Foreign holdings of Korean stocks hit 13-year low

Foreign holdings of South Koreans stocks on the benchmark Kospi dipped to 606.2 trillion won ($464.1 billion), or 30.51 percent of the total, Thursday -- the lowest level since August 2009 as fears over US Federal Reserve rate hikes and a possible recession have dampened investor optimism. Data from the Korea Exchange showed Sunday heavy net selling by foreign investors this year. They had offloaded 10.6 trillion won in shares as of Friday. The Kospi closed at 2,527.94 that day, a 15 percent dr

Aug. 15, 2022

Free battery choice needed for Formula E, says Porsche team

Every Formula E works as a giant laboratory to test the latest electric vehicle technology. But the competition rule that forbids carmakers from altering auto components, particularly batteries, should be lifted to bring electric mobility to the next level, Porsche Motorsports said in Seoul Friday. “Battery is one of the most important parts of electric vehicles -- or the most important -- as it has huge impact to the weight and performance,“ said Porsche Motorsport Vice President

Aug. 15, 2022

Hyundai ranks 3rd in H1 global vehicle sales

South Korea's Hyundai Motor Group said Monday it ranked third in first-half global vehicle sales on increased high-end model sales despite the lack of automotive chips. Hyundai Motor Co., its independent Genesis brand and Hyundai's smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period, following Toyota Motor Group's 5.138 million units and Volkswagen Group's 4.006 million units, according to their sales data. In the fi

Aug. 15, 2022

From fast chasers to drivers of national brand

The first Samsung product that Richard Craig, a 37-year-old American living in Tianjin, China, owned was a 42-inch flat screen TV he bought in 2009 in the US. Ten years later, the longtime iPhone user switched to a Galaxy smartphone, saying “phones made by Samsung were some of the best Android phones available.” For Lim Eun-soo, a 63-year-old Korea-born US resident, a Samsung TV in 2000 was her first electronic device that was made by a company from her home country. “Back th

Aug. 14, 2022

On presidential pardon, Lotte chief vows investment in biotech, hydrogen

Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy,” Lotte Group said. “The company will accelerate biotech, hydrogen energy

Aug. 12, 2022

For Seoul‘s first Formula E, DHL Korea delivers 415 tons of cargo

For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green

Aug. 12, 2022

Korea raises alarm for supply shortage in farm products

SEJONG -- Economic policymakers are poised to take countermeasures against possible issues in the supply of agricultural and livestock products and further price climbs in the wake of the recent heavy rainfall. At a vice-ministerial meeting in Seoul on Friday, First Vice Minister of Economy and Finance Bang Ki-sun pledged to take any necessary action, saying that “there are worries over a possible instability in the supply of agricultural and livestock products.” He also said the g

Aug. 12, 2022

S. Korean Goobne Chicken opens 1st US branch

Goobne Chicken, one of the leading South Korean chicken franchises, said Friday that it has opened its first US branch in LA. The store, located at Korean supermarket Hannam Chain Del Amo in Torrance, LA, will bring various Korean-style chicken flavors to cater to the growing interest in K-food in the US, it added. According to Goobne Chicken CEO Chung Tae-yong, the company also plans a second branch in the US later this year. In 2014, Goobne Chicken opened its first international branch in

Aug. 12, 2022

Pardon clears way for Lee to fill Samsung’s leadership void, spur investment

President Yoon Suk-yeol’s decision to grant a special pardon on Samsung heir Lee Jae-yong on Friday is expected to speed up his return to leadership of Korea’s largest family-controlled chaebol and the world’s largest memory chipmaker. Set to be granted on Aug. 15 Liberation Day, the clemency will lift the employment restriction placed on him that was effective until 2027. This would open the door for the 54-year-old third-generation chaebol chief to be promoted to the chairma

Aug. 12, 2022

Seoul shares edge up amid persistent rate hike concerns

South Korean stocks closed slightly higher Friday amid persistent worries about the US Federal Reserve's pace of its monetary tightening. The local currency ended almost unchanged against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) added 4.16 points, or 0.16 percent, to 2,527.94. Trading volume was moderate at 437.8 million shares worth 7.89 trillion won ($6.05 billion), with gainers outstripping decliners 565 to 275. US producer prices for July slowed

Aug. 12, 2022

Posco International to absorb Posco Energy

Posco International, the trading arm of the Posco Group, said Friday that its board has approved a bill to absorb Posco Energy. The merger will be put to the vote at the general shareholders‘ meeting on Nov. 4 and finalized on Jan. 1, the company said in a statement. 100 shares of Posco International will be worth 116 shares of Posco Energy. Posco International will issue new shares according to the merger ratio and transfer approximately 46 million shares to Posco Holdings, the shareho

