BOK downplays concerns over fall in foreign reserves

The Bank of Korea has refuted reports claiming that the amount in Korea's foreign reserves has fallen to the level below what the International Monetary Fund suggests as “adequate.” "The amount of Korea's foreign reserves stands at $426.07 billion, the ninth-largest in the world," the central bank said through a press release Wednesday, referring to the figure drawn up at the end of March. "The IMF also assessed the reserve shows an adequate response to ext

April 27, 2023

Top financial firms log Q1 net growth; increase loan loss reserves

All four major financial holding companies in Korea have increased their loan loss reserves during the first quarter of this year. Despite this, KB Financial Group, Woori Financial Group, Hana Financial Group and Shinhan Financial Group have managed to report an improvement in net profit during this period. KB's loan loss reserves in the January-March period were 668.2 billion won, surging dramatically from 145.8 billion won during the same period last year. Despite the increase in loan los

April 27, 2023

Posco International posts upbeat earnings after merger

Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the same period from a year earlier. However, the company added that it generally saw a jump in its p

April 27, 2023

Hyundai Steel unveils roadmap for carbon neutrality

South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050. For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030. “Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Ste

April 27, 2023

Posco, Siemens boost ties on eco-friendly projects

South Korean steelmaker Posco Group said Thursday that it has teamed up with German industrial giant Siemens to enhance the competitiveness of the steel industry during their meeting in Seoul, Tuesday. Posco Vice Chairman Kim Hak-dong and Siemens CEO Roland Busch held the meeting to strengthen mutual cooperation between the two groups and find new business opportunities. Siemens is Europe's largest engineering company pushing for business in a range of fields including factory automation, e

April 27, 2023

Samsung posts worst quarterly earnings in 14 years

Samsung Electronics, which posted its worst quarterly earnings in 14 years amid weak demand and falling chip prices, said it expects a gradual recovery in the second half of the year as the effects of production cuts kick in from the following quarter. In response, the world's largest memory chip and smartphone maker plans to increase the proportion of advanced processes and high-value-added products and continue to invest in securing future technologies. “We are in the process of red

April 27, 2023

Seoul shares open lower on Samsung, global banking system woes

South Korean stocks opened lower Thursday on Samsung Electronics' poor earnings and renewed concerns about the health of the global banking system. The benchmark Korea Composite Stock Price Index shed 11.7 points, or 0.47 percent, to 2,473.13 in the first 15 minutes of trading. Overnight, US shares ended mixed as concerns about the US banking sector instability overshadowed upbeat corporate business results. The Dow Jones Industrial Average lost 0.68 percent, while the tech-heavy Nasdaq Com

April 27, 2023

Yoon asks Tesla CEO Musk to invest in S. Korea

WASHINGTON--President Yoon Suk Yeol met with Tesla CEO Elon Musk on Wednesday and asked for his investment in a gigafactory in South Korea, a presidential official said. The meeting took place at Musk's request during Yoon's state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok. Yoon said South Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a gigafactory. "Shou

April 27, 2023

Shinsegae, Hotel Shilla win Incheon airport duty-free licenses

Shinsegae DF and Hotel Shilla were selected Wednesday as new duty-free operators at Incheon International Airport, the Korea Customs Service said. Shinsegae and Shilla were awarded licenses to operate duty-free shops in DF 1 zone and DF 2 zone, respectively, for 10 years starting from July. The shops sell perfumes, cosmetics, alcohol and tobacco. Five companies, including Hyundai Department Store Duty Free, Lotte Duty Free and China Duty Free Group, competed for the rights to run duty-free store

April 26, 2023

Hyundai, Kia likely to outpace Toyota in Q1 earnings for 1st time

Hyundai Motor Group is highly likely to outpace Toyota in first quarter earnings this year for the first time, according to industry estimates on Wednesday. The South Korean auto giant’s Hyundai and Kia brands posted a combined 6.5 trillion won ($4.8 billion) in operating profits in the first three months of this year. It is a record figure for the carmaker, exceeding the estimated 5.98 trillion won of operating profits of its archrival Toyota, the world’s No. 1 carmaker in terms of

April 26, 2023

[Contribution] Building trust with foreign taxpayers

By Kim Tae-ho National Tax Service vice commissioner In March, the National Tax Service held an official gathering with the European Chamber of Commerce in Korea for the first time in 12 years. This event, along with a similar engagement with the American Chamber of Commerce last year, highlights our commitment to improving communication with foreign investors and building mutual trust. Trust between the revenue agency and the taxpayer promotes voluntary and honest tax filing and payment, whil

April 26, 2023

Korea, US agree to bolster ties on bioeconomy

The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development. The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden. The agreement is the first of its kind signed betwe

April 26, 2023

Seoul shares down for 5th day despite big-cap tech rebound

South Korean stocks ended slightly lower Wednesday, as investors began assessing corporate quarterly earnings amid renewed concerns over the stability of the global banking system and the Sino-US rivalry. The local currency fell to a yearly low against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.19 points, or 0.17 percent, to close at 2,484.83, extending its losing streak to a fifth session. Trading volume was heavy at 1.01 billion shares worth 12.24 trillion won ($9.16

April 26, 2023

Korea, US ink 23 MOUs to rachet up tech alliance

  Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Roundtable and the Korea-US Business Forum were held at the US Chamber of Commerce in Washingt

April 26, 2023

Korean battery makers bolster EV alliance in US to tackle IRA

South Korean battery and automakers are shelling out big funds to set up joint ventures for electric vehicle batteries in the US in response to the protectionist Inflation Reduction Act, industry sources said Wednesday. Samsung SDI announced Tuesday it is poised to build a joint venture with General Motors in the US. Details of the deal including the location were not made available. Under $3 billion investment, the plant will have an annual production capacity of 30 gigawatt-hours, supplying

April 26, 2023

ReWorld Forum explores finance roles in tackling climate change

The SDX Foundation chairman warned that innovative changes to our old perception of the climate crisis must occur within the next 10 years, or it will be impossible to prevent catastrophic consequences. “Although our generation only worked hard for our family and society, the outcome has unfortunately led to passing on a deteriorated environment to our children,” said SDX Foundation Chairman Jhun Ha-jin, 65, during a ReWorld Forum in Seoul on Wednesday. “Due to this unfortunate

April 26, 2023

Renault’s QM6 combines perks of SUVs and sedans

Renault Korea’s new QM6 SUV is more than just your typical SUV -- it is also equipped with the much-loved perks of a sedan. SUVs are usually known to offer a less comfortable riding experience compared to sedans due to the bigger tires causing higher road impact. With an improved power train, reduced noise, an upgraded exterior and additional convenience features, Renault’s QM6 presents a solution to this issue by keeping the performance and capabilities of an SUV while incorporating

April 26, 2023

Korea Ginseng Corp. finds more evidence ginseng could help stop Alzheimer’s

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Wednesday that a collaborative research team supported by KGC and Konyang University has found a potential mechanism to reduce cognitive decline in Alzheimer's disease in red ginseng polysaccharides. Alzheimer's is the most common type of dementia, which occurs when amyloid beta, a proposed cause of Alzheimer's, aggregates and accumulates in the brain. Konyang University’s Research Institute for Demen

April 26, 2023

Posco Future M, LG Energy Solution sign W30tr cathode supply deal

South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma

April 26, 2023

[Photo News] New Mercedes E-Class

Mercedes-Benz unveiled the new E-Class in a digital world premiere on Tuesday. The new E-Class underwent a full change for the first time in seven years to feature advanced personalization and digitalization functions. The luxury midrange sedan is expected to go on sale early next year in South Korea.

April 26, 2023