Kakao faces multiple whammy as CIO arrested

A Seoul court issued an arrest warrant for Kakao Chief Investment Officer Bae Jae-hyun on Thursday on charges of market manipulation related to SM Entertainment's stock price. The development has raised uncertainty about joint projects initiated by Kakao and SM Entertainment. "The arrest warrant was issued due to concerns about Bae destroying evidence or fleeing," the court said. The court dismissed arrest warrants for Kakao's head of investment strategy, surnamed Kang, and

Oct. 19, 2023

SK chairman says agile responses needed in times of geopolitical strife

SK Group Chairman Chey Tae-won urged top executives of the group's affiliates to respond with agility to survive in a fast-changing market environment and deepening geopolitical crisis, according to the group on Thursday. In the closing ceremony of the group's annual CEO seminar held in Paris on Wednesday (local time), Chey spoke about his awareness to executives of the group’s key affiliates and announced he would start implementing measures to counter risk factors in the macro

Oct. 19, 2023

BOK’s hands tied amid heightened uncertainties

Central bank holds key rate at 3.5 percent for 6th consecutive time The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid mounting economic uncertainties provoked by tensions from the conflict between Israel and the Hamas militants. The six-member Monetary Policy Board unanimously voted to carry out its sixth rate freeze, keeping the benchmark rate steady since February. “The biggest reason behind the rate hold was the high uncertainties surrounding the

Oct. 19, 2023

Hanmi Global to host forum on data center construction

South Korean construction management firm Hanmi Global said Thursday the company will hold the 2023 Datacenter Innovation Forum at Coex, southern Seoul, on Nov. 6. Via presentations from global companies such as program management service provider Turner & Townsend, British design engineering company Bryden Wood and architectural design company Arup, the forum will review the latest global trends in the efficient construction of data centers. "Following the emergence of digitalization a

Oct. 19, 2023

[Photo News] Kia EV9 for Rafael Nadal

Korean automaker Kia presents the EV9, the carmaker’s first three-row battery-powered sport utility vehicle, to its brand ambassador and renowned tennis player Rafael Nadal at the IFEMA Convention Center in Madrid on Wednesday. In October 2021, the company gave Nadal the EV6, its first electric vehicle to have adopted Hyundai Motor Group’s EV platform. Kia has sponsored Nadal since 2004 and recently renewed the partnership until 2025. (Kia)

Oct. 19, 2023

LG Energy Solution's new residential ESS to hit US market

LG Energy Solution said Thursday it is set to launch a new residential energy storage system device lineup called LG enblock S in the United States next month. Installed with nickel, manganese and cobalt batteries, the LG enblock S is a device with high energy density that can provide a wide range of power sources for households. “With LG enblock S products, households can save energy and lower electric bills. They can also be used as a backup power source when the electricity is shut do

Oct. 19, 2023

BOK holds key rate steady at 3.5%

The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid heightened economic uncertainties provoked by tension in the Middle East. Falling in line with market expectations, the central bank held the rate once again, keeping it steady since February. The BOK was pressured by rebounding inflation. Consumer prices growth in Korea stood at 3.7 percent in September and 3.4 percent in August, surging from how the figure stayed in the 2 percent range in the previous t

Oct. 19, 2023

Seoul shares open sharply lower on US losses

South Korean stocks started sharply lower Thursday tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index dropped 40.73 points, or 1.65 percent, to 2,421.87 in the first 15 minutes of trading. Dragged down by mixed corporate earnings reports and escalating concerns over the Israel-Hamas conflict, the Dow Jones Industrial Average fell 0.98 percent and the tech-heavy Nasdaq Composite dropped 1.62 percent. In Seoul, most shares opened bearish across the board. Mar

Oct. 19, 2023

Cha Medical to hold global forum on next-generation medicines

Cha Medical and Bio Group said Wednesday that the group will hold the Global Forum on Future Medicine 2023 at Cha Bio Complex in Seongnam, Gyeonggi Province, on Oct. 27. The forum will invite experts in stem cell research, regenerative medicine and cell and gene therapies, as well as officials from the government's regulatory agency. “The forum will provide opportunities for us to share the latest trends and new findings in the stem cell and GCT research areas,” said Yoon Ho-sup

Oct. 19, 2023

LIG Nex1 seals global defense ties at Seoul ADEX 2023

South Korean missile defense systems provider LIG Nex1 said Wednesday it had inked a series of collaborative ties with several global defense and aerospace leaders at the Seoul International Aerospace and Defense Exhibition, or Seoul ADEX 2023. The agreements are intended to bolster the company's international presence and spur innovation in missile technology, avionics and space exploration. During the Seoul ADEX held from Tuesday to Sunday, LIG Nex1 is showcasing a slew of innovations. No

