Stalled talks for Line stake sale: Boon or bane for Naver?

Negotiations over Naver’s sale of a stake in its joint venture with Japan’s SoftBank are expected to be prolonged, with no immediate breakthrough in sight. Naver CEO Choi Soo-yeon on Tuesday said the Korean portal giant had no immediate intention to sell its stake in LY Corp., the operator of Japan’s popular messenger Line. Naver and SoftBank each own 50 percent of A Holdings, which controls almost 65 percent of shares in LY Corp. Asked about the possible change in its ownershi

July 4, 2024

Daewoo E&C chairman meets Vienamese PM

Daewoo Engineering & Construction Chairman Jung Won-ju met with Vietnam’s Prime Minister Pham Minh Chinh in Seoul to discuss future cooperation in construction projects in Vietnam, the company said Thursday. During the meeting held at Lotte Hotel in central Seoul on Wednesday, Jung sought the Vietnamese government’s support in the company’s ongoing construction projects in Vietnam. “Daewoo E&C is proud of being responsible for the Starlake City project in Hanoi,&r

July 4, 2024

LG Energy Solution CEO underscores stronger fundamentals

LG Energy Solution CEO Kim Dong-myung said Thursday that the company needs to focus on strengthening fundamentals and review ways to cut down any dissipation amid the stagnating demand for electric vehicles forecasting a troublesome outlook for the battery industry. "As we have been pushing for aggressively winning contracts and expanding businesses, it's true that there have been a lot of inefficiencies across various sectors such as personnel, facilities, and purchases," he said

July 4, 2024

SK Square names new CEO to reshape investment portfolio

SK Square, the investment arm of SK Group, is set to reshape its business portfolio to concentrate on the chip industry and divest "non-core" investments, under a new leader. On Wednesday, the company nominated Han Myung-jin, the head of the company's investment support center and former chief strategy officer of SK Telecom, as its new chief executive officer, to take over from Park Sung-ha who was dismissed a week ago. "The appointments committee in the board of directors no

July 4, 2024

Starbucks Korea launches campaign to celebrate 25th anniversary

Starbucks Korea is launching the Festival for All promotional event to celebrate the 25th anniversary of its operations in the nation, the coffee giant announced Thursday. This seven-day event kicks off Friday and features new food and beverage products from overseas branches. For beverages, the company will showcase its French vanilla latte and "The Melon Of Melon Frappuccino," initially launched in the US and Japan, respectively. The French vanilla latte includes two shots of blonde

July 4, 2024

Mirae Asset chief named AIB executive of year in first for Asian financier

Mirae Asset Financial Group Chairman Park Hyeon-joo on Wednesday received the International Executive of the Year Award from the Academy of International Business, a top honor in the industry, recognized for his pivotal role in lifting the firm as a global financial service provider. Park is the first Asian financier and the second Korean entrepreneur to receive the prestigious award from the AIB, an association of international business scholars and professionals. The first Korean awardee was S

July 4, 2024

Posco invites Canada JV managers for technical, quality control training

Posco Future M, the battery materials company affiliated with Posco Group, said Thursday it has conducted technical training for key employees of its joint venture project with General Motors in Quebec, Canada. A total of 21 members of Ultium CAM, the cathode material-making joint venture set up with the US auto giant General Motors in May 2022, participated in a monthlong program held at the firm’s training center in Seoul and its cathode materials plant in Pohang, North Gyeongsang Provin

July 4, 2024

First vice finance minister tapped as FSC chief

First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday. In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets." A 53-year-old expert in macroecono

July 4, 2024

[Photo News] Kia EV3, Car of the Month

The Korea Automobile Journalists Association on Thursday announced that the Kia EV3, the latest all-electric subcompact crossover sports utility vehicle, has been named the Car of the Month for July. The Kia EV3 beat out the competitors -- the all-new Mercedes-Benz CLE Cabriolet, the new Mini Countryman and the new Jeep Wrangler 4xe -- which were launched in the Korean market last month with an overall score of 35 points out of 50. Established in August 2010, the KAJA consists of 58 media outlet

July 4, 2024

Finance chief vows preemptive responses to looming 'massive external changes'

Finance Minister Choi Sang-mok called for proactive and preemptive responses Thursday to prevent possible massive changes in external circumstances from affecting South Korean exports so as to maintain economic recovery momentum. Choi made the remarks during a meeting of ministers working on external economic issues in Seoul, stressing the need to stay vigilant given growing geopolitical tensions and growing supply chain risks. "A growing number of major countries have put top priority on t

