S. Korean shares open lower amid recession worries

Seoul shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the US-based Silicon Valley Bank. The benchmark Korea Composite Stock Price Index fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics Co. fell 1.3 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped

March 27, 2023

Kakao’s SM acquisition nears completion

Kakao's plan to acquire leading K-pop agency SM Entertainment is nearing its final stage, with the music label's annual general meeting set to take place Friday. According to industry sources, the South Korean internet and portal giant's tender offer to buy a 35 percent stake of SM has won enough support from SM investors. Earlier this month, Kakao offered to buy off shares at 150,000 won ($115) each in a bid to become the largest shareholder of the K-pop powerhouse. The official

March 26, 2023

Samsung chief travels to China first time in 3 years, meets with key officials

Samsung Electronics Chairman Lee Jae-yong is making the most out of his first trip to China in three years, inspecting the affiliates’ production facilities, meeting with key Chinese officials and attending a high-profile summit with global business leaders. Samsung Electronics said Lee attended the China Development Forum, a three-day forum that kicked off Saturday in Beijing. There, Lee met with heads of major tech giants to exchange opinions on various agendas, including global manageme

March 26, 2023

Posco Future M named top supplier for General Motors

South Korea’s battery materials producer Posco Future M said Sunday it has received an award from General Motors for its outstanding achievement across the global purchasing and supply chain. It was one of 14 companies to have received the General Motors’ Overdrive Award, which is given to companies who specialize in automotive components, batteries and software provision. The evaluation criteria for the award include sustainability, innovation, launch excellence and safety. Posc

March 26, 2023

[Photo News] Hyundai's Busan Expo promotion

Hyundai Motor Group launched a global promotion program for the southern port city of Busan’s 2030 World Expo bid prior to a visit to Korea by the Bureau International des Expositions delegation, slated for April 2-7. The car maker released 16 1-minute invitation videos created by Busan citizens in different languages including English, Chinese, Spanish and Portuguese.

March 26, 2023

[From the Scene] Hyundai Heavy Industries aims to cement global No.1 position

ULSAN -- Spring has arrived early in Ulsan as cherry blossoms were in already full bloom along the streets of the southeast port city on Wednesday, about two weeks before the forecasted blossoming dates. In a similar trend, Hyundai Heavy Industries, the world’s top shipbuilder under South Korean conglomerate HD Hyundai, is enjoying the industry’s much-awaited revival as the company looks to widen its lead over global competitors on its large number of backlog orders. The engine depar

March 26, 2023

Taking Korea-Indonesia ties to next level

More than 300 high-level government officials and business representatives from South Korea and Indonesia gathered for a forum in Seoul, Friday, to explore ways to enhance business partnerships between the two countries and take their bilateral ties to the next level. In commemoration of the 50th anniversary of diplomatic relations between Korea and Indonesia, Herald Corp., publisher of The Korea Herald and Herald Business, co-hosted the forum, titled “Business Forum on 50 Years of Indones

March 24, 2023

Indonesia seeks Korean support for upgrading healthcare system

Indonesia’s health minister on Friday vowed to support South Korean companies for their business expansion in the burgeoning healthcare market of the Southeast Asian country at a forum held in Seoul celebrating the 50th anniversary of bilateral ties between the two countries. “The Indonesian government is trying to improve the country’s healthcare sector, in which South Korea’s cooperation is very important,” said Minister Budi Gunadi Sadikin during a business sessi

March 24, 2023

LG Energy Solution to build W7.2tr battery plants in Arizona

LG Energy Solution will invest 7.2 trillion won ($5.6 billion) to build two battery plants in the US to solidify its leadership in the battery value chain in North America, the South Korean battery maker announced Friday. The battery plants will break ground in Queen Creek, Arizona, this year. The company is spending 4.2 trillion won on the first plant to produce cylindrical batteries, which will be supplied to US electric vehicle makers. The company said it will be the first Korean battery make

March 24, 2023

Korea, Indonesia join forces to build EV ecosystem

Government officials and business leaders from South Korea and Indonesia on Friday underscored combined efforts to expand the electric vehicle ecosystem in the Southeast Asian country at a business forum marking the 50th anniversary of bilateral ties. “The collaboration is very important because you (Korea) have very good technology on the lithium battery. By 2027, we are hopefully going to be the largest lithium battery producer globally,” said Luhut Binsar Pandjaitan, coordinating

