Kakao Bank racks up record earnings on mortgage sales

Kakao Bank, South Korea's internet-only bank, announced on Wednesday it achieved a record-high net profit of 354.9 billion won ($267.67 million) last year, a 34.9 percent increase from a year earlier. Its operating profit also soared by 35.48 percent to 478.5 billion won. The online lender's credit expanded mainly on housing mortgage loans, the firm explained. In the fourth quarter, Kakao Bank's deposit balance was approximately 47.1 trillion won, increasing by 14 trillion won fro

Feb. 7, 2024

HMM sale slips off table

The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to sell off the shipper. The stock purchase agreement deal was to be worth 6.4 tril

Feb. 7, 2024

Stage X defies skepticism, vows to launch service in H1 next year

Stage X, a consortium comprising Kakao affiliate Stage Five and other unidentified companies, selected as the new operator of the 28 gigahertz band of the fifth-generation network in South Korea, said on Wednesday it would launch a nationwide telecommunications service in the first half of 2025. “We aim to become a new deep-tech telecom company that innovates technology and services,” Seo Sang-won, representative of Stage X, said in a press briefing in Seoul, after the consortium b

Feb. 7, 2024

Samsung chief heads to Middle East after cleared of merger case charges

Samsung Electronics Chairman Lee Jae-yong took off on a business trip to the Middle East and Southeast Asia shortly following Monday’s court ruling that cleared him of stock manipulation charges in a high-profile 2015 merger deal. According to industry sources on Wednesday, Lee took off to the United Arab Emirates on a private jet on Tuesday to inspect local operations and meet partners there. He is also expected to visit Southeast Asia, including Malaysia, to meet with employees and boost

Feb. 7, 2024

Lotte to sell off 7-Eleven's ATM unit

As part of its business restructuring aims for this year, Lotte Group has decided to sell the ATM business of Korea Seven, formerly known as Lotte PSNet, which oversees the operation of the nation’s 7-Eleven convenience stores. According to Lotte Corp. on Wednesday, the group recently appointed accounting firm Samjeong KPMG to oversee the sale process and identify a suitable company to acquire Korea Seven's ATM division. Korea Seven is a distribution company that manages the 7-Eleven

Feb. 7, 2024

HD Hyundai to set up relief fund for shipyard accidents

South Korean shipbuilding giant HD Hyundai said Wednesday that it will set up a foundation to support bereaved families of victims of industrial accidents at shipyards – the first of its kind within the industry. According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho H

Feb. 7, 2024

[Photo News] Boosting Shipping Logistics

Hyundai Glovis, Hyundai Motor Group's logistics affiliate, said Wednesday that it has signed a memorandum of understanding with the Korea Ocean Business Corporation under the Ministry of Oceans and Fisheries to secure four pure car and truck carriers, or PCTCs, to bolster Korea's vehicle exports. The Korea Ocean Business Corporation will place the orders for the ships, which have the global top-class capability of loading 18,000 cars per ship and are expected to be delivered in 2027. I

Feb. 7, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Wednesday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 17.75 points, or 0.69 percent, to 2,593.95 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed up 0.37 percent overnight. In Seoul, most large caps were in positive terrain. Market bellwether Samsung Electronics gained 0.54 percent, with top pharmaceutical firm Celltrion advancing 0.66 percent. Top battery maker LG Ener

Feb. 7, 2024

S. Korea logs current account surplus for 8th month in December

South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday. The country's current account surplus reached $7.41 billion in December, following the surplus of $3.89 billion. December's surplus came as the country's trade balance has remained in the black. The country's goods account racked up an $8.04 billion surplus in December, follo

Feb. 7, 2024

Hanshin E&C cements foothold in Southeast Asia

With decades of know-how in the infrastructure building business, Hanshin Engineering & Construction is taking a big leap by tapping deeper into the Southeast Asian market and diversifying its business portfolio. Hanshin E&C Chairman Choi Yong-sun singled out Indonesia and Ukraine as the builder’s “future markets.” “Indonesia is Southeast Asia's largest economy and has a high demand for infrastructure construction and urban development. Hanshin E&C purs

Feb. 6, 2024

Moody's ups ratings of Hyundai Motor, Kia, Hyundai Mobis to 'A3'

Moody's Investors Service has upgraded the credit ratings of Hyundai Motor, Kia and Hyundai Mobis to "A3" from "Baa1" on their improved competitiveness, their parent company said Tuesday. It marks the first time the three companies have received A ratings from the global credit appraiser, according to Hyundai Motor Group. Moody's also changed their outlooks from "stable" to "positive," heralding a possible ratings upgrade down the road. "A

