Harim vows to use cash reserves for HMM’s growth

South Korean agri-food giant Harim Group reaffirmed its commitment to use container transportation and shipping company HMM's substantial cash reserves to bolster the shipping firm's global competitiveness as it moves close its acquisition deal, denying concerns about potential misappropriation of funds. “We are committed to making strategic use of HMM's 10 trillion won ($7.7 billion) reserves to navigate the current challenges in the shipping industry effectively. This mirr

Dec. 26, 2023

Hyundai Motor seeks alternative answers in India, Southeast Asia

Hyundai Motor Group has set its sights on the Southeast Asian region in search of alternative markets outside of China and Russia as the Korean automaker looks to move beyond its heyday in the two state-dominated nations. Hyundai Motor’s Chinese business used to boast upbeat sales of over 1 million units per year with five local manufacturing plants in operation. This came to an abrupt end in 2017 when Beijing took retaliatory actions against South Korean companies in response to Seoul&rsq

Dec. 26, 2023

[Herald Interview] Zyx Technology aims to shatter AutoCAD dominance

South Korean design software developer Zyx Technology plans to enter overseas markets next year with its own computer-aided design (CAD) program as an affordable alternative for budget conscious, small-sized architectural firms. ZyxCAD is a homegrown CAD program developed by Zyx Technology. The design program was launched in August 2022 as an alternative to AutoCAD, an industry-leading software that has dominated the global market for the past few decades. "Many companies are shifting to ch

Dec. 26, 2023

OB’s Cass retains top post as bestselling beer for 12 years

Oriental Brewery's flagship beer brand Cass has once again secured the top spot in the domestic beer market with a market share of 42 percent this year, despite renewed competition at home after the COVID-19 pandemic, said the country's largest beer maker Tuesday. According to market research firm Nielsen Korea, Cass logged the largest market share of 42 percent in terms of retail sales during the January to November period this year. The figure also marks a 0.7 percentage point rise c

Dec. 26, 2023

40-something working population hits 20-year low

The number of 40-somethings with employment as surveyed in the month of November dropped to the lowest point since 2003, data showed Tuesday. According to Statistics Korea, 6.25 million people in their 40s in Korea were employed, down 62,000 from the same month last year. The figure has been on a downward trend after peaking at 6.94 million in 2014. The drop in working South Koreans in their 40s is in direct correlation with the decrease in the general population in the age group. South Koreans

Dec. 26, 2023

Seoul shares start nearly flat

South Korean stocks opened nearly unchanged on Tuesday as major shares traded in mixed territory. The benchmark Korea Composite Stock Price Index edged down 0.48 point, or 0.02 percent, to 2,599.03 in the first 15 minutes of trading. Market heavyweights were mixed, with tech giant Samsung Electronics remaining flat and its chipmaking rival SK hynix gaining 0.36 percent. Leading battery maker LG Energy Solution dropped 0.24 percent, but its chemicals-making unit LG Chem rose 1.22 percent. Top aut

Dec. 26, 2023

External risks, weak domestic demand stand in way of S. Korea's exports-led recovery in 2024

The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in 2023 posed by the global economic downturn caused by aggressive monetary tightening by major economies to curb inflation and geopolitical risks stemming from the Middle East conflict an

Dec. 26, 2023

Foreign workers in S. Korea reach all-time high of 1 million

The number of foreign nationals working in South Korea reached an all-time high of nearly 1 million in 2023, though most of them were working at smaller companies, according to government data, Monday. According to the data compiled by Statistics Korea, the number of people with foreign nationalities who have jobs here reached 923,000 as of May this year, jumping 10 percent on-year to hit a record high. By nationality, ethnic Koreans with Chinese nationality constituted the largest number at 35.

Dec. 25, 2023

Hyundai Mobis to develop digital twin system

Hyundai Mobis will work with US software company Wind River to develop a digital twin system called M.Dev Studio to optimize the future working conditions of crafting auto parts, the South Korean auto parts maker said Monday. M.Dev Studio is expected to offer a virtual space for not only Hyundai Mobis, but also its partners and various research teams to carry out joint projects through simultaneous simulation and remote monitoring as they work on developing core auto technologies and products to

Dec. 25, 2023

Posco's 'Fantasteel' ad campaign nabs awards

Posco, South Korea's biggest steelmaker, has swept a local ad awards ceremony with its creative digital campaign that was produced in celebration of its 50th anniversary of its first steel mill. Posco's "Fantasteel" campaign -- which contains the company's achievements in steelmaking technology in Korea over the past 50 years and presents its vision for the next few decades -- grabbed the top honor, the Grand Prix, at the 2023 Korea Digital Advertising Festival on Dec. 1

