[KH Explains] Lotte goes all-out to secure cash amid lackluster earnings

South Korean retail giant and the nation's fifth-largest conglomerate Lotte Group is reportedly resorting to liquidating billions of won in assets as it grapples with flagging performance posted across its major subsidiaries. According to the Financial Supervisory Service's electronic disclosure board, Lotte Holdings reported 211.7 billion won ($157 million) in operating profits in the January-June period this year, down 19 percent from the same period last year (261.2 billion won). Lo

Sept. 26, 2023

Hyundai Motor may sell Russian plant to local firm

A Russian firm will buy Hyundai Motor’s manufacturing plant in St. Petersburg which halted operations in March last year, Russian news agency TASS reported Wednesday citing Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov. The minister was quoted as saying, “We have already formed all decisions on Hyundai’s acquisition. At least what the company has announced itself. This is why a decision will be taken shortly. A local company will be the purchaser.&

Sept. 26, 2023

Milk prices to go up in Oct.

Starting in October, major South Korean milk companies will raise their product prices, following the Korea Dairy Committee's decision to increase the cost of raw milk by the highest rate in 10 years. Namyang Dairy Products said it will raise the price of its 900 milliliter-carton of milk by 4.6 percent starting in October. As a result, the products' price at discount stores is estimated to rise to 2,900 won ($2.15), from its current 2,800 won. The company added it will also raise th

Sept. 26, 2023

KFCC hosts UN conference for inclusive finance

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Tuesday it has successfully hosted a regional workshop in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific last week. Under the theme of digital inclusion and community development, the two-day event discussed the solutions to achieve Sustainable Development Goals -- a universal call to end poverty and inequality by the UN -- through d

Sept. 26, 2023

Posco to build joint venture with US grain company

Posco International said Tuesday that it inked a preliminary joint venture agreement with US grain company Bartlett and Co., in a move to enhance its global food supply network. The agreement was signed in Kansas City, US, on Monday with top executives including Posco International Vice Chairman and CEO Jeong Tak, and Bob Knief, CEO of Bartlett and Co., in attendance. The US company owns some 15 grain terminals through which it supplies major grains including corn, wheat and soybeans to the dome

Sept. 26, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Tuesday, despite overnight gains on Wall Street, as big-cap tech shares lost ground amid lingering concerns about the Federal Reserve's aggressive monetary policy path. The benchmark Korea Composite Stock Price Index shed 13.20 points, or 0.53 percent, to 2,482.56 in the first 15 minutes of trading. Overnight, US shares rose following recent sharp losses as the Federal Reserve signaled higher borrowing rates for longer to curb inflation, sending bond yields

Sept. 26, 2023

[Graphic News] Imports of Japanese seafood dip for 5th month in Aug.

South Korean imports of Japanese seafood fell for the fifth consecutive month in August on concerns over Japan’s release of treated radioactive water, government data showed. Seoul imported $7.81 million worth of fishery products from the neighboring country last month, down 34.8 percent from a year earlier, according to the data from the Korea Customs Service. August posted the largest on-year decline this year, and last month’s import value was the smallest monthly figure in two ye

Sept. 26, 2023

[Herald Interview] S&P economist tells Korea to brace for worst-case scenario with China

China’s economic slowdown could deteriorate more than initially projected, increasing the strain on Korea’s export-reliant growth in the short term, an economist from S&P projected. “The number one issue (in China) has to do with private sector debt and over-leveraging. That is a problem that has been building for more than a decade," Diego Iribarren from S&P Global Market Intelligence said in an interview held in the company’s office in central Seoul on Sept

Sept. 25, 2023

SKT, OpenAI hold AI competition for social good

SK Telecom said on Monday that it successfully wrapped up its international AI competition, “Prompter Day Seoul 2023,” held in partnership with OpenAI. The event’s theme centered around building AI innovations beneficial to humanity. The two-day event first had 226 teams proposing concepts leveraging OpenAI's generative AI model. After online qualifiers, 20 of these teams showcased their AI innovations at Dreamplus Gangnam, a shared office space in Seoul on Saturday and Su

Sept. 25, 2023

Samsung Biologics attends CSLA investor forum

Samsung Biologics said Monday the company participated in CSLA's flagship investor forum which was held in Hong Kong on Sept. 11-14, to promote the company’s vision and business strategy. The investors’ forum, one of the largest of its kind in Asia, is held by CLSA, an institutional broker and investment group owned by CITIC Securities. Around 400 Asian companies and some 3,000 people from the industry joined the latest edition of the forum. Samsung Biologics was the only Korean

Sept. 25, 2023

KB chief hopes successor transforms group into 'Samsung of finance'