March 24, 2023

From L’Oreal to LVMH, global beauty giants in race to acquire Korea’s Able C&C

Competition is heating up to acquire a controlling stake in Able C&C, the operator of a slew of Korean budget cosmetics brands, with global beauty giants such as L’Oreal and LVMH reportedly joining the race. Five to six strategic investors recently submitted their letters of intent to purchase 59.2 percent of shares in Able C&C, currently owned by IMM Private Equity, according to industry sources on Friday. IMM became the largest shareholder of Able C&C, best known for its Mi

March 24, 2023

Samsung chairman arrives in Beijing to attend China business summit

Samsung Electronics Executive Chairman Lee Jae-yong on Thursday arrived in Beijing to attend a high-profile corporate summit this weekend, according to industry sources Friday. It is the first time in three years for the de facto leader of Samsung Group to visit China, where the tech giant operates major production facilities. Lee is scheduled to attend the three-day China Development Forum set to run at the Diaoyutai State Guesthouse until Monday. Attending by invitation, he is expected to be j

March 24, 2023

[Photo News] Samsung-Aramco 5G partnership

Samsung Electronics and Aramco, Saudi Arabia’s state-run oil and gas company, have signed a memorandum of understanding for a strategic partnership to accelerate the industrial adoption of 5G network technology in the largest Middle Eastern country by area. Under the agreement, the two companies will promote the digital transformation of Saudi Arabia’s industrial sectors by adopting LTE and 5G high-speed network technologies.

March 24, 2023

Former bank officials convicted for recruitment scandal

Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)

March 24, 2023

Samsung Electronics chief to attend China Development Forum

Samsung Electronics Executive Chairman Lee Jae-yong is currently in China to attend the China Development Forum, according to sources Friday. Lee arrived in Beijing on Thursday to attend the high-profile annual forum, slated to run at the Diaoyutai State Guesthouse from Saturday till Monday. The meeting will run under the theme of "Economic Recovery: Opportunities and Cooperation," focusing on "opportunities in the Chinese market, stabilization of global industrial chains, and gre

March 24, 2023

Seoul shares open lower amid rate concerns

South Korean stocks opened lower Friday, despite Wall Street gains overnight in hopes that the US Federal Reserve is nearing the end of its rate hike cycle. The benchmark Korea Composite Stock Price Index dropped 4.88 points, or 0.2 percent, to 2,419.6 in the first 15 minutes of trading. Overnight, US shares finished higher after traders placed their bets on the Fed possibly winding down its aggressive monetary tightening soon amid recession woes, after its nine consecutive rate hikes in the spa

March 24, 2023

Hyundai, Kia to recall over 570,000 vehicles in US due to fire risk

Hyundai Motor Co. and its smaller affiliate Kia Corp. said Friday they will recall over 570,000 vehicles in the United States because the vehicles could pose a fire risk. The South Korean carmakers have submitted their recall reports to the US National Highway Traffic Safety Administration. A faulty tow hitch harness module in the specified vehicles can take on water or dust and experience an electrical short, increasing the risk of fire, the companies said. The affected vehicles are model years

March 24, 2023

Improved ties with Japan to boost exports, consumption: finance minister

South Korea and Japan's latest efforts to restore bilateral ties will give a "significant positive spillover" to Asia's No. 4 economy, the finance minister said Friday. On Thursday, South Korea completed procedures to drop a complaint it filed with the World Trade Organization against Japan over Tokyo's trade curbs as it began domestic procedures to put Japan back on its "white list" of trusted trade partners. The move came after President Yoon Suk Yeol held su

March 24, 2023

[Herald Interview] Rolls-Royce’s 1st EV Spectre to make Asia debut in Korea

Rolls-Royce Motor Cars will present the Spectre -- the British high-end carmaker’s first and much-anticipated electric vehicle -- in Korea in June for the first time in Asia, according to CEO Torsten Muller-Otvos. “Korea is one of the fastest-growing markets for us worldwide. We decided that Spectre will be first shown here in Korea for Asia,” said Muller-Otvos in an interview with the Korea Automobile Journalists Association in Seoul on Wednesday. According to the Korea Automo

March 23, 2023

Busan to build new rail system for World Expo

Busan will build a high-speed rail system that will connect Busan’s key districts with Gadeok New Airport, which is also set to open years ahead of schedule in a bid to attract the 2030 World Expo to the port city of Busan. Busan Mayor Park Heong-joon revealed the plan to build the BuTX railway during a media briefing held at the Busan city government office, Thursday. BuTX is a hydrogen-fueled high-speed transportation infrastructure that will run 47.9 kilometers between Gadeok New Airpor

March 23, 2023