Seoul shares open lower on Fed uncertainties

South Korean stocks opened marginally lower Thursday after the US Federal Reserve threw cold water on market expectations that the rate hike cycle is soon nearing an end, ruling out the possibility of a rate cut this year. The benchmark Korea Composite Stock Price Index slipped 3.42 points, or 0.14 percent, to 2,497.98 in the first 15 minutes of trading. Fed Chair Jerome Powell said after its policy meeting that it's too soon to say the rate hike cycle is over as the Fed believes the inflat

May 4, 2023

Hackers promise AI, install malware instead

SAN FRANCISCO (AFP) -- Meta on Wednesday warned that hackers are using the promise of generative artificial intelligence like ChatGPT to trick people into installing malicious code on devices. Over the course of the past month, security analysts with the social-media giant have found malicious software posing as ChatGPT or similar AI tools, chief information security officer Guy Rosen said in a briefing. "The latest wave of malware campaigns have taken notice of generative AI technology t

May 3, 2023

Korea, US should strengthen ties to counter China-Russia dominance in nuclear energy trade: FKI

South Korea and the United States should strengthen cooperation in nuclear energy trade to counter Russia and China’s dominance of the global market, the Federation of Korean Industries suggested in a report on Wednesday. The FKI said strengthening the bilateral partnership would promote South Korea's advanced nuclear reactor exports and secure a robust nuclear fuel supply chain for the country. The business agency made the proposal based in a report titled the "Korea-US Nuclear

May 3, 2023

Seoul shares snap 3-day rise on renewed bank woes

South Korean stocks snapped a three-day winning streak on Wednesday as uncertainties surrounding the US banking crisis reignited recession fears ahead of the Federal Reserve's policy meeting this week. The local currency edged up against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.99 points, or 0.91 percent, to close at 2,501.40. Trading volume was moderate at 877.4 million shares worth 9.72 trillion won ($7.26 billion) with decliners outnumbering gainers 524

May 3, 2023

Yoon calls for Indo-Pacific solidarity to ride out economic troubles

President Yoon Suk Yeol pledged that Korea will contribute to building cooperative supply chains in the Indo-Pacific region through “partnership and solidarity” during an event held by the Asian Development Bank in Songdo, Incheon, on Wednesday. "The pandemic has pushed the global economy into tremendous hardship,” Yoon said in his congratulatory address for the ADB’s 56th Annual Meeting of the Board of Governors, citing Russia's invasion of Ukraine and the frag

May 3, 2023

Korea, ADB to launch climate tech hub in 2024

South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year. The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district. Ac

May 3, 2023

Merck to build bioprocessing plant in Korea

Merck, a leading science and technology company based in Germany, said Wednesday it plans to build a bioprocessing unit in Daejeon, South Korea. Under a three-way memorandum of understanding signed by the firm with Korea's Ministry of Trade, Industry and Energy and the government of Daejeon, they will discuss detailed plans for building the international pharmaceutical company’s new bioprocessing unit that can produce raw materials for drugs. The Trade Ministry and the Daejeon city go

May 3, 2023

LG CNS, Microsoft Korea bolster security business ties

Information technology service provider LG CNS said Wednesday it will accelerate business cooperation in the IT security sector with the Korean unit of US tech behemoth Microsoft. The Korean firm said it became Microsoft’s managed security service provider, offering integrated security solutions from consulting to operations. Microsoft considers a firm’s security business capabilities and growth potential to determine its MSSP partner qualification. The news came after the top manage

May 3, 2023

Korean Air unveils Blackpink aircraft endorsing Busan's expo bid

Korean Air unveiled a special aircraft dedicated to endorsing Korea’s 2030 Busan World Expo bid during an event held at Incheon Airport on Wednesday. The aircraft, a Boeing 777-300ER, displays the image of world-renowned K-pop idol group Blackpink, bringing attention to and fostering support for the expo bid. “It is a great honor to be part of the nationwide efforts to raise awareness and gather support for Korea’s bid for the World Expo. We will fulfill our role as an ambassad

May 3, 2023

Samsung Electronics may face 1st labor strike over wage deadlock

Samsung Electronics could face its first-ever labor strike as unionized workers have secured the right to legally conduct a walkout after wage talks between the tech giant and unionists fell through. According to industry sources Wednesday, Korea’s National Labor Relations Commission, a government agency under the Labor Ministry, held a steering session to arbitrate the wage deal a day earlier but ended up deciding to stop the talks due to an unbridgeable gap. The Tuesday meeting marks t

