Posco's charity foundation supports 300,000 people

South Korean steelmaker Posco on Wednesday held a 10th-anniversary ceremony of its social outreach foundation called "Posco 1 percent Foundation," to reflect on its outcomes over the past decade and to honor those who made outstanding contributions to the campaign. The foundation has been run by voluntary participation of its employees and executives who donate 1 percent of their wages which is then used to organize social outreach programs both at home and abroad to support underpri

Nov. 8, 2023

Nexon boasts IP leadership with latest titles

South Korean game developer and publisher Nexon has proved its global competitiveness in intellectual property through the two latest original titles -- Dave the Diver and Wars of Prasia. Shortly after its global release on June 28, the adventure video game Dave the Diver topped the July weekly sales chart on Steam, the US-based PC game distribution platform. It was also introduced and recommended by several major media outlets, including The Washington Post. As of September, the game's cum

Nov. 8, 2023

Renault Korea CEO pledges to accelerate future mobility transition

Renault Korea Motors CEO Stephane Deblaise has pledged to ramp up the transition to electric vehicles with cutting-edge hybrid car technologies, the company said Wednesday. With additional investments, the company will add hybrid cars to its Busan plant production lineup, Deblaise was quoted as saying at the Invest Korea Summit 2023 that wrapped up Wednesday in Busan. No time frame was mentioned. Under the vision of a “thriving automotive tech company,” the CEO added the carmaker has

Nov. 8, 2023

S. Korea to inject 78 tln won in trade financing to boost exports

South Korea's industry ministry said Wednesday it plans to inject 78 trillion won ($59.7 billion) by the end of this year in trade financing to keep outbound shipments on the recovery track. South Korea's exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector. The fund will be raised by state-run institutions, including the Korea Trade Insurance Corp. and Export-Import Bank of Korea,

Nov. 8, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street over a slide in Treasury yields there. The benchmark Korea Composite Stock Price Index rose 10.84 points, or 0.44 percent, to 2,454.80 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average edging up 0.2 percent and the Nasdaq Composite rising 0.9 percent amid an easing of Treasury yields there. In Seoul, battery and bio-related shares opened stronger, with l

Nov. 8, 2023

S. Korea logs current account surplus for 5th month in September

South Korea logged a current account surplus for the fifth straight month in September on the back of a widened trade surplus and increased dividend income from overseas, central bank data showed Wednesday. The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea. September's surplus came as the country's trade balance has remained in the black for six s

Nov. 8, 2023

Kakao Bank's Q3 profit jumps 21% on higher interest income

South Korean online lender Kakao Bank said Wednesday its net profit jumped 21 percent from a year earlier in the third quarter, helped by higher interest income. Third-quarter net profit came to 94.5 billion won ($72.7 million), up 21.2 percent from a year earlier, Kakao Bank said in a regulatory filing. Revenue surged 59.4 percent on-year to 656.6 billion won, with operating income growing 21.9 percent on-year to 127.5 billion won, it said. In the first nine months of the year, Kakao Bank said

Nov. 8, 2023

Celltrion posts record earnings in Q3, buoyed by upbeat biosimilar sales

South Korean biopharmaceutical giant Celltrion said Tuesday it posted record earnings in the third quarter, largely buoyed by upbeat sales of biosimilar products and solid contract manufacturing orders. Celltrion's revenue in the July-September period climbed 4.1 percent on-year to 672.3 billion won ($514 million). Operating profit also went up by 25.2 percent to 267.6 billion won during the same period, while the operating margin came to 39.8 percent. Celltrion said sales of the company&rs

Nov. 7, 2023

[Photo News] Korea-China mutual growth

Sohn Kyung-shik (left), the CJ Group chairman who doubles as chairman of the Korea Enterprises Federation, poses with China Center for International Economic Exchanges Executive Vice Chairman Bi Jinquan at the headquarters of the Chinese think tank in Beijing, Tuesday. During his three-day visit to China that started Monday, Sohn held a series of meetings with high-level officials of major business groups and research centers in Beijing to discuss ways to bolster economic cooperation between t

Nov. 7, 2023

LX International to acquire 60% stake in Indonesian nickel mine

LX International, the trading arm of South Korea's LX Group, said Tuesday it will buy a major stake in a nickel mine in Indonesia as it pushes to expand its resources business. The company's board of directors has approved an agenda to invest 133 billion won ($101.6 million) to acquire a 60 percent stake in the Adhi Kartiko Pratama, or AKP, mine and secure its management rights. The acquisition will be LX's first nickel mine investment in the Southeast Asian country. Located near