Aug. 12, 2022

Samsung Biologics signs tentative CMO deal with AstraZeneca worth $350m

Samsung Biologics has tentatively signed a deal worth 457 billion won ($350 million) with AstraZeneca on contract manufacturing, the company said in a regulatory filing Friday. The two sides reached the agreement in May last year, but was unveiling it this time as they were renewing the contract to include “increases in demand” from AstraZeneca. The renewed deal accounts for 29 percent of Samsung Biologics’ total sales in 2021, which was approximately 1.5 trillion won. The

Aug. 12, 2022

S. Korean auto industry requests US House rethink proposed tax credits for EV purchases

A major association for South Korea's car industry has sent a letter to the US House of Representatives and requested changes in tax incentives proposed under a major climate change and energy bill, stressing that they could put Korean carmakers on an unequal footing. The Korea Automobile Manufacturers Association (KAMA) said that it delivered the concerns regarding the tax breaks in the Inflation Reduction Act, pending the House's approval, in the letter sent to US House Speaker Nancy

Aug. 12, 2022

Seoul shares open slightly higher amid persistent rate hike concerns

South Korean stocks opened marginally higher Friday amid persistent woes over the US Federal Reserve's monetary tightening. The Korea Composite Stock Price Index (KOSPI) added 3.85 points, or 0.15 percent, to 2,527.63 in the first 15 minutes of trading. The index started 0.16 percent lower at the opening bell. Investors digested the softer-than-expected US consumer prices for July, released Wednesday (US time), as a sign of cooling inflation that raised expectations that the Federal Reserve

Aug. 12, 2022

Import prices fall for 1st time in 3 months in July on declining oil prices

South Korea's import prices fell for the first time in three months in July as global oil prices declined amid concerns about a global recession, central bank data showed Friday. The import price index inched down 0.9 percent in July from a month earlier, compared with a 0.5 percent on-month rise in June, according to the preliminary data from the Bank of Korea (BOK). This marked the first on-month decline since April, when import prices edged down 0.6 percent. Compared with a year earlier,

Aug. 12, 2022

‘Formula E is all about technology, sustainability’

As DS Techeetah, a racing team by Stellantis’ French auto brand DS Automobiles, aims to win the Formula E season finale championship taking place in Seoul over the weekend, its team racers said the championship is all about technology and sustainability.  “I’m sure that Formula E is pushing the manufacturers to make models that are quicker and more efficient,” said two-time champion Jean-Eric Vergne during a press conference held in Seoul on Thursday, two days prio

Aug. 11, 2022

Panacell Biotech to treat long COVID using stem cells

South Korean bio company Panacell Biotech said Wednesday it will start clinical trials to test the toxicity of natural killer cells, exosomes, and brown adiposed-derived stem cells when used to treat long COVID. Natural killer cells are immune cells that can kill tumor cells and cells infected with viruses. The biotech company said it can also be used to treat long COVID as well as other terminal illnesses. Long COVID symptoms span from migraines, hair loss, decreased libido and inflamed res

Aug. 11, 2022

Coupang raises earnings outlook after first profit

South Korean e-commerce giant, Coupang, raised its earnings forecast for the year after posting its first-ever profit for the entire business in the second quarter, as bigger operating cost savings and higher membership fees improved profitability, the company said Thursday. The company is betting on positive annual earnings before interest, tax, depreciation and amortization, reversing the previous projection for a $400 million loss. The second quarter loss narrowed to $67.14 million, down 87

Aug. 11, 2022

Korea to expand food supply to tame prices ahead of Chuseok

SEJONG -- Economic policymakers said Thursday that they would seek to stabilize consumer prices ahead of the Chuseok holiday by greatly expanding supply and issuing discount coupons for agricultural, livestock and fishery products. They also decided to provide support funds worth 42.6 trillion won ($32.6 billion) for small- and mid-sized enterprises and small merchants before the Chuseok holiday period, Sept. 9-12. The measures were confirmed during a meeting presided over by President Yoon Su

Aug. 11, 2022

Seoul shares rally as softened US inflation eases steep rate hike woes

South Korean stocks jumped 1.73 percent Thursday, taking a cue from an overnight Wall Street rally after softer-than-expected US inflation data helped ease worries about a drastic rate hike by the Federal Reserve, analysts said. The local currency gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) advanced 42.90 points to 2,523.78. Trading volume was moderate at 495.5 million shares worth 9.39 trillion won ($7.26 billion), with advancing stocks far outstripping de

Aug. 11, 2022