Mirae Asset buoyed by upbeat overseas earnings

Mirae Asset Global Investments stands strong in the global financial market, despite a challenging economic environment. As of end-2022, Mirae Asset Global Investments' assets under management had reached 248 trillion won ($200 billion). According to the firm, 40 percent of its total assets, or 103 trillion won, is being managed overseas, surpassing the 102 trillion won mark set in end-2021. The firm's overseas business generated a net profit of 747 billion won in the third quarter of

Jan. 19, 2023

[Photo News] 1st Paris Baguette store in Malaysia

Food and bakery giant SPC Group said Thursday that it has opened the first Paris Baguette store in Malaysia on a 264-square-meter site at the Pavilion Kuala Lumpur, the capital’s biggest shopping center in the heart of the major commercial district of Bukit Bintang. The latest store opening comes six months after a joint venture -- Berjaya Paris Baguette Sdn. Bhd. -- was launched in partnership with Berjaya Group, a Malaysia-based property developer. SPC is expanding its presence in the So

Jan. 19, 2023

[Photo News] World Expo bid

Hyundai Motor Group on Wednesday displayed Genesis X, a concept electric vehicle, at the Korea Night event held on the sidelines of the World Economic Forum in Davos, Switzerland, to promote the country's bid to host the World Expo 2030 in the southern port city of Busan, the automaker said Thursday. A total of 58 Hyundai Motor vehicles wrapped with the slogan "World Expo 2030 Busan, Korea" has been driving around the Swiss city this week to help Korea's bidding campaign.

Jan. 19, 2023

Pesticides found in Shin Ramyun Black Tofu & Kimchi exports to Taiwan

Hazardous substances were detected in Korean food company Nongshim's flagship ramen products to Taiwan, according to the Taiwan Food and Drug Administration Thursday. Nongshim's exports of Shin Ramyun Black Tofu & Kimchi cup noodles to Taiwan failed to pass the country's customs inspection, the TFDA said. According to the TFDA, 0.075 milligram per kilogram of ethylene oxide, or EO, had been found in soup packets of each instant cup noodle product. EO, which is largely used for

Jan. 19, 2023

[Herald Interview] KT's cloud streaming tech brings art gallery into metaverse

South Korea’s telecom giant KT Corp. is undergoing digital transformation and making business opportunities out of it with its advanced cloud streaming technology. The company created a virtual art gallery placed in the metaverse with fast-evolving technology, allowing art lovers to explore various artworks regardless of time and place. KT joined hands with local startup TCAG to create a cloud-based streaming digital twin gallery, which realized 12 contemporary artists’ works display

Jan. 19, 2023

Seoul shares open lower on renewed recession woes

South Korean stocks got off to a weak start Thursday, as the latest US economic data reignited fears of a recession. The benchmark Korea Composite Stock Price Index lost 2.89 points, or 0.12 percent, to 2,365.43 in the first 15 minutes of trading. US retail sales and wholesale prices fell more than expected in December, according to its government data released Wednesday Production at factories also slid more than expected, sending major US stock indexes sharply lower. Market sentiment was hurt

Jan. 19, 2023

[Graphic News] S. Korea's coffee imports jump 45.1% in 2022

South Korea’s imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier. The value of the country’s coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea’s yearly coffee imports have exceeded $1 billion. Last year’s amount was up 16.7-fold from 20 years earlier. With coffee consumption s

Jan. 19, 2023

[Herald Interview] Shareholder activism will boost share prices long term: expert

The rise of shareholder activist campaigns will provide outside perspectives for Korean companies and increase their values both socially and financially in a long term, said Alex Edmans, a finance professor at the London Business School. “Evidence shows that when you have shareholders engaging, as long as these are large shareholders which have skin in the game, and therefore incentives to do a lot of their own research, it is useful to listen to those outside perspectives,” Edmans

Jan. 18, 2023

Seoul shares fall for second day amid earnings woes

South Korean stocks closed lower for the second straight day Wednesday, as investors were cautious to make risky bets ahead of the earnings season set to kick off next week. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.07 points, or 0.47 percent, to 2,368.32. Trading volume was moderate at 528.3 million shares worth 5.43 trillion won ($4.38 billion) with decliners outpacing gainers 548 to 296. "Anticipation over the fourth-quart

Jan. 18, 2023

Top 100 firms spend W5.44tr on ESG efforts in 2021

The top 100 Korean companies in terms of sales invested a total of 5.44 trillion won ($4.3 billion) in environmental and safety efforts in 2021, the Federation of Korean Industries said Wednesday. The FKI analyzed the firms' environmental, social and corporate governance, or ESG, efforts based on the companies' own reports. The 100 firms' combined investment of 5.44 trillion won marked a 87.6 percent increase from 2.9 trillion won in 2020. The federation report said the increase r

Jan. 18, 2023

[Photo News] World's first ammonia-powered truck

Amogy, a US clean energy startup, has successfully conducted a test drive of the world's first ammonia-powered, zero-emission semi truck, SK Innovation said Wednesday. The semi truck secured 900 kilowatt-hours of net electric energy after eight minutes of fueling process that used Amogy's ammonia-to-fuel technology. SK Innovation invested $30 million in Amogy in June last year.

