New minister vows to revive exports, nuclear power industry

South Korea's new Industry Minister Bang Moon-kyu on Wednesday vowed sincere efforts to expand exports for the country’s economic growth and to restore the ecosystem of nuclear power plants here swiftly. “We will do our best to expand exports that will revive our economy. … It’s important to expand private investment to spread export momentum. For this, the government will mobilize all resources and capabilities,” Bang said in his inaugural speech. Korea'

Sept. 20, 2023

Merck shares digital solutions for chip industry

Merck Korea, the Korean unit of the German chemicals giant, shared the company’s solutions for the future semiconductor industry at an academic conference held by Alumninetzwerk Deutschland-Korea, Tuesday. Under the topic “Unlocking the potential of artificial intelligence and machine learning in semiconductor manufacturing,” Steven Eulig, head of business development for digital solutions at Merck Electronics, delivered a speech on the company’s digital insight. While th

Sept. 20, 2023

SK Pharmteco takes over US contract drugmaker CBM

SK Pharmteco, a global contract development and manufacturing organization under Korean conglomerate SK Group, said Wednesday that it has acquired the Center for Breakthrough Medicines, a US cell and gene therapy firm. The Korean firm exercised its right to acquire a controlling stake in CBM to obtain the management right of the Philadelphia-based cell and gene therapy CDMO, offering pre-clinical to commercial phase therapies. The right was given when SK Pharmteco made its capital investment i

Sept. 20, 2023

Samsung SDI certified 100% 'Zero Waste to Landfill' at home

South Korea’s leading battery maker Samsung SDI said Wednesday it has achieved the highest certification of "Platinum" from UL Solutions’ Zero Waste to Landfill program for all six facilities at home. UL Solutions, a global leader in applied safety science, tested the company’s landfill diversion levels according to its ZWTL program, classifying them into 100 percent "Platinum," 99 to 95 percent "Gold," and 94 to 90 percent "Silver" ratin

Sept. 20, 2023

[Photo News] You are what you eat

Shinsegae Food, the food business arm of South Korean retail giant Shinsegae Group, said Wednesday it has launched plant-based alternative food brand "You are What you Eat." The brand will introduce a range of new plant-based products, such as vegan cheese, vegan sauce and oat milk developed with Shinsegae Food's original food technologies. As the brand's first products, three plant-based ready-made meals, including kimchi-topped rice, rigatoni ragu and lasagna Bolognese, hav

Sept. 20, 2023

[Photo News] Jongga kimchi pop-up in London

South Korean food giant Daesang said Wednesday it will be operating a pop-up store in London, England, from Saturday to Oct. 8, following the increase in demand for Europeans to consume kimchi. In the pop-up, various international dishes paired with Daesang's flagship Jongga kimchi products, such as kimchi tacos, will be sold, and, in the sidelines, an exhibition showcasing kimchi's fermentation process will be presented. According to Daesang, domestic exports of kimchi to Europe h

Sept. 20, 2023

[Contribution] Priced for perfection?

By Steve Brice In financial markets, there is an inherent tug-of-war between themes/stories and valuations. We are seeing one play out in the equity markets right before our eyes, in the semiconductor industry. This reminds me of my formative investment years of the late 1990s. While we should not blindly follow historical examples, this comparison is something for investors to bear in mind when it comes to making financial decisions and sizing investment positions. Let me start with a caveat.

Sept. 20, 2023

Seoul shares open nearly flat ahead of Fed meeting

South Korean stocks started almost flat Wednesday as investors remained cautious awaiting the US Federal Reserve's rate decision. The benchmark Korea Composite Stock Price Index lost 1.61 points, or 0.06 percent, to 2,557.60 in the first 15 minutes of trading. All three US stock indexes closed lower Tuesday on the eve of the Federal Reserve's interest rate announcement, which is expected to keep rates on hold. But the market expects the US central bank may deliver one more rate hike th

Sept. 20, 2023

Producer prices up 0.9% in Aug. amid higher oil prices

South Korea's producer prices expanded 0.9 percent on-month in August on the back of higher global oil prices, the central bank said Wednesday. The producer price index, a major barometer of consumer inflation, came to 121.16 last month, up from 120.08 tallied in July, according to the data from the Bank of Korea. From a year earlier, it rose 1 percent. It marked the sharpest on-month growth since a 1.6 percent rise tallied in April 2022. Producer prices are one of the key indicators that d

Sept. 20, 2023

Samsung Biologics stands tall among pharma giants

South Korean biopharmaceutical company Samsung Biologics said Wednesday that the company achieved a stellar performance last year to stand shoulder to shoulder with top global pharmaceutical companies, buoyed by an array of large contract manufacturing deals. The company has been ranked in 37th place in market research company GlobalData’s list of the world's top 50 pharmaceutical companies in 2022, up 13 spots from 2021. According to the rankings, which listed companies based on thei