Feb. 6, 2024

LIG Nex1 bags $3.2bln missile interceptor deal with Saudi Arabia

South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said Tuesday. LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said. It marks LIG Nex1's second overseas sales of Cheongung-II following a deal with the United Arab Emirates (UAE) in January 2022. The hit-to-kill missile system is capable of intercepting in

Feb. 6, 2024

Woori mulls acquiring Korea Foss Securities

Woori Financial Group is actively considering the acquisition of local online brokerage firm Korea Foss Securities, in a move to add a missing puzzle piece -- a securities arm -- as a leading banking giant. "We are reviewing all potential companies (for acquisition) to make inroads into the (securities) industry, with the brokerage mentioned among them," the group's Chief Financial Operator Lee Sung-wook said Tuesday during the company's conference call. Speculation about the

Feb. 6, 2024

Hanwha Ocean propels Navy with stealth submarines, frigates

Hanwha Ocean, the South Korean maritime defense systems provider, is playing a vital role in modernizing the nation’s naval prowess by providing advanced stealth submarines and multi-purpose warships. For more than four decades, the company has been building vessels for the Navy, with the most recent deliveries including KSS (Korean Submarine-III) submarines, KDX-III (Korean Destroyer-III) destroyers and FFX (Future Frigate eXperimental) Batch-II frigates, with more advanced vessels in the

Feb. 6, 2024

From bees to polar bears, Korean banks' love of animated characters

Top financial groups here have put forward animated characters as their faces in a bid to woo a wider range of customers. Woori Financial Group has recently brought back its band of animated characters, WiBee Friends, pulling them out of a six-year hiatus. Woori Bank CEO Cho Byung-kyu pushed for the return of the characters, seeing the need to appeal to customers with a softer, friendlier image, according to the firm. With Woori jumping on the bandwagon, all four of Korea’s top financial g

Feb. 6, 2024

Seoul shares down for 2nd day on Powell's comments on rate cuts

South Korean shares closed lower for a second consecutive day Tuesday amid US rate woes prompted by the Federal Reserve chair. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.11 points, or 0.58 percent, to close at 2,576.20. Trade volume was heavy at 404.4 million shares worth 10.1 trillion won ($7.6 billion), with losers outnumbering gainers 613 to 265. Foreign investors scooped up a net 338.1 billion won worth of shares,

Feb. 6, 2024

The Korea Herald, iStaging team up for VR technology in new media

The Korea Herald and iStaging inked a memorandum of understanding to foster a cooperative relationship in the realm of new media, particularly leveraging virtual reality technology. iStaging is a Taiwanese company that specializes in virtual reality solutions. The company has developed virtual reality content for over 100,000 corporate clients, including LVMH, YSL, Toyota, ASUS and Mercedes-Benz. Virtual reality content created by iStaging includes virtual showrooms, virtual exhibitions, virtual

Feb. 6, 2024

High foreign reservations buoy Seollal tourism boom

The upcoming Seollal holiday is expected to see a significant rise in foreign tourists visiting Korea, prompting travel agencies and relevant tourism industries to prepare for a mass travel rush. According to global travel service provider Trip.com's report on Tuesday, reservation rates for foreign travelers between Feb. 9 to 12 have surged by approximately 40 percent, compared to the previous holiday season. The increase encompasses various regions, with Japan, Hong Kong, Taiwan, Thailan

Feb. 6, 2024

Samsung Heavy Industries bags W4.6tr LNG carrier order

Samsung Heavy Industries scored a 4.57 trillion won ($3.43 billion) order with a Middle Eastern shipowner -- the single largest contract in its history -- to build 15 liquefied natural gas carriers, the South Korean shipbuilder said Tuesday. The 174,000-cubic-meter LNG carriers will be delivered to the shipowner in phases through October 2028. The previous record for the single biggest contract was the 3.96 trillion won deal signed with Taiwan-based shipping company Evergreen Marine for 16 metha

Feb. 6, 2024

[Photo News] Korean defense firms target Middle East

At the 2024 World Defense Show in Saudi Arabia on Monday, Hyundai Rotem's defense solutions business unit head, Lee Jung-yup (eighth from left), and LIG Nex1’s overseas business manager, Lee Hyun-soo (ninth from left), formalized a defense export cooperation agreement aimed at the Middle East market. This collaboration targets surging demand for modernized defense capabilities in the region, strengthening the global footprint of Korean defense technologies. Hyundai Rotem has showcased

Feb. 6, 2024