Seoul shares open lower on faded hopes for early rate cut by Fed

Seoul shares opened lower Wednesday, tracking overnight losses on Wall Street, after robust US manufacturing activity spurred speculation that the Federal Reserve will keep interest rates higher for the time being. The benchmark Korea Composite Stock Price Index fell 32.21 points, or 1.17 percent, to 2,720.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1 percent to 39,170.24 and the tech-heavy Nasdaq shed 0.95 percent to 16,240.45. In Seoul, large-cap sto

April 3, 2024

Hyundai Motor Group becomes largest shareholder of KT Corp.

Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing. Hyundai's status as the largest shareholder, however, requires approval from the science ministry. The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according t

April 2, 2024

Hanwha reaffirms will to pursue Austal takeover

South Korean Conglomerate Hanwha Group on Tuesday reaffirmed its willingness to continue pushing for a takeover of Australian shipbuilder Austal despite the latter’s earlier announcement to reject the former’s offer due to low chances of obtaining regulatory approvals. According to media reports and industry sources, the value of the acquisition offer has been estimated between 895 million and 1.02 billion Australian dollars ($581 million and $663 million). Noting Austal’s posi

April 2, 2024

FSC ramps up benefits to bolster corporate value-up drive

Financial regulators are ramping up efforts to encourage local companies to participate in the government's initiative to bolster South Korea's market valuation. The Financial Services Commission announced a series of new incentives on Tuesday for companies improving their governance structures, including exemptions from the government's stringent auditor designation system. Under the current regulations, listed companies appointing auditors voluntarily for six consecutive years m

April 2, 2024

Crypto.com makes Korean debut

Cryptocurrency exchange operator Crypto.com said Tuesday it would launch its exchange app service in Korea this month while expressing its hope for winning the regulatory nod for Korean won-based transactions soon, the company announced Tuesday. The firm said it will launch an exchange app for Korean users on April 29, enabling coin-to-coin transactions through the license earned by local exchange OK-Bit. Through the launch, Crypto.com will become the first regulated foreign player to operate a

April 2, 2024

Seoul shares up for 3rd day on tech gains; won at 5-month low

Seoul shares closed higher Tuesday to extend their winning streak to a third day on strong gains in techs amid speculation that strong US data may prod the Federal Reserve to push back its rate-cut timetable. The Korean won tumbled to the lowest in over five months to the US dollar. The benchmark Korea Composite Stock Price Index rose 5.30 points, or 0.19 percent, to close at 2,753.16. Trade volume was heavy at 618.07 million shares worth 12.9 trillion won ($9.5 billion), with decliners outpacin

April 2, 2024

LG Energy Solution rolls out 1st battery cell at Tennessee plant

LG Energy Solution said Tuesday that it has delivered the first battery cells produced at Ultium Cells’ manufacturing plant in Tennessee to its client. The battery products made at the Tennessee site will be loaded onto General Motors’ third-generation electric vehicles, including the Cadillac Lyriq. The Tennessee plant is the second battery production site of Ultium Cells, a joint venture between LG Energy Solution and General Motors. According to LG Energy Solution, the first batte

April 2, 2024

Korea urged to step up incentives for chipmakers

As governments around the world fiercely compete to boost their semiconductor industries by distributing large subsidies, South Korea is pointed out as falling behind other chip powerhouses, raising concerns about the gap widening in the future. On Tuesday, the Japanese Ministry of Economy, Trade and Industry approved subsidies of up to 590 billion yen ($3.9 billion) for chip foundry venture Rapidus, adding to its promise earlier to provide funds worth some 330 billion yen into the chip project.

April 2, 2024

[From the Scene] LG Twin Towers refurbished to better connect with employees

LG Group’s symbolic LG Twin Towers, a landmark in Yeouido, where its major affiliates including LG Electronics are headquartered, has been transformed into modern office spaces incorporated with nature-inspired elements to create a harmonious work and life integration. When The Korea Herald reporter visited the LG Twin Towers on Monday morning, the first day of the building's completed renovation, employees seemed to have beaten the Monday blues and were filled with excitement and lau

April 2, 2024

Sulwhasoo publishes first sustainability report

South Korean cosmetics giant Amorepacific said Tuesday that its premium skincare brand Sulwhasoo has released its 2023 Sustainability Report, detailing the brand's sustainability initiatives and achievements. Sulwhasoo published the first standalone sustainability report by a brand under Amorepacific. The report comprises three chapters: ginseng, the environment and culture. The first chapter explores Sulwhasoo's journey with ginseng, transitioning from its use in food to beauty produc

April 2, 2024

Temu sets up Seoul office to tap deeper into Korean market

Chinese e-commerce platform Temu has recently established an entity for its operation in Korea, amidst Chinese platforms' broader entry into the Korean market. According to information obtained from open legal proceeding records, Pinduoduo, the parent company of Temu, formally registered a corporation named "Whale Co., Korea Limited" on Feb. 23. The purpose of corporation establishment is to engage in e-commerce and related activities. Notably, WhaleCo Inc. operates as a subsidiar

