JS Corp. lends W100b for acquisition of Grand Hyatt Seoul

South Korean handbag maker JS Corp. said Friday it recently lent 100 billion won ($76 million) to its affiliate JS 747, in its effort to gain a controlling stake in Grand Hyatt Seoul, a historic five-star hotel located in central Seoul. In a regulatory filing, JS Corp. reported it decided to lend a total of 100 billion won, which amounts to 39.14 percent of the firm's total equity, to its subsidiary JS 747. JS 747 is a special purpose company, jointly established by JS Corp. and a local ass

June 2, 2023

Hyundai unveils face-lifted Palisade SUV

Hyundai Motor Company launched a revamped version of the Palisade in Korea with enhanced safety features on Friday. For the latest Palisade 2024, the automaker introduced a new trim, dubbed Le Blanc, which has been equipped with various customer-preferred specs, including a smart power tailgate, 20-inch wheels, organic leather sheets, wireless smartphone charging and a surround-view monitor. The new Palisade 2024 has also been revamped with new safety features, including blind collision warning

June 2, 2023

S. Korea's economy grows 0.3% in Q1, unchanged from earlier estimate: BOK data

South Korea's economy grew 0.3 percent in the first quarter of this year, unchanged from an earlier estimate, largely thanks to a sustained recovery in private spending amid an extended slowdown in exports, central bank data showed Friday. The country's gross domestic product -- a key measure of economic growth -- increased 0.3 percent in the January-March period from three months earlier, according to the preliminary data from the Bank of Korea. The first-quarter expansion follows a 0

June 2, 2023

S. Korea showing signs of export recovery: finance minister

South Korean exports are showing some signs of a recovery on the back of rising demand from China and increasing outbound shipments of semiconductors, the finance minister said Friday. South Korea's exports fell for an eighth consecutive month in May, reaching $52.24 billion, down 15.2 percent on-year, government data showed this week. The decline mostly came as exports of semiconductors sank 36.2 percent on-year on falling demand and a drop in chip prices. "Exports for May fell by two

June 2, 2023

Samsung founder’s legacy honored

Samsung Electronics Chairman Lee Jae-yong attended the awards ceremony for the Samsung Ho-Am Prize held in Seoul, Thursday, renewing his commitment to inheriting the group’s founding spirit of “patriotic industrial service,” according to company officials. It was the first time for Lee to take part in the annual event as chairman of the tech giant. The Samsung Ho-Am Prize, which uses the pen name of Samsung Group’s late founder Lee Byung-chull, was established in 1990 by

June 2, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Friday, led by big-cap tech shares, as investors welcomed the progress in the United States' debt ceiling deal. The benchmark Korea Composite Stock Price Index added 18.7 points, or 0.73 percent, to 2,587.87 in the first 15 minutes of trading. Overnight, US stocks closed higher as the House of Representatives passed a debt ceiling bill to avoid a federal default. The Dow Jones Industrial Average rose 0.47 percent, and the tech-heavy Nasdaq Composite jumped

June 2, 2023

S. Korea's consumer prices slow for 4th month in May

South Korea's consumer prices growth slowed for the fourth consecutive month in May from a year ago, data showed Friday, in yet another signal that the country's inflation has passed its peak. Consumer prices, a key gauge of inflation, rose 3.3 percent last month from a year earlier, compared with a 3.7 percent on-year rise in April, according to the report from Statistics Korea. The growth fell below 4 percent for the first time in 14 months in April. The prices of utility services shot up 23.2

June 2, 2023

[Graphic News] Fast food: Runaway prices

Prices for hamburgers rose 10.3 percent in March and 17.1 percent in April, according to Statistics Korea. The increase marked the highest growth in 19 years. Such inflation in hamburgers came after major franchise companies raised their prices 4 to 5 percent in February and August of last year, and again in February this year. Pizza prices also set a record high in nearly 15 years with a near-12 percent increase in April. Chicken prices increased by 6.8 percent in the given period, which is low

June 2, 2023

GGGI, Elders discuss path to net zero for Asia

Leaders and experts discussed a path to net zero for Asia at a forum co-hosted by the Global Green Growth Institute and the Elders on Monday. "Reaching net zero by 2050 could boost Asia’s gross domestic product by up to 6 percent, create 36 million new jobs by 2030, and improve Asia’s trade balance by hundreds of billions of dollars as a result of declining fossil fuels in the world," said former United Nations Secretary-General Ban Ki-moon, who serves as president and chai

June 1, 2023

[Photo News] Ferrari CEO in Seoul

Ferrari CEO Benedetto Vigna (center) poses with Roma Spider, the Italian luxury carmaker’s latest soft-top convertible, during the Universo Ferrari exhibition which kicked off in Seoul on Thursday. The CEO visited Korea to celebrate the Asia premiere of the exhibition that travels around the world to showcase Ferrari’s 22 most representative cars. On his right is Dieter Knechtel, president of Ferrari's Far East and Middle East, and left is Enrico Galliera, chief marketing an

