DGB opens fund management unit in Singapore

DGB Financial Group said Wednesday it launched its first overseas subsidiary Hi Asset Management Asia, an asset management arm, in Singapore. DGB Financial Group Chairman Kim Tae-oh, Korean Ambassador to Singapore Hong Jin-wook as well as financial firm officials from Morgan Stanley, Goldman Sachs and Keppel Group were in attendance at the opening ceremony held on Tuesday. “We will spare no effort in helping HiAMA serve as a global headquarters for key financial players and groups in Singa

March 13, 2024

Seoul shares end higher on overnight US tech rally

South Korean stocks finished higher Wednesday, tracking overnight Wall Street gains driven by megacap tech stocks. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.76 points, or 0.44 percent, to 2,693.57. Trade volume was moderate at 491 million shares worth 10.7 trillion won ($8.14 billion), with winners beating losers 444 to 429. Foreign investors led the overall gains, buying a net 334 billion won worth of shares, while institutions and re

March 13, 2024

US operations of Hyundai, Kia turn profitable in 2023

Major global offices of Hyundai Motor Company and Kia turned into the black last year as the South Korean automakers logged record-high earnings on surging sales across the world, according to their audit and business reports on Wednesday. According to the audit report of Hyundai Motor Company, the automaker’s manufacturing plant in Alabama posted 236.3 billion won ($180 million) in net income in 2023, a drastic turnaround from the net loss of 808 billion in 2022. Named Hyundai Motor Manuf

March 13, 2024

Chinese e-commerce platforms to face tighter antitrust scrutiny

With increasing complaints from Korean consumers regarding the quality of products and the prevalence of knock-off items they purchased from Chinese e-commerce platforms, the country’s antitrust regulator vowed to strengthen the monitoring of foreign operators’ unfair business practices and uphold stern punishments for any illegal activities under relevant domestic laws. The Fair Trade Commission on Wednesday rolled out a set of comprehensive measures that aim to better protect local

March 13, 2024

[Photo News] AI TV era

Samsung Electronics President Yong Seok-woo, who leads the company's visual display business, poses with the company’s new Neo QLED 8K TV, the tech giant's first TV featuring on-device artificial intelligence, in Seoul on Wednesday. Its feature called "AI upscaling" automatically enhances the resolution of content viewers watch and identifies crucial or moving elements to add special effects for an enhanced viewer experience. (Samsung Electronics)

March 13, 2024

US gains propel Kospi to 2-year intraday high

The Korean stock market rallied early Wednesday, with the benchmark Kospi breaking above 2,700 points during trading hours for the first time in nearly two years as the market tracked overnight Wall Street gains. The local benchmark Kospi touched 2,701.45 points during intraday trading. The peak came shortly after it opened at 2,694.71, marking a 12.9 points rise from the previous close at 2,681.81. After hitting a record high not seen since May 2022, the main index wiped out the gains as invest

March 13, 2024

Yanolja launches US office amid IPO push

Korean travel platform operator Yanolja announced the opening of its first US office in Manhattan, New York, on Wednesday. The move aims to accelerate its North American travel solutions business, coinciding with growing anticipation for the company's potential listing on the US stock market this year. Since its inaugural overseas branch opened in Singapore in 2019, Yanolja has rapidly broadened its local presence in key countries. The firm currently operates 50 overseas offices across 27 c

March 13, 2024

K-pop song revitalizes sales of traditional jelly

"Bam Yang Gang (chestnut jelly)" by K-pop singer Bibi has become a sensation in South Korea, not just topping music charts but also dramatically boosting sales of the traditional jelly, yanggaeng. According to industry data, from the song’s release on Feb. 13 till March 6, major convenience store chains in South Korea, including CU, GS25, Seven Eleven, and Emart24, reported an increase of up to 100 percent in sales of Haitai Confectionery's “Yeon Yanggaeng." Craft

March 13, 2024

LuluMedic, India’s SVA Solutions team up on insurance plans for overseas workers

South Korean health care tech company LuluMedic said Tuesday that it has partnered with Indian consulting firm SVA Solutions to promote its comprehensive insurance plans tailored for overseas workers. This initiative aims to meet the increasing demand from Korean companies to comply with the Serious Accidents Punishment Act, ensuring the safety and well-being of their employees not just at home but also abroad. The K-medical Assistance for Remote Employees insurance package provides extensive co

March 13, 2024

An apple a day fritters savings away? Apple price rises to all-time high

The price of apples in South Korea recently skyrocketed to an all-time high as fruit prices in the country continue to soar amid ongoing inflation, data from a state-run agency promoting and supporting agriculture trade showed Wednesday. The wholesale price of 10 kilograms of apples as of Tuesday was 91,700 won ($70), more than double the 41,060 won for same amount at the same time last year, according to the Korea Agro-Fisheries & Food Trade Corporation. The price for 10 kilograms of apples

March 13, 2024

Seoul shares open higher on US stock gains

South Korean stocks opened slightly higher Wednesday, tracking overnight Wall Street gains driven by megacap tech stocks. The benchmark Korea Composite Stock Price Index rose 8.85 points, or 0.33 percent, to 2,690.66 in the first 15 minutes of trading. Overnight, Wall Street logged strong gains as investors shored up Nvidia, Oracle and other big tech stocks despite higher-than-expected February consumer price data. The Dow Jones Industrial Average rose 0.61 percent, and the S&P 500 gained 1.

