Seoul shares open higher on tech gains

South Korean stocks opened slightly higher Friday, tracking Wall Street gains, as big-cap tech shares gathered ground. The benchmark Korea Composite Stock Price Index added 6.34 points, or 0.26 percent, to 2,445.43 in the first 15 minutes of trading. Overnight, US shares ended higher following a recent rout amid lingering uncertainties over the United States' monetary policy path to curb inflation. The Dow Jones Industrial Average rose 0.33 percent, and the tech-heavy Nasdaq Composite advan

Feb. 24, 2023

KT CEO not to seek second term

KT Corp. said Thursday that its incumbent CEO Ku Hyeon-mo has decided not to seek a second term, publicizing his official withdrawal from the ongoing review process to pick a leader of the nation’s second-largest telecom company in terms of subscribers. The company said its board of directors accepted Ku’s decision and the recruiting for a new CEO will continue as planned. Ku’s withdrawal comes as he faced an intensifying conflict with the company’s largest shareholder Na

Feb. 23, 2023

[K-Food] Paris Baguette charms world's taste buds with 'glocalization'

This is the first installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Paris Baguette is a bakery as common in South Korea as Dunkin Donuts is in the United States. The nation’s No. 1 bakery chain, operated by food giant SPC Group, boasts a whopping 3,400 outlets nationwide, which means almost one in five bakeries in Korea is a Paris Baguette store. In recent years, Paris Baguette ha

Feb. 23, 2023

Seoul shares close up after BOK's rate freeze

South Korean stocks finished higher on Thursday as investors got a much-awaited reprieve from consecutive rate hikes by the Bank of Korea. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 21.41 points, or 0.89 percent, to close at 2,439.09. Trading volume was a bit slim at 393.06 million shares worth 7.33 trillion won ($5.65 billion), with gainers outpacing losers 510 to 362. Institutions and foreign investors combined bought a net 300.87 billi

Feb. 23, 2023

LG Chem pins flexible corporate culture as key to growth

To foster a pleasant and fair work environment that promotes productivity, South Korea’s leading chemical firm LG Chem said Thursday it is taking measures to expand the avenues for communication and debate so employees can have more say. The company introduced the "CEO Discussion Table" this year, a program in which Shin Hak-cheol, LG Chem's CEO and vice chairman, and other workers can participate together in the decision-making process for the company’s main strategie

Feb. 23, 2023

BOK freezes rate, forecasts fading inflation

The Bank of Korea left the key interest rate unchanged at 3.5 percent Thursday on expectations that inflation has peaked. It, however, stressed the freeze does not signal an end of its rate hike stance. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. Over the past 1 1/2 years, it has raised the base rate by 300 basis points to 3.5 percent. However, projecting that inflation has passed its peak and will slowly tail off throughou

Feb. 23, 2023

European businesses in Korea offer mixed outlook this year: survey

A majority of European companies doing business in Korea posted robust sales last year, but offered a mixed outlook for 2023, a business confidence survey conducted by the European Chamber of Commerce in Korea showed Thursday. The business lobby conducted the survey together with the Korea-German Chamber of Commerce and Industry and nine other European national chambers and business councils supported by consultancy Roland Berger Seoul. A total of 184 companies, representing over 60,000 employ

Feb. 23, 2023

AmCham Korea calls for extension to foreign workers’ tax benefit

The chairman of the American Chamber of Commerce in Korea called on the Korean government to offer flat income tax benefits for foreign workers on a permanent basis. During a press conference held at the IFC Forum in Seoul to commemorate the 70th anniversary of the US-Korea alliance and the founding of AmCham Korea on Thursday, AmCham Korea CEO James Kim said the 20-year flat income tax benefit for foreign workers should be extended further, citing other countries who offer them on a permanent

Feb. 23, 2023

Posco International wins exploring rights for Indonesian gas mines

South Korean commodities trader Posco International said Thursday that it has won gas mine exploration rights in Indonesia as part of efforts to beef up energy and resource businesses. A consortium involving the Korean firm and Indonesia’s state-owned Pertamina Hulu Energy gained the rights to explore and operate the Bunga gas block off the eastern Java island. The two will each own a 50 percent stake in the project, while Posco International will hold the operational rights. The Bunga gas