Oct. 18, 2023

Posco International completes EV parts plant in Mexico

Posco International said Wednesday it completed a production facility for traction motor cores, or parts responsible for converting electric energy into kinetic energy in electric vehicles, in Mexico, in a bid to accelerate its foray into the North American market. Posco International said it held a ceremony in Ramos Arizpe, Mexico, to commemorate the completion of Posco International Mexico E-Mobility, or PI-MEM. According to Posco International, the completed facility stands on 63,925 square m

Oct. 18, 2023

Seoul shares close nearly flat on US rate-hike woes

South Korean stocks finished almost flat Wednesday as better-than-expected US retail sales data sparked concerns over a further rate hike by the Federal Reserve. The Korean won increased against the US greenback. After choppy trading, the benchmark Korea Composite Stock Price Index inched up 2.43 points, or 0.1 percent, to close at 2,462.6. Trading volume was heavy at 899.4 million shares worth 8.75 trillion won ($6.48 billion), with losers slightly outnumbering gainers 475 to 390. Foreign inves

Oct. 18, 2023

Samsung Biologics expansion ahead of schedule

In a wide open space just a few minutes away from Samsung Biologics’ first Bio Campus in Songdo, Incheon, the company’s Plant 5 is under construction. Prefabricated concrete-based frames implemented in a neatly controlled construction environment provide a glimpse into the company's new facility, which would further consolidate the firm’s leadership as the world’s largest contract development and manufacturing organization, or CDMO. On Tuesday, Samsung Biologics, the

Oct. 18, 2023

Registration opens for offshore firms' FX trading

South Korea has begun the registration process for offshore financial firms to participate in interbank trades of the Korean won as part of its ongoing efforts to open up the domestic financial market to more foreign investors. Registered foreign institutions, or RFIs, will be able to participate in dollar-won spot exchanges, forex swap exchanges and forward exchanges from January next year, according to the revised Enforcement Decree of the Foreign Exchange Transaction Act that took effect on O

Oct. 18, 2023

[Herald Interview] New Royal Salute whisky debuts in Korea to tap growing premium market

Pernod Ricard’s Royal Salute 21-Year-Old Richard Quinn Edition 2 has recently made its world debut in South Korea, where young drinkers are increasingly turning their eyes to high-end whiskeys. The second collaboration with UK fashion designer Richard Quinn "features a deeper and more flavorful blend, and the design is bolder and more colorful," said Pernod Ricard Korea CEO Frantz Hotton in a recent interview with The Korea Herald. “The reason why Korea was selected as the

Oct. 18, 2023

Scholars shed light on late Samsung chief’s management initiatives

A week ahead of the third anniversary of the late Samsung Group Chairman Lee Kun-hee’s death, scholars gathered at a global academic conference in Seoul on Wednesday, looking back on his management initiatives introduced three decades ago. About 300 scholars from Korea and abroad attended the event hosted by the Korean Academic Society of Business Administration, reminiscing about the late Samsung patriarch’s business philosophy, leadership and contributions to Korean society. &ldquo

Oct. 18, 2023

SK gears up for largest-ever tech conference on AI

SK Group has opened registrations for its annual tech conference, the SK Tech Summit 2023, which will be held on its largest scale ever, the telecom carrier SK Telecom said on Wednesday. Under the theme of “AI Everywhere for a Better Future,” the SK Tech Summit 2023 is scheduled to take place from Nov. 16 to 17 at Coex in southern Seoul. A total of 17 subsidiaries under the conglomerate, including SK Telecom, will prepare sessions, exhibitions and additional activities featuring

Oct. 18, 2023

Hyundai, Kia team up with Infineon on EV power chips

Hyundai Motor Company and its sister firm Kia announced Wednesday that they have signed a strategic partnership with Infineon Technologies AG, a global top-tier automotive semiconductor developer, to upgrade electric vehicle performance and secure power semiconductor supply chains. Under the partnership, the South Korean automakers will cooperate with the chipmaker to develop technologies with a goal to enhance the power performance of EVs and hybrid vehicles slated to be released in the future.

Oct. 18, 2023

Kia reaches tentative agreement with union

Hyundai Motor Group said Wednesday that its affiliate Kia has reached a tentative agreement with its labor union, continuing wage talks without a strike for a third consecutive year. The management and labor union members sat down for the 16th round of negotiations at Kia Autoland in Gwangmyeong, Gyeonggi Province, Tuesday. The most pressing item on the agenda was whether Kia would remove a clause in the collective agreement that allows for the hiring of children of workers with more than 25 yea

Oct. 18, 2023

[Photo News] BMW XM unveiled

BMW’s XM Label Red, a limited edition sport activity vehicle under the M performance brand, is displayed Wednesday ahead of the BMW Ladies Championship that kicks off Thursday in Paju, Gyeonggi Province. The German carmaker plans to unveil two M cars – the XM Label Red and the i7 M70 xDrive, the first battery-powered 7 Series model --during the four-day event. BMW has showcased its latest models during the nation’s only LPGA tour every year since 2019. (BMW Korea)

Oct. 18, 2023