July 4, 2024

Govt. vows support for exports of electric equipment

Industry Minister Ahn Duk-geun said Thursday the ministry plans to offer 2.7 trillion won ($1.94 billion) in trade finance for exports of electric equipment to foster the sector as a new growth engine. Ahn announced the plan during his visit to the headquarters of HD Hyundai Electric Co. in Seongnam, just south of Seoul, to discuss ways to support the electric equipment industry, according to the Ministry of Trade, Industry and Energy. The visit came as the government has been seeking to set str

July 4, 2024

Seoul shares open higher on US gains

South Korean stocks got off to a strong start Thursday, tracking overnight gains on Wall Street led by hopes for a possible rate hike. The benchmark Korea Composite Stock Price Index gained 23.37 points, or 0.84 percent, to 2,817.38 in the first 15 minutes of trading. In the United States, the S&P 500 index and tech-heavy Nasdaq composite rose to hit record highs backed by Tesla and Nvidia amid softening labor data raising hopes for a rate cut by the Federal Reserve. In Seoul, market bellwet

July 4, 2024

FSS slaps record short selling fine on Credit Suisse

Global investment bank Credit Suisse affiliates have been fined a record amount for violating Korea's short selling regulations. The Securities and Futures Commission under the Financial Services Commission announced that it had decided to impose fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG -- formerly Credit Suisse -- for illegal short selling amounting to 100 billion won discovered earlier this year. This is the largest fine imposed since the penalty system

July 3, 2024

Lotte Biologics breaks ground for first plant in Songdo

South Korean contract development and manufacturing organization Lotte Biologics CEO Richard Lee said Wednesday that the company aims to hit 1.5 trillion won ($1.07 billion) in sales by 2030 to become one of the world's top 10 CDMOs. The announcement came during a groundbreaking ceremony for the company's first biomanufacturing plant in Songdo, which will elevate its total production capacity to some 360,000 liters. The construction will be completed in the first quarter of 2026, and t

July 3, 2024

[Herald Interview] INSEAD professor explores power of K-brands’ ‘identity marketing’

The recent success of Korean brands can be attributed to their knack for selling "pieces of identities" and empowering consumers with curated experiences, according to a marketing professor at French business school INSEAD. "Consumers today expect to purchase more than just products from a brand; they seek cultural and social elements. The swift execution of these elements has given rise to many successful K-brands," said David Dubois, an associate professor specializing in d

July 3, 2024

Korea to provide W25tr support for debt-laden small business owners in H2

The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd

July 3, 2024

Seoul stocks close higher on hopes for Fed's policy pivot

South Korean stocks finished higher Wednesday as investor sentiment was boosted by Federal Reserve chief Jerome Powell's comments for a possible interest rate cut. The local currency traded weaker against the US dollar. The benchmark Korea Composite Stock Price Index added 13.15 points, or 0.47 percent, to 2,794.01, rebounding from the previous session's 0.84 percent drop. Trade volume was slim at 334.2 million shares worth 10.1 trillion won ($7.26 billion), with decliners beating gain

July 3, 2024

Korea to weigh in on food delivery fees

South Korea plans to form a public-private consultative group to address the rising costs of food delivery fees this month to help lift the burden on restaurant owners, the government announced Wednesday. The plan is part of pangovernmental measures to support small business owners. Government officials, delivery platform operators and experts in the food service industry are to join the self-regulatory consultative group to be launched this month. The group will announce ways to bring down the

July 3, 2024

[KH Explains] Why Naver, Nvidia are teaming up for 'sovereign AI'

Top executives of Naver and Nvidia met in the US last week and their key agenda was securing “sovereign AI.” Sovereign AI refers to a nation’s capabilities to autonomously develop and produce artificial intelligence models using its own infrastructure, data, workforce and business network. Tech firms have put greater value on the concept as it allows AI models to be more advanced by incorporating cultures, languages and values specific to each region. “Naver and Nvidia wi

July 3, 2024

Maserati seeks revitalization in Korea

Italian luxury auto brand Maserati on Wednesday signaled a new beginning in Korea as it launched a regional office, seeking a revitalization in the local market. “Maserati for more than 110 years has delivered the excitement on the road in terms of performance, design, innovation and luxury,” said Davide Grasso, CEO of Maserati, in a press conference at Dongdaemun Design Plaza in Seoul. “Today we are emphasizing our focus in the market as a luxury brand with extreme confidence.

July 3, 2024