Seoul shares open tad higher on US rate-cut hopes

Seoul shares opened slightly higher Monday as last week's US jobs data buoyed hopes the Federal Reserve will start cutting its rates this year. The benchmark Korea Composite Stock Price Index gained 2.23 points, or 0.08 percent, to 2,864.46 in the first 15 minutes of trading. On Friday, Wall Street closed higher as data showed US hiring moderated in June, bolstering expectations the Fed's policy pivot would start in September. The eyes of investors are now on Fed Chairman Jerome Powell

July 8, 2024

Tesla's Model Y tops import car sales in H1

US electric vehicle maker Tesla’s mid-size SUV Model Y topped imported car sales in Korea in the first half of this year, according to market tracker Carisyou on Sunday. With Germany’s BMW and Mercedes-Benz remaining the best-selling imported car brands, Tesla became the third-largest foreign carmaker during the same period. Tesla’s Model Y sold 10,041 units in the January-June period, almost quadrupling from a year ago. Other top sellers included BMW’s 5 Series (10,024 u

July 7, 2024

SK chief inspects chip materials, biopharma affiliates in US

SK Group Chairman Chey Tae-won inspected US business operations of chip materials and biopharma affiliates, the group's top decision-making body SK Supex Council said Sunday. Currently, Chey is staying in the US to oversee the group's business operations and meet with business partners. Since the trip started on June 22, he has met with CEOs of global tech giants, including Open AI, Microsoft, Amazon and Intel. Moving to the East Coast over the past weekend, Chey visited the headquarte

July 7, 2024

Hyundai Motor revamps Turkey’s Korea Park to honor war veterans

Hyundai Motor Group said Sunday that it recently completed the refurbishment of the Korea Park in Ankara, Turkey. The park, spanning 10,000 square meters, was established in 1973 to honor the sacrifices of Turkish soldiers who fought in the 1950-53 Korean War. The year also marked the 50th anniversary of Turkey’s founding. Over time, the park’s facilities deteriorated, prompting the need for restoration. After visiting the park last year, Hyundai Motor Group Executive Chair Chung Eui

July 7, 2024

[Herald Interview] Korean sauce maker Woomtree seeks global expansion with healthy, long-lasting ‘K-jang’

Woomtree, a Korean company specializing in manufacturing gochujang (red chili paste) and other sauces, bets big on the global expansion of long-lasting and healthy "K-sauces," unlike instant foods with fleeting popularity. "People's interest in fermented food and well-being is growing around the world, and I think Korean fermented sauces are at the center of it," said Kim Woo-taek, founder and CEO of Woomtree, during an interview with The Korea Herald at the company'

July 7, 2024

[KH Explains] How a hand gesture can turn into a corporate crisis

Renault Korea, the Korean subsidiary of French carmaker Renault S.A., is grappling with a backlash over promotional videos that included a controversial finger-pinching gesture perceived as offensive towards men in South Korea. This gesture has a charged history here, as previous backlashes against it appearing on other content have threatened the sales and reputations of companies and even government institutions. In a video promoting the carmaker's new Renault Grand Koleos vehicle, posted

July 7, 2024

Trusts of wills: Banks vie for W100tr inheritance market

A woman in her late 40s and mother of two recently enrolled in a will-substitute trust at a local bank. Despite her relatively young age, she was doing her estate planning due to terminal cancer, which can progress rapidly and unpredictably. Her primary concern has been ensuring the proper distribution of her assets to her two children after her death, particularly to her 10-year-old youngest who has a disability. She stipulated that her oldest should receive the majority of his inheritance at a

July 7, 2024

[Weekender] VIB treatment: Luxury market surges for ‘very important babies’

Despite South Korea’s notoriously low birth rate, its childrenswear market shows no sign of abating, especially led by the binge spending of young parents. “Most parents that I know think that putting a luxury onesie that costs hundreds of dollars on a baby is excessive because they grow out of clothes so quickly. But, there are also some parents, particularly those who are well-off, who are willing to buy expensive clothes for their kids,” said a 38-year-old Seoul resident sur

July 6, 2024

Hyosung's estranged son donates inheritance, seeks to end family feud

Cho Hyun-moon, former vice president of Korea's industrial chaebol Hyosung and the estranged second son of the late founder Cho Suck-rai, announced on Friday his decision to donate his entire inheritance to charity in hopes of ending the feud with his brothers. "I’ve set up a public trust and will donate every penny of the inheritance left to me by the late honorary chairman. I hope my brothers will support this initiative," Cho stated at a press conference in Gangnam, Seoul

July 5, 2024

FSC chief nominee vows to keep tight rein on household debts

First Vice Finance Minister Kim Byoung-hwan, the nominee to head the Financial Services Commission, said he must put in all efforts to bring down the fast growth of household debts on Friday. Kim, a 53-year-old macroeconomics expert, was tapped to the post to lead the country's top financial policy-making unit, according to the presidential office's announcement made on the previous day. “With the prolonged high interest rates and inflation, risks are building up in the vulnerabl

