HD Korea Shipbuilding to help SMEs cut greenhouse gases

HD Korea Shipbuilding & Offshore Engineering said Sunday it has partnered with Korea East-West Power and the Korea SMEs and Startups Agency to launch a joint initiative to reduce greenhouse gas emissions in the shipbuilding industry. The collaboration, inked at the HD Hyundai Global R&D Center, supports small to medium-sized shipyard suppliers. The program will swap outdated air compressors for high-efficiency units, potentially reducing annual emissions by 30 to 60 metric tons per devic

April 21, 2024

LX Pantos unveils expansive railway terminal in Hungary

South Korean logistics company LX Pantos has opened a vast railway terminal in Tata, Hungary, with aims to bolster its competitive edge in European logistics. Situated approximately 65 kilometers southwest of Budapest, the LX Pantos Tata Terminal strategically positions itself near Europe’s largest battery production hub. Encompassing an area of around 36,000 square meters, equivalent to roughly five soccer fields, the terminal includes two dedicated rail tracks. The inauguration ceremony

April 21, 2024

Gold trading volume spikes amid Mideast crisis

The trading volume of gold in South Korea has jumped sharply this month amid escalating tensions in the Middle East, data showed Saturday. The daily trading volume of gold in the country came to 16.9 billion won ($12.25 million) as of Friday, according to the data from the Korea Exchange, the country's bourse operator. The reading marks a sharp increase from a daily average of 6.86 billion won for March. Such an increase follows tensions in the Middle East, prompted by Iran's drone and

April 20, 2024

Seoul shares rattled by Israeli attack on Iran; Kospi dips to nearly 11-week low

The South Korean market on Friday faced heightened volatility in response to Israel's military actions against Iran, with the benchmark Korea Composite Stock Price Index plunging to its lowest level in 11 weeks. The dip coincided with a weakening of the local currency. The Kospi concluded the day at 2591.86, marking a marginal decrease of 1.63 percent from the previous session. Initially opening at 2,600.69, a decrease of 34.01 from the prior session, the index experienced a sharp downturn

April 19, 2024

France rejects opening Paris flight routes to T'way Air, deals blow to Korean Air merger

French aviation authorities have rejected opening flight routes to Paris to T'way Air, the South Korean budget carrier, dealing a blow Korean Air's efforts to acquire Asiana Airlines, according to industry sources on Friday. The industry sources said the French aviation authorities delivered their opposition to T’way Air’s operations in Paris to both the South Korean government and Korean Air, citing "a violation of a mutual agreement between the two countries," m

April 19, 2024

Seoul shares dip over 1.5% on escalating Israel-Iran tensions; won sharply down

South Korean stocks plummeted by more than 1.5 percent on Friday as investors shed risky assets on escalating tensions in the Middle East. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 42.84 points, or 1.63 percent, to close at 2,591.86, trimming some of the losses after falling more than 3 percent during the session. Trade volume was high at 799 million shares worth 13.85 trillion won (US$10 billion), with losers outpacing gainers 629

April 19, 2024

S-Oil donates W560m to support firefighters

S-Oil, one of major refineries in South Korea, made a donation of 560 million won ($405,000) to the Korea National Council On Social Welfare to support its ongoing program assisting firefighters and their families, the company said on Friday. According to the refinery company, the KNCSW, a charity organization under the Ministry of Health and Welfare, will allocate the fund to the Heroic Firefighter Protection program. This program covers the medical expenses of injured firefighters, provides sc

April 19, 2024

S. Korea pledges W23tr venture capital fund for green investment at G20 meeting

South Korean Finance Minister Choi Sang-mok unveiled the country's plan to bolster green investment in the private sector by establishing a venture capital fund worth 23 trillion won ($16.6 billion), the ministry said Friday. Emphasizing the importance of leveraging private capital for climate financing, Choi made the announcement during the Group of 20 finance leaders' meeting held in Washington on Wednesday and Thursday, the ministry said. During a session on sustainable finance, Cho

April 19, 2024

LG CNS teams up with Yonsei University to nurture AI specialists

South Korean IT solutions provider LG CNS announced Friday that it has partnered with Yonsei University to establish a new Master's degree program dedicated to nurturing intelligent data and optimization specialists. During the signing ceremony on Thursday, LG CNS Chief Executive Officer Hyun Shin-gyoon and Yonsei University President Yoon Dong-sup agreed on creating the Department of Intelligent Data and Optimization at Yonsei University. “We will focus on nurturing DX specialists wh

April 19, 2024

Polestar 4 to make Korean debut in June

Swedish electric vehicle maker Polestar will launch the Polestar 4, an all-electric coupe-style sports utility vehicle, in June, the carmaker’s Korean office said Friday. “The Polestar 4 is an all-around premium EV that has an outstanding commercial value in many aspects ranging from design, performance, sustainability, safety, spaciousness and (advanced driver assistance system),” said Ham Jong-sung, managing director of Polestar Korea. “We are working on various prepara

