Celltrion merger plan approved by shareholders

Korean biosimilar giant Celltrion and its sales unit Celltrion Healthcare received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated company planned for December. During the extraordinary general shareholders meetings separately held by the two companies in Incheon, Celltrion won with 97.04 percent of attendees voting in favor of the merger, while 95.17 percent of Celltrion Healthcare shareholder attendees agreed with the plan. The integrat

Oct. 23, 2023

China’s export curbs on graphite may raise battery prices for EVs

China last week unveiled its plans to restrict exports of graphite starting from December, piling pressure on Korean companies that are highly dependent on one of the key anode materials for making electric vehicle batteries. The world’s top graphite producer and exporter said Friday that export permits will be mandated to ship synthetic graphite material -- including high-purity, high-hardness and high-density versions -- as well as natural flake graphite from China. Chinese graphite manu

Oct. 23, 2023

[Herald Interview] ‘Sustainability helps employees focus, companies attract talent’

Incorporating sustainability into corporate strategies doesn’t just help the planet, it also helps a company in practical ways — such as attracting more funds and motivating employees, Royal Philips’ head of sustainability told The Korea Herald in a recent interview. “Companies that create and offer sustainable solutions gain more advantages,” Robert Metzke, who oversees the Netherlands-based global health care giant’s strategies for sustainable development,

Oct. 23, 2023

Three bidders vie for major stake in news channel YTN

Three groups have submitted final bids to buy a major stake in cable news channel YTN, financial sources said Monday, with the results of the bidding expected to be announced later in the day. In November last year, two state-run firms announced a plan to put their combined 30.95 percent stake in YTN up for sale. Apparel exporter Hansae Co.; Eugene Group, with businesses ranging from distribution and finance to logistics and entertainment; and the Global Peace Foundation (GPF), established by Mo

Oct. 23, 2023

BOK chief says to keep restrictive policy for considerable time

The chief of South Korea's central bank said Monday that the bank needs to maintain its restrictive monetary policy for a considerable time as uncertainties over inflation are rising. During a parliamentary inspection, Bank of Korea Gov. Rhee Chang-yong said consumer price growth is expected to slow, but remain above the target rate of 2 percent amid increased volatility in global oil prices and currency rates following the Israel-Hamas conflict. "Given these situations, uncertainties

Oct. 23, 2023

Economy set for mild recovery, but bumpy road still ahead: BOK

South Korea's economy will post a mild recovery amid a slowdown in inflation but face heightened uncertainties amid geopolitical tensions and higher rates in major economies, the central bank said Monday. In a report to lawmakers for parliamentary inspection, the Bank of Korea said the economy will post a mild recovery into next year as a slump in exports eases, while private spending remains relatively weak. In May, the bank cut its growth projection for Asia's fourth-largest economy

Oct. 23, 2023

Seoul shares open almost flat amid geopolitical tensions, rate woes

South Korean stocks opened almost flat Monday amid geopolitical tensions and expectations of continued Fed rate woes. The benchmark Korea Composite Stock Price Index lost 1.75 points, or 0.07 percent, to 2,373.25 in the first 15 minutes of trading. All three major US indexes closed sharply lower Friday amid escalating tensions in the Middle East and market expectations that the Fed will keep its key rates higher for longer. In Seoul, market bellwether Samsung Electronics added 0.29 percent and t

Oct. 23, 2023

Corporate direct financing jumps nearly 40% in September

Corporate direct financing in South Korea surged 39.3 percent from a month earlier in September on a sharp spike in stock sales, data showed Monday. Local companies raised a combined total of 27.57 trillion won ($20.37 billion) by selling stocks and bonds last month, up 7.78 trillion won from August, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or other financial instit

Oct. 23, 2023

Exports up 4.6% during first 20 days of October

South Korea's exports rose 4.6 percent on-year in the first 20 days of October on robust shipments of cars and petroleum products, data showed Monday. The country's outbound shipments reached $33.8 billion in the Oct. 1-20 period, compared with $32.3 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports rose 0.6 percent on-year to $37.6 billion during the period, resulting in a trade deficit of $3.74 billion. Exports fell for the 12th month in a

Oct. 23, 2023

[Graphic News] Daily card spending up 8.4% in H1 amid post-pandemic recovery

Daily card spending in South Korea rose 8.4 percent in the first half from a year earlier on the back of the post-pandemic economic recovery, central bank data showed. Card holders spent an average 3.3 trillion won ($2.47 billion) per day in the January-June period, compared with 3 trillion won the previous year, according to data from the Bank of Korea. Credit card spending rose 8.8 percent on-year to a daily average of 2.56 trillion won, led by use on e-commerce platforms. Credit card use for

