Hyundai Motor’s yearly earnings hit record-high W20tr in Q3

With upbeat earnings in the third quarter, Hyundai Motor Group's yearly operating revenue has surpassed the 20 trillion won ($14.8 billion) mark, the company’s earnings report showed Friday. The South Korean auto giant’s Hyundai and Kia brands hit a combined 20.8 trillion won in operating profit and sales revenue of 196.5 trillion won during the January-September period. The two carmakers’ annual profit and revenue in 2022 were 17.5 trillion won and 229.8 trillion won, res

Oct. 27, 2023

Seoul shares make slight recovery after massive fall

Korea’s benchmark stock index Kospi recovered to over 2,300 points on the back of bargain hunting on Friday, after experiencing a huge dip the day before. The Kospi closed at 2,302.81, up 3.73 points from the previous day. Despite massive sell-offs by foreign investors, retail investors and institutions backed the index, net buying 100.5 billion won ($74.1 million) and 221.9 billion won, respectively. Foreign investors sold off 378.9 billion won. The Kosdaq, Korea’s secondary bourse,

Oct. 27, 2023

Mirae Asset Securities names Kim Mi-sub as CEO

Mirae Asset Securities, Korea's investment bank and securities firm, announced that its Vice Chairman Kim Mi-seob has been appointed as its new CEO. The announcement made Friday came after Mirae Asset Financial Group conducted a massive reshuffle in its leadership on Oct. 23. Kim, the former president of Mirae Asset Securities, was promoted to the position of the company's vice chairman. Having joined Mirae Asset Financial Group in 1998, Kim has contributed to the overseas expansion of

Oct. 27, 2023

Meta fails to provide communication channel in Korea: lawmaker

Meta Platforms has failed to provide a proper channel for communication to uphold its legal responsibilities in Korea, a lawmaker claimed Friday, citing data provided by the Ministry of Science and ICT. The Science Ministry lacks basic contact details for Meta Communication Agent Limited, which refers to Meta's legal entity that is supposed to serve as a communication channel with Korean authorities. The only available means of contact to the agent is an automated landline that redirects ca

Oct. 27, 2023

[Photo News] Best mechanic skills

Participants of Hyundai Motor Group’s 14th World Skill Olympics, the biannual competition event for car maintenance technicians, pose for a photo in Cheonan, South Chungcheong Province, Thursday. This year, Haydar Ali from Indonesia won first place among the 75 participants from 56 countries in Europe, Central America and Southeast Asia. Since 1995, the annual event has evaluated mechanics’ skills in diagnosing and fixing problems with international combustion engine cars and, more

Oct. 27, 2023

Hyundai Mobis Q3 net jumps 78% on sales growth of key components

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its third-quarter net income jumped more than 70 percent on-year thanks to robust sales of its high-end auto components. Consolidated net profit came to 998.1 billion won ($736.8 billion) during the July-September period, up 78.3 percent from a year earlier, the company said in a regulatory filing. Sales grew 7 percent on-year to 14.23 trillion won, while operating profit jumped 19.8 percent to 690.2 billion won. The ear

Oct. 27, 2023

[Photo News] Airstrait your hair

Dyson Korea, the Korean arm of the UK consumer electronics giant, said Friday that it has opened a pop-up store set to operate through Nov. 5 at IFC Mall in Yeouido, western Seoul. The pop-up follows the debut of its latest hair straightener product Dyson Airstrait earlier this month. In the pop-up, visitors are allowed to freely test the latest hair device which dries and straightens wet hair simultaneously, as well as receive customized tips and explanations from Dyson’s professional hai

Oct. 27, 2023

Seoul shares open higher on eased Fed rate hike woes

South Korean stocks opened higher Friday as higher-than-expected US economic growth and solid consumer demand boosted hopes for a pause in the Federal Reserve's rate hike march. The benchmark Korea Composite Stock Price Index added 12.04 points, or 0.52 percent, to 2,311.12 in the first 15 minutes of trading, making a rebound from the previous day's crash. Overnight, all three major US indexes closed lower due to a slide in tech blue chips that posted disappointing earnings. Data showe

Oct. 27, 2023

Daewoong eyes W1tr in new drug sales by 2030

Daewoong Pharmaceutical announced that the company aims for annual sales of its two new drugs, gastroesophageal reflux treatment Fexuclue and diabetes drug Envlo, to reach 1 trillion won ($736 million) by 2030. "Daewoong Pharmaceutical anticipates new launches and outlicensing deals involving Fexuclue and Envlo in the global pharmaceutical market," said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during a press conference held at the com

Oct. 26, 2023

After revenue milestone, Samsung Biologics presses home its advantage

Samsung Biologics is investing in new production facilities and exploring opportunities in new business areas after milestone revenue in the third quarter. "Now is the time for us to prepare for the next phase with a new modality and overwhelming production capability," Samsung Biologics CEO John Rim said during a press conference on Wednesday, held in Barcelona in line with the company’s participation in the Convention on Pharmaceutical Ingredients (CPHI) Worldwide 2023. This

