Seoul shares open lower ahead of Fed minutes

Seoul shares opened lower Wednesday after a mixed close on Wall Street as investors await the release of the Federal Reserve's minutes for clues on the US central bank's future rate plans. The benchmark Korea Composite Stock Price Index fell 31.05 points, or 1.2 percent, to 2,638.76 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average inched up 0.07 percent to 37,715.04, but the tech-heavy Nasdaq fell 1.6 percent to 14,765.94. The Fed's latest minutes ar

Jan. 3, 2024

KFCC partners with Google for Fiji launch

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, also known as Saemaul Geumgo, held a capacity-building workshop ahead of opening its first branch in Fiji. Ten visitors, including government officials and villagers, from Fiji flew in for the workshop, which was held for 10 days in December at the MG Human Resources Development Institute in Cheonan, South Chungcheong Province. Held as part of the South Korean Interior Ministry's

Jan. 2, 2024

Hahn & Co. completes sale of SK Eco Prime

Hahn & Company, the nation's largest private equity firm based on assets under management, said Tuesday that it has completed the sale of SK Eco Prime, a leading biodiesel manufacturer, to Hillhouse Capital, a global equity manager based in Singapore. The company declined to reveal the deal size, but the acquisition is estimated to have been made at between 400 to 500 billion won ($306 to 382 million), according to news reports. Hahn & Co. acquired SK Chemical's bioenergy divis

Jan. 2, 2024

Battery, new energy sectors to feel pinch from global minimum tax

Hundreds of South Korean firms, including tech giant Samsung Electronics, are set to be hit by the newly implemented 15 percent global minimum tax rate. Under the new corporate tax rule that came into effect Monday, multinational enterprises with a consolidated revenue of over 750 million euros ($827 million) are subject to an effective tax rate of 15 percent on their profits in every jurisdiction where they operate. The global minimum corporate tax system was agreed upon by the Organization for

Jan. 2, 2024

Mirae Asset chief to donate shares to charity

Mirae Asset Financial Group Chairman Park Hyeon-joo has decided to donate 25 percent of his stake in Mirae Asset Consulting to the group's charity foundation in phases, the company said Tuesday. The stock will be gifted to the Mirae Asset Hope Foundation, a charitable entity established in 1998 to nurture and help the younger generation, from college students to children and teenagers, to gain a foothold in society via scholarships and improved education infrastructure. “I hope this d

Jan. 2, 2024

Seoul shares end higher on tech gains on 1st day of 2024

Seoul shares closed higher Tuesday, the first trading day of the year, helped by tech gains and an improving global appetite for risky assets. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 14.53 points, or 0.55 percent, to close at 2,669.8, extending its winning streak to a fourth day. Trade volume was moderate at 404.2 million shares worth 9.5 trillion won ($7.3 billion), with decliners outpacing gainers 449 to 436. Institutions and foreigners b

Jan. 2, 2024

2024 set to be another profitable year for top 4 financial groups

South Korea's top four financial groups -- KB, Shinhan, Hana and Woori -- are expected to post a combined net profit of over 17 trillion won ($13 billion) this year, buoyed by their moneylending business, according to market tracker FnGuide. While the four firms posted an estimated net profit of 16.55 trillion won last year, the projected figure for this year is 17.23 trillion won, marking a 4.1 percent growth on-year. Securities firms predicted KB Financial Group to garner a net profit of

Jan. 2, 2024

[Photo News] First trading day of 2024

President Yoon Suk Yeol (center) attends the opening ceremony of the nation’s first stock trading day of the year at the Korean Stock Exchange in Seoul on Tuesday, becoming the first Korean president to do so. From left are Seo Yoo-seok, chairman of the Korea Financial Investment Association; Rep. Yu Eui-dong from the ruling People Power Party; Sohn Byung-doo, chairman of the Korea Exchange; Finance Minister Choi Sang-mok; Financial Services Commission Chairman Kim Joo-hyun; and Lee Bok-

Jan. 2, 2024

CJ eyes global expansion for K-street food products

Korean food giant CJ CheilJedang's Bibigo brand has set a target of 35 billion won ($26 million) in domestic sales this year for its K-street food products, after observing considerable sales momentum in the market in 2023, according to the firm on Tuesday. Among Bibigo's K-street food offerings, its bungeoppang products, or fish-shaped waffles, achieved monthly domestic sales of 1 billion won for both November and December. Launched in August, the bungeoppang series currently boasts r

Jan. 2, 2024

No Korea-made EVs are eligible for US tax credits

With the US government excluding electric vehicles equipped with Chinese batteries for tax credits starting this year, Korea-made electric cars sold in the US officially became ineligible for the hefty tax break. According to the US Department of Energy on Monday, only 19 EV models are available for tax credits of up to $7,500 following the Inflation Reduction Act, a drop from last year’s 43 models. Several US automakers’ electric car and plug-in hybrid models -- Chevrolet, Chrysle

