Lee Si-woo becomes sole CEO at Posco

Lee Si-woo, formerly co-CEO of Posco alongside Kim Hak-dong, who served as CEO of Posco and vice chairman of Posco Holdings, will now lead the steelmaker on his own. Posco Holdings’ reshuffle released on Wednesday indicates that Kim will step down from his position and moves to the group’s executive adviser. Lee is expected to play a crucial role in guiding Posco through its transition toward carbon neutrality, while enhancing profitability and reinforcing the company's presence

Feb. 22, 2024

Seoul shares end higher on strong chip stocks

South Korean stocks snapped a two-day losing streak Thursday on strong performance by chip heavyweights after Nvidia's better-than-expected fourth-quarter earnings. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 10.96 points, or 0.41 percent, to close at 2,664.27. Trade volume was moderate at 445.3 million shares worth 10.1 trillion won ($7.6 billion), with decliners beating gainers 509 to 348. Foreigners and institutions scooped up loc

Feb. 22, 2024

Samsung, LG maintain TV leadership amid Chinese rush

Korean TV makers Samsung Electronics and LG Electronics cemented their leadership in the global premium TV market in 2023, but they have been warned to gear up for Chinese rivals flooding the market with cheaper products. In the premium sector for TVs priced at higher than $2,500, Korean manufacturers saw notable growth, together taking 79.6 percent of the market share by revenue, according to market tracker Omdia on Thursday. Holding an edge in manufacturing technology for the higher-end TVs, t

Feb. 22, 2024

Posco Future M breaks ground on cathode plant in Gwangyang

GWANGYANG, South Jeolla Province -- Posco Future M on Thursday held a groundbreaking ceremony for a new high-nickel cathode plant in Gwangyang, South Jeolla Province, maintaining the company’s continued investment in battery materials for electric vehicles despite the slowdown in the global EV transformation. The new high-nickel cathode plant, which expects to have an annual production capacity of 52,500 tons, is slated to complete its construction in the first half of 2025. According to P

Feb. 22, 2024

Eximbank to bolster ties with German counterpart

The Export-Import Bank of Korea, or Eximbank, said Thursday it signed a memorandum of understanding with its German counterpart, KfW IPEX-Bank, pledging to cooperate in financing projects related to strategic technologies and supply chain networks. KfW IPEX-Bank is a specialist bank for export and project financing owned by Germany's main development bank Kreditanstalt fur Wiederaufbau, which translates as Credit Institute for Reconstruction. Eximbank Chairman Yoon Hee-sung met with Velibor

Feb. 22, 2024

[KH Explains] Will LG Energy Solution be Tesla's 4680 battery crisis savior?

Four years after Tesla revealed the hyped Cybertruck, its production still lags with 1.9 million orders pending. The bottleneck stems from challenges in mass-producing what are known as 4680 battery cells, which are key to the Cybertruck’s success due to their superior energy density and cost efficiency. Currently, Tesla can only produce a fraction -- only a tenth -- of the required output, pushing it to lean on global battery manufacturers. LG Energy Solution, a leading South Korean batte

Feb. 22, 2024

Posco’s new leadership taking shape

As former Posco President Chang In-hwa is poised to take on the Korean steel giant's chairmanship, how his leadership might impact on the group's innovation drive for eco-friendly, future material business remains in question. Posco Holdings convened its regular board meeting on Wednesday to announce the executives of major affiliates and to resolve the nomination of Posco Group's chair candidate. Chang will officially assume the chair position of the nation's fifth-largest b

Feb. 22, 2024

Samsung Galaxy smart band Fit3 to hit shelves

Samsung Electronics said Thursday that it would launch a new fitness band globally, more than three years after unveiling its predecessor in October 2020. The Galaxy Fit3 is designed with an aluminum body and a 1.6-inch display, which is 45 percent wider than the previous model, the Galaxy Fit2, making it easier for users to check detailed health insights on the wearable device. The device provides health monitoring features for over 100 types of exercises, sleep and stress levels. The most nota

Feb. 22, 2024

Korean 'crypto king' likely to be extradited to US

A court in Montenegro has ruled for the extradition of cryptocurrency entrepreneur Kwon Do-hyung, widely known as "crypto king" Do Kwon, to the United States, according to The Wall Street Journal. Despite Kwon's defense advocating for transfer to his home country of South Korea, the Montenegro court has rejected the plea. Both the US and South Korea have sought his extradition. Kwon's legal team now has a three-day window to challenge the decision, according to the court on Wednesday.

