Hyundai Motor to sell auto plant in Russia

Hyundai Motor Group said Tuesday it has decided to sell its entire shares of its car manufacturing plant in Russia, which has been temporarily shut down because of Russia's invasion of Ukraine, to a Moscow-based company, ending a decadelong operation. The carmaker’s board of directors approved selling Hyundai Motor Manufacturing Russia in St. Petersburg, along with a General Motor plant it acquired in 2020 to the Russian automotive service firm Art-Finance. “We have reviewed var

Dec. 19, 2023

Seoul shares up for 4th day amid US rate cut hopes

South Korean stocks closed slightly higher Tuesday tracking overnight Wall Street gains and on expectations the US Federal Reserve will start its rate-cutting cycle. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 1.69 points, or 0.07 percent, to close at 2,568.55. Trade volume was light at 364.2 million shares worth 8.06 trillion won ($6.16 billion). Losers, however, outpaced winners 523 to 361. Overnight, the S&P 500 gained 0.5 percent

Dec. 19, 2023

French business tycoons visit Korea to meet with KCCI

Business lobby group Korea Chamber of Commerce and Industry held a meeting with delegation of the Movement of the Enterprises of France (MEDEF), the largest employer federation in France, to discuss ways to develop cooperation in the fields of human resources and business between the two countries. Hanwha TotalEnergies Petrochemical CEO Laurentius Na, who was recently named by the KCCI to lead business cooperation with France held talks with his counterpart Air-Liquide CEO Francois Jackow who

Dec. 19, 2023

Coupang to buy British online retailer Farfetch

South Korean e-commerce giant Coupang announced Tuesday it plans to acquire the British luxury online platform Farfetch, in a bid to strengthen its competitiveness in the fashion and luxury industry. Coupang will inject $500 million into the London-based retailer that sells high-end fashion and jewelry from more than 1,400 luxury brands. The funding will give a boost to Farfetch, which has struggled with weak sales amid an economic slowdown. By combining its logistics know-how with Farfetch'

Dec. 19, 2023

Hyundai Motor donates W35b to charity

Hyundai Motor Group said Tuesday that it has donated 35 billion won ($26.8 million) to Community Chest of Korea, a nonprofit organization and state-sanctioned charity. The South Korean auto conglomerate has taken part in CCK’s year-end campaign for helping the underprivileged since 2003. Hyundai Motor said it increased this year’s donations by 10 billion won. According to the company, the auto giant’s accumulated amount of donations reached 394 billion won as of this year. &ldq

Dec. 19, 2023

Shinsegae Duty Free, Cathay Pacific partner to draw in independent travelers

Shinsegae Duty Free, Korea's leading duty-free brand, said Tuesday it has joined hands with Hong Kong airline Cathay Pacific to establish a membership mileage partnership program. This marks the first time for a domestic duty-free company to enter into a marketing agreement with a global air carrier. The strategic move is aimed at drawing in more individual tourists to duty-free shops, responding to the changing trend of those visiting Korea. Whereas previously there were more tourists from

Dec. 19, 2023

Harim takeover of debt-ridden HMM draws concerns

Harim Group’s consortium was named as the preferred bidder for debt-ridden container ship company HMM, leaving concerns about how it would fund the acquisition worth 6.4 trillion won ($4.9 billion), industry sources said Tuesday. Outbidding rival Dongwon Group, the company is expected to take over the 57.9 percent stake owned by controlling shareholders of HMM -- the state-run Korea Development Bank and Korea Ocean Business Corp. The creditors have sought to get the shipper back on track t

Dec. 19, 2023

Korea should be 'rule setter': KCCI chief

South Korea should step up to become a "rule setter" from being a "rule taker" by collaborating with Japan, as well as keep a balance between the United States and China, SK Group Chairman Chey Tae-won, who doubles as chairman of the business lobby group Korea Chamber of Commerce and Industry. Underscoring that the current protectionist trend around the world is "very unfavorable" for South Korea, Chey said the country should come up with ways to expand its market s

Dec. 19, 2023

Mirae Asset founder recognized as global business leader

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo received the International Executive of the Year Award from the Academy of International Business, a leading association of scholars and specialists in international business, according to the finance firm's announcement Tuesday. The award, presented annually by the AIB, recognizes business leaders who have significantly improved their company’s reputation and performance on the global stage. Chairman Park secured the awa

Dec. 19, 2023

[Photo News] Holiday Season

S-Oil has set up the GooDoil tree, a caked-shaped, 5.5-meter-tall Christmas tree featuring the company's mascot, at Seoul Station and another at Ulsan Station to celebrate the holidays, the oil refiner said Tuesday. S-Oil is carrying out an Instagram event that will give out flight tickets and mobile gas tickets to those who post a picture of the GooDoil tree on the social media platform through Jan. 9. (S-Oil)