March 13, 2024

Hyundai E&C inks power purchase deal with Glennmont

Hyundai Engineering & Construction announced Tuesday that the company has signed a power purchase agreement with Glennmont D&D Solar Holdings to aid in Hyundai Motor Group’s use of renewable energies. Glennmont D&D Solar Holdings is a joint venture between SK Eternix and Glennmont Partners, one of the world’s largest fund managers investing in clean energy, based in the UK. According to Hyundai E&C, the recent deal is a virtual power purchase agreement, which involves

March 12, 2024

Luxury car sales hit by new lime green plate scheme

Sales of imported cars from luxury brands such as Mercedes-Benz, Porsche, and Bentley have plummeted in South Korea during the first two months of 2024, coinciding with the government's implementation of lime green license plates for corporate-owned luxury vehicles worth over 80 million won ($61,500). The Korea Automobile Importers & Distributors Association reported a 19.4 percent year-on-year drop in total imported vehicle sales in January this year to 13,083 units, marking the lowest

March 12, 2024

Seoul shares close higher on tech, battery gains

South Korean stocks ended higher Tuesday as investors scooped up tech, battery and other blue chips. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 21.97 points, or 0.83 percent, to 2,681.81. Trade volume was moderate at 390 million shares worth 9.45 trillion won ($7.3 billion). Losers, however, beat winners 495 to 365. Institutions led the overall gains, buying a net 508 billion won, while foreign and retail investors unloaded shares. Han Ji-

March 12, 2024

LG invests $60m in Silicon Valley robot startup

LG Electronics is making a strategic investment in Bear Robotics in the US in a move to expedite the advancement of its commercial service robotics, the company said Tuesday. The tech giant said it has executed a stock purchase agreement to acquire a stake in Bear Robotics, a prominent Silicon Valley-based startup specializing in artificial intelligence-driven autonomous service robots, through an investment of $60 million. LG’s strategic investment comes as the company is preparing for a

March 12, 2024

AI, health care top investor picks for Feb.

Startups in the artificial intelligence and health care sectors have secured the largest portion of investments in February, with Korea seeing a reignited funding market, a research firm said Tuesday. Local startups garnered a total of 93 investments worth 441.75 billion won ($336 million) in February, according to a report released by market intelligence firm Startup Alliance Korea. The investment volume shows a 48.6 percent jump compared to February 2023. Of the total amount, fabless AI chipma

March 12, 2024

[KH Explains] Tussle over Nexon’s loot box controversy intensifies

The feud over South Korean game developer Nexon's Maplestory, a popular side-scrolling massively multiplayer online role-playing game, or MMORPG, is escalating, with gamers filing a class action suit and Nexon taking the antitrust regulator’s fine assessment to court. As the in-court battle is expected to take a long time to reach any sort of conclusion, gamers are hoping that the case can help spread awareness for protecting their rights, while Nexon looks to vindicate itself. Regard

March 12, 2024

[KH Explains] Coupang's Farfetch gambit: Was the deal undervalued?

In December last year, South Korean e-commerce giant Coupang made a surprise announcement that it was buying Farfetch, the British luxury shopping platform, in a $500 million deal. The highly-publicized acquisition seemed like a win-win for both: Coupang’s global expansion could be accelerated, backed by Farfetch’s extensive business network, while cash-strapped Farfetch could streamline its operations to elevate its sluggish profits. But a group of Farfetch investors, called the 202

March 12, 2024

Posco wins massive EV magnet orders from global carmakers

Posco International, the trading and energy arm of Korean steel giant Posco, announced Tuesday that it has recently secured a substantial order for rare earth permanent magnets, an essential part of an electric vehicle drive motor core, through its overseas subsidiaries. The US subsidiary of Posco International plans to procure permanent magnets worth some 900 billion won ($685 million) from 2026 to 2031, for a global automaker in North America. The magnets produced will be utilized in the drive

March 12, 2024

LX Pantos attains security certification from German automakers

LX Pantos, a Korean logistics company, said Tuesday that it has obtained the Trusted Information Security Assessment Exchange certification from the German Association of the Automotive Industry, in a move to gain an upper hand in delivering cars and automotive parts. TISAX serves as a standardized measure of information security within the automotive sector, focusing on key areas like information security, supply chain security, data protection, and prototype protection. After undergoing a rigo

March 12, 2024