Sept. 19, 2023

Seoul shares close lower on tech losses ahead of Fed's rate decision

South Korean stocks closed lower for the second consecutive day Tuesday, hit by sharp losses in semiconductor and major tech shares ahead of a US rate-setting meeting. The local currency slid against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.51 points, or 0.6 percent, to finish at 2,559.21. Trading volume was moderate at 455.9 million shares worth 7.6 trillion won ($5.7 billion), with decliners outpacing winners 577 to 302. Offshore and retail investors purchased 2.6

Sept. 19, 2023

Posco Future M wins global certification for battery material standards

South Korean chemical and battery materials manufacturer Posco Future M announced on Tuesday that it has obtained the ISO 37301 certification, a global standard for compliance management systems, potentially reinforcing the company’s global credibility as a supplier of battery materials. It is the first company in the domestic battery materials sector to achieve this certification, which could give it a strategic advantage amid its recent expansions and partnerships with international batt

Sept. 19, 2023

[KH Explains] Why Korean battery makers’ mass hiring still ‘not enough’ for tech race

The nation's top three battery makers have gone on a hiring spree, and it shows no signs of stopping. LG Energy Solution, Samsung SDI and SK On have hired thousands of new employees during the first six months of this year alone, but the mass hiring fell short of easing the talent shortage to keep up with their business expansion at home and abroad. According to their regulatory filings in August, LG Energy Solution, the largest among the three, hired 1,688 workers in the January-June perio

Sept. 19, 2023

Posco E&C targets tenfold valuation growth by 2035

Construction and engineering firm Posco Eco & Challenge unveiled on Tuesday a new vision to multiply its corporate valuation tenfold by 2035, zeroing in on its renewed commitment to spearheading growth in the eco-friendly space. Under the vision, it is aiming to reach 25 trillion won ($18.9 billion) in sales and 2 trillion won in operating profit by 2035, which would help boost its corporate value, the firm said. “Using Posco E&C's sturdy foundation as the bedrock, we are layi

Sept. 19, 2023

LG Energy Solution raises $1b from green bond sales to finance battery projects

South Korean battery maker LG Energy Solution said Tuesday it has raised $1 billion worth of global green bonds to finance its global production facilities. It marks the company's first foray into the global green bond market. Green bonds are bonds specifically designed to provide capital to industries and projects combating climate change, including batteries, an alternative to fossil fuels. This $1 billion bond comprises two portions: $400 million set to mature in 3 years and the remainin

Sept. 19, 2023

Samsung’s guide dog school marks 30th anniversary

Samsung Group’s guide dog school, which began operations after the late Chairman Lee Kun-hee’s new management declaration in September 1993, celebrated its 30-year anniversary Tuesday. Samsung held a ceremony commemorating the occasion at Samsung Guide Dog School in Yongin, Gyeonggi-do, sharing gratitude for the late chairman’s insights, philosophy and passion for his dogs. Lee Kun-hee established Korea’s first school for dogs, aimed at training them for work with the vis

Sept. 19, 2023

SC Bank’s new commercial features Kim Young-ok

Standard Chartered Bank Korea said Tuesday it started a commercial campaign for its new savings product featuring Kim Young-ok, the oldest working actress in Korea. Under the slogan “You still don’t know? Let’s be clear! Jaeil EZ account,” the new commercial features Kim, 85, as a restaurant owner, telling diners the benefits of the new Jaeil EZ account in a humorous and friendly manner. The bank also chose Korean rock band Itzi’s “Emergency Room” as the

Sept. 19, 2023

BAT tackles trash dumping with flower gardens

BAT Rothmans, the Korean unit of British America Tobacco, said Tuesday it started a flower planting campaign dubbed “Kkot BAT,” with the aim to save alleys from litter and cigarette butts. “Kkot,” meaning “flower,” and “BAT," meaning “plot” in Korean, this new campaign lays lively flower pots or flower beds in neighborhoods suffering from littering and illegal waste disposal. Acknowledging the roles of citizens in this campaign, BAT Roth

Sept. 19, 2023

LG Electronics hosts conference to boost smart TV biz

LG Electronics Inc. said Tuesday it held a global conference aimed at enhancing its smart TV content and platform business. The South Korean tech company said some 300 content developers and business partners from 30 countries attended the webOS Partner Summit, held at LG Science Park in western Seoul, to extend the ecosystem and values of webOS, LG's own smart TV operating system. LG is "seeking to make a paradigm shift" away from a hardware maker to "a media and entertainme

Sept. 19, 2023

Seoul shares open tad higher ahead of Fed meeting

South Korean stocks started weaker Tuesday as investors take a cautious approach ahead of a US rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to 2,577.28 in the first 15 minutes of trading. Overnight, US stocks also closed little changed. The Dow Jones Industrial Average grew 0.02 percent, the tech-heavy Nasdaq Composite inched up 0.01 percent, and the S&P 500 rose 0.07 percent. The Federal Reserve will hold the Federa

Sept. 19, 2023