Posco Holdings’ quarterly profits recover to hit W1.3tr

Posco Holdings, the holding company of South Korea's top steelmaker Posco, said Monday that its operating profit in the second quarter reached 1.3 trillion won ($1.03 billion), recovering from a sluggish performance in the previous quarter this year. It is also the first time for the company's operating profit to surpass 1 trillion won since the second quarter of last year, the company added. During the three-month period, the company’s sales reached 20.1 trillion won, also up fr

July 24, 2023

Seoul shares rise on strong battery, steel performance

South Korean stocks ended higher Monday as major battery and steel shares rose sharply amid expectations for further industry growth, with a focus on corporate earnings and the United States' upcoming rate-setting meeting. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index added 18.77 points, or 0.72 percent, to close at 2,628.53, the second consecutive rise. Trading volume was a bit heavy at 522.67 million shares worth 18.81 trillion won ($14

July 24, 2023

Albamon, Alba Heaven slapped with W2.6b fine for collusion

The two firms operating the nation’s largest part-time job portals, Albamon and Alba Heaven, were fined 2.6 billion won ($2 million) for collusion, the antitrust watchdog said Monday. Following a record 16.4 percent minimum wage hike in 2018, JobKorea and MediaWill Networks, which run Albamon and Alba Heaven, respectively, colluded with each other to reduce the type of jobs available in free job postings. They also increased and fixed the price of paid services in order to steer users towa

July 24, 2023

[KH Explains] KakaoTalk reigns at home, but falters overseas

KakaoTalk has dominated South Korea’s messenger app market, as it connects people and offers numerous services affiliated from taxi-hailing to banking. While an increasing number of local users heavily rely on the messaging app, about 2.25 million people abroad, which take up over 4.2 percent of all users, fled from the messaging app in the past decade, according to the latest data from its operator Kakao. Launched in March 2010 as a free mobile messenger, the number of KakaoTalk’s m

July 24, 2023

Samsung SDI, Stellantis to build second joint EV battery plant in US

Samsung SDI said Monday it is poised to build a second electric vehicle battery manufacturing plant with Stellantis in the US, ramping up its investment in the all-important EV market. The two signed a memorandum of understanding to set up the plant under StarPlus Energy, a joint venture of Samsung SDI and Stellantis, with an initial annual production capacity of 34 gigawatt hours. It is slated to start production in 2027. The location of the plant has yet to be decided. The Korean battery maker

July 24, 2023

[Photo News] Making K-chicken

A group of ambassadors, consuls and their families make Korean-style fried chicken during a class offered by South Korean fried chicken franchise Genesis BBQ in Gwangju, Gyeonggi Province, Friday. The event was attended by diplomats from nine countries, including Malaysia, Panama, Congo, Sierra Leone, Zambia, Nigeria, Uzbekistan, the Ivory Coast and the UK. BBQ plans to hold more classes until the year-end, inviting diplomats and their families to taste and make its signature chicken dishes, suc

July 24, 2023

[Photo News] BAT's Vuse makes Seoul debut

BAT Rothmans, the Korean unit of British America Tobacco, debuted its new e-liquid cigarette product Vuse 800 in Korea on Monday, marking its first launch in Asia. The battery-powered device allows up to 800 puffs without charging, with four flavor options available. Vuse is the bestselling e-liquid cigarette brand in the US, making up 46 percent of the market share. (BAT Rothmans)

July 24, 2023

[Photo News] Unpacked in Seoul

A digital banner promoting Samsung Electronics' upcoming Galaxy Unpacked event is displayed on the N Seoul Tower at Namsan in central Seoul, Saturday night. Samsung is scheduled to hold the unveiling event for its new foldable phones for the first time in Seoul on Wednesday. (Samsung Electronics)

July 24, 2023

Seoul shares open lower ahead of corporate earnings reports

South Korean stocks opened lower Monday, as big-cap tech shares lost ground ahead of the release of major corporate earnings reports. The benchmark Korea Composite Stock Price Index shed 11.49 points, or 0.44 percent, to 2,598.27 in the first 15 minutes of trading. Investors are awaiting the quarterly results of major companies this week, including chip giants Samsung Electronics and SK hynix. Eyes are also on the Federal Reserve's two-day rate-setting meeting set to begin Tuesday, where th

July 24, 2023

[KH explains] Investors bullish on Posco stocks

Shares of firms under Korean steel giant Posco Group are skyrocketing, hitting new highs as the group is expected to excel amid high prospects for the battery industry, Posco Holdings, the holding firm and leading stock of Posco Group, closed at 551,000 won ($428) Friday, more than double its closing price of 272,000 won on Jan. 2. Posco Future M, the group's battery material maker, is also under the spotlight. Its shares closed at 495,000 won on the day, marking a significant increase from