May 3, 2023

[KH Explains] Global fast food franchises fail to find local buyers

Korean people love burgers, but potential buyers hesitate to snap up deals tied to global burger franchises like McDonald's due to rigorous headquarter policies that often spark conflict and hinder growth. McDonald's Korea has been struggling to find a buyer since it has been put up for sale in June last year despite double-digit growth of Korea's hamburger market in recent years. According to market research firm Euromonitor, the hamburger market here was valued at 4 trillion won ($2.9 billion)

May 3, 2023

[Photo News] Hyundai's new hydrogen-powered truck

Hyundai Motor Group said Wednesday that it has unveiled its new hydrogen-powered heavy-duty electric trucks during the Advanced Clean Transportation Expo 2023. The new XCIENT Fuel Cell Tractor, weighing 37.2 tons, was developed to suit the North American market, where long-distance operations are common. It is equipped with a 180-kilowatt hydrogen fuel cell system.

May 3, 2023

Samsung bans AI chatbots after leak

Samsung Electronics joined other tech companies in banning the use of ChatGPT and other AI-powered chatbots by its employees, after discovering leaks of sensitive internal codes by its engineers. Taking measures to ban access of generative AI tools on company-owned computers, tablets and phones, Samsung is also reportedly creating its own service tools to support translation and the summarizing of documents, as well as software development. The tech giant confirmed Wednesday it issued a memo las

May 3, 2023

Global Business Forum discusses opportunities in Saudi Arabia

Saudi Arabian Ambassador to Korea Sami Alsadhan expressed hopes for greater cooperation between the two countries beyond construction and energy to smart infrastructure, hydrogen and other new industries at the Global Business Forum held in Seoul on April 26. Korea is a strategic partner in "Saudi Arabia Vision 2030," a reform blueprint to reduce the Middle Eastern country’s dependence on oil, diversify its economy and develop public service sectors such as health, education, i

May 3, 2023

Kakao Games' Q1 profit tumbles 85% due to one-off factor

Kakao Games Corp., the gaming unit of South Korean tech giant Kakao Corp., said Wednesday its first-quarter net profit tumbled 85 percent due to an account loss from its investment in a local developer. Kakao Games logged a net profit of 4.2 billion won ($3.1 million) on a consolidated basis in the January-March period, compared with a net profit of 28.3 billion won a year earlier, the company said in a regulatory filing. Its operating profit plunged 73.1 percent on-year to 11.3 billion won. Sal

May 3, 2023

Seoul shares open lower on renewed banking woes

South Korean stocks opened lower Wednesday on renewed fears over the US banking crisis following the auction of a US regional bank ahead of the Federal Reserve's policy meeting this week. The benchmark Korea Composite Stock Price Index slid 13.66 points, or 0.54 percent, to 2,510.73 in the first 15 minutes of trading. Wall Street ended the session down overnight as uncertainties arose over the financial system following the sale of the First Republic Bank to JPMorgan Chase & Co., led by

May 3, 2023

SK Geocentric to build plastic recycling factory with Canadian company

SK Geocentric Co., a chemical unit under South Korea's SK Group, said Wednesday it has signed a joint venture agreement with a Canadian partner to build a plastic waste recycling factory in Korea. SK Geocentric and Loop Industries, a Quebec-based company, will establish a 51:49 joint venture in charge of building a depolymerization recycling factory by 2025, the Seoul-based company said in a release. The depolymerization refers to a recycling of waste PET plastics and polyester fiber to the

May 3, 2023

SK On to develop key EV battery material with US graphite company

South Korean battery maker SK On Co. said Wednesday it has signed an agreement with a US graphite company to develop battery-grade anode materials in an effort to bolster the sourcing of raw materials. The joint development agreement, inked with Westwater Resources Inc., calls for the two companies to work together to develop high-performance anode materials tailored for SK On batteries, the Seoul-based battery-making unit of SK Group said in a release. Anodes are one of the key components for e

May 3, 2023

[Graphic News] Global EV battery market to grow fivefold to $616b in 2035

The global electric vehicle battery market is forecast to post rapid growth to $616 billion in 2035, a market tracker said, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the United States and Europe. The projection marks a fivefold increase from $121 billion estimated for this year, according to a report by SNE Research, a Seoul-based energy market tracker. Demand for EV battery production is expected to reach 5.3 terawatt-hours globally in 2035,

May 3, 2023

Experts urge efforts to prevent EV fires

SEOGWIPO, Jeju Island – Amid a surge in electric vehicle sales globally, experts on Tuesday called for concerted efforts among policymakers and industry officials to prevent EV batteries from catching fire. Fire-prone batteries were blamed for 12 percent of the total 130 recalls issued here since 2018, while software malfunctions took up the largest share at 43 percent, according to Lee Gwang-beom, an advisor at law firm Shin & Kim. “But battery fires are directly linked to con

May 2, 2023