Seoul shares fall for 3rd day on Powell rate hike remarks; Korean won dips

South Korean stocks fell for the third day in a row Thursday, as investors digested US Federal Reserve Chair Jerome Powell's hawkish remarks reaffirming more interest rate hikes ahead. The local currency dipped against the US dollar. The benchmark Korea Composite Stock Price Index sank 14.17 points, or 0.55 percent, to close at 2,550.02. Trading volume was moderate at 591.9 million shares worth 8.65 trillion won ($6.56 billion), with decliners far outnumbering gainers 737 to 161. "Befo

June 29, 2023

Apple Pay sees 26m transactions in Korea in first 100 days

Over 25.8 million transactions have been made with Apple Pay since its launch on March 11, Hyundai Card announced Thursday. Among these transactions, 93 percent were made at offline retailers. The numbers, covering the period from March 21 to June 27, were part of key indicators and customer data unveiled by the Korean card company in celebration of the 100th day since the introduction of Apple Pay in Korea. Additionally, Apple Pay facilitated payment transactions for over 108,000 merchants. Amo

June 29, 2023

Shinsegae premium outlet aims to become tourism hub

Shinsegae Simon, a premium outlet operator under South Korean retail giant Shinsegae Group, said Thursday it will ramp up its reach to tourists by turning its outlets into a local tourist destination. Starting Saturday, an exclusive express bus route will take patrons from Seoul Express Bus Terminal located in southern Seoul, to Shinsegae Simon Yeoju Premium Outlets in Gyeonggi Province, according to Shinsegae Simon, a 50:50 joint venture between Shinsegae and US-based real estate developer Simo

June 29, 2023

Dunamu leads Web 3.0 market with blockchain tech

Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has been leading the growth of next-generation technology with its experience in blockchain. The firm has been a pioneer in digital assets, introducing new technologies for lucrative investments. The operator joined hands with entertainment agency Hybe, the K-pop company behind boy band BTS, to launch Levvels, a joint venture that develops and launches non-fungible tokens based on the intellectual property of artists und

June 29, 2023

[Photo News] LG's auto achievements

LG Electronics employees celebrate the 10th anniversary of its vehicle solutions business at the ceremony held at LG Sciencepark in Seoul on Thursday. The tech giant set up the automotive business unit in 2013 which turned to a profit for the first time in the second quarter of 2022. As of last year, the unit’s accumulated orders have reached 80 trillion won ($60 billion). The company aims to become a leading player in the fields of infotainment solutions, electric vehicle powertrains and

June 29, 2023

Hyundai Steel to beef up net-zero efforts with low-carbon steel brand

Hyundai Steel has renewed its commitment to achieving its carbon neutrality goal by launching its own low-carbon steel brand, HyECOsteel, the first of its kind in the nation’s steel industry. The steelmaker said Thursday it will be ramping up marketing activities targeting automotive and shipbuilding industries around the world where calls are growing for eco-friendly efforts. The renewed marketing push comes after the company unveiled in April its carbon neutrality road map to reduce carb

June 29, 2023

SC Bank offers 3.6% interest rates for new account holders

Standard Chartered Bank Korea said Thursday that it is offering a promotion for new clients signing up for its Jaeil EZ account, promising first-time customers interest rates of up to 3.6 percent per year, even for just one day of deposit. The promotion, which launched on June 20 and runs until July 7, offers every new client 3,000 won ($2.28) worth of Naver Pay points, a points reward program of the country's largest portal. Customers need to agree to receiving mobile newsletters and mobil

June 29, 2023

S. Korea eyes W100tr of investment in free economic zones by 2032

South Korea seeks to attract 100 trillion won ($76.55 billion) of investment in the country's free economic zones and create 450,000 jobs there by 2032 to make them global hubs of advanced industries and businesses, the industry ministry said Thursday. Under the draft of the comprehensive 10-year development plan, the government aims to attract the investment from domestic and foreign entities in key leading sectors and build smart, eco-friendly international cities in cooperation with muni

June 29, 2023

Fila releases sustainability report, bolsters product circularity

South Korean sportswear brand Fila on Wednesday released its latest annual sustainability report, as part of efforts to enforce its mid-to long-term slogan to operate a transparent and eco-friendly business. "Fila made significant strides in its pursuit of sustainability management throughout 2022," a Fila Holdings official said. "Last year was particularly meaningful in that (Fila) further strengthened (the firm's) mid- to long-term strategies in all directions of sustainabi

June 29, 2023

Hanwha TotalEnergies completes construction of polyolefin elastomer pilot line

Hanwha TotalEnergies Petrochemical Co. said Thursday it has completed the construction of a pilot line to produce a high functional copolymer used in industrial components like car parts and wire coating. The pilot facility, located in Daesan, about 83 kilometers south of Seoul, will produce polyolefin elastomers and conduct various tests on the processing needed for the manufacturing of the material, the company said in a release. Hanwha TotalEnergies, the 50:50 joint venture between South Kore

June 29, 2023

Seoul shares up despite Fed chief's hawkish remarks

South Korean stocks edged higher shortly after starting a tad lower Thursday, as investors were little fazed by US Federal Reserve Chair Jerome Powell's remarks reaffirming the interest rate hike campaign is not over. The benchmark Korea Composite Stock Price Index gained 8.82 points, or 0.34 percent, to 2,573.01 in the first 15 minutes of trading. Speaking at a European Central Bank forum in Portugal on Wednesday, Powell reiterated that the Fed will further raise its interest rates this ye

June 29, 2023

Biz