Hyundai's Hillstate Dongtan Forest offers unique opportunities

Hyundai Engineering & Construction, South Korea's construction giant, announced on Thursday its search for additional tenants at Hillstate Dongtan Forest, a public-supported private rental apartment complex in Dongtan, Gyeonggi Province. The complex, featuring eight 20-level buildings and offering a total of 585 units, provides a diverse array of living spaces. Comprising 198 units with 84 square meters and 387 units with a more spacious 101 square meters, it caters to various accommoda

Feb. 29, 2024

[Investor] SK hynix targets 280,000won stock price in 3 years, CEO says

SK hynix CEO Kwak Noh-jung outlined the company's ambitious goal of reaching a stock price of 280,000 won (about $210) within the next three years during a recent in-house meeting. The projected value represents nearly a twofold increase from the current stock price and is seen as a strong statement of confidence in the future prospects of the semiconductor market. This announcement was delivered directly by CEO Kwak to executives and staff members at the communication event conducted on Tu

Feb. 29, 2024

[Investor] S-Oil stays atop Korea's most admired companies

S-Oil, one of major refineries in South Korea, has once again secured the top position in the highly esteemed "2024 Korea's Most Admired Companies" survey, marking the sixth consecutive year for its inclusion among the top 30 business groups. S-Oil was also named as the top company in the oil refining industry for eight consecutive years, company officials said Wednesday. This recognition, bestowed by KMAC, a leading industrial consulting group in Korea, in its annual evaluation,

Feb. 29, 2024

Inflation to bounce back to over 3% in February: finance ministry

Inflation could rise over 3 percent in South Korea in February on high prices of global oil and fresh food items, the finance ministry said Thursday, vowing all-out efforts to curb inflation. In January, consumer prices, a key gauge of inflation, rose 2.8 percent on-year, marking the first fall below the 3 percent level in six months. The country has experienced a gradual easing of inflationary pressure, but uncertainties have grown, centering on prices of farm produce and petroleum products, Fi

Feb. 29, 2024

Seoul shares open lower tracking Wall Street losses

South Korean stocks started lower Thursday tracking overnight losses from Wall Street, as the US' fourth-quarter economic growth was slower than earlier estimated. The benchmark Korea Composite Stock Price Index fell 20.49 points, or 0.77 percent, to 2,631.8 in the first 15 minutes of trading. Overnight, the US stock market closed weaker, with the Dow Jones Industrial Average falling 0.06 percent and the tech-heavy Nasdaq Composite losing 0.55 percent. The US economy expanded 3.2 percent in

Feb. 29, 2024

Zuckerberg meets LG top brass to discuss XR partnership

Mark Zuckerberg, CEO of Meta, formerly Facebook, met with LG Electronics CEO Cho Joo-wan on Wednesday in Seoul to discuss ways to strengthen their corporate partnership in the extended reality business. Zuckerberg had a luncheon with Cho and other senior officials from LG, including Kwon Bong-seok, chief operating officer at LG Corp., and Park Hyoung-sei, president of home entertainment business at LG Electronics, at the tech giant’s headquarters in western Seoul, according to the company.

Feb. 28, 2024

Kakao Pay vice president appointed head of securities unit

Shin Ho-cheol, vice president of Kakao Pay, was appointed as new chief executive officer of the stock brokerage arm, Kakao Pay Securities said Wednesday. The appointment was approved during the board of directors meeting on the same day. Pending approval at the group's regular general meeting of shareholders scheduled for March 27, Shin is set to officially assume leadership. “Given the significant responsibility of this position, I will spare no effort in expanding our growth and con

Feb. 28, 2024

Daewoong names Nabota chief as new co-CEO

Daewoong Pharmaceutical, South Korea’s leading pharmaceutical company, is expected to appoint Vice President Park Seong-soo as its new co-CEO during its annual shareholders meeting in March, according to industry sources Wednesday. “Daewoong aims to accelerate the expansion of its overseas businesses with Park's appointment,” a source familiar with the internal matter said on condition of anonymity. Park has held diverse positions, handling global issues since he became th

Feb. 28, 2024

Celltrion begins shipment of Remsima SC for US debut

Biopharmaceutical giant Celltrion announced Wednesday that the first batch of its new autoimmune disease treatment Zymfentra, also known as Remsima SC, has been shipped for its planned debut in the US next month. Zymfentra is the first and only subcutaneous injection version of Remsima, Celltrion’s infliximab biosimilar, to have been approved by the US Food and Drug Agency. The company said its more patient-friendly administration compared to the current intravenous injection version is ex

Feb. 28, 2024

Seoul shares end over 1% higher ahead of key US data

South Korean stocks ended higher Wednesday as investors closely awaited key data from the United States later this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 27.24 points, or 1.04 percent, to 2,652.29. Trade volume was moderate at 409.7 million shares worth 10 trillion won ($7.4 billion), with gainers outpacing losers 559 to 302. Individuals were net sellers by offloading 539.2 billion won, while foreigners scooped up a net 458 bill