Oct. 26, 2023

Hyundai Motor posts record Q3 earnings on upbeat US sales

Hyundai Motor Group said Thursday it hit record earnings in the third quarter thanks to all-time high sales in the US market. The company’s operating profit from July to September skyrocketed 146.3 percent from last year to 3.8 trillion won ($2.8 billion), its highest figure since 2011. Its sales revenue increased 8.7 percent to 41 trillion won in the same period. The world’s third-largest carmaker sold a total of 1.04 million cars abroad and within Korea, a 2 percent jump from a yea

Oct. 26, 2023

[KH Explains] A look back on Lee Jae-yong's first 'New Samsung' year

Friday is the first anniversary of Samsung Electronics Executive Chairman Lee Jae-yong's official ascension to the top post at Korea's largest conglomerate. Over the past year, the Samsung chief conducted various management activities to explore new opportunities, laying the foundation for his own “New Samsung” vision, while succeeding the legacy of his father, the late Chairman Lee Kun-hee, who died three years ago. Experts agree that his push for “supergap technology” i

Oct. 26, 2023

Korean economy continues slow, steady recovery in Q3

The Korean economy grew 0.6 percent in the third quarter from the previous three months, continuing a slow yet steady recovery with both exports and private consumption inching up. The country’s gross domestic product, a key measure of economic growth, grew 0.6 percent on-quarter in the July-to-September period, according to the Bank of Korea's preliminary data released Thursday. The local economy has been on a recovery path since its lowest when it contracted by 0.3 percent in the fo

Oct. 26, 2023

SK hynix to boost investment in HBM, DDR5 chips

SK hynix, the world’s second-largest memory chip maker, said Thursday that it plans to boost its investment in high-value DRAM chips such as High Bandwidth Memory and DDR5, in line with the growth of the artificial intelligence market. “The capital expenditure for next year will increase compared to this year. … We’ll minimize the expansion by considering investment efficiency and financial stability,” Kim Woo-hyun, vice president and chief financial officer at SK

Oct. 26, 2023

Korean beef prices, poultry shares soar as cattle disease spreads

Prices of Korean beef rose following a series of lumpy skin disease breakouts in cattle across the country, data released Thursday showed. According to data from the Korea Institute for Animal Products Quality Evaluation, the wholesale prices of Korean beef logged an average of 19,365 won ($14.25) per kilogram as of Wednesday. The price saw a 6.5 percent increase compared with 18,179 won a week ago prior to the outbreak. The first confirmed case of lumpy skin disease was reported last Friday. Du

Oct. 26, 2023

Samsung SDI logs record-high Q3 sales on solid EV battery demand

Samsung SDI said Thursday it has posted a record-high revenue in the third quarter, driven by upbeat sales of electric vehicle batteries. In the July–September period, the company’s revenue surged 10.8 percent on-year to 5.9 trillion won ($4.4 billion), mostly boosted by increased sales of prismatic and cylindrical batteries cells for EVs which saw a 60 percent jump in profit and a 9.3 percent operating profit margin. Its operating profit decreased 12.3 percent to 496 billion won in

Oct. 26, 2023

[Photo News] LG Expo Bus in London

A double-decker bus named the LG Expo Bus, featuring the slogan "Busan is Ready," passes by Big Ben in London, in this photograph released by the company on Thursday. LG Group has deployed 210 similar double-decker buses as part of their efforts to promote Busan's candidacy for the World Expo. The conglomerate is expected to ramp up promotional efforts in London, Brussels and Paris until Nov. 28, when the host country of the 2030 World Expo is decided. (LG Corp.)

Oct. 26, 2023

SK Innovation joins hands with Fiji for mangrove restoration

South Korean energy giant SK Innovation announced Thursday that it will launch a mangrove restoration project on Vanua Levu, the second-largest island in Fiji, as part of its ongoing environmental campaign to tackle climate change. Under the agreement signed with the Fijian government the day before, the project, which is scheduled to begin in November, will be fully funded by SK Innovation. “This mangrove restoration project goes beyond simple environment protection as it embodies our str

Oct. 26, 2023

McDonald's Korea to increase prices of 13 items next week

McDonald's Korea said Thursday it will increase the price of 13 menu items by an average 3.7 percent, including the signature Big Mac, next week due to higher food and shipping costs. Under the plan, the price of a Big Mac will rise 300 won to 5,500 won ($4.06) on Nov. 2, while that of a McSpicy Shanghai Burger and Bulgogi Burger will also increase by 300 won each, according to the Korean unit of the US fast food chain. The price of an Egg Bulgogi Burger will go up 400 won, and that of an I

Oct. 26, 2023

Seoul shares open sharply lower on US losses

South Korean stocks opened over 1.4 percent lower Thursday in a broad sell-off on heightened concerns after Wall Street slumped overnight. The benchmark Korea Composite Stock Price Index lost 33.92 points, or 1.44 percent, to 2,329.25 in the first 15 minutes of trading. In the US, the S&P 500 tumbled 1.43 percent and the tech-heavy Nasdaq Composite shot down 2.43 percent, posting its largest drop this year, on Google's parent Alphabet's disappointing cloud figures and a rise in Tre

Oct. 26, 2023