Seoul stocks likely to face volatility next week on FOMC, virus concerns

  South Korean stocks are likely to undergo volatility next week due to uncertainty about the US Federal Reserve's monetary policy meeting and the latest spike in COVID-19 cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,010.23 points Friday, up 1.41 percent from 2,968.33 points a week ago. The key stock index gained for the seventh straight session Thursday amid expectations of chip price hikes and eased concerns about the new omicron

Dec. 11, 2021

New members elected to AMCHAM Korea’s boardroom

The American Chamber of Commerce in Korea elected a new board chair and three new members to lead the group next year, the organization said Friday. Following the annual election, the AMCHAM Board of Governors is now made up of 41 members, including seven women. This is the largest and most diverse group in the organization’s history, it said. Henry An, Senior Partner at Samil PricewaterhouseCoopers, was elected chairman of the board. He will replace former Chairman Jeffrey Jones who

Dec. 10, 2021

Korea closed schools longer than US, Japan amid pandemic: data

SEJONG -- South Korea was found to have conducted longer closures of on-the-spot classes at schools than other countries amid the pandemic situation, a state-run statistics agency said Friday. According to Statistics Korea, Korea closed elementary, middle and high schools for 68 weeks (77.3 percent) of the 88 weeks from March 2020 to October 2021. The closure includes partial or full-fledged (all schools nationwide) shutdown of offline classes. “This is longer than the 62-week closure (7

Dec. 10, 2021

Hyundai Motor, GM Korea concerned over return of hardline union leaders

Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes.  According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1

Dec. 10, 2021

[Interactive] Gangnam's wealth hides in shabby homes

Dec. 10, 2021

Seoul stocks snap 7-day winning streak on virus woes

South Korean stocks ended their seven-session winning streak on Friday as investor sentiment was hurt by concerns that the latest spike in COVID-19 cases could sap an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.34 points, or 0.64 percent, to close at 3,010.23 points. Trading volume was moderate at about 444 million shares worth some 8.1 trillion won ($6.9 billion), with gainers outnumbering losers 418 to 4

Dec. 10, 2021

Five Hyundai Motor Group affiliates listed on Dow Jones Sustainability Index

Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time.  Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively.  Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on

Dec. 10, 2021

Posco’s holding company scheme gets board approval

South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy.  Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking

Dec. 10, 2021

'PUBG: Battlegrounds' to be free to play in Jan.

Krafton Inc., a South Korean gaming giant, said Friday that its global smash hit "PUBG: Battlegrounds" will be going free to play starting next month. The game will start a free-to-play mode on all platforms, including computers and consoles, on Jan. 12, 2022, to enable more people to enjoy the battle royale style game, Krafton said. The global-hit game, in which users fight to remain the last person alive, launched in 2017 as a paid game. It has quickly gained global popularity, s

Dec. 10, 2021

Hanwha E&C named preferred bidder for new sports-MICE complex project in Seoul

Hanwha Engineering and Construction Corp. has been picked as the preferred bidder for a project to build a new major sports and convention industry complex in southeastern Seoul, the city government announced Friday. Seoul aims to develop some 350,000 square meters around Jamsil Sports Complex in Seoul's southeastern Songpa Ward into a comprehensive commercial complex encompassing a wide range of sectors, including sports, MICE, culture and shopping through private investments. MICE refers to

Dec. 10, 2021

Samsung Heavy Industries wins W245b order for LNG carrier

Samsung Heavy Industries Co. said Friday that it has signed a 245 billion-won ($208 million) deal to build a liquefied natural gas (LNG) carrier. The deal signed with a company in Oceania calls for Samsung Heavy Industries to deliver the vessel by May 2025, the shipbuilder said in a regulatory filing. With the latest deal, Samsung Heavy Industries has won orders worth a cumulative $12 billion so far this year, surpassing its annual order target of $9.1 billion by 32 percent. By ship, Samsun

Dec. 10, 2021

S. Korea to monitor prices of farm products ahead of Lunar New Year holiday

South Korea plans to closely monitor prices of major agricultural, livestock and fishery goods starting next week in a bid to help stabilize inflationary pressure ahead of the Lunar New Year holiday, a senior government official said Friday. The government will monitor the price movements of 17 items that are mainly used for holiday preparation meals, including napa cabbage, beef, eggs and rice, according to First Vice Finance Minister Lee Eog-weon. Next year's Lunar New Holiday runs from Jan.