Feb. 22, 2024

BOK extends key rate freeze to 1 year, maintains growth outlook at 2.1%

South Korea's central bank froze its key rate for the ninth straight session Thursday amid woes over slower-than-expected inflation moderation and high household debts and maintained its growth outlook for the year at 2.1 percent. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has stood pat following rate freezes last February, April, May, July, August, October, November and January. The rate freezes

Feb. 22, 2024

Seoul shares open higher on strong Nvidia results

South Korean stocks started a tad higher Thursday as chipmakers traded in positive territory on a strong earnings report from Nvidia overnight. The benchmark Korea Composite Stock Price Index gained 8.21 points, or 0.31 percent, to 2,661.52 in the first 15 minutes of trading. Wall Street stocks were mixed last night as the US central bank's minutes hinted at slower interest rate cuts. The Dow Jones Industrial Average finished 0.1 percent higher, but the tech-rich Nasdaq Composite Index fell

Feb. 22, 2024

[Graphic News] Streamers’ total income surpasses 1 trillion won

The annual income declared by single-person media creators, such as YouTubers and internet broadcast hosts (BJs), was found to have exceeded 1 trillion won ($7.5 million) in South Korea. A total of 39,366 individuals reported their annual income as single-person media creators in 2022, with the total amount reaching 1.14 trillion won, according to the National Tax Service. The total income of 393 single-person media creators who were in the top 1 percent, was 333.3 billion won, accounting for 29

Feb. 22, 2024

Korea to facilitate easier currency trading for foreigners

Foreigners seeking to invest in the Korean capital markets will be able to exchange foreign currencies for Korean won more easily starting in the next quarter, according to the South Korean government on Wednesday. The revision comes as part of the government's efforts to enhance efficiency and stability of securities settlement and foreign exchange trading for offshore investors. The Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Servic

Feb. 21, 2024

Korea faces antibiotics shortage as drugmakers halt production

South Korea is confronting a deepening shortage of cephalosporins, a commonly prescribed class of antibiotics used to treat a range of bacterial infections, as pharmaceutical firms discontinue product lines due to unprofitability and growing raw materials costs. “As the number of local and overseas pharmaceutical companies have recently halted or downsized cephalosporins production here, it has become increasingly difficult to get them,” an industry source from one of the largest pha

Feb. 21, 2024

Seoul shares close lower ahead of FOMC minutes release

South Korean stocks finished lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's January meeting. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index lost 4.48 points, or 0.17 percent, to close at 2,653.31. Trade volume was moderate at 551.7 million shares worth 8.9 trillion won ($6.7 billion), with losers outnumbering winners 553 to 313. Foreigners and re

Feb. 21, 2024

Meta CEO to visit Seoul next week possibly on AI partnership

Mark Zuckerberg, CEO of Meta, formerly Facebook, is planning to visit Korea as early as next week, which would mark his first visit to the country in more than a decade, according to industry sources and the presidential office on Wednesday. Although details of his upcoming trip are unknown, sources predicted that the Meta founder could meet with Samsung Electronics Chair Lee Jae-yong, as he did during his first trip to Korea in June 2013. If the two tycoons meet, the agenda is likely to inclu

Feb. 21, 2024

More South Korean men become stay-at-home dads

More men are reporting themselves as "economically inactive" -- those not working nor seeking work -- to provide full-time parenting for their children, data showed Wednesday. The number of men who were economically inactive in 2023 citing child care stood at around 16,000, according to Statistics Korea, marking an all-time high since related data was first compiled in 1999. The figure posted a 37.4 percent surge from 12,000 the year before and grew by nearly threefold in a decade from

Feb. 21, 2024

Toss Bank taps ex-DGB CFO as new CEO

Toss Bank, the internet-only banking arm of fintech firm Viva Republica, said Wednesday it has appointed Rhee Eun-mi, former chief financial officer of DGB Daegu Bank, as its new CEO. The bank’s CEO recommendation committee picked Rhee as the sole candidate for the next top leadership position in recognition of her deep understanding of the banking industry and excellence in making strategic decisions. “Rhee's achievements, organizational management capabilities, and insight b

Feb. 21, 2024

[Photo News] Naver at Saudi tech show

Naver said Wednesday it is set to participate in the upcoming Leading Edge Arab Platforms exhibition, affectionately called the Saudi Arabian version of the CES, the world's largest tech show. Naver will join at the invitation of Saudi Arabian Communications and Information Technology Minister Abdullah Alswaha, who visited Naver's second headquarters 1784 in October. Under the theme of "Global Tech Convergence Company," the IT giant will set up an exhibition booth and boast t

Feb. 21, 2024

SK Ecoplant, SK hynix forge renewable energy alliance

Korean energy and environmental solutions provider SK Ecoplant formed a power purchase agreement with its sister firm SK hynix to facilitate the provision of renewable energy, thereby aiming to become the leading RE100 solutions provider, the firm announced Wednesday. The signing ceremony was attended by representatives from both companies, including Bae Seong-jun, vice president and head of SK Ecoplant's energy business center and Lee Byung-rae, vice president of SK hynix. "Utilizing

Feb. 21, 2024