Kia Sportage returns stronger

Kia unveiled the new Sportage, the automaker’s best-selling sport utility vehicle, in Seoul on Monday, highlighting the enhanced product’s all-around upgrade, which it expects to continue accounting for a major part of the automaker’s market presence. “The new Sportage, which we are presenting today with pride, contains innovative changes that are on par with a full model change,” said Jeong Woo-jeong, head of Kia’s domestic business division, in a media prese

Nov. 5, 2024

Q3 sees mixed fortunes for Korean tire makers amid higher shipping costs

South Korea’s top three tire manufacturers -- Hankook Tire, Kumho Tire and Nexen Tire -- showed mixed financial performances in the third quarter as they grappled with rising costs and softer demand in the automotive market. While Hankook and Kumho managed to post strong profits, Nexen struggled amid rising shipping expenses and weaker demand in North America. Hankook Tire led the pack, hitting a new record for quarterly sales at 2.44 trillion won ($1.77 billion), up 4.1 percent from last

Nov. 5, 2024

MCCAAi shows AI prowess through product placement solution, context-aware generative content

MCCAAi Co., Ltd. demonstrated its technology through a multimedia work entitled "The Beginning of the Return," created by its generative AI solution MOAI, during the inaugural AI Content Festival that wrapped up on Saturday at COEX in southern Seoul. Produced entirely through generative AI, "The Beginning of the Return" incorporates images, voices, music and other elements to showcase the capability of the technology to create high-quality content. The piece was created at th

Nov. 5, 2024

Seoul shares open lower amid US election uncertainty

South Korean stocks kicked off lower Tuesday as investors were cautious ahead of the US presidential election. The benchmark Korea Composite Stock Price Index fell 18.47 points, or 0.71 percent, to 2,570.5 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors treaded water ahead of the US presidential election Tuesday (US time), where former President Donald Trump and Vice President Kamala Harris are neck and neck in the polls. Investors' eyes are also on the

Nov. 5, 2024

Consumer inflation slows to lowest level in nearly 4 years in Oct.

South Korea's consumer prices slowed to the lowest level in 45 months in October on stabilizing oil prices, staying below 2 percent for the second consecutive month, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 1.3 percent on-year last month, compared with a 1.6 percent on-year increase in September, according to the data from Statistics Korea. October's figure marked the lowest level since January 2021, when consumer prices grew 0.9 percent. Consumer inflation

Nov. 5, 2024

SK hynix unveils 2025 shipment plans for most up-to-date HBM chip

SK hynix CEO Kwak Noh-jung unveiled the company’s plan to start mass production of the industry's most up-to-date high-bandwidth memory chips early next year. “We anticipated that the market for the 16-layer product will begin to open (the sixth-generation) HBM4,” he said in a keynote speech at SK AI Summit 2024 in Seoul on Monday. "We are developing the new product to ensure technical stability.” The 16-layer, 48-gigabyte, fifth-generation HBM3E chip boasts the

Nov. 4, 2024

Seoul shares snap 3-day fall on move to scrap financial investment tax

South Korean stocks soared nearly 2 percent Monday to snap their three-day decline as the main opposition party agreed to scrap a planned tax on financial investments. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.61 points, or 1.83 percent, to close at 2,588.97. Trade volume was a little slim at 367.8 million shares worth 7.9 trillion won ($5.8 billion), with winners outnumbering losers 619 to 254. Foreigners and institutions purc

Nov. 4, 2024

SK chief vows to tackle AI bottleneck along with Nvidia, TSMC

SK Group Chairman Chey Tae-won renewed his commitment to building a robust artificial intelligence ecosystem and vowed to overcome bottlenecks in the process with AI pioneers and key partners Nvidia and TSMC. Speaking at SK AI Summit 2024, held in Seoul on Monday, Chey listed a number of difficulties the burgeoning AI industry faces and reaffirmed his ties with tech leaders, including Nvidia CEO Jensen Huang, TSMC CEO C.C. Wei and Microsoft CEO Satya Nadella. In prerecorded videos, the CEOs deli

Nov. 4, 2024

After opposition U-turn, Korea to repeal plan for financial capital gains tax

Korea’s main opposition party reversed its plan to introduce capital gains taxes on financial investment income on Monday, putting an end to a four-year stalemate with the ruling party as the underperforming domestic stock market struggles to make a breakthrough. “We decided to agree to the abolishment of the capital gains tax, which the government and the ruling party have been pushing for,” said Rep. Lee Jae-myung, the leader of the main opposition Democratic Party, during

Nov. 4, 2024

Korean luxury e-boutique Jente launches global service

South Korean luxury e-boutique Jente has launched a global service to spur its business expansion overseas. The company said Monday the website is now available for shoppers in North America, Asia and Europe, with plans for expansion in the Middle East by 2025. Established in 2020, Jente has gained traction in the nation’s competitive luxury market by directly sourcing luxury goods from boutiques, ensuring authenticity and exclusivity. In 2022, its sales reached 48.8 billion won ($35.6 mil