Feb. 28, 2024

Woori, UAE’s Mubadala seek to bolster ties

South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities. Woori Venture Partners, the venture capital unit of the Korean conglomerate, and Mubadala Capital, the asset management subsidiary of Mubadala, signed a memorandum of understanding for their strategic cooperation in Abu Dh

Feb. 28, 2024

South Korea’s fertility rate drops to new low

South Korea's fertility rate continued its steep fall last year as it hit a record low of 0.72, darkening prospects for the country that already has the world's lowest fertility rate, data showed Wednesday. The country's fertility rate -- the average number of children a woman has during her lifetime -- came to 0.72 last year, down from 0.78 in the previous year, according to the preliminary data presented by Statistics Korea. It is the lowest level since 1970 when the state-run s

Feb. 28, 2024

Hyundai wins most safety awards in US assessment

Hyundai Motor Group announced Wednesday that it has won the highest number of vehicle safety awards from the US Insurance Institute of Highway Safety among all assessed global automakers this year. According to the South Korean automaker, its three brands -- Hyundai Motor Company, Kia and Genesis -- won a combined 16 Top Safety Pick and TSP+ awards at this year’s annual assessment. “Hyundai Motor Group is proud to have earned the industry leadership position in the recent IIHS 2024 T

Feb. 28, 2024

US Navy secretary scouts Korean shipbuilders for fleet support

US Secretary of the Navy Carlos Del Toro toured the shipyards of HD Hyundai Heavy Industries and Hanwha Ocean on Tuesday to explore their military shipbuilding capabilities for handling comprehensive support services for the US Navy fleet, as part of US defense needs to bolster its naval presence in Asia. Del Toro's visit to Korea comes as the US contemplates outsourcing naval ship maintenance, repair, and overhauls, or MRO, to alleviate domestic capacity constraints. These services keep na

Feb. 28, 2024

Coupang reports first profitable year

New York-listed e-commerce giant Coupang on Wednesday reported its first-ever annual operating profit of $473 million last year, marking a milestone since its inception in 2010. It also reported $24.4 billion in sales, a notable 20 percent jump from 2022. In the fourth quarter alone, its quarterly sales soared 20 percent to a record $6.6 billion, while its operating profit saw 51 percent on-year growth to $130 million. "Since the beginning of this company, we have made foundational bets on

Feb. 28, 2024

SK Telecom, SK Enmove, UK’s Iceotope join hands for data center innovation

SK Telecom said Wednesday it had teamed up with Iceotope Technologies, a precision liquid cooling firm in Britain, and its sister firm SK Enmove to develop a liquid cooling solution with high energy efficiency for artificial intelligence data centers. The leading mobile carrier in Korea said it has signed a partnership agreement with Iceotope and SK Enmove, a base oil and lubricants provider affiliated to SK Group to come up with a data center air conditioning and cooling system to cut large pow

Feb. 28, 2024

CJ’s Tous Les Jours seeks bigger footing in Indonesia

CJ Foodville, the operator of the bakery chain Tous Les Jours and a subsidiary of South Korean conglomerate CJ Group, said Wednesday its bakery stores in Indonesia have surpassed 60 in number, with a recent addition in Bandung, located southeast of the capital Jakarta. Having entered the Indonesian market in 2011, CJ Foodville initially focused on opening branches around the capital city. However, the company has been recently diversifying its focus to include major cities, including Tangerang,

Feb. 28, 2024

KT CEO renews vision for growth

KT Corp. CEO Kim Young-shub declared the company’s new vision that accelerates innovation and growth in information technology, artificial intelligence and communications technology. “Although KT is a leading telecom company in the world, it lacks IT competitiveness. We must make up for weak points by combining our CT and IT,” the CEO said at a press conference held on the sidelines of the Mobile World Congress 2024 in Barcelona, Spain, on Tuesday. Kim urged KT Corp. to embark

Feb. 28, 2024

LX Hausys to ramp up presence at KBIS trade show

South Korean construction and interior materials company LX Hausys on Wednesday said it is participating in this week's Kitchen and Bath Industry Show in Las Vegas, which runs through Thursday. The company said it aims to showcase its latest collection of engineered stone and artificial marble, aligning with its strategic goal of expanding into the thriving overseas market. Artificial marble, known for its cost-effectiveness and durability against impact, scratches and stains, constitutes a

Feb. 28, 2024

[Photo News] Hyundai Staria Hybrid

Hyundai Motor Company on Wednesday started taking preorders for the 2024 Hyundai Staria and the newly-added hybrid model of the minivan. According to the automaker, the Staria 1.6 Turbo Hybrid boasts a fuel efficiency of 13 kilometers per liter with a maximum system horsepower of up to 245. The prices of the hybrid model and the 2024 year model begin at 34.33 million won ($25,763) and 28.47 million won, respectively. (Hyundai Motor Group)

Feb. 28, 2024