July 5, 2024

Genesis BBQ chairman shares K-chicken business stories at AIB conference

Yoon Hong-geun, chairman of Genesis BBQ, the nation's largest fried chicken franchise, shared the global success stories of the Korean fried chicken market in front of international scholars at the Academy of International Business, a prominent global association of scholars and business professionals. Under the theme "World Changer BBQ: A Case of Global Business Innovation," Yoon presented the global status and strategy of BBQ during AIB conference, held at the Lotte Hotel in cen

July 5, 2024

LG Electronics ups Q2 earnings guidance on robust sales

LG Electronics said Friday it expected its second-quarter earnings to climb more than 60 percent from a year earlier on robust sales of its main home appliance products and balanced qualitative growth of its business-to-business sector. LG estimated that its operating profit for the April-June period came in at 1.19 trillion won ($863.2 million), up 61.2 percent from a year ago, according to the company’s earnings guidance. The home appliance maker’s earnings guidance for the April-J

July 5, 2024

Samsung projects 15-fold surge in Q2 profit

Samsung Electronics predicted Friday that its operating profit in the April-June period would rebound to exceed 10 trillion won ($7.3 billion), driven by a recovery in demand for memory chips and rising prices on the back of the expansion of the artificial intelligence market. Samsung's second-quarter operating profit is estimated to hit 10.4 trillion won, up 1,452.2 percent from a year ago, according to the company’s earnings guidance. The figure far exceeded the 8.23 trillion won consens

July 5, 2024

Hanwha Energy makes tender offer as part of group succession plan

Hanwha Energy launched a bid on Friday to acquire shares worth 180 billion won ($130 million) in the group's holding company Hanwha, as part of a succession plan to transfer management control from the current Hanwha Group chairman to his three sons. Hanwha Energy, the renewable energy arm under Hanwha Group, South Korea’s seventh-largest conglomerate by total assets, seeks to secure 6 million common shares of Hanwha, according to a regulatory filing made on the same day. The tender o

July 5, 2024

Samsung SDI clinches W1tr energy storage deal with top US electric utility

Samsung SDI is set to supply energy storage solution batteries worth 1 trillion won ($724 million) to NextEra Energy, the largest electric utility in the United States. Industry sources report that Samsung SDI is finalizing a contract to provide batteries with a total capacity of 6.3 gigawatt-hours to NextEra Energy. This supply is equivalent to 11.5 percent of North America's total energy storage solution capacity of 55 GWh last year. The key product in this deal is the Samsung Battery Box

July 5, 2024

S. Korea's current account returns to surplus in May

South Korea logged the largest current account surplus in 32 months in May on the back of a sharp rise in the trade surplus and increased dividend income, central bank data showed Friday. The country's current account surplus reached $8.92 billion in May, a turnaround from a deficit of $290 million in April. The May surplus marks the largest since September 2021, when the surplus came in at $9.51 billion. In the first five months of the year, the country's current account surplus reach

July 5, 2024

Seoul shares open higher ahead of US jobs data

Seoul shares opened higher Friday as investors await US jobs data this week for clues on the Federal Reserve's future policy path. The benchmark Korea Composite Stock Price Index gained 15.66 points, or 0.55 percent, to 2,840.60 in the first 15 minutes of trading. Institutions and foreigners bought a combined 358 billion won ($260 million) worth of stocks, offsetting individuals' stock selling valued at 352 billion won. The US jobs report due Friday is forecast to show slowing job grow

July 5, 2024

Value-up Program optimism brings Kospi to two-year high

South Korean shares hit the highest level in nearly two and half years on Thursday, with much-awaited tax incentive plans for the Korean government’s program to boost the stock market taking shape. The benchmark Kospi rose 1.11 percent to close at 2,824.94, reaching the highest since January in 2022. Institutional and foreign investors were net buyers of shares worth 1.11 trillion won ($803.8 million) and 321.5 billion won, respectively, while retail investors sold off 1.41 billion of sh

July 4, 2024

SK, Canada’s EDC forge partnership on green energy

SK Group said Thursday that it has teamed up with Export Development Canada, the country’s exports credit agency, to boost cooperation in high-tech areas such as renewable energy and batteries. SK Inc., the holding unit of the group, signed a memorandum of understanding with EDC to forge a long-term partnership with its CEO Jang Yong-ho and EDC CEO Mairead Lavery in attendance. "This MOU is significant in that SK and Canada's public financial institution cooperate under a common

July 4, 2024

Seoul shares rise over 1 pct on rate-cut hope

South Korean stocks finished more than 1 percent higher to hit this year's high Thursday as investor sentiment was boosted by revived hopes for a rate cut in the United States and Samsung Electronics' upcoming earnings guidance. The benchmark Korea Composite Stock Price Index added 30.93 points, or 1.11 percent, to 2,824.94. It marked the highest closing price since Jan. 21, 2022, when it finished at 2,834.29. Trade volume was slim at 386.4 million shares worth 12.8 trillion won ($9.26

July 4, 2024