Feb. 23, 2023

[Photo News] In commemoration of independence fighter

Starbucks Korea said Thursday it will donate a restored handwritten note of Korean independence movement leader Kim Gu, whose pen name is Baekbeom, to the National Trust for Cultural Heritage as part of its social contribution activities. The note, written in classical Chinese, reads “Yoo Ji Pil Seong,” which can be roughly translated to “If there is a will, it will be achieved.” Kim wrote it to honor the death of independence fighter Yun Bong-gil in 1949. In commemoratio

Feb. 23, 2023

Samsung-Dish 5G partnership in progress

Samsung Electronics said Thursday it has launched a virtual open radio access network site running on the ultra-fast 5G network along with Dish Network, the fourth-largest telecommunications carrier in the US. Earlier, Samsung had supplied an initial shipment of 24,000 Open RAN-compliant radios and 5G virtualized RAN software solutions to accelerate Dish’s network deployment across the US, which will allow to provide reliable and fast nationwide coverage to its network users. “Samsun

Feb. 23, 2023

S. Korea vows more incentives for foreign investment in key areas

South Korea's trade minister said Thursday the government will provide more incentives to overseas businesses investing in high-end industries playing key roles in the supply chain, as the country aims to attract more investment amid economic uncertainties. Trade Minister Ahn Duk-geun made the remark in a statement released ahead of his planned meeting with foreign business organizations later in the day, where the country plans to share its vision to become a "global hub of innovation

Feb. 23, 2023

BOK freezes rate, ending hike cycle

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s

Feb. 23, 2023

Seoul shares open higher amid rate hike woes

South Korean stocks opened higher Thursday amid lingering concerns over more interest rate hikes. The benchmark Korea Composite Stock Price Index had gained 18.54 points, or 0.77 percent, to 2,436.22 in the first 15 minutes of trading. The Bank of Korea is scheduled to hold its rate-setting meeting later in the day. It raised its benchmark interest rate by a quarter percentage point in January to 3.5 percent to tackle persistently high inflation. It was its seventh straight rate hike since April

Feb. 23, 2023

SK Networks' global investments hit $176m

SK Networks said Wednesday it has invested an accumulative $176 million in some 20 global projects as of 2023, disclosing its global investment performance for the first time at an investment briefing session. “Based on our investment experiences in Silicon Valley, we will play a gate-keeper role in global innovation,” said SK Networks General Executive Director & President Choi Sung-hwan in his opening remarks at the event held in Seoul. “We will use our influence not just

Feb. 22, 2023

[Photo News] Car of the Year

Hyundai Motor Group's all-new Grandeur has won the 2023 Car of the Year award, the Korea Automobile Journalists Association announced Wednesday. According to the KAJA, the all-new Grandeur earned an overall score of 80.75 out of 100, closely beating out BMW's 7 series, which received an 80.43. The association reviewed 18 vehicles from 13 brands for the award. (Hyundai Motor Group)

Feb. 22, 2023

Seoul stocks end sharply lower on rate hike fears

South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68. Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147. Institutions and foreign investors combined

Feb. 22, 2023

Asiana Airlines to launch more international flights

Asiana Airlines said Wednesday it is preparing to expand its international routes by increasing the number of flights to 40 a week on 12 different routes starting next month. This comes along with a recent upsurge in international travel after the steady lifting of travel restrictions as the pandemic has slowed down. “Starting with this initial flight expansion, we will continue our efforts to gradually reopen international travel this year,” an official commented. Asiana plans to fi

Feb. 22, 2023

Pending price hikes in soju, beer deepen inflation woes in Korea

Prices of soju and beer products in South Korea are expected to rise soon due to increases in tax, as well as higher costs of logistics and raw materials, according to industry sources, Wednesday. According to the Ministry of Economy and Finance, the liquor tax on one liter of beer will increase by 30.5 won ($0.023) to 885.7 won in April. The upcoming increase will be higher than last year's rise of 20.8 won. Just by factoring in the tax increase, the factory price of a 500 milliliter beer

Feb. 22, 2023

[Newsmaker] Korean banks’ oligopoly hinders global competitiveness: FSS chief

The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i

Feb. 22, 2023