AmCham seminar explores health care as bigger part of Korea-US alliance

Health care officials from South Korea and the US on Monday gathered in Seoul to discuss the industry’s potential to be a bigger part of the Seoul-Washington alliance during a forum hosted by the American Chamber of Commerce in Korea. The Healthcare Innovation Seminar is one of the major events organized by AmCham, and the largest policy seminar on the health care industry in South Korea. This year's seminar is titled “The Role of the Healthcare Industry in Facing the Next Front

Dec. 4, 2023

Seoul shares end higher on Fed's rate cut hopes

South Korean stocks ended higher Monday amid speculation that the US Federal Reserve may start cutting its rates next year amid eased inflation woes. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 9.94 points, or 0.4 percent, to close at 2,514.95. Trade volume was moderate at 489.9 million shares worth 8.5 trillion won ($6.5 billion), with gainers slightly outnumbering losers 458 to 411. Institutions and foreigners bought shares worth 170.7 bi

Dec. 4, 2023

Fractional art market opens up to lure new investors

Art Together, a subsidiary under major Korean art auctioneer K-Auction, announced Monday it has submitted its registration statement for fractional investments in Yayoi Kusama's 2002 artwork, “Pumpkin,” to the country’s top regulator, the Financial Supervisory Service. Art Together purchased the painting from renowned British auction house Christie’s for 1.09 billion won ($835,000) and has set the subscription price at 1.18 billion won, allowing retail investors to s

Dec. 4, 2023

[KH Explains] Why tighter US subsidy rules could boost Chinese firms

Tighter rules from the US limiting China-made materials in batteries eligible for electric vehicle tax credits might ironically offer a boon for Chinese companies, who hold huge stakes in joint ventures with South Korean battery manufacturers. The Joe Biden administration on Friday announced new guidance for the Inflation Reduction Act barring electric car buyers from claiming a $7,500 tax credit in case the product uses materials from China and other countries deemed a “Foreign Entity of

Dec. 4, 2023

Hanwha inks $2.6b deal to ship more K9 howitzers to Poland

Hanwha Aerospace said Monday it has signed a $2.6 billion contract (3.45 trillion won) to ship 152 K9 self-propelled howitzers to Poland through 2027, taking the next step in the arms deal signed between the two sides last year. The South Korean defense firm and the Polish State Armament Agency agreed on a framework to export Hanwha Aerospace’s 672 units of K9 self-propelled howitzers and 288 units of the multi-caliber rocket artillery system, K239 Chunmoo, in July 2022. Later in the sam

Dec. 4, 2023

Generational shift looms in SK leadership

SK Group Chairman Chey Tae-won is expected to carry out a complete reform of the conglomerate’s top leadership this week, seeking a generational shift to handle uncertainties in the fast-changing market. According to industry sources on Monday, Chey asked four chief executives of the group's major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho -- to step down,

Dec. 4, 2023

Kolmar BNH to ramp up production with new plant

Kolmar BNH, the health functional food developer and manufacturer under Kolmar Korea, announced Monday it has completed its third manufacturing plant in the city of Sejong, securing the largest annual production capacity in the industry. The four-story plant, built on a site occupying some 20,024 square meters in Sejong, has a total floor area of 24,871 square meters. The plant is capable of generating 1.8 billion units of solid-type health functional foods (tablets or pills) and 450 million p

Dec. 4, 2023

LS Cable develops world’s fastest data transfer cable

LS Cable & System, South Korea’s leading cable manufacturer, said Monday it had launched a new Power over Ethernet cable that can support speeds up to 5 gigabits per second (Gbps), the world’s fastest for data transmission. PoE cables are capable of delivering both data and electric power in a single Ethernet cable, and are easy to install in places such as ceilings and between gaps. It is utilized to transmit data and power to security cameras, digital signage, and audio-visual

Dec. 4, 2023

[Photo News] Toyota donates Kimchi

Toyota Motor Korea said Monday that it donated kimchi to the underprivileged across South Korea last week in partnership with the Seoul Council on Social Welfare. Some 300 company officials and dealers, including CEO Manabu Konyama (right), participated in the voluntary event, which the Japanese company has carried out every year since 2012. (Toyota Motor Korea)

Dec. 4, 2023

[Photo News] Golf Treffen in Korea

Volkswagen Korea said Monday it held a special meeting for local owners of the Golf, the German automaker's signature compact vehicle, for the first time in Korea at a car theater in Paju, Gyeonggi Province, on Sunday. Named the "2023 Volkswagen Golf Treffen Korea," the event drew some 70 Golf vehicles and 200 participants. "Treffen" means an informal gathering in German. According to the automaker, Koreans across the country brought various models of Golf ranging from t

Dec. 4, 2023

[Photo News] Oodles of Noodles

Korean convenience store chain CU said Monday that it has opened a new store that specializes in ramen, in an industry first, in Mapo-gu, western Seoul. More than 200 different instant noodle products are displayed, and customers can cook and eat the ramen of their choice for an additional 900 won ($0.70) for the disposable cup. Operator BGF Retail said the new store also aims to cater to foreign travelers amid their increased interest in Korean food. (BGF Retail)

Dec. 4, 2023

About half of top 500 firms remain undecided on 2024 investment plans: poll

About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in terms of sales from Nov. 16-24, 49.7 percent responded they remain undecided on next year's investment plans. Also, 5.3 percent of the respondents said they have no investment plans next year.

