S. Korea notes industry concerns over US inquiry, proposed rules on connected vehicle supply chains

South Korea has raised its automotive industry's concerns with the United States over Washington's inquiry and envisioned rules to address potential security risks from "connected vehicles" that use technology from China and other countries of concern. On April 30, the South Korean government submitted its comments to the US Department of Commerce as the department has requested public feedback on its rule-making process designed to tackle those risks stemming from supply cha

May 7, 2024

Seoul shares open higher on US rate cut hopes

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors were buoyed by looming hopes that the US Federal Reserve may slash key rates this year. The benchmark Korea Composite Stock Price Index added 49.32 points, or 1.84 percent, to 2,725.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.46 percent higher, and the tech heavy Nasdaq rose 1.19 percent. The S&P 500 gained 1.03 percent In Seoul, top tech giant Sams

May 7, 2024

[Graphic News] Diesel vehicles rapidly lose luster

In the first quarter of this year, the proportion of domestically registered diesel cars fell below 10 percent for the first time. As more consumers in South Korea avoid diesel cars due to decarbonization regulations and the need to import urea for them mainly from China, the decline in sales is expected to accelerate this year. According to data from the Carisyou data research institute, a total of 39,939 diesel vehicles were registered in the domestic market during the first quarter of this

May 7, 2024

Hanwha Life secures 40% stake in Indonesian lender

Hanwha Life, a major insurer under the Korean conglomerate Hanwha Group, is set to expand its presence in Southeast Asia, having secured a stake in Indonesia's Nobu Bank, according to the insurer on Monday. Hanwha Life acquired a 40 percent stake in Nobu Bank through a deal signed with Indonesia’s Lippo Group, a major conglomerate with businesses spanning Southeast Asia. The deal signing event was held in Jakarta on Friday, with Hanwha Life Vice Chair and CEO Yeo Seung-joo, its Presid

May 6, 2024

Samsung SDI boasts e-bike leadership at China Cycle

Samsung SDI said Monday that it is showcasing its latest battery products, including cylindrical batteries, at this week’s China Cycle 2024, one of the largest bicycle and motorcycle exhibitions that is marking its 32nd year. The four-day event kicked off Sunday in Shanghai, with some 1,700 businesses joining, up 40 percent from a year ago. Under the slogan “Already, All Ready,” Samsung SDI introduces a diverse lineup of cylindrical batteries specifically designed for micro-mob

May 6, 2024

Chip up cycle won’t stay long: SK chief

The chairman of Korea's chip-to-battery conglomerate SK Group said the fate of semiconductor manufacturers will hinge on how smartly they can map out capital expenditure plans, as he believes the recent chip recovery would be short-lived. The earnings surprise that SK hynix, the group’s crown jewel and the world's second-largest memory chipmaker, logged in the first quarter raised hope that the industry has ended its down cycle after months of operating losses. SK Group Chairman

May 6, 2024

Value-up program: Market disappointment does not mean a failure, just yet

The Korean government's corporate value enhancement guidelines revealed last week may have disappointed investors, yet experts believe there is room for improvement. After a three-month wait following the initial announcement of the corporate value-up program in February, the Financial Services Commission on Thursday issued several pages of guidelines detailing how companies should create their value enhancement plans and associated regulations. Under the guidelines, companies first select

May 6, 2024

[Herald Interview] Hanatour CEO talks reshaping travel landscape

As the travel landscape undergoes profound transformations postpandemic, the golden era of traditional, large-scale travel agencies may be coming to an end. However, Hanatour, Korea's leading travel agency with more than three decades of experience, aims to defy the growing perception. Leveraging extensive tourism data both inbound and outbound, Hanatour CEO Song Mi-sun said the company is seeking ways to pioneer a new era of travel, defined by enhanced safety, efficiency and tailored trave

May 6, 2024

Samsung mocks Apple over iPhone alarm glitch

Korean tech giant Samsung Electronics made a mockery of its rival Apple on social media last week, after some iPhone users came forward complaining that their alarms had failed to go off. In a post on Instagram, Samsung UK shared a dog meme alongside text that reads "Rest assured our alarms go off.” It also wrote, “Samsung users woke up on time today.” According to industry sources, some iPhone users recently complained on social media, including TikTok, of inconveniences

May 6, 2024

Vice finance minister attends OECD meeting in Paris

First Vice Finance Minister Kim Byoung-hwan attended a ministerial meeting of the Organization for Economic Cooperation and Development (OECD) last week, Seoul's finance ministry said Sunday. During the meeting in Paris on Thursday and Friday (local time), Kim discussed global supply chains, inclusive growth and other issues, the Ministry of Finance and Economy said in a statement. On the sidelines of the meeting, Kim held separate talks with his counterparts, including Charlotte Vere of Br