July 23, 2023

BC Card to set up joint venture in Kyrgyzstan

South Korean credit card issuer BC Card announced on Sunday it has decided to establish a joint venture with a Kyrgyz state-run payment provider to offer a unified card payment processing service in the central Asian country. The joint venture firm, called BC Card Kyrgyzstan (BCKG), will be set up in Kyrgyzstan's capital city, Bishkek, in August in collaboration with two firms -- Korean payment services firm Smartro, and Kyrgyz state-run payment provider Interbank Processing Center (IPC). &

July 23, 2023

Three Chinese lenders caught violating reporting obligations

South Korea's Financial Supervisory Service has ordered three Chinese banks operating in Seoul to take disciplinary action after they were found to have violated disclosure and reporting obligations. The lenders in question are the Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank. The FSS ordered the Chinese firms to autonomously handle their employees involved in these violation cases. Autonomous handling refers to the practice where the FSS

July 23, 2023

Looming Vietnamese tax revision rattles Korean textile firms

Vietnam is responsible for about half of Nike’s footwear production globally, and almost half of the Vietnamese production is shouldered by South Korean equipment manufacturers that have operated there for decades. Nike is just one example of South Korean businesses’ presence in Vietnam in the textile and apparel industry. But changes proposed to a trade system that would make foreign companies like Korean textile firms in Vietnam no longer eligible for tax exemptions has sent jitter

July 23, 2023

Hyundai Group chair underscores people-centered management

Hyundai Group Chairman Hyun Jeong-eun has highlighted the importance of business management with a people-centered approach and fostering young talent, Hyundai Elevator said Sunday. Hyun attended a town hall meeting to commemorate the opening of Hyundai Elevator’s Future Talent Academy with some 20 attendees representing the elevator firm's subsidiaries and partners including Korea National University of Transportation and Korea Lift College. During the Friday meeting at Hyundai Eleva

July 23, 2023

Samsung likely to lose again to TSMC in chips revenue

Samsung Electronics, the world's largest memory chip maker, appears to be lagging behind its rival Taiwan Semiconductor Manufacturing Corp. in terms of revenue from its global semiconductor business for four quarters in a row amid a protracted slump in the global economy. According to industry sources on Sunday, TSMC’s second-quarter revenue slipped 10 percent on-year to $15.53 billion. It slightly beat market expectations, but failed to avoid the impact of a chip recession caused by

July 23, 2023

[Beyond Earth] Spacemap looks to revolutionize satellite orbit prediction

In February 2009, two communications satellites -- a commercial satellite owned by US-based global satellite company Iridium Communications and a Russian military satellite -- collided in space, marking the first-known collision between two satellites and resulting in over 10,000 pieces of space debris. Spacemap, a South Korean startup, is looking to bring about an evolution that makes space missions safer with its platform technology that can predict the orbits of satellites and space debris to

July 23, 2023

Govt. to allow businesspeople to enter Ukraine for reconstruction projects

The government plans to allow businesspeople to enter Ukraine for reconstruction projects by making exceptions to the travel ban on the war-torn country, officials said Sunday. The decision was part of measures that the government is taking after President Yoon Suk Yeol made a surprise visit to Ukraine earlier this month and promised to provide a package of security, humanitarian and reconstruction assistance. Since February last year, the government has been maintaining a travel ban for all of

July 23, 2023

Seoul shares end slightly higher on individual buying

South Korean stocks finished slightly higher Friday on strong individual buying amid a slump in the semiconductor sector. The local currency sharply lost ground against the US dollar. Despite a weak start, the benchmark Korea Composite Stock Price Index added 9.53 points, or 0.37 percent, to finish at 2,609.76. Trading volume was moderate at 491.8 million shares worth 12 trillion won ($9.3 billion), with decliners outpacing gainers 507 to 353. Retail investors scooped up a net 316.6 billion won

July 21, 2023

Renault’s LPG-powered QM6 nears 100,000 unit sales

The New QM6 by Renault Korea Motors is the only sport utility vehicle in Korea that is powered by liquefied petroleum gas or LPG. Highlighting the high demand for the LPG model among Korean drivers, the carmaker said almost seven out of 10 QM6 cars sold in the first half of this year were LPG models. Since its debut in 2019, the QM6 LPe is expected to hit the 100,000 mark in sales in the near future. According to Renault, one of the key reasons behind the LPG model’s huge success is its re

July 21, 2023

LG Chem seeks to foster more flexible corporate culture

South Korea’s largest chemical company LG Chem said Friday it is accelerating efforts to create a more flexible corporate culture and foster better communication between executives and employees. As part of related efforts, the company recently launched its new initiative called the CEO Discussion Table, which brings together CEO Shin Hak-cheol and junior employees to freely exchange their opinions on the company’s key strategies and business directions. Through the non-hierarchica

July 21, 2023