Oct. 23, 2023

[Photo News] OLED canvas

LG Electronics’ exhibition booth is seen at the 2023 Digital Art Fair Hong Kong, Asia’s largest digital art trade show, being held from Thursday to Monday. The Korean tech giant is displaying some 100 OLED TVs and signage products as an official sponsor. (LG Electronics)

Oct. 22, 2023

Samsung chief bolsters ties with Japanese partners

Samsung Electronics Executive Chairman Lee Jae-yong met with a group of top executives from Japanese electronic parts vendors for their annual meeting in Seoul, which had been suspended due to the COVID-19 pandemic, according to industry sources, Sunday. The annual meeting between Samsung and its Japanese electronic parts makers is known as “Lee Kun-hee and his Japanese Friends,” or LJF for short. The meeting was established in 1993 by the executive chairman's father, the late S

Oct. 22, 2023

Paris Baguette’s 500th overseas store opens in Singapore

South Korean bakery giant SPC Group announced Sunday that the number of its overseas Paris Baguette stores has reached 500, with the latest opening in Singapore. The 500th store opened at Terminal 2 of Changi International Airport as part of the bakery chain’s expansion into Asia and the Middle East. “The group will continue its expansion in the US and China, while making a foray into the global halal food market, which has 1.9 billion potential customers representing some 24 percent

Oct. 22, 2023

[From the Scene] LS Cable's extensive undersea cable facility taps global demand

DONGHAE -- LS Cable & System, South Korea's leading cable manufacturer, showcased last Thursday its extensive line of undersea cable production facilities at its Donghae plant in Gangwon Province, aiming to more than double its yearly sales from undersea cables to 1 trillion won ($740 million) over the next five years, tapping into the global surge in demand for energy and power grids. The plant is Asia's most expansive undersea cable production base. A gangway that resembles a tra

Oct. 22, 2023

KT, Jasmine team up for Thai AI language model

KT Corp. said Sunday it is teaming up with Thailand’s telecom giant Jasmine Group to co-develop an artificial intelligence language model specialized in Thai and to launch related services together in Southeast Asia. Following the signing of a memorandum of understanding in September last year, top executives, including KT CEO Kim Young-shub and Jasmine Group Chairman Pete Bodharamik, gathered in Seoul on Thursday to discuss more details of the partnership. Under the extensive partnership,

Oct. 22, 2023

Over 40% of manufacturers say they need more foreign workers

More than 4 in 10 manufacturing business owners here say they will need more foreign workers next year, but cited language barriers and a difficult hiring process as key concerns, a survey found Sunday. The survey was conducted by the Korea Enterprise Federation, one of the major business lobbies here, with a total of 615 small and medium-sized businesses with fewer than 300 employees, in August and September. Of the total, 36.9 percent responded in favor of expanding the E-9 visa quota -- curre

Oct. 22, 2023

Mercedes-Benz Korea ramps up efforts to nurture tech talent

Mercedes-Benz Korea has been investing heavily in training employees and young students as part of efforts to enhance customer service and technical expertise in the automotive maintenance field. Since 2007, the Korean unit of the German luxury carmaker has organized “Korea TechMasters,” a biennial technical skills competition, while also running separate automotive training programs including Ausbildung and Automotive Electric Traineeship. This year’s technical contest saw

Oct. 22, 2023

EcoPro seeks big leap as global battery materials maker

South Korean battery materials manufacturer EcoPro, which celebrates its 25th anniversary this year, has laid out a goal to post 10 trillion won ($7.41 billion) in sales next year. EcoPro CEO Song Ho-jun and top executives of the firm's subsidiaries, including EcoPro BM, participated in a celebratory event held at the company’s headquarters in Ochang, North Chungcheong Province, on Friday. Preparing for the next 25 years, EcoPro said it plans to develop game changer materials, diversi

Oct. 22, 2023

[KH Explains] Is Tesla ditching its premium strategy?

Tesla, the world’s No. 1 electric vehicle manufacturer, is slashing car prices worldwide to further consolidate its leadership, seemingly willing to sacrifice its long-held premium brand image. In September, Tesla’s Model Y sport utility vehicle topped import car sales in Korea, selling a total of 4,206 vehicles, an 876 percent surge from a month ago, according to market tracker Carisyou. The Model Y outpaced Mercedes-Benz’s E-Class, the best-selling import car of 2022, which s

Oct. 22, 2023

[Photo News] Staying hydrated

Dong-A Otsuka CEO Cho Ik-sung (right) and Korean Basketball League President Kim Hee-ok pose for a photo after signing a sponsorship deal at the KBL headquarters in Seoul, Thursday. The beverage maker agreed to supply professional basketball players with various drinks, including its flagship Pocari Sweat, together with iceboxes and towels, for the 2025-26 season. (Dong-A Otsuka)

Oct. 22, 2023