Court orders Namyang to hand over controlling stake to Hahn & Co

An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in

Feb. 9, 2023

Seoul shares edge down amid Fed rate hike uncertainty

South Korean stocks marginally fell Thursday, snapping their two-day winning streak, as investors took profits amid lingering uncertainty over the United States' monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.09 percent, to 2,481.52. Trading volume was moderate at 595.66 million shares worth 8.76 trillion won ($6.95 billion), with decliners outpacing gainers 508 to 363. Institutions sold a net 384.86

Feb. 9, 2023

Hyundai Motor chief reaffirms will for hydrogen transition

Hyundai Motor Group Executive Chair Chung Euisun has pledged to embark on a full-scale journey to transition into a hydrogen society this year, reaffirming the automaker’s will to continue developing and expanding its hydrogen vehicle business. “To establish a sustainable supply chain, we will take the lead in preparing for the application of green steel and eco-friendly parts, and gradually convert utilities and raw materials used at our business sites around the world to renewable

Feb. 9, 2023

SM6 combines Renault’s sporty heritage, modern technology

South Korean car manufacturer Renault Korea Motors’ midsize sedan SM6 is a steady seller in the vast domestic automobile market alongside other sizable competitors. This is thanks to the model’s commercial value, which is built on a balance between the carmaker's heritage and advanced technology. The carmaker highlighted the popular sedan’s state-of-the-art features such as a downsized engine, smooth handling and steering system as well as safety functions. In the past, lo

Feb. 9, 2023

Samsung, LG shift away from China toward India as production base

South Korean tech giants are shifting their production operations away from China to India to lessen the damage from the lingering uncertainties surrounding the US-China rivalry and to tap further into the world's fifth-largest economy. Samsung Electronics, the world’s largest smartphone maker in terms of shipments, has recently decided to produce the latest Galaxy S23 flagship smartphones in India for local sales – an unprecedented decision considering India had long remained i

Feb. 9, 2023

German carmakers fined over emissions collusion

South Korea’s antitrust watchdog imposed a combined 42.3 billion won ($33.5 million) in fines Thursday on three German carmakers -- Mercedes-Benz, BMW and Audi -- for collusion in the emissions of their diesel-powered vehicles. The carmakers were found to have installed software designed to reduce nitrogen oxide only minimally to just satisfy Korean environmental regulations. The toxic gas causes ozone and acid rain, and is linked to asthma, respiratory disorders and lung disease. The Fa

Feb. 9, 2023

SK Bioscience to invest W330b for Songdo relocation

SK Bioscience will invest a total of 325.7 billion won ($258 million) for the relocation of its research and production base to Songdo, Incheon, according to the company on Thursday. The new complex will have new R&D and production facilities as well as the company's new headquarters. The Songdo Global Research & Process Development Center will be built on a plot of land measuring 30,413.8 square meters, which the company purchased for 41.9 billion won. When the construction is comp

Feb. 9, 2023

SK On withdraws from Turkey battery project with Ford

South Korean electric vehicle battery maker SK On confirmed Wednesday its withdrawal from a battery project in Turkey, where it had planned to build a new EV battery plant as part of a joint venture with US auto giant Ford. “We can confirm that the nonbinding memorandum of understanding between Ford, SK On and KOC Holding has been terminated by mutual agreement,” the three parties said in a statement. “We still have a strategic partnership on plants in Hungary and Georgia and o

Feb. 9, 2023

[Herald Interview] SK-backed Loop Industries seeks expansion in Asia’s recycling market

Highlighting the potential of the burgeoning recycling market in Asia, Daniel Solomita, the founder and CEO of Canada-based clean technology company Loop Industries, has vowed to build its first full-scale recycling production facility using plastic and textile wastes in South Korea’s southeastern city of Ulsan. The plant is set to break ground later this year within the 1.7 trillion won ($1.3 billion) plastic recycling complex of SK Geo Centric, a chemical materials unit under the South

Feb. 9, 2023

Further gas rate hikes inevitable according to market principles: industry chief

South Korea's recent hikes in gas rates were inevitable due to high global prices, and the government will continue to raise the rates in line with market factors while extending support to vulnerable groups, Industry Minister Lee Chang-yang said Thursday. Lee made the remarks during a parliamentary session amid a public outcry over a recent spike in heating bills. Government data showed that monthly gas rates surged more than 30 percent last month on-year. "Last year, global natural g