Dec. 4, 2023

Finance ministry to sell 4.7 tln won in NXC stocks

The finance ministry said Monday that it will put a stake in game developer's holding company NXC Corp. up for sale, valued at an estimated 4.7 trillion won ($3.62 billion). In May, the family of Nexon's late founder Kim Jung-ju paid inheritance tax with a 29.3-percent stake in NXC, or 852,000 shares. With the stake, the finance ministry became the second-biggest shareholder in the company, which controls the Tokyo-listed Nexon Co., a gaming giant with hit titles like Nexus: The Kingdo

Dec. 4, 2023

Insurance firms' net income jumps over 47% on-year in first nine months of year

The combined net income of insurance companies in South Korea surged nearly 50 percent in the first nine months of the year from a year ago on advances by both life and non-life insurers, data showed Monday. The combined net profit of 22 life insurance firms and 31 non-life insurance companies here came to 11.42 trillion won ($8.74 billion) in the January-September period, up 47.2 percent from the same period last year, according to preliminary data from the Financial Supervisory Service. The ne

Dec. 4, 2023

Seoul shares open higher on Fed's rate pause hopes

Seoul shares opened higher Monday amid increasing hopes the US Federal Reserve is set to end its rate-hike cycle. The benchmark Korea Composite Stock Price Index rose 14.43 points, or 0.58 percent, to 2,519.44 in the first 15 minutes of trading. On Friday, all three major US indexes rallied on growing optimism that the Federal Reserve is done raising interest rates. The S&P 500 rose 0.6 percent to hit its highest level in over a year, the Dow Jones Industrial Average jumped 0.8 percent, and

Dec. 4, 2023

Consumption slows down amid high rates, inflation

South Korea's domestic consumption is expected to slow down further after local service sector output posted the lowest-level growth in 32 months in November amid high rates and high inflation, government data showed Sunday. Output in the service sector grew 0.8 percent last month compared to the same month of last year, marking the lowest on-year monthly growth since reporting a 0.8 percent decline in February 2021, according to data from Statistics Korea. Services output began to increase

Dec. 3, 2023

[Hello Indonesia] Cultural tapestry woven at 'Korea-Indonesia Friendship Night'

JAKARTA, Indonesia -- Amid resounding cheers, South Korean Ambassador to Indonesia Lee Sang-deok raised a spirited toast at the "Korea-Indonesia Friendship Night" event held on Thursday in Jakarta. The event took place following a business forum held to commemorate the 50th anniversary of bilateral diplomatic ties at the Hotel Mulia Senayan earlier in the day. "Closer friendship, stronger partnership," Lee proposed, raising a toast. Following Lee, Indonesian girl group Star

Dec. 3, 2023

[Hello Indonesia] Digital innovation for financial inclusivity

JAKARTA, Indonesia -- In bustling Indonesia, with its youthful population, one might assume that digital prowess would be the answer for financial firms looking to unlock a treasure trove of untapped potential. However, two chiefs heading Indonesian units of Korea's top financial companies -- Mirae Asset Securities and KB Kookmin Bank -- said that mere possession of technology was not enough. “Technology is an enabler, not a solution,” Mirae Asset Sekuritas Indonesia President D

Dec. 3, 2023

[Hello Indonesia] Indonesian developer aims to build self-contained new town

JAKARTA, Indonesia -- Over three decades have passed since South Korea embarked on the construction of "new residential towns" in satellite cities. However, the initial goal of creating self-contained cities seems has been mostly unsuccessful, with most ending up as bedroom communities. Pantai Indah Kapuk 2 (PIK 2), a new town and satellite city in Indonesia, envisions a similar goal to Korea's, having been designed as a hub where people can "work, live and play," accord

Dec. 3, 2023

[Hello Indonesia] Korea, Indonesia’s exchanges highlighted at talk session

JAKARTA, Indonesia -- Lim Jong-soon, secretary general of the Korean Chamber of Commerce and Industry in Indonesia, emphasized the necessity of two-way cultural exchanges between Korea and Indonesia at the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Lim expressed his concern that although Korean culture holds significant sway in Indonesia, Indonesian cultural influence in Korea remains comparatively limited. "Among Koreans, Indonesia is only perceived as a densely populated an

Dec. 3, 2023