June 1, 2023

FSS chief reaffirms support for financial groups' global expansion

Lee Bok-hyun, chief of the Financial Supervisory Service, on Thursday emphasized the importance of the financial authority participating in international investor relations events in enhancing the global presence of Korean financial firms. “We will continue to support the Korean financial group’s global expansion (over the next year),” Lee said at a press conference held Thursday to mark his first year in office. As the FSS head, Lee made an exceptional move by participatin

June 1, 2023

Posco to expand its battery materials business amid protectionism

Posco Group Chairman Choi Jeong-woo said the group is paying extra attention to the inflation-triggered financial market volatility and the growing geopolitical risks. Choi added the group will overcome the difficulties by making aggressive investments in battery materials businesses, particularly those relating to the electric vehicle industry, during an interview organized by the Korea Society. The interview video was released by the non-profit organization on Wednesday. “The recent hike

June 1, 2023

Seoul shares down for 2nd day amid eased US debt ceiling woes

South Korean stocks fell for a second straight session Thursday, as a consecutive fall in exports weighed down major tech and auto stocks, while the passage of a US debt ceiling deal by the House gave relief to investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 7.95 points, or 0.31 percent, to 2,569.17. Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering ga

June 1, 2023

[KH Explains] Last chance saloon for Kakao’s portal biz

South Korean internet giant Kakao recently separated Daum, the operator of the nation’s No. 2 portal site, into an independent in-house company, fueling speculation that Kakao may be losing appetite for the search engine business a decade after their highly publicized merger back in 2014. Under the new decision announced on May 4, Daum began operating as a “company-in-company” on May 15, a more independent subsidiary with its CEO being appointed by the parent company to maintai

June 1, 2023

Hyundai Elevator launches advanced elevator maintenance service

Hyundai Elevator announced Thursday that it has launched an advanced elevator maintenance service, called Miri, which integrates the Internet of Things, artificial intelligence, big data and robotics technologies. The new Miri, which means “in advance” in Korean, reflects the company’s commitment to providing the best customer satisfaction, the company said. Hyundai Elevator held the launch event at its smart campus in Chungju, North Chungcheong Province, with CEO Cho Jae-cheon

June 1, 2023

[Photo News] Hyundai hydrogen in China

Hyundai Motor Group on Thursday completed its first overseas hydrogen fuel cell system facility in Guangzhou, China, signifying the South Korean auto giant's global expansion in the hydrogen industry. About 200 Chinese and Korean government officials and business executives, including Hyundai Motor Company CEO Chang Jae-hoon (sixth from left) and Lin Keqing (fifth from left), chairman of the Guangdong Provincial Political Consultative Conference and secretary of the Guangzhou Municipal Comm

June 1, 2023

Hyundai’s Hillstate Sunwha lures both residents, investors

South Korean builder Hyundai Engineering & Construction announced Thursday that it will begin pre-sales of its Hillstate Sunhwa the Wise – a residential and commercial apartment complex in Daejeon, some 160 kilometers south of Seoul. The complex consists of five 49-story buildings with a total of 851 units. The builder plans to offer the first installment deposit fixed at 10 million won ($7,500) and an interest relief guarantee to the contract holders. The complex, among others, boasts

June 1, 2023

Hyundai Mobis starts construction of Indonesia plant

Hyundai Mobis said Thursday it has begun the construction of its new electric vehicle battery system plant in Indonesia in its latest push for expansion into Southeast Asia’s burgeoning EV market. The automotive parts unit affiliated with Hyundai Motor Group held a groundbreaking ceremony for the plant in West Java, along the outskirts of Jakarta, on Wednesday, with local government and company officials in attendance, including Governor of the West Java Province Mochamad Ridwan Kamil and

June 1, 2023

Hana Financial, Mirae Asset join hands for digital finance innovation

Hana Financial Group and Mirae Asset Securities said Thursday that they have signed a joint deal for business cooperation in Web3 and security tokens in efforts to lead the way into the future of digital finance. “Through our solid partnership, we will actively take up opportunities for change and lead the way for innovation in digital finance by providing new values and experiences,” Hana Financial Group Chairman Ham Young-joo said. Web3 is a new version of the internet incorporatin

June 1, 2023

Netmarble to launch 3 new games in H2

Netmarble announced Thursday that it will launch three new titles in the second half of this year as the South Korean mobile game giant seeks a turnaround after five consecutive quarters of operating losses. The three games slated to be released in the upcoming months are Tower Of God: New World, Grand Cross: Age of Titans and Seven Knights Idle Adventure. “The three games we are introducing today each have an easy level of gameplay as well as immersive storylines that were fully created o

June 1, 2023