Kia unveils its first purpose built vehicle Niro Plus

Kia unveiled the design and the functions of its first purpose built vehicle Niro Plus, which has been developed based on its flagship electric vehicle Niro EV. The carmaker said Niro Plus, the spinoff version of Niro EV which has been launched in 2018 also as hybrid and plug-in hybrid models, has been invented to satisfy customers’ various needs. The vehicle comes in two variations: A model dedicated for taxi drivers and another one designed for individual purposes or corporate use. I

April 27, 2022

DataStreams CEO speaks about big data cooperation in Kazakhstan

Data Streams CEO Lee Young-sang attended a conference in Kazakhstan on April 15 to discuss the country’s information and communication technology and share the company’s big data technology. About 80 people, including Kazakhstan’s IT minister and vice ministers, attended the forum, titled “Appraisal of the Needs-Assessment Survey Results on Digitalization,” to discuss digital transformation, according to the company on Tuesday. At the event, the CEO shared the c

April 27, 2022

Former Citibank Korea CEO to head Blackstone’s Korea office

Ha Yung-ku, a former CEO of Citibank Korea who later led an association of local banks, was named chairman of the Korean office for Blackstone, the asset manager said Wednesday. Ha joined Blackstone in August last year as an executive adviser. “South Korea is one of the most innovative economies in Asia with a highly sophisticated workforce and domestic corporations that are influencing trends around the world,” Blackstone said, adding that it expects to build stronger ties in the p

April 27, 2022

KRX lifts trading halt on Osstem Implant after monthslong break

The Korea Exchange said Wednesday that Osstem Implant would begin trading Thursday, lifting a trading suspension put on Jan. 3, when the dental implant maker reported insider theft amounting to 221 billion won ($175 million). “The decision is based on the fact that the company has improved its corporate governance and internal oversight and had it checked up by outside experts,” the KRX said in a statement. The bourse operator said such improvement was necessary for the implant ma

April 27, 2022

Outpacing Hyundai, SK becomes 2nd-largest conglomerate in South Korea

South Korean chip-and-telecom giant SK has become the nation’s second-largest conglomerate, replacing Hyundai Motor for the first time in 12 years, a local antitrust regulator said Wednesday. Having accumulated over 291 trillion won ($230 billion) in total assets, SK took the number two spot, largely due to increased assets and sales in its chipmaking arm SK hynix. The semiconductor unit’s acquisition of Intel NAND memory business along with expanding income boosted SK’s overa

April 27, 2022

NH Investment & Securities launches London corporation

NH Investment & Securities said Wednesday that it has incorporated its office in London to oversee the brokerage’s entire operations in Europe, seven years after it first opened a branch there to expand alternative investments like private equity and real estate. “This new office in London will be the bridge connecting markets in South Korea, the UK and Europe,” said Jeong Young-chae, the company’s president and chief executive officer. NH Investment and Securities

April 27, 2022

Steel, textile to see benefits under CPTPP: biz lobbies

SEJONG -- South Korea is projected to see export growth in the steel and textile sectors if the nation becomes a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. But sectors like machinery, fine chemistry and auto parts could suffer handicaps in the wake of the technology gap with Japan, according to forecasts from a variety of business lobbies. The associations delivered their outlook of each industry if the country were to be a member of the CPTPP to the M

April 27, 2022

Seoul stocks fall sharply on economic slowdown woes; Korean won hits over 2-yr low

South Korean stocks closed lower Wednesday, as investor sentiment was dampened by deepening concerns over a global economic slowdown amid high inflation and the continued antivirus lockdown in China. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (Kospi) lost 1.10 percent, or 29.25 points, to close at 2,639.06. Trading volume was moderate at 1.06 billion shares worth 12.40 trillion won ($9.81 billion) with decliners outstripping gainers 695 to 193. F

April 27, 2022

[Photo news] In Memory of Yun Bong-gil

Starbucks Korea CEO Song ho-seob (third from right), Rep. Yun Ju-kyung (second from right) and Myung No-seung, chairman of the Patriot Maeheon Yun Bong-gil Memorial Association (third from left) and Yun Yeo-du, president of Maeheon Yun Bong-gil Woljinhoe (second from left) pose for a photo after Starbucks Korea donated 20 million won ($15,800) and 1,932 tumblers to the two associations to mark the 90th anniversary of Yun’s death. Yun, Korea’s independence activist, died after killing

April 27, 2022

Ourhome sibling feud reignites over management control

A sibling feud over Ourhome, a Korean food company, has reignited as Koo Bon-sung, Ourhome’s former vice president and the eldest heir, launched a legal challenge against his sister and Vice President Koo Ji-eun. Koo Bon-sung and Koo Mi-hyeon, the eldest sister of the Koo family, released a statement Tuesday saying that they have filed a requisition to Seoul Southern District Court to convene a temporary shareholders meeting. They are seeking to pass a vote to appoint 48 new board of dir