Jan. 2, 2024

Korean flag error sparks outrage after french news broadcast

French news outlet La Chaine Info sparked outrage among Koreans by broadcasting picture of the South Korean national flag with a red circle instead of the distinctive "taegeuk" mark at its center. The incorrect flag appeared in a visual aid used by the news presenter Sunday during a segment discussing North Korean leader Kim Jong-un's provocative remarks about war against South Korea, made during a meeting with high-ranking officers. The error was particularly concerning to many

Jan. 2, 2024

Korean Air's Incheon-Ishikawa flights delayed after major earthquake hits Japan's western coast

Korean Air Co. said Tuesday its flights connecting Incheon and Japan's western prefecture of Ishikawa have been delayed after a major earthquake struck off Japan's west coast the previous day. According to the company, flight KE775 from Incheon International Airport, west of Seoul, to Komatsu Airport in Ishikawa was delayed by around 2 1/2 hours in the morning following the previous day's 7.6 magnitude quake. The returning KE776 flight was also subsequently delayed by two hours to

Jan. 2, 2024

[KH explains] Nexon’s failed stake sale reignites dispute over ‘punitive’ inheritance tax

Controversy over South Korea's high inheritance tax has resurfaced as the government failed again in its tender offer to sell a 4.7-trillion-won ($3.62 billion) stake in NXC, a holding firm of the nation's largest game developer, Nexon. The open bid, hosted by the Korea Asset Management Corp., to sell the Finance Ministry's 29.3 percent stake, or 852,000 shares, in NXC ended in another failure, according to Kamco's auction site Onbid on Friday, with no offers being made. Th

Jan. 1, 2024

[KH Explains] Hyundai Motor aims to open era of flying mobility

Flying cars have long been a fixture in science fiction movies. For Hyundai Motor Group, the vision of vehicles flying in the air is not just a whimsical idea anymore as the Korean auto giant appears determined to make them a reality in the near future. Supernal, Hyundai Motor Group’s US-based advanced air mobility company, is gearing up to showcase the life-size concept model of its electric vertical takeoff and landing vehicle, or eVTOL, at CES 2024 to be held at the Las Vegas Convention

Jan. 1, 2024

LG to unveil display tech for smart cars at CES 2024

LG Display said Monday it will unveil four new automotive display technologies at the upcoming CES 2024 slated for next week in Las Vegas, introducing innovations tailored for software-defined vehicles that heavily rely on multiple advanced displays for various functions. These display solutions aim to improve the flexibility, visual quality, affordability, and safety of screens in software-defined vehicles. Central to LG's showcase is the adaptation of P-OLED, or plastic OLED, technology t

Jan. 1, 2024

SK chief vows management overhaul in 2024

SK Group Chairman Chey Tae-won vowed in his New Year's message Monday to review and reorganize the management system of the nation's second-largest conglomerate to better handle challenges in 2024. "A loose 'geomungo' (a six-string Korean zither) can only produce the right notes if the strings are untangled and re-tensioned,” Chey said in the message sent to all executives and staff of SK Group affiliates via email. "Let's all review and refine our manage

Jan. 1, 2024

Foreigners’ net buying of Samsung hits new high in 2023

Foreign investors snapped up investments in Samsung Electronics last year, net buying more than 16 trillion won ($12.31 billion) worth of shares, buoyed by the expectations of a recovery of the global chip industry. In 2023, foreign investors scooped up a net 16.73 trillion won of shares in Samsung Electronics, the largest amount since related data was compiled from 1999, according to the nation’s sole bourse operator Korea Exchange. It also marked a turnaround from their net selling stanc

Jan. 1, 2024

Reflecting on bumper year for K-food

South Korea posted a new record high in food exports last year, driven by the steadily increasing global interest in Korean culture and strategic initiatives by food companies who have rigorously promoted their products overseas. The total export value of agricultural and food products reached $9 billion by the end of the third week of December, according to the Ministry of Agriculture, Food and Rural Affairs. This marks a 3 percent increase compared to the same period in 2022, setting a new all

Jan. 1, 2024

S. Korea's exports down 7.4 pct in 2023 amid weak chip demand

South Korea's exports decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties, industry ministry data showed Monday. Outbound shipments stood at US$632.6 billion last year, according to data compiled by the Ministry of Trade, Industry and Energy. Imports decreased 12.1 percent on-year to $642.7 billion in 2023, resulting in a trade deficit of $9.97 billion. The industry ministry attributed the sluggish exports in 2023 to the gl

Jan. 1, 2024

S. Korea's economy forecast to grow 2% next year

South Korea's economy is forecast to grow an average 2 percent next year, as it is expected to struggle with weak domestic demand in spite of a gradual recovery in exports, according to reports Sunday. The average outlooks by 20 local and international think tanks are largely in line with the 2.1 percent growth forecast recently announced by the Bank of Korea but lower than the government's 2.4 percent projection announced in July. The state-run Korea Development Institute and the Kore

Dec. 31, 2023