Nov. 4, 2024

SK On reports first-ever profit in Q3

SK On, SK Innovation’s battery subsidiary, reported its first-ever quarterly profits in the third quarter of this year after years of operating losses since its spinoff in 2021. During its earnings conference call on Monday, the battery maker reported an operating profit of 24 billion won ($17.4 million) in the July-September period, a significant turnaround from last year’s 86.1 billion won deficit, largely driven by inventory clearance and enhanced cost structure. Its sales fell

Nov. 4, 2024

‘Free delivery’ promotions under antitrust scrutiny

South Korea’s antitrust regulator has opened an investigation into “free delivery” promotions widely used by food ordering and delivery platforms here, according to industry sources on Monday. The Fair Trade Commission will look into whether delivery services have been offered actually free of charge without the costs being shouldered by restaurant owners or consumers. Earlier in the day, Rep. Yoon Hang-hong of the ruling People Power Party revealed documents that Baedal Minjok

Nov. 4, 2024

Hyosung hits W1tr in power equipment orders in Europe

Hyosung Heavy Industries said Monday it has signed a contract with Denmark's leading offshore wind company, Orsted, to supply high-voltage electrical equipment, further strengthening its presence in the European transformer market. Under this agreement, Hyosung will deliver 400 kilovolts of high-voltage transformers and reactors to Orsted by 2027, which will be used for the Hornsea 4 project, an offshore wind farm planned for 2.4-gigawatt capacity off the coast of Yorkshire in northern Engl

Nov. 4, 2024

SK Eternix secures W461b funding for fuel cell projects

South Korean energy company SK Eternix announced Monday that it has partnered with Charmvit Group and KDB Infrastructure Asset Management to fund high-efficiency solid oxide fuel cell power plant projects. Late last month, SK Eternix signed an agreement with multiple financial investors to secure 461 billion won ($336.1 million), marking the largest investment to date in Korea's fuel cell sector. The company anticipates this partnership will cover 85 percent of the total investment cost of

Nov. 4, 2024

SPC shares business know-how with Mongolian delegation

South Korean bakery giant SPC Group said Monday that it has shared its overseas business know-how and advanced baking techniques with a delegation of Mongolian government and business officials during their stay in Seoul. The delegation of some 10 people visited SPC’s premium bakery cafe, Passion5, in Itaewon, central Seoul, on Friday, during which they were given an in-depth overview of SPC’s overseas strategy and expansion plans. The company said it shared essential strategies it a

Nov. 4, 2024

[From the Scene] A rare glimpse into Mercedes' data-driven battery assembly

HEDELFINGEN, Germany -- At Mercedes-Benz’s battery production facility in Hedelfingen, Stuttgart, a group of Korean reporters was recently given a close-up look at how the automaker assembles the battery packs that power its flagship electric vehicles, the EQS and EQE. The visit offered a rare glimpse into the detailed, highly automated process that Mercedes-Benz takes on to ensure the reliability of its EV batteries. “Every little part is recorded and can be kept for up to 30 years

Nov. 4, 2024

Celltrion expands European reach with anti-imflammatory drug

Celltrion has launched Steqeyma, a biosimilar of Stelara (ustekinumab) for autoimmune disease treatment, across Europe, broadening its product portfolio to further strengthen its position in the European biopharmaceutical market. On Friday, Celltrion introduced Steqeyma in Germany, one of Europe’s top five pharmaceutical markets, and in the Netherlands. To expedite the product launch, Celltrion’s German subsidiary completed essential preliminary steps, including drug price listing an

Nov. 4, 2024

Seoul shares open higher on US gains

South Korean stocks kicked off slightly higher Monday tracking tech gains on Wall Street, while investors were paying close attention to the US presidential election and the Federal Reserve's rate decision to take place later this week. The benchmark Korea Composite Stock Price Index rose 8.6 points, or 0.34 percent, to 2,550.96 in the first 15 minutes of trading. On Friday, Wall Street finished higher, with the Dow Jones Industrial Average up 0.69 percent, the tech-heavy Nasdaq composite u

Nov. 4, 2024

ShinWon launches R&D center in New York

South Korean fashion company ShinWon announced Sunday that it has launched an R&D Design Center in New York, to strengthen its presence in global markets. Currently, ShinWon operates seven manufacturing subsidiaries in Guatemala, Nicaragua, Vietnam and Indonesia, all known for their expertise in knit and sweater production. With these production capabilities, the company has maintained long-term collaborations with top global brands like Patagonia, Columbia, GAP, Target and Walmart. &ldquo

Nov. 3, 2024

[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'

GUMI, North Gyeongsang Province -- In front of the modest Gumi Station building on Friday, the streets bustled with crowds enjoying ramyeon, despite the rainy weather. Claiming to be "the longest ramyeon restaurant in the world," the 475-meter long strip occupied by the event zone featured 24 booths offering an array of ramyeon-based dishes prepared by chefs from local establishments, including snack bars, bistros, and food trucks. In a seating area accommodating up to 960 people, visi

Nov. 3, 2024