April 19, 2024

[Photo News] Kia's display designs for NBA fans

Kia has unveiled 30 new vehicle display themes on Friday based on the logos and colors of 30 NBA teams to tailor to basketball enthusiasts, ahead of the NBA playoffs starting this weekend. The Korean carmaker said it first introduced over-the-air updates for EV9 display themes in the US on April 9, and will expand the service to Korea in the latter half of this year for vehicles equipped with its connected car navigation cockpits and OTA capabilities. (Kia)

April 19, 2024

Sungsimdang outperforms bakery giants to log sales over W100b

Sungsimdang, a local bakery brand based in Daejeon, outperformed the country's top bakery franchise giants, Paris Baguette and Tous les Jours, logging record sales last year, a regulatory filing showed Friday. Rosso, Sungsimdang's holding company, said the bakery recorded sales figure of 124.3 billion won ($89.7 million) in 2023, a 52.1 percent increase from the previous year’s 81.7 billion won. It is the first time a local bakery has achieved more than 100 billion won in sales w

April 19, 2024

SK hynix joins with TSMC to produce High Bandwidth Memory 4

SK hynix is joining hands with TSMC, the world’s top foundry, to develop High Bandwidth Memory 4 and cutting-edge packaging technology, the company said on Friday. Under the partnership agreement, the two sides plan to proceed with the development of HBM4, the sixth-generation model of the advanced memory chip, and enhance logic and HBM integration through advanced packaging technology, SK hynix said. "We expect a strong partnership with TSMC to help accelerate our efforts for open co

April 19, 2024

Economics professor, ex-BOK official named as new monetary policymakers

The Bank of Korea said Friday that an economics professor and a former BOK official have been recommended to replace two outgoing monetary policymakers of the central bank. Lee Soo-hyung, a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, were named to sit on the BOK's seven-member rate-setting board. If appointed by President Yoon Suk Yeol, Lee and Kim will start their four-year terms by replacing Suh Young-kyung and Cho Yoon-je, respectively. Lee and

April 19, 2024

Seoul shares open sharply lower amid waning hope for early rate cuts

South Korean stocks started sharply lower Friday amid expectations over a delay in US interest rate cuts this year. The benchmark Korea Composite Stock Price Index fell 37 points, or 1.4 percent, to 2,597.7 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average edged up 0.06 percent, while the tech-heavy Nasdaq decreased 0.52 percent, extending losses for a fifth consecutive month. New York Federal Reserve President John Williams has said that he feels no urgency to cut

April 19, 2024

Exchange rate volatility does not pose 'significant' economic challenges in Korea's case: IMF official

Exchange rate volatility does not present 'significant" economic challenges to South Korea, an official at the International Monetary Fund said Thursday, advising policymakers in Seoul not to "overly" focus on what moves the US Federal Reserve will take. During a press briefing, Krishna Srinivasan, director of the IMF's Asia and Pacific Department, made the remarks as concerns deepened over the recent depreciation of the Korean won at a time when Asia's fourth large

April 19, 2024

SK hynix chief underscores chip cooperation between Korea, US

SK hynix Chief Executive Officer Kwak Noh-jung underscored the importance of cooperation between South Korea and the US, warning that it is "dangerous" to concentrate semiconductor supply chains in any one region, during his visit to Washington. Speaking at the “Chips for America: Execute for Global Success” forum on Wednesday, Kwak also noted that SK hynix is working to develop highly advanced technologies to meet the growing needs in the artificial intelligence market. Th

April 18, 2024

Seoul Business Agency CEO says SNS marketing essential for SME

Small business owners are now required to wear a second hat as an online content creator to increase engagement with young consumers, the head of Seoul Business Agency, a business support institution run by the Seoul Metropolitan Government, said at the Global Biz Forum held in Seoul, Wednesday. The GBF, organized by The Korea Herald, is an association of experts from various fields such as business leaders, scholars, diplomats and celebrities, who come together to provide comprehensive views on

April 18, 2024

Samsung C&T president makes her first business trip to Milan

Samsung C&T President Lee Seo-hyun, the younger sister of Samsung Electronics Chairman Lee Jae-yong, visited Italy on her first business trip after her recent comeback to a management role in the company, according to industry sources, Thursday. Lee reportedly visited Milan to attend Milan Design Week (MDW) 2024, the world's largest design and furniture fair, which attracts more than 2,300 exhibitors and 370,000 visitors from more than 180 countries. Samsung Electronics also participate

April 18, 2024

Seoul shares spike nearly 2% on bargain hunting; won sharply up

South Korean stocks soared almost 2 percent Thursday as investors bought bargains after four consecutive sessions of decline amid ongoing geopolitical risks in the Middle East and speculation about delays in US interest rate cuts. The Korean won rebounded sharply against the US dollar. The benchmark Korea Composite Stock Price Index gained 50.52 points, or 1.95 percent, to close at 2,634.7. Trade volume was moderate at 466 million shares worth 10.2 trillion won ($7.47 billion), with gainers far

April 18, 2024