Hyundai sticks to premium pricing in US with new Santa Fe

Hyundai Motor continues to implement a premium pricing strategy emphasizing brand power and quality in global markets, as the automaker unveiled the pricing for the all-new 2024 Santa Fe sport utility vehicle which is substantially more costly than both its predecessors and South Korean counterparts. The US market will see an increase in the sticker price of all 2024 Santa Fe trims, ranging from an additional $2,250 to as much as $5,200, in comparison to the 2023 model, according to Hyundai Moto

Feb. 1, 2024

Seoul shares spike nearly 2% on export recovery despite dashed hope for Fed's early rate cuts

South Korean stocks rose by almost 2 percent Thursday despite overnight Wall Street losses, with techs and autos climbing as the nation's exports rose for the fourth month. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 45.37 points, or 1.82 percent, to 2,542.46. Trade volume was heavy at 741.3 million shares worth 13.3 trillion won ($9.98 billion), with winners outpacing losers 668 to 239. South Korea's exports moved up for the fourt

Feb. 1, 2024

Hana Securities to bolster foreign investor services on regulatory easing

Hana Securities, the brokerage unit of South Korean finance giant Hana Financial Group, on Thursday announced it has established a new foreign investment team. According to the Hana subsidiary, the move comes in response to the recent abolition of the foreign investors' registration system by the local government. Starting in December, South Korea scrapped a 30-year-old policy that required foreign nationals to register with the local financial regulators to open an account and trade on the

Feb. 1, 2024

EcoPro bolsters North American battery recycling business

EcoPro, a South Korean battery materials manufacturer, has joined hands with US battery recycling firm Cirba Solutions to ramp up its lithium-ion battery recycling business in North America. According to EcoPro on Thursday, the two sides recently signed a memorandum of understanding to cooperate to deal with Washington’s Inflation Reduction Act and expand the global supply chain of electric vehicle batteries. In the EV battery sector, the IRA incentivizes domestic manufacturing and require

Feb. 1, 2024

Mirae Asset to shift paradigm with new rate-tracking ETF

Mirae Asset Global Investments is to launch a new exchange-traded fund product investing in interest rates, seeing lucrative opportunities amid the relatively high-interest rates, the asset manager said Thursday. The asset manager, with total assets under management surpassing 300 trillion won ($225 billion) as of the end of 2023, is to add a new product to its Tiger ETF lineup to secure the lead in the local ETF market. Named the Mirae Asset Tiger Synth CD 1Y Rate Active ETF, the financial prod

Feb. 1, 2024

Posco’s six chairman candidates unveiled

Posco Holdings has confirmed a total of six finalists to compete for the Korean steel giant's top post, as the current Chairman Choi Jeong-woo’s official term is due to expire in March. On Wednesday, the company's CEO Recommendation Committee unveiled the six chairman candidates, including three Posco veterans and three outsiders, after their eight meetings over the past few weeks. The committee has been reviewing the finalists since Dec. 21 after Chairman Choi chose not to seek

Feb. 1, 2024

[Photo News] Digital transformation in finance

Shinhan Financial Group Chairman Jin Ok-dong (center) attends a discussion session with employees to talk about the group’s efforts for digital transformation at the headquarters in central Seoul on Wednesday. Top executives and working-level engineers specialized in artificial intelligence and data analysis joined the event to share the latest digital trends in the financial market and Shinhan’s future strategy. “Each of you should become a ‘business designer’ to

Feb. 1, 2024

GS Engineering ordered to halt operations for 8 months over parking garage collapse

The government on Thursday imposed an eight-month business suspension on GS Engineering & Construction Corp. over the collapse of a parking garage at an apartment construction site in Incheon last year. The land ministry said GS Engineering, along with four smaller consortium partner builders, will be subject to business suspensions over the underground parking garage collapse at the apartment complex site in Geomdan-dong in Incheon, west of Seoul, in April 2023. GS Engineering and its partn

Feb. 1, 2024

BOK chief voices need to keep restrictive monetary policy for long time

Bank of Korea Gov. Rhee Chang-yong said Thursday that monetary policy needs to stay restrictive for a long time, reaffirming the central bank's commitment to bringing inflation down. Rhee said the BOK's "tightening stance needs to be maintained for a sufficiently long time, checking the monetary policy, inflation and financial stability data of major countries." In a forum hosted by a business lobby for employers, Rhee said a "half-baked" rate cut may provide stimulus to sent

Feb. 1, 2024

Seoul shares open higher despite overnight Wall Street losses

South Korean stocks opened higher Thursday despite overnight Wall Street losses from the US Federal Reserve's indication that it won't likely cut interest rates next month against the hopes of many investors. The benchmark Korea Composite Stock Price Index climbed 9.56 points, or 0.38 percent, to 2,506.65 in the first 15 minutes of trading. Overnight, the US Fed held its benchmark lending rate steady for the fourth consecutive time. After the two-day Federal Open Market Committee meeti