Dec. 25, 2023

BNP Paribas, HSBC face record fines for naked short selling

South Korea's financial regulator on Monday said it had imposed its largest ever fine on two Hong Kong-based investment banks for illegally practicing short selling on the domestic stock market. The Financial Services Commission said its Securities and Futures Commission decided during a meeting on Friday to fine the Hong Kong unit of French investment bank BNP Paribas and its securities affiliate operating in Korea as well as HSBC's Hong Kong arm 26.52 billion won ($20.35 million) for

Dec. 25, 2023

LG Nova to offer glimpse into future startup tech at CES 2024

LG Nova, LG Electronics’ North American Innovation Center, will offer a glimpse into the technologies that will lead growth in the future at CES 2024, slated to be held in January in Las Vegas, the company said on Monday. At the annual consumer electronics show, LG’s US entity will open its showroom under the theme “Building a brighter tomorrow together.” Its 10 partnering startups will present their innovative technology ideas in four fields: digital health, clean tech,

Dec. 25, 2023

[Photo News] Indian car of the year

Hyundai Motor Company's Exter, a compact SUV strategically developed to target the auto market in India, has won Indian Car of the Year 2024, the South Korean automaker said Sunday. The Ioniq 5, Hyundai Motor's all-electric vehicle, also took home the honor of Green Car of the Year at the same awards. With the COTY award, Hyundai Motor has won the top auto accolade for the eighth time, the most among all brands in India. (Hyundai Motor Group)

Dec. 25, 2023

Unit price of S. Korean car exports reaches record high in 2023

The average unit price of South Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles and electric vehicles, industry data showed Monday. In the first 11 months of this year, South Korea exported a total of 2.52 million units of automobiles, worth 64.5 trillion won ($49.5 billion), with the average unit price reaching 25.6 million won, according to the data from the Korea Automobile & Mobility Association. It is the first

Dec. 25, 2023

Posco normalizes production at Pohang factory after fire

POHANG, North Gyeongsang Province -- Posco, South Korea's biggest steelmaker, said its key furnaces resumed operations in the country's major steel manufacturing complex in Pohang on Sunday after its facilities were partially suspended in the wake of a fire. The No. 2 and No. 3 furnaces were operational again starting at 2 p.m., with the No. 4 furnace to be put back into operations Sunday after some repair work and a safety check, officials said. Its steelmaking and hot rolling mills

Dec. 25, 2023

Envisioned rules revision to reduce number of capital gains tax payers by 70%

The planned relaxation of rules on the capital gains tax is expected to reduce the number of large stockholders subject to the taxation by 70 percent, data showed Sunday, amid criticism it is a tax cut for the rich amid a fall in state revenue. Last week, the finance ministry announced the decision to raise the capital gains tax threshold for shareholders from 1 billion won ($767,459) to 5 billion won in an effort to minimize year-end market volatility caused by investors' stock selling to

Dec. 24, 2023

Farewell to credit cards: Cash-only trend surges as young Koreans tackle overspending

Despite digital progress and surging online transactions, a notable consumption trend is emerging among South Koreans in their 20s and 30s, as an increasing number of them are opting to use physical cash over credit card transactions in their daily lives. Referred to as "cash stuffing," the budgeting method involves withdrawing cash from a bank account and segregating it into designated envelopes for different categories, such as groceries, travel, dining out and more. Gaining popula

Dec. 24, 2023

Exports of eco-friendly cars jump 33 percent to record high this year

South Korea's exports of eco-friendly vehicles surged 32.5 percent on-year to a record high during the first 11 months of this year on solid global demand for electric vehicles, data showed Sunday. The export volume of eco-friendly automobiles came to 662,307 units during the January-November period, compared with 499,854 units a year earlier, according to the data by the Korea Automobile and Mobility Association. The number for the entire 2023 is expected to surpass 700,000 for the first t

Dec. 24, 2023

Incheon Airport passengers rebound to nearly 80% of pre-pandemic level

The number of passengers traveling via Incheon International Airport has rebounded to 77.9 percent of the pre-pandemic level this year, data showed Sunday. A total of 49.97 million travelers flew via the airport, west of Seoul, during the first 11 months of 2023, which represents 77.9 percent of the 64.17 million passengers during the same period of 2019, according to the data compiled by the transport ministry. Around 56 million air passengers are expected to use the airport by the end of this

Dec. 24, 2023

Hanwha Ocean clinches W1.1tr deal to build 3,600-ton submarine

South Korean shipbuilder Hanwha Ocean clinched a 1.1 trillion-won ($845 million) deal Friday to build a 3,600-ton submarine for the Navy, the state procurement agency said. Hanwha Ocean signed the deal with the Defense Acquisition Program Administration (DAPA) to construct the third and last submarine under the Changbogo-III Batch-II program. The company, formerly known as Daewoo Shipbuilding and Marine Engineering, has been building two other Changbogo-III class submarines since 2021. It is the

Dec. 22, 2023