April 27, 2022

Nexon targets global market with new games

South Korean game maker Nexon looks to expand its position in the global market with a series of new titles set for release this year, the company said Wednesday. The game maker is focusing on developing the console versions of the new titles -- DNF Duel, KartRider: Drift and Project Magnum -- as a core pillar to target more players across the world. DNF Duel, which is scheduled to be available from June 28, is a fighting game with characters from Nexon’s signature franchise Dungeon Fi

April 27, 2022

Lemonex starts phase 1 clinical trials for gene therapy drug

Korean biotech company Lemonex said Wednesday that it will begin phase one clinical trials for its new siRNA gene therapy drug LEM-S401, following the approval of its investigational new drug application on April 15 by the Ministry of Food and Drug Safety. siRNA drugs inject small-interfering RNA molecules to augment or inhibit disease-related genes. LEM-S401 is a siRNA drug used to treat and prevent thick scars. The new drug is administered through DegradaBall, the company’s proprieta

April 27, 2022

Mercedes-Benz works for children’s traffic safety

Mercedes-Benz Korea has continued to raise funds and run programs for social contributions through its Corporate Social Responsibility Committee since 2014. In March, the Korean arm of the German automaker raised 1 billion won to help residents in eastern coastal regions affected by forest fires. In 2020, the company raised 1.8 billion won to help medical staff and those vulnerable to COVID-19. Since its launch eight years ago, Mercedes-Benz CSR Committee has raised a total of 35 billion won

April 27, 2022

LG Energy Solution to invest W7tr this year to ramp up production

LG Energy Solution said Wednesday it plans to invest 7 trillion won ($5.54 billion) this year to boost its production capacity in key markets while improving profitability overall by offsetting the impact from supply chain constraints and rising costs. The South Korean battery giant unveiled its plans during an earnings conference call earlier in the day. The big spending, up more than 10 percent from 6.3 trillion won announced in February, will be poured into the US, a burgeoning EV market w

April 27, 2022

SK hynix logs best Q1 earnings, sets aside W380b for compensation over chip defects

South Korean memory chipmaker SK hynix saw its best first-quarter revenue in history, while its operating profit jumped more than twofold compared to the previous year, despite weakening demand for consumer electronics and external uncertainties such as lockdowns in parts of China and Russia’s invasion of Ukraine. According to an earnings guidance, SK hynix logged 12.16 trillion won ($9.63 billion) in revenue for the first quarter, up 43 percent on-year. This beat earnings consensus of lo

April 27, 2022

SK Inc. to buy controlling stake in local EV chip design firm

SK Inc., a holding company of South Korea’s second-largest business group, said Wednesday it would become a controlling shareholder of local electric vehicle semiconductor firm Yes Power Technix in a 120 billion won ($95 million) deal. The strategic investment involving a share sale and a new rights offering means that SK Inc. will control a 95.8 percent stake in the company. Based in Pyeongtaek, Gyeonggi Province, Yes Power Technix is dedicated to silicon carbide power semiconductor desi

April 27, 2022

ABS issuance down 20.2% in Q1

The issuance of asset-backed securities (ABSs) in South Korea shrank 20.2 percent on-year in the first quarter due to decreased sales of mortgage-backed securities, data showed Wednesday. The ABS issued during the January-March period came to 10.9 trillion won ($8.7 billion), down 2.8 trillion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student loan

April 27, 2022

Consumer sentiment up in April amid lifting of most pandemic restrictions

South Korea's consumer sentiment improved for the third straight month in April as the country lifted most social distancing rules as part of efforts to return to normal from the pandemic, central bank data showed Wednesday. The composite consumer sentiment index came to 103.8 in April, up 0.6 point from the previous month, according to data from the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The April figure marked the third straight on-month rise of the index. Las

April 27, 2022

Seoul shares open steeply lower on global recession woes; Korean won dips

South Korean stocks opened sharply lower Wednesday, tracking overnight losses on Wall Street, as investors worried about a global economic slowdown over the continued lockdown in China and inflation woes. The Korea Composite Stock Price Index (Kospi) lost 49.43 points, or 1.85 percent, to 2,618.88 in the first 15 minutes of trading. Overnight, US stocks tumbled amid fears of an economic slowdown as China continued to enforce an antivirus lockdown in major cities and the war in Ukraine has shown

April 27, 2022

[Herald Interview] Seoul to act as bridge between beauty biz and world: agency

Seoul aims to become a global hub for beauty and cosmetic businesses by providing full support to small- and medium-sized companies eyeing opportunities to enter overseas markets, a business support organization run by the municipal government said. The Seoul Business Agency, run by the Seoul city government, plans to hold a weeklong event this year with a focus on the beauty and cosmetic industries, according to Han Dong-yeol, the organization's chairman of the board. “Especially this

April 26, 2022