Feb. 9, 2023

Seoul shares open lower on US losses

South Korean stocks opened lower Thursday, driven by big-cap tech losses, as US shares ended lower on concerns over the Federal Reserve's continued monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.03 points, or 0.61 percent, to 2,468.61 in the first 15 minutes of trading. Overnight, US shares ended lower after Fed Gov. Christopher Waller said he's "prepared for a longer fight to get inflation down" and interest rates need to remain high for

Feb. 9, 2023

S. Korea vows to meet 'global standard' for inclusion in WGBI

South Korea will continue to revamp its market policies to attract more foreign investors to join the World Government Bond Index this year, the finance ministry said Thursday. The remark came after Second Vice Finance Minister Choi Sang-dae held a meeting with David Sol, the global head of London-based FTSE Russell, which operates the index Wednesday. The WGBI is a broad index designed to measure the performance of government bond markets, including local currencies and sovereign bonds of major

Feb. 9, 2023

Shinhan reclaims top financial group crown after three years

Shinhan Financial Group reclaimed the top position among financial firms in Korea by posting net profit outpacing other players last year. According to Shinhan's earnings report released Wednesday, its net profit marked 4.64 trillion won ($3.68 billion) in 2022, surpassing its cross-town rival KB Financial Group’s net profit by more than 200 billion won. Since KB’s net profit outperformed Shinhan for the first time in 2017, the two top-tier banking groups have been running a nec

Feb. 8, 2023

Hana Financial vows $300,000 for Turkey aid

Hana Financial Group announced Wednesday that it has delivered a total of $300,000 in emergency relief to help victims of a deadly earthquake in Turkey and Syria and the ongoing rescue and restoration efforts there. Hana, which has 206 regional branches in 25 regions worldwide, is the only local commercial bank to operate a regional office in Istanbul. The group said it decided to send the emergency support, delivered through the Community Chest of Korea and other global charities, out of sympat

Feb. 8, 2023

[KH Explains] Why Samsung won't call production cut ‘a cut’

While the global chip industry is struggling to make ends meet amid sluggish demand and price falls, Samsung Electronics, the world’s largest memory chipmaker, said it will keep spending at a similar level to last year. Adding to that is that the tech giant has no plans to seek an "artificial cut" in production, bucking the trend of smaller rivals that have announced a reduction both in production and spending this year to manage their growing inventories. Samsung’s comment

Feb. 8, 2023

Philip Morris bets big on low-priced Iqos

The South Korean unit of international tobacco company Philip Morris Korea said on Wednesday it will release Iqos Iluma One in Korea this month, amid the tobacco companies' heated competition for market share in Korea. "The newly released Iqos Iluma One, which is the latest addition to our flagship heat-not-burn electronic cigarette brand Iqos, is most characterized by its all-in-one design," said PMK managing director Paik Young-jay during a press conference. According to Paik, u

Feb. 8, 2023

Seoul shares end higher on foreign buying after Powell comments

Seoul shares ended higher Wednesday on foreign buying after Federal Reserve Chair Jerome Powell said that inflation has begun to come down. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 31.93 points, or 1.3 percent, to 2,483.64. Trading volume was moderate at 406.98 million shares worth 7.9 trillion won ($6.3 billion), with gainers outpacing decliners 591 to 282. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the te

Feb. 8, 2023

SK Innovation board chief stresses governance innovation

Kim Jong-hoon, chairman of the board of directors at South Korea’s largest energy company SK Innovation, asserted that the company will continue to set a global example on governance structure. In an interview Wednesday with the firm’s official news channel SKinno News, Kim cited the independence and expertise of the board of directors as key to innovating the company’s corporate business structure. “The cultivation of our company value and environmental, social, and gove

Feb. 8, 2023

S-Oil donates W1b for heating bill relief

South Korean oil refinery company S-Oil announced on Wednesday that it has donated 1 billion won ($793,000) to the Korea National Council on Social Welfare to help vulnerable households affected by the recent spike in winter heating bills. The donation will be used to provide heating cost relief for welfare facilities and households that are in need of energy support as determined by social welfare institutions across the country. Beneficiaries may include grandparents who raise their grandchild

Feb. 8, 2023

HD Hyundai to support rescue work in Turkey

South Korea’s largest shipbuilding conglomerate HD Hyundai said Wednesday it will send 10 medium-sized excavators for reconstruction work to Turkey, which was severely damaged by a strong earthquake that hit southern Turkey and northern Syria on Monday. This is part of the aid given by Korean businesses, as the Korean government dispatched rescue workers on Tuesday with its plan to provide $5 million in emergency humanitarian aid, including medical supplies, to Turkey. “We hope that

Feb. 8, 2023