Nov. 7, 2023

Kyobo Life chairman wins top industry honor

Kyobo Life Insurance Chairman and CEO Shin Chang-jae has been awarded the 2023 Insurance Hall of Fame Laureate award from the International Insurance Society, one of the insurance industry’s top honors. The awarding ceremony was held during the gala event of the Global Insurance Forum in Singapore on Monday. “Shin embodied the spirit of the Insurance Hall of Fame through innovative activities, insightful leadership and people-centered management,” said Josh Landau, CEO of the

Nov. 7, 2023

Seoul shares slide 2.3% after record gains over short selling ban

South Korean stocks ended more than 2.3 percent lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The local currency sharply fell against the greenback. The benchmark Korea Composite Stock Price Index sank 58.41 points, or 2.33 percent, to close at 2,433.96, bringing its four-session winning streak to a close. Trading volume was moderate at 447.6 million shares worth 11

Nov. 7, 2023

Spending on overseas tourism rises by most in 13 years

Korean tourists' total spending on overseas group tours posted the sharpest increase last month in 13 years, according to Statistics Korea on Tuesday, mainly due to rises in accommodation and flight costs. Consumer prices for overseas group tours in October showed a 15.9 percent increase from the same month last year, data from the Korean Statistical Information Service showed. Although the figure has been on a constant rise in recent months, advancing from 5.7 percent in August to 12.6 per

Nov. 7, 2023

Kosdaq volatility persists after short selling ban

Following the implementation of the short selling ban on Monday, the secondary Kosdaq market has been on a roller-coaster run, with five-minute suspensions of trading kicking in two days in a row to tame market volatility. Sidecar curbs were triggered on the tech-heavy Kosdaq once again Tuesday, just a day after they were imposed for the first time in three years. The trading curb was applied after the Kosdaq 150 futures plummeted 6.46 percent from the previous day, as the Kosdaq 150 index had

Nov. 7, 2023

Hyundai E&C completes design of new hydrogen plant

Hyundai Engineering & Construction said Tuesday it has completed the basic design of the nation’s first water electrolysis-based hydrogen production plant. Since last year, the company has been working on the new plant located within an industrial complex in Buan, North Jeolla Province, as part of a project promoted by the Ministry of Trade, Industry and Energy. Converting electricity into hydrogen by splitting water is a promising strategy that addresses the issue of excess renewable

Nov. 7, 2023

Samsung CEO highlights AI safety research

Samsung Electronics co-CEO Kyung Kye-hyun, who oversees the tech giant's chips business, called on experts to conduct more in-depth research on the safety, trustworthiness and sustainability of artificial intelligence in line with rapid advancements in technology. “The spotlight has recently shifted toward generative AI technology, as it provides us the potential to unlock new solutions and address long-standing challenges. But the need for in-depth research on the safety, trustworthi

Nov. 7, 2023

AmCham hosts AI forum for SMEs

The American Chamber of Commerce in Korea on Tuesday hosted the AmCham SME Collaboration Forum in Seoul to explore diverse collaboration opportunities between global companies and Korean small and medium-sized businesses in the evolving field of artificial intelligence. Several key government officials from South Korea and the US, including Rep. Ahn Cheol-soo of the ruling People Power Party, and Andrew Gately, minister counselor for commercial affairs from the US Embassy in Seoul, attended th

Nov. 7, 2023

LX Holdings CEO promoted to president

LX Holdings Chief Executive Officer and Vice President Roh Jin-seo has been promoted to president in a regular personnel reshuffle, the business group announced Tuesday. A close confidante of the group’s chairman Koo Bon-joon, Roh served as the chief strategy officer in the holdings company before he took on the CEO position last March. “Roh led the growth of the group by coming up with strategies to strengthen business competitiveness and reorganizing the business portfolio. He also

Nov. 7, 2023

Samsung SDI, Volvo Trucks vow to enhance battery partnership

Samsung SDI said Tuesday it is bolstering ties with Volvo Trucks as the two companies celebrate the fifth anniversary of their partnership this year. Samsung SDI CEO Choi Yoon-ho and Martin Lundstedt, CEO and president of Volvo Group, as well as other company officials participated in the celebratory event held at the Korean battery maker’s Cheonan plant in South Chungcheong Province last month. Aside from battery-powered trucks, the two vowed to enhance their partnership on constructi

Nov. 7, 2023

Samsung C&T gears for 2023 Smart City Expo World Congress

The engineering and construction division of Samsung C&T Corporation is taking part in the “2023 Smart City Expo World Congress” held in Barcelona to showcase its innovative smart city model ideas, the company said Tuesday. Kicking off Tuesday, SCEWC is the world’s biggest expo on urban innovation, serving as a meeting point between industry and government leaders. This year, the E&C division of Samsung C&T is presenting a smart city model jointly developed with its

Nov. 7, 2023