Center Europe and head of the Kia Design Center China, respectively, on April 1. Samson and Lim will report to Karim Habib, executive vice president and head of Kia Global Design. The appointments are expec

March 26, 2024

BMW looks to continue winning streak with new hybrid 5 Series

After topping the sales charts in South Korea’s import car market last year, BMW Korea is looking to sustain its momentum with its new 530e, a plug-in hybrid model that is part of its 2024 eighth-generation 5 Series lineup. Introduced earlier this month, the 530e complements the 2024 lineup of gasoline, diesel, and electric models with its advanced plug-in hybrid technology. The 530e features a combination of a gasoline engine enhanced with BMW's TwinPower Turbo technology that uses a spec

March 26, 2024

LG Electronics CEO vows to elevate shareholder benefits

LG Electronics Chief Executive Officer Cho Joo-wan vowed "winning" changes and growth to overcome continuing uncertainties in the business environment at the regular shareholders meeting on Tuesday. Organizing this year's shareholders event under the concept of "openness," the chief came to present the company's mid- and long-term strategies to shareholders for the first time. The event was livestreamed for the first time as well. "(LG Electronics) is a ‘

March 26, 2024

LG CNS, Vietnam’s FPT team up for DX innovation

South Korean IT solutions provider LG CNS said Tuesday it has teamed up with Vietnam’s largest IT firm to carry out the group’s digital transformation project there. LG CNS recently signed a memorandum of understanding with Hanoi-based FPT Corp. at the Korean IT solutions provider’s headquarters in Seoul. The recent deal is the outcome of the two firms’ years of cooperation as IT partners since 2019, LG CNS officials said. FPT Corp. is a global IT company leading Vietnam&

March 26, 2024

[Photo News] Lotte's EV push

Lotte Group Chairman Shin Dong-bin (center) visits a new EV charger production plant in Cheongju, North Chungcheong Province, on Monday. The plant, operated by EVSIS, a subsidiary of Lotte Innovate, an IT solutions unit, has an annual production capacity of 20,000 units. Lotte aims to nurture the EV charger business together with other future mobility businesses as its new growth drivers. (Lotte Group)

March 26, 2024