Seoul shares open slightly higher on tech gains

South Korean stocks opened slightly higher Monday on the back of gains from technology shares. The benchmark Korea Composite Stock Price Index rose 4.81 points, or 0.19 percent, to 2,477.55 in the first 15 minutes of trading. South Korea's top tech giant Samsung Electronics moved up 0.67 percent, and No. 2 chipmaker SK hynix gained 2.41 percent. Naver, which operates the country's top online portal, shot up 2.32 percent, with Kakao also advancing 1.74 percent. Pharmaceutical shares wer

Jan. 22, 2024

Exports fall 1% in Jan. 1-20 due to fewer working days

South Korea's exports fell 1 percent on-year in the first 20 days of January due to a smaller number of working days, data showed Monday. Outbound shipments reached $33.3 billion in the Jan. 1-20 period, compared with $33.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 18.2 percent on-year to $35.9 billion during the period, resulting in a trade deficit of $2.6 billion. The number of working days came to 15.5 over the period, compared wit

Jan. 22, 2024

ELS crisis deepens as Hong Kong index sags further

Losses inflicted on Korean investors from derivatives tracking the Hang Seng China Enterprises Index are swelling even faster than expected, as the notorious Hong Kong index has dipped further recently. The HSCEI, which had remained at around 5,500 points since late 2023, has dropped dramatically in the last week or so, sinking by 11.12 percent just this year to close at around 5,127 on Friday. The plunge means a larger toll on investors here, as South Korea braces for the maturation of some 10.

Jan. 21, 2024

Hybrid operation key to Galaxy AI: Samsung AI chief

SAN JOSE, California – Artificial intelligence is everywhere, but it has only been in the past couple of years that people have been able to visualize what AI might be able to do for them, with the advent of ChatGPT. In its latest Galaxy S24 series, its first AI-powered smartphone, Samsung Electronics took it further to introduce AI features for everyday use, and made the complex process operate on-device via highly advanced optimization technology, the tech giant's AI chief said on T

Jan. 21, 2024

Korea's kimchi exports reach all-time high in 2023

South Korea's exports of kimchi products reached an all-time high in 2023 amid increasing interest in the country’s culture globally, data showed Sunday. According to the data compiled by the Korea Customs Service, outbound shipments of kimchi came to 44,041 tons, up 7.1 percent from the previous year’s 41,118 tons. The previous record was 42,544 tons set in 2021. In terms of value, exports of kimchi last year came to some $156 million, up 10.5 percent from $148 million tallied

Jan. 21, 2024

Asan Institute founder to attend Kissinger's memorial service in NY

Chung Mong-joon, the founder and honorary chairman of the Asan Institute of Policy Studies, will attend the late Henry Kissinger's memorial service, slated to be held in New York on Thursday, the South Korean think tank announced Sunday. "Dr. Kissinger’s scholarly and intellectual achievements have influenced how people around the world view the United States and our world order," said Chung in a statement. "We will always remember his wisdom and miss his insights as we

Jan. 21, 2024

Samyang Foods spices up Winter Youth Olympics

South Korean food manufacturer Samyang Foods announced its official sponsorship of the Gangwon 2024 Winter Youth Olympic Games, the quadrennial youth winter sports event which is being hosted by an Asian country for the first time this year. With 1,802 athletes representing 78 countries, the largest-ever Winter Youth Olympics kicked off Friday evening in Gangwon Province and is set to wrap up on Feb. 1. Standing at the forefront of the Korean wave, Samyang Foods aims to support the sports comp

Jan. 21, 2024

Hanlim partners with NBBJ to support Seoul’s urban innovation

Hanlim Architectural Group, an end-to-end real estate service company from South Korea, has partnered with American architectural firm NBBJ to foster international growth and support Seoul's urban innovation initiatives. The partnership was formalized at NBBJ's Los Angeles office on Jan. 15, amid the presence of Hanlim Architectural Group Chairman Park Jin-sun, NBBJ CEO Robert Mankin, Design Leader Pascal Suh and Real Estate Strategist Rick Pauios. Representing the global design initia

Jan. 19, 2024

Seoul shares soar over 1.3% on chip rally

South Korean stocks soared more than 1.3 percent Friday as big-cap chip shares rallied following an overnight tech boost on Wall Street. The local currency edged up against the US dollar. The benchmark Korea Composite Stock Price Index jumped 32.70 points, or 1.34 percent, to 2,472.74. Trading volume was slim at 499.2 million shares worth 9 trillion won ($6.7 billion), with winners outpacing losers 518 to 345. Foreigners turned to net buyers with a net purchase of 683.2 billion won worth of shar

Jan. 19, 2024

1 in 3 new import cars priced over W100m

Nearly 1 in 3 import cars sold last year was priced at 100 million won ($75,000) or over, with their sales hitting a record high despite a slight downturn in the import car market overall. According to the Korea Automobile Importers & Distributors Association on Friday, 78,208 vehicles priced at over 100 million won were sold here last year, an 8.8 percent jump from a year prior. During the same period, the overall import car market suffered a 4.4 percent drop, selling 271,344 vehicles all t