April 2, 2024

Hyundai Group marks 20 years of Vision Forum

Hyundai Group celebrated the 20th anniversary of its Vision Forum on Tuesday, coinciding with a special session dedicated to the 40th anniversary of Hyundai Elevator, the group announced the same day. The session featured a comprehensive 70-minute webinar by Seoul National University professor Kim Jang-woo on the evolution of high-performance system semiconductors, drawing significant participation from employees. Launched in 2005 by Hyundai Group Chair Hyun Jeong-eun, the Vision Forum was estab

April 2, 2024

[Herald Interview] Seoul anchors Rolls-Royce's Asian luxe

Seoul is soon to be the third city hosting a Rolls-Royce Motor Cars Private Office, an exclusive design studio where clients can work closely with bespoke managers and designers to create their own custom Rolls-Royce. “The Seoul Office covers clientele from the whole Asia-Pacific, not just Korea, like the Dubai Office is for the Middle East and the Shanghai Office for China. Believe me, our team looked at 60 places across Asia for a whole year to find the perfect spot. And we’ve dete

April 2, 2024

HiteJinro’s Kelly sells 360m bottles in first year

South Korean liquor giant HiteJinro said Tuesday that its beer brand Kelly had exceeded 360 million bottles in sales as of March 26, a significant milestone within one year of its launch in April 2023. This achievement is equivalent to selling 11.5 bottles every second, the company said. Kelly's performance has propelled HiteJinro's sales growth. Last year, the liquor manufacturer posted 823.3 billion won ($607.6 million) in beer sales, marking a 5 percent increase from the previous ye

April 2, 2024

Heo Ung wins KBL Pocari Sweat Popularity Award

At the 2023-2024 JungKwanJang Korean Basketball League Awards, Busan KCC's Heo Ung won the Pocari Sweat Popularity Award for the fifth consecutive time, Dong-A Otsuka said Tuesday. The league awards ceremony took place Monday at the Grand InterContinental Seoul Parnas in Gangnam-gu, southern Seoul. Introduced in the 2011-2012 season, the popularity award is decided entirely by fan votes to determine the season's most popular player. All Korean Basketball League players are eligible, wi

April 2, 2024

[KH Explains] Korean shipbuilders eye US yards to tap Navy's lucrative repair deals

Korean automotive, battery and semiconductor titans have been navigating their investments toward American shores, driven by incentives from the Inflation Reduction Act and the CHIPS and Science Act of 2022. Now, the Jones Act and Byrnes-Tollefson Amendments might beckon Korean shipbuilders to American waters. HD Hyundai Heavy Industries and Hanwha Ocean are setting their sights on acquiring American shipyards, specifically to tap into the maintenance, repair and overhaul (MRO) business. HD Hyun

April 2, 2024

Hyundai Motor grabs triple win in World Car Awards

Hyundai Motor Group has once again triumphed at the 2024 World Car Awards, with its vehicles being named World Car of the Year, World Electric Vehicle, and World Performance Car of the Year. The World Car Awards is an annual event organized by automotive journalists globally to honor excellence in the car industry across multiple categories. This accolade marks the third consecutive victory for Hyundai Motor Group in the World Car of the Year and World Electric Vehicle of the Year categories, be

April 2, 2024

[Photo News] New Panamera in Korea

Porsche on Tuesday launched the new Panamera in the Korean market. The third-generation sporty sedan boasts the new plug-in hybrid model equipped with the newly developed electric motor and revised four-liter V8 turbo engine. The upgraded hybrid powertrain can create a system output of up to 650 horsepower. With the advanced battery, the new plug-in hybrid vehicle can drive up to 91 kilometers on a single charge. The prices of the new Panamera 4 and Panamera Turbo E-Hybrid begin at 176.7 million

April 2, 2024

Seoul shares open lower on strong US data

Seoul shares opened lower Tuesday on speculation that stronger than expected data may prod the Federal Reserve to push back its rate-cut timetable. The benchmark Korea Composite Stock Price Index fell 10.12 points, or 0.4 percent, to 2,737.74 in the first 15 minutes of trading. The Institute for Supply Management's manufacturing purchasing managers' index released overnight stayed at 50.3 last month, the highest since September 2022 despite a prolonged tightening mode by the Fed. The F

April 2, 2024

Consumer prices rise over 3% for 2nd month in March

South Korea's inflation stayed over 3 percent for the second consecutive month in March on record prices of fruits and rising global oil prices, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, following a 3.2 percent increase the previous month, according to the data from Statistics Korea. In January, inflation fell below 3 percent for the first time since July 2023, but high prices of fruits, farm produce and energy have caused inflation

April 2, 2024