Fitch keeps S. Korea's 'AA-' credit rating, eyes 2.1% growth

Global credit appraiser Fitch Ratings said Wednesday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook. It is the fourth-highest level on the agency's sovereign ratings table, and Fitch has maintained AA- for South Korea since September 2012 when it upgraded the rating by one notch from A+. "(South) Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical ri

March 6, 2024

NH Bank cracks down on W11b internal failure

A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total amount of the financial products the accused employee had handled at the related department between March 2019 until November last year. According to an official from the bank, a 1.2 billion won d

March 6, 2024

Seoul shares close lower ahead of Fed chief's testimony

South Korean stocks closed lower Wednesday as investors awaited clues on the US Federal Reserve's future rate direction, with techs and chemicals leading the overall decline. The local currency closed flat against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.91 points, or 0.3 percent, to 2,641.49. Trade volume was low at 364 million shares worth 9.8 trillion won ($7.38 billion), with losers outpacing gainers 606 to 282. Foreigners offloaded 374.4 billion won worth o

March 6, 2024

Korean firms eye chances in net zero, global market: ChatGPT report

The global transition to net zero will be a boon for companies in renewable energy and secondary batteries, while supply chain restructuring will challenge Korean chipmakers, according to data analysis released Wednesday by the Korea Chamber of Commerce and Industry. The business group released a report on opportunities and risk factors that Korean firms expected this year by analyzing 2024 management messages from the top 100 listed companies using ChatGPT. The opportunity factors for Korean

March 6, 2024

[From the Scene] Korean battery giants showcase new tech amid rivalry with China

South Korean battery makers showcased next-generation battery solutions amid competitive pressure from Chinese counterparts and a decelerating electric vehicle market at Interbattery 2024, Korea's largest gathering for the battery industry. This event, which kicked off at the COEX Convention & Exhibition Center in Seoul on Wednesday, broke records, drawing an audience of 42,872 pre-registered attendees, a 77 percent increase compared to last year. LG Energy Solution took center stage with th

March 6, 2024

[Contribution] The buck stops with all of us, not women

By Judy Hsu This year, for International Women’s Day, the United Nations has called for countries around the world to “Invest in Women: Accelerate Progress”. This crucial call underlines the need to address the deficit in gender equality measures as economies continue to grow. The call also emphasizes the imperative of prioritizing women’s economic empowerment because a stark reality persists: There continues to be a wide economic disparity between men and women in ma

March 6, 2024

Korea on guard against inflation

Consumer price growth resurged to above 3 percent in February, showing that Korea may be facing stickier-than-expected inflation, data suggested Wednesday. Consumer prices, a key gauge of inflation, advanced 3.1 percent on-year last month, according to data from Statistics Korea. Though price growth fell to 2.8 percent in January, dipping into the 2 percent range for the first time in six months, it rebounded to above 3 percent within a month. The uptick marks the first time in four months that

March 6, 2024

Samsung may build Google’s next Tensor chip: sources

Samsung Electronics' foundry division is expected to get a boost as Google reportedly plans to build its new Tensor G4 chipset based on Samsung’s latest Exynos 2400 blueprint, according to industry sources on Wednesday. Google's new Pixel 9 smartphone is set to launch in the latter half of this year, and it is highly anticipated to incorporate the upcoming Tensor G4 chipset. SamMobile and other industry sources predict Samsung Foundry to produce Google's new chipset leveragi

March 6, 2024

[Photo News] Empowering women

From left: American Chamber of Commerce in Korea Chairman and CEO James Kim, US Embassy in Korea deputy chief of mission Joy M. Sakurai, Citibank Korea CEO Yoo Myung-soon, P&G Korea General Manager Lee Chee-young and Christina Ahn, client partner of Korn Ferry, attend a panel discussion during an International Women’s Day luncheon hosted by AmCham Korea in Seoul on Wednesday. During the event, business leaders shared their unique personal career journeys and delved into strategies fo

March 6, 2024

LG, LS join hands for smart factory leadership

LG Electronics and LS Electric have teamed up to enhance their smart factory leadership and foray into overseas markets together, the companies said Wednesday. Their strategic alliance, formalized through a memorandum of understanding signed Tuesday, aims to leverage the combined technological prowess and market influence of both entities to forge advancements in the smart factory sector, including digital solutions, automation, and energy efficiency. LS Electric is set to contribute its core te

March 6, 2024

Samyang to ramp up ramyeon production for US exports

Korean food manufacturer Samyang Foods on Wednesday held a groundbreaking ceremony for its new plant in Milyang, South Gyeongsang Province, as the company aims to capitalize on the growing global popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The new plant, set to be completed by 2025, will have an annual production capacity of 560 million units. With the addition of the new plant, the company's combined production capacity will surge to 2.36 billion