Jan. 19, 2024

LG Innotek to suspend production at Pyeongtaek motor plant

LG Innotek, the electronic component manufacturing unit of LG Group, will suspend the production of its vehicle motor plant in Pyeongtaek, Gyeonggi Province, later this year to relocate facilities to other sites at home and abroad, according to industry sources Friday. With the planned relocation, the company is expected to streamline operations and improve profitability. The facilities are likely to be transferred to the company’s other motor plants in Gwangju, China, Mexico and Poland. T

Jan. 19, 2024

Mercedes-Benz debuts new E-Class, taking cue from Korean drivers

Mercedes-Benz said Friday it is poised to roll out nine new cars in Korea this year, highlighting the strategic importance of the Korean market for the German luxury carmaker. The new lineups include five full-change models – the E-Class sedan, CLE Coupé, CLE Cabriolet, Mercedes-Maybach EQS SUV and electric G-Class – and four face-lift models – the Mercedes-Benz GLS, EQA, EQB and G-Class. One of the key launches is the 11th-generation E-Class sedan, a complete revamp fro

Jan. 19, 2024

K bank resumes IPO process, eyes 2024 listing

The internet-only K bank said Friday that it is pushing for an initial public offering this year following a failed attempt last year. “The IPO will be an opportunity for K bank to take another big leap,” said CEO Choi Woo-hyung, who took the post on Jan. 1. “K bank will grow with all its members through thorough preparations.” K bank was launched in April 2017, becoming the nation’s first internet-only bank. As of 2023, it boasted 9.53 million users. After years

Jan. 19, 2024

Korea records first-ever drop in fuel-powered vehicle count

South Korea saw its first-ever decline in the overall number of registered fuel-powered vehicles last year, as reported by the Ministry of Land, Infrastructure and Transport on Friday. The total number of registered vehicles powered by gasoline, diesel and liquefied petroleum gas fell by 85,000 to 23.647 million last year. This 0.4 percent decrease, the first since record-keeping began in the 1960s, was mainly driven by a downturn in diesel and liquefied petroleum gas vehicles, despite the regis

Jan. 19, 2024

Seoul shares open sharply higher on tech gains

South Korean stocks got off to a strong start Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index jumped 31.68 points, or 1.3 percent, to 2,471.72 in the first 15 minutes of trading. Overnight, all three major US indexes gained ground, led by the strong performance of tech giants, such as Apple and TSMC. In Seoul, most big-cap shares started in positive territory. Market bellwether Samsung Electronics soared 2.65 percent, and No. 2 chipmaker SK hynix

Jan. 19, 2024

Foreign investors dump Seoul shares amid geopolitical risks

Foreign investors continued the selling spree on the local stock market amid heightened geopolitical tensions both within and outside the Korean Peninsula, while the Korean won weakened against the dollar. The benchmark Kospi closed at 2,440.04 points Thursday. Though it dipped to the 2,430 range on the previous trading day, it managed to make a slight recovery backed by the 119.6 billion won ($82 million) net buying of retail investors. Yet foreigners continued the selling streak for five conse

Jan. 18, 2024

Hyundai, Kia post record sales in Europe

Hyundai Motor Company and Kia have set a new record, selling over 1.1 million vehicles in Europe in 2023, the South Korean automakers said Thursday. According to the announcement, Hyundai Motor sold 534,170 units and Kia sold 572,297 units, up 3.1 percent and 5.4 percent on-year, respectively. Together, the two carmakers’ yearly sales increased by 4.3 percent in comparison to the year before. The European Automobile Manufacturers’ Association announced that the European Union's

Jan. 18, 2024

Toss Bank launches fee-free currency conversion service

Korean internet-only bank, Toss Bank, on Thursday rolled out its first foreign exchange service, pledging not to charge users any fees for converting foreign currencies. Under the new scheme, all users who open a foreign currency account on its banking app can exchange 17 foreign currencies in real-time and around the clock, without paying any fees for a lifetime. Until now, local banks have sometimes offered a reduction in or removal of currency conversion fees as part of special promotions. Bu

Jan. 18, 2024

Posco International to supply EV parts to Hyundai Mobis

Posco International said Thursday that it will supply 1.03 million motor cores for Hyundai Motor Group electric vehicles produced in Europe. The parts are to be supplied to Hyundai Mobis’ EV factory in Slovakia from 2025 to 2034. Of the total, 550,000 units are to be sent to Hyundai Motor’s Turkey plant, while 480,000 units will go to Kia’s Slovakia plant. The company said the new deal gives a big boost to its upcoming production site in Poland. In June, Posco International est

Jan. 18, 2024

Seoul shares rebound from trough on bargain hunting

South Korean stocks closed slightly higher Thursday as investors hunted bargains following a recent market decline triggered by diminished hope for the US Federal Reserve's rate cut. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index climbed 4.14 points, or 0.17 percent, to 2,440.04. Trading volume was moderate at 555 million shares worth 8.12 trillion won ($6 billion), with losers outpacing gainers 444 to 421. Foreigners dumped shares worth 130.5 b

Jan. 18, 2024