Dec. 10, 2021

[Graphic News] Imports of golf equipment at record high in first 10 months of this year

　South Korea’s imports of golf equipment rose to a record high in the first 10 months of this year on the back of strong demand amid the pandemic, customs data showed. 　The imports of golf clubs and other related equipment reached $601 million in the January-October period, up 29.3 percent from the previous year, according to data from the Korea Customs Service. 　The reading hit an all-time high for any first 10-month period of the year. It was also higher than the yearly imports of gol

Dec. 10, 2021

Seoul stocks open lower on spiking COVID-19 cases

South Korean stocks opened steeply lower Friday, as the country's spiking new coronavirus cases fanned concerns about tougher virus curbs. The benchmark Korea Composite Stock Price Index (KOSPI) fell 21.59 points, or 0.71 percent, to 3,007.98 points in the first 15 minutes of trading. Investor sentiment worsened as South Korea's new coronavirus cases stayed above 7,000 for the third consecutive day Friday amid the waning immunity and colder weather. Most large caps traded lower in Seoul. M

Dec. 10, 2021

Top policymaker vows oversight of data monopoly by fintech firms

South Korea’s top financial policymaker said Thursday that he is seeking to work with other government bodies to prevent monopolistic practices by big tech companies holding vast amounts of personal data while promoting financial companies’ investment in financial technology.　 The remark came amid growing concerns over the market dominance of Naver Financial and Kakao Pay -- the fintech services offered by the country’s largest internal portal and messenger app operator,

Dec. 9, 2021

Samsung's Lee returns from UAE amid expectation of 5G partnership

Samsung Electronics Vice Chairman Lee Jae-yong returned to Seoul on Thursday, ending a three-day trip to the United Arab Emirates involving a “small meeting.” “I had a small meeting in Abu Dhabi,” Lee told reporters as he arrived in Seoul, referring to a capital of the UAE. “It was a good opportunity, because experts from around the world in various fields got together to learn how each country or each industry stands ready for the future.” The de facto le

Dec. 9, 2021

Kotra, foreign chambers to support expatriates on industrial trend

The state-run trade promotion agency Kotra and foreign chambers of commerce in Korea on Thursday signed a memorandum of understanding to cooperate in providing economy-related educational programs for expatriates working in South Korea. The program, called “Business+ Forum,” will begin in March next year, and expatriates at the management and executive level working in foreign companies, international organizations and embassies in Korea will be able to apply for the course, accordi

Dec. 9, 2021

[Photo News] Self-drive for podium

A self-driving race car of the Korea Advanced Institute of Science and Technology finishes fourth at the Indy Autonomous Challenge held in Indianapolis on Oct. 23.  KAIST said Thursday that it will participate in the Autonomous Challenge, a one-on-one autonomous racing tournament scheduled to take place at the upcoming Consumer Electronics Show in Las Vegas, in January.

Dec. 9, 2021

Samsung ushers in next generation with execs in 30s, 40s

Samsung Electronics has promoted a swath of young executives in their 30s and 40s as part of its ongoing efforts to breathe fresh air into its rigid corporate culture. The Korean tech giant said Thursday a total of 198 executives, including eight executive vice presidents in their 40s and four vice presidents in their 30s, were promoted in its year-end executive reshuffle. Samsung said the latest reshuffle was carried out in line with its performance-driven culture, citing the company’s

Dec. 9, 2021

Seoul stocks extend winning streak to 7th session on eased omicron concerns

South Korean stocks advanced for a seventh consecutive session Thursday amid eased concerns about the omicron variant of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 27.77 points, or 0.93 percent, to close at 3,029.57 points. Trading volume was moderate at about 496 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 656 to 187. Institutions bought a net 620 billion won, wh

Dec. 9, 2021