March 6, 2024

Dong-A Otsuka pledges ‘zero plastic’ on 45th anniversary

Korean beverage maker Dong-A Otsuka on Tuesday announced its “zero plastic” goal, renewing its commitment to sustainable management on the company's 45th anniversary. Under the new goal, the company aims to increase the use of sustainable plastic by 50 percent by 2030 and complete a 100 percent transition to sustainable plastic by 2050. As part of its efforts, the company will start adopting eco-friendly PET (polyethylene terephthalate) this year and reduce the use of plastic ma

March 6, 2024

Naver, Aramco team up for digital innovation in Middle East

Korean internet giant Naver on Wednesday said it has signed a partnership with Aramco Digital, a technology subsidiary of Saudi Aramco, for digital innovation in the Middle East and North Africa. Under the deal, the two sides agreed to build a sovereign cloud and super app optimized for the Middle East region. They will also join forces to develop sovereign artificial intelligence based on the Arabic language model. “Aramco Digital is the best partner to implement Naver's cutting-edge

March 6, 2024

[Photo News] Hyundai in metaverse

Hyundai Motor Group has launched a virtual brand heritage world on Naver's metaverse platform Zepeto, the automaker announced Wednesday. Named "Timeless in Seoul," the virtual world features Hyundai's first self-developed and produced vehicle Pony and the automaker's awards-winning electric vehicle Ioniq 5. According to Naver, the number of Zepeto users has exceeded 300 million users worldwide. (Hyundai Motor Group)

March 6, 2024

Seoul shares open lower on Wall Street losses

South Korean stocks opened lower Wednesday after major blue chips finished bearish on Wall Street. The benchmark Korea Composite Stock Price Index fell 8.84 points, or 0.33 percent, to 2,640.56 in the first 15 minutes of trading. Overnight, the US stock market closed lower, with the Dow Jones Industrial Average falling 1.04 percent and the tech-heavy Nasdaq Composite losing 1.65 percent. US tech giant Apple sharply lost ground amid reports that its sales in China dipped sharply over the first si

March 6, 2024

[Investor] Cheonsuman Bay region emerges as stronghold of future air mobility industry

Hyundai Motor Group and South Chungcheong Province have joined hands to lead the advanced air mobility (AAM) industry in the province. In a strategic move toward innovating the transportation sector, the province concluded a business agreement with the automotive group to foster the AAM-related industry in Cheonsuman Bay B District in Seosan, provincial government officials said. South Chungcheong Gov. Kim Tae-heum and Hyundai Motor Group executives attended the signing ceremony held at the prov

March 5, 2024

Naver to debut new OS for robots at Saudi tech show

Korean internet giant Naver said Tuesday that it is debuting the world’s first web platform-enabled operating system for robots, called “Arc mind,” at this week’s LEAP 2024, a tech trade show held in Saudi Arabia. The company said the new platform combines the web platform technology of Naver Cloud’s Whale and the robotics software technology of Naver Labs. "Team Naver has continuously expanded its tech portfolio from web platform to robotics software by develo

March 5, 2024

[From the Scene] The Hyundai Seoul turns Yeouido into young shoppers' mecca

Just a few years ago, the streets of Yeouido, Seoul's main finance and investment banking district normally full of white-collar workers during weekdays, were quiet during weekends. But now, the high-profile opening of The Hyundai Seoul, the largest retail mall in Korea's capital, has reinvigorated the area, making it a shopping mecca for those in their 20s and 30s in only three years. “I can see more people, particularly younger people, coming to this office district in Yeouido

March 5, 2024

Korea's GNI rebounds on stable won

South Korea’s gross national income per capita rebounded to over $33,000 in 2023, marking a 2.6 percent rise on-year, while the national economy grew by 1.4 percent, preliminary data from the Bank of Korea showed Tuesday. The GNI per capita, a measure of the amount of money earned per person in a nation, stood at $33,745 last year, advancing by 2.6 percent from $32,886 in 2022. The figure, drawn up by dividing national income in a year by population, helps evaluate the standard of living.

March 5, 2024

Seoul shares close lower on profit taking

South Korean stocks closed lower Tuesday as investors sought profit while awaiting China's economic policy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.87 points, or 0.93 percent, to 2,649.4. Trade volume was moderate at 447 million shares worth 11.9 trillion won ($8.93 billion), with losers outpacing gainers 606 to 282. Foreigners scooped up 85.6 billion won, extending their buying streak to eight consecutive sessions. Institutions

March 5, 2024