Dec. 19, 2023

Seoul shares open lower on foreign sell-offs

South Korean stocks opened lower Tuesday despite overnight gains on Wall Street due to foreign and institutional sell-offs. The benchmark Korea Composite Stock Price Index fell 9.17 points, or 0.36 percent, to 2,557.69 in the first 15 minutes of trading. Overnight, the S&P 500 gained 0.5 percent to continue its weekslong rally and the Nasdaq 100 climbed 0.6 percent to hit a record high for the second consecutive session. The Dow Jones Industrial Average closed flat. In Seoul, most of the big

Dec. 19, 2023

LG Display eyes 1.36 tln-won rights issue to hone OLED competitiveness

South Korean panel titan LG Display Co. said Monday that it will raise 1.36 trillion won (US$1.05 billion) via a rights offering in an effort to boost the competitiveness of its premium organic light-emitting diode (OLED) panel business. LG Display will issue some 142 million new common shares at a price of 9,550 won per share and sell them to its shareholders, the company said in a regulatory filing. The final issue price will be determined on Feb. 29 next year after two estimation processes. P

Dec. 18, 2023

Harim named preferred bidder for top container shipper HMM

A consortium led by Harim Group was picked Monday as the preferred bidder for South Korea's top container shipper HMM Co., controlling shareholders said, heralding the start of its privatization. Last month, two state agencies -- the state-run Korea Development Bank (KDB) and the Korean Ocean Business Corp. -- conducted a final bidding for their controlling stake in HMM, drawing the Harim-JKL Partners consortium and Dongwon Group. The Harim-led consortium reportedly offered to pay some 6.4

Dec. 18, 2023

How GC Biopharma has become only firm to export blood product plants

South Korea’s leading plasma protein and vaccine manufacturer GC Biopharma is the world’s only company that exports plasma fractionation plants to isolate and produce critical blood products. While global pharmaceutical giants operate their own plants to enter new markets, the Korean firm not only builds new facilities but also shares its operational know-how with countries that are heavily reliant on imports when it comes to plasma-derived blood products. In 2013, GC Biopharma sig

Dec. 18, 2023

Overseas construction orders to exceed $30b for fourth year

The South Korean construction sector is anticipated to maintain its streak of surpassing $30 billion in overseas orders for the fourth consecutive year, approaching the government's target of reaching this year's $35 billion goal. The total overseas orders that Korean builders have received as of Dec. 15 this year amounted to $29.25 billion, according to the Ministry of Land, Infrastructure and Transport on Monday. The figure is a 7.2 percent increase from the $27.29 billion tallied in

Dec. 18, 2023

[KH Explains] Why Hyundai Motor has no plan to adopt Apple’s upcoming CarPlay

Hyundai Motor Group could compete head-to-head with Apple in software, a domain where Apple, as the world's most valuable company, is known to excel, as the South Korean automaker is progressing toward its own software-defined vehicle vision that aims to incorporate its proprietary connected car operating system into all new models by 2025. This bold move could be part of its strategy to dominate in-car screens with its own software, potentially opening new revenue streams through content a

Dec. 18, 2023

Big 5 banks brace for losses from foreign real estate projects

South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r

Dec. 18, 2023

LG Electronics to unveil next-gen transparent antenna for cars

LG Electronics said Monday it will unveil its next-generation transparent antenna that will enhance telecommunication for cars at the upcoming CES 2024, slated for January in Las Vegas. The film-type antenna has been designed in collaboration with a renowned French glass manufacturer Saint-Gobain Sekurit, and is available as an on-glass or in-glass solution, LG said. According to the company, the transparent antenna can be seamlessly integrated in car windshields or glass sunroofs, meaning carma

Dec. 18, 2023

SUV sales near double of sedans in S. Korean market

Sport utility vehicle sales in the South Korean market are projected to surpass 900,000 units in 2023 for the first time, marking a significant milestone as SUV sales rapidly approach double that of sedans. There were 856,362 new SUV registrations, including recreational vehicles, in the first 11 months of 2023, data from the Transport Ministry analyzed by the CarIsYou data lab showed Monday. This exceeds the 837,948 SUV units sold throughout 2022 and represents the highest annual total since 20

Dec. 18, 2023

Celltrion's Cosentyx biosimilar gets nod for phase 1 study in Japan

South Korean biosimilar giant Celltrion said Monday it has gained approval for a phase one clinical trial of CT-P55 from a Japanese regulatory authority. CT-P55 is Celltrion's new biosimilar candidate referencing Novartis’ psoriasis treatment Cosentyx (Secukinumab). Upon approval from the Tokyo-based Pharmaceuticals and Medical Devices Agency, Celltrion will conduct a phase one clinical study with a total of 171 Japanese adults to compare the pharmaceutical equivalence of CT-P55 to

Dec. 18, 2023