KB Financial Group's outgoing chair, Yoon Jong-kyoo, said Monday that he hopes his successor will realize his unattained goal to grow the group as a top-10 financial firm in the world. "I previously said I want to turn the group into the 'Samsung of finance,' but now that I look back, I feel a lot of regret when thinking about how much progress we've made (on global stage)," Yoon said at a press conference held at the group’s headquarters in Seoul. He will ste

Sept. 25, 2023

Rebellions' AI chip to undergo IBM quality testing

Korean AI semiconductor startup Rebellions said Monday that its chips were set to undergo quality testing at data centers of IBM Research's AI Hardware Center in New York. IBM Research's AI Hardware Center conducts exhaustive quality testing for enterprise-grade data center processors. It evaluates the reliability of the chip until it reaches an acceptable level of performance. Earlier this year in April, Rebellions gained global attention when its Atom chip outperformed Nvidia's

Sept. 25, 2023

SK Earthon starts first independent oil production in South China Sea

SK Earthon, a subsidiary of South Korean energy giant SK Innovation specializing in oil exploration and production, said Monday that it has commenced its first independent crude oil production in the Lufeng 12-3 oil field, part of Block 17/03 in the South China Sea, starting this September. Located approximately 300 kilometers from Shenzhen, China, the oil field is projected to cater to over 1 percent of South Korea's daily oil consumption, with an output of around 29,500 barrels at its pea

Sept. 25, 2023

[Photo News] Warming ties with Ho Chi Minh

Korea Enterprises Federation Chairman Sohn Kyung-shik (eighth from left) and Ho Chi Minh City People’s Committee Chairman Phan Van Mai (ninth from left) pose with business leaders from Korea and Vietnam during an event to welcome Vietnamese delegation’s visit, at Lotte Hotel Seoul on Monday. Some 30 people from KEF member companies and Ho Chi Minh City government attended the meeting to discuss ways to improve economic cooperation between the two countries. (Korea Enterprises Feder

Sept. 25, 2023

SKC to build bioplastics plant in Vietnam

South Korea's advanced materials maker SKC said Monday that it had decided on a location in Vietnam’s northeastern city of Hai Phong to establish a manufacturing plant for biodegradable plastics, as it pushes to expand its eco-friendly business. Amid mounting global calls to reduce plastic waste, the international market size for bioplastics is expected to grow at an annual rate of over 20 percent. SKC and its joint venture Ecovance officials and top executives visited Vietnam on Fr

Sept. 25, 2023

Broadcom to appeal S. Korean regulator's fine over unfair Samsung Electronics deal

US wireless chipmaker Broadcom Inc. said Monday it plans to seek an appeal against the South Korean regulator's decision to slap a 19.1 billion-won ($14.3 million) fine for its unfair business practices against Samsung Electronics Co. In a statement, Broadcom said it was "disappointed" over the Fair Trade Commission's decision, noting it plans to appeal the case to the Seoul High Court. The punishment of Broadcom came after the US firm forced Samsung to sign a long-term agree

Sept. 25, 2023

Major Korean firms fare worse than US counterparts in H1

South Korea's major companies performed far worse than their US counterparts in the first half of 2023 due to the sluggish chip and energy sectors amid a global economic slowdown, a report showed Monday. South Korea's top 100 nonfinancial firms listed on the main local bourse saw their combined sales edge up 0.3 percent on-year to $746.3 billion in the January-June period, according to the report by the Federation of Korean Industries. In contrast, the combined top line of the 100 lead

Sept. 25, 2023

SM founder Lee Soo-man to join tree-planting project in LA

The founder and former chief producer of SM Entertainment, Lee Soo-man, is stepping up his environmental, social and governance activities with a tree-planting project in Los Angeles. Lee will participate in the tree-planting event at Seoul International Park on Thursday, according to music industry sources. He will plant street trees together with the Koreatown Youth & Community Center, a nonprofit organization composed of Korean residents in the local community, during the event to promote

Sept. 25, 2023

Seoul shares open lower on Fed's higher-for-longer rate policy

South Korean stocks opened lower Monday on concerns about the Federal Reserve's aggressive monetary tightening for a longer-than-expected period. The benchmark Korea Composite Stock Price Index shed 9.31 points, or 0.37 percent, to 2,498.82 in the first 15 minutes of trading. The US central bank last week signaled it could hike interest rates again this year while keeping the rates unchanged. On Friday, the Dow Jones Industrial Average fell 0.31 percent, and the tech-heavy Nasdaq Composite

Sept. 25, 2023

LG Chem pivots to LFP with Huayou for Morocco plant

LG Chem, South Korea's premier battery materials producer, announced on Sunday that it would venture into the lithium-phosphate-iron, or LFP, business by constructing a plant with Huayou Group's subsidiary, Youshan. The two companies will build a LFP cathode material plant in Morocco, a region rich in phosphate rock reserves essential for LFP production. Set to be operational by 2026, the plant targets an annual output of 50,000 metric tons, sufficient for around 500,000 entry-level el

Sept. 24, 2023