May 5, 2024

Sales of eco-friendly cars top 100,000 in Q1 in S. Korea

Sales of eco-friendly cars surpassed 100,000 units in the first quarter in South Korea on booming demand for hybrid vehicles, industry data showed Sunday. A total of 101,727 environmentally friendly cars made by five South Korean carmakers, including Hyundai Motor Co. and Kia Corp., were sold during the January-March period, up 8.7 percent from a year earlier, according to the data. Out of this total, 85,828 units, or 84.4 percent, were hybrid cars, soaring 42.4 percent from the same period last

May 5, 2024

Combined operating profit of 7 TV home shopping channels plunges 39.6 pct last year

Seven channels selling goods on television in South Korea saw their combined operating profit plunge 39.6 percent on-year in 2023, according to industry data Sunday, hurt by intense competition with social media and livestreaming platforms. The combined operating profit of the seven TV home shopping channels stood at 327 billion won (US$241 million) last year, compared with a combined profit of 541.1 billion won in 2022, according to the data released by the Korea TV Homeshopping Association. It

May 5, 2024

US announces extension on graphite use for EV tax credits through 2026

The US government announced a decision Friday to extend tax credits for electric vehicles containing Chinese graphite until the end of 2026 -- an extension that followed a demand from EV manufacturers. On the Federal Register, the Treasury Department posted the final rules on the clean energy vehicle provisions of the Inflation Reduction Act that included the temporary exemption of graphite from rules on the use of minerals from "foreign entities of concern," including from China, Russ

May 4, 2024

Hankook Tire takes over control of Hanon Systems

Hankook Tire and Technology Co. on Friday reached a deal to buy a controlling stake in Hanon Systems Corp., the world's second-largest heat pump systems maker for automobiles, for 1.73 trillion won ($1.27 billion). Under the deal with private equity firm Hahn & Co., Hankook Tire will buy a 25 percent stake in Hanon Systems and an additional interest via rights offerings. Hankook Tire already owns 19.49 percent in Hanon Systems after spending 1.08 trillion won in 2014. With the additiona

May 3, 2024

Woori to re-enter brokerage business with acquisition of Korea Foss Securities

Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec

May 3, 2024

Naver will consider company benefits in deciding on selling Line shares: CEO

While the Japanese government is pressuring Naver to shed ownership in Line, the dominating messaging app in Japan, the Korean internet giant said it will make a decision based on the benefit of the company's business, the chief executive officer said Friday. During an earnings call, Naver CEO Choi Soo-yeon said the administrative guidance issued by Japan's Ministry of Internal Affairs and Communications last month, demanding Tokyo-based LY Corp., the operator of Line, to lower its dep

May 3, 2024

Samsung chief returns from Europe after meeting with Pope, business leaders

Samsung Electronics Chairman Lee Jae-yong returned to Seoul on Friday after his trip to Europe, where he made a surprise visit to Vatican City to meet with Pope Francis, and met with business counterparts for cooperation. During the 10-day trip, Lee traveled to Germany, France and Italy, and checked on the company's business operations there. “The spring has come,” he told reporters without further explanation, upon his arrival at the Seoul Gimpo Business Aviation Center. He did

May 3, 2024

B-Robotics teams up with Hanwha Robotics for restaurant automation

B-Robotics, a subsidiary of the delivery app Baemin's operator Woowa Brothers, said Friday it has signed a memorandum of agreement with Hanwha Robotics to strengthen its focus on the restaurant automation market. The signing ceremony was held at B-Robotics' headquarters in Seoul on Thursday with B-Robotics CEO Kim Min-soo and Hanwha Robotics CEO Seo Jong-hwi in attendance. Under the agreement, B-Robotics and Hanwha Robotics will establish a joint strategy for further developing restaur

May 3, 2024

Seoul shares close lower ahead of US employment data

South Korean shares closed slightly lower Friday as investors took to the side ahead of US employment data. The local currency rebounded against the US dollar. The benchmark Korea Composite Stock Price Index shed 7.02 points, or 0.26 percent, to close at 2,676.63. Trading volume was slim at 329.8 million shares worth 7.7 trillion won ($5.65 billion), with losers outnumbering gainers 477 to 390. The index had opened higher, tracking overnight gains on Wall Street that followed dovish remarks from

May 3, 2024

Hyundai Motor to inject extra W1.3tr in Motional

Hyundai Motor Group will invest 1.29 trillion won ($946 million) in Motional, a US-based autonomous driving startup, to boost technological development and secure stable control of the startup, the Korean auto conglomerate said Friday. Hyundai Motor will spend 663 billion won in capital increase and another 620 billion won for acquiring Aptiv’s 11 percent share in Motional, bringing the auto giant’s total share to 66.8 percent. The auto giant’s three affiliates -- Hyundai Motor

May 3, 2024