Jan. 18, 2023

P&G Korea's Febreze fights winter fabric odors

In winter, odors coming from coats and mufflers often don’t disappear, especially after meals in an enclosed space. Winter clothing comes from fabric made of porous fibers, therefore being kept in a state where odor-causing gas molecules are absorbed due to high moisture. Indoor ventilation is also difficult in winter, so odor molecules brought in from outdoors can linger and affect sofas and bedding used by the entire family. In this case, Febreze from P&G Korea, a global household go

Jan. 18, 2023

[KH Explains] How soon will microLED replace OLED?

Micro light-emitting diode, or microLED, has become a buzzword in tech, as Apple -- the world’s largest consumer electronics company by revenue -- is reportedly working to use the sophisticated display technology in upcoming Apple Watches while reducing the use of organic light-emitting diode displays, whose key suppliers are South Korea’s Samsung and LG. In recent years, OLED has been increasingly used in high-end TVs, smartphones and wearable devices to offer better picture quality

Jan. 18, 2023

LS Cable’s EV charging cable gets US certification

LS Cable & System, South Korea's top wire and cable maker, is revving up efforts to target the North American market for high-speed charging cables. The company said Wednesday it recently received the American UL Safety Certification for its high-speed electric vehicle charging cable. In Korea, high-speed EV chargers that supply over 400 kilowatts are required to use rapid liquid cooling cables. These cables allow cold fluid to flow, significantly lowering heat generation inside the cha

Jan. 18, 2023

Researchers offer new solution to reduce clothing waste

Scientists have developed the world’s first technology to recycle clothing waste by converting discarded fiber into usable materials, the Korea Research Institute of Chemical Technology said Wednesday. A group of researchers led by Cho Joung-mo, a senior researcher at the KRICT, found a screening technology that can isolate recyclable materials from clothing waste by using the chemical characteristics of dyes. The research team also came up with a recycling technology to convert separated

Jan. 18, 2023

Woori Financial Group chairman relents, will step down in March

Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for chairman of Woori Financial Group. Son on Wednesday also announced that h

Jan. 18, 2023

Samsung's mobile chief confident about new Galaxy S series

Samsung Electronics’ mobile chief on Wednesday expressed his ambition to set new performance standards for premium smartphones with the upcoming Galaxy S series at its annual unpacking event next month. Roh Tae-moon, president and head of Samsung Electronics’ mobile experience business, said in a blog post that there is no better example of Samsung delivering on its vision than the Galaxy S series. “We believe mobile technology can be the catalyst to enrich people’s lives

Jan. 18, 2023

Facelifted Hyundai Kona aims to redefine compact SUVs

Hyundai Motor Group on Wednesday launched the all-new Kona, a second-generation subcompact sport utility vehicle, with an aim to set new standards for small SUVs. “Kona is Hyundai Motor’s most iconic SUV. We took the creative design of the existing model and applied a new method of designing the electric vehicle first and putting it on the internal combustion engine model later to create a more futuristic design,” said Chang Jae-hoon, president and CEO of Hyundai Motor, in a me

Jan. 18, 2023

Seoul shares open lower amid earnings concerns

South Korean stocks opened lower Wednesday, as concerns over corporate earnings, set to be released starting next week, weighed on investor sentiment. The benchmark Korea Composite Stock Price Index lost 15.37 points, or 0.65 percent, to trade at 2,364.02 in the first 15 minutes of trading. Companies are expected to announce their fourth-quarter earnings results beginning next week, with the market consensus leaning toward lackluster performances in some sectors. Tech heavyweights and financial

Jan. 18, 2023

Hyundai launches all-new Kona subcompact SUV in S. Korea

Hyundai Motor Co. on Wednesday launched the all-new Kona subcompact SUV in the domestic market, while planning to introduce its electrified version in the second quarter of this year. Hyundai Motor aims to sell 37,000 units of the new Kona -- the first fully revamped model in five years -- this year. The second-generation Kona comes with a 1.6-liter gasoline turbocharged, a 2.0-liter gasoline or a 1.6-liter gasoline hybrid engine, the company said in a statement. It is priced at 25 million won t

Jan. 18, 2023