Feb. 1, 2024

Exports rise for 4th month in January on semiconductor recovery

South Korea's exports moved up for the fourth consecutive month in January as exports of chips rose at the sharpest rate in around six years, data showed Thursday. Outbound shipments advanced 18 percent on-year to $54.6 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports fell 7.8 percent on-year to $54.3 billion last month, resulting in a trade surplus of $300 million. South Korea has been maintaining a monthly trade surplus since June 2

Feb. 1, 2024

Stage X picked as new operator of 5th-generation network

A local consortium was selected as the new operator of the 28 gigahertz band of the fifth-generation network in South Korea on Wednesday, the science ministry said, becoming the country's fourth mobile carrier. Stage X, a consortium of Stage Five, a communications affiliate of tech giant Kakao Corp., and other unidentified companies, will be the fourth operator of the 5G network. Currently, three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are the country's

Jan. 31, 2024

Samsung C&T 2023 net profit up on construction, resort business

Samsung C&T said Wednesday its 2023 net profit gained 6.8 percent from a year earlier, driven by the strong performance of its construction and resort business. The net profit came to 2.71 trillion won ($2 billion) in the three months ended in December, compared with 2.54 trillion won a year ago, the company said in a regulatory filing. Operating profit was 2.87 trillion won, compared with 2.52 trillion from the previous year, and annual sales fell 2.9 percent to 41.89 trillion won. The trad

Jan. 31, 2024

Integrated labor union of 4 Samsung units to set sail

A labor union comprising workers of four Samsung Group affiliates will officially set sail next month, industry sources said Wednesday. The unionized workers held their first intercompany labor union meeting earlier in the day to make an internal announcement of the union's establishment, according to the sources. The Samsung affiliates are Samsung Electronics's device experience (DX) division, Samsung Fire & Marine Insurance, Samsung Display and Samsung Biologics. The integrated u

Jan. 31, 2024

Korean Air merger gets green light from Japan

Korean Air said Wednesday that its planned merger with smaller domestic rival Asiana Airlines has gained approval from Japan’s antitrust regulator, with only two crucial decisions left to come from the European Union and the US. According to the airline, the Japan Fair Trade Commission approved the deal worth 1.8 trillion won ($1.34 billion), the process of which has been being delayed for over three years amid monopoly concerns by foreign authorities. The high-profile merger has receive

Jan. 31, 2024

Samyang Foods posts record sales of W1tr in 2023

South Korean food manufacturer Samyang Foods said Wednesday it posted 1.19 trillion won ($893 million) in sales and 146.8 billion won in operating profit last year -- the highest figures in the company's history. According to the company, its sales and operating profit rose by 31 percent and 62 percent, respectively, while its net profit increased by 56 percent to 124.9 billion won. Samyang Foods attributed the upbeat sales to its bestselling Buldak Spicy Chicken Ramen series in overseas ma

Jan. 31, 2024

Posco, ADNOC to produce blue hydrogen in Gwangyang

Posco Group and the United Arab Emirates' Abu Dhabi National Oil Company will collaborate on blue hydrogen production facilities in Gwangyang, South Jeolla Province, Posco International said Wednesday. Posco International, Posco Holdings and ADNOC signed a three-way strategic collaboration agreement at the UAE energy group’s headquarters in Abu Dhabi. Under the agreement, the three companies will build blue hydrogen production facilities at Posco International’s liquefied natura

Jan. 31, 2024

Posco Future M hits record sales in 2023

Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat

Jan. 31, 2024

Korea sees W50tr tax shortfall

The Korean government saw its tax revenue fall by more than 50 trillion won ($37.5 billion) in 2023 compared with a year earlier due to a slowdown in the chip industry and a contraction in the property market, the Finance Ministry said Wednesday. Korea’s tax revenue totaled 344.1 trillion won for 2023, down 13.1 percent or 51.9 trillion won, from the previous year's 395.9 trillion won, according to preliminary figures suggested by the Ministry of Economy and Finance. It was the first

Jan. 31, 2024

Seoul shares fall as chipmakers weighed down after Samsung Electronics earnings

South Korean stocks closed slightly lower Wednesday, hurt by declines in semiconductor stocks after chip giant Samsung Electronics reported its fourth-quarter earnings. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.72 points, or 0.07 percent, to 2,497.09. Trade volume was moderate at 443.1 million shares worth 8.69 trillion won ($6.50 billion), with losers outpacing winners 525 to 350. Market watchers cited the mixed performance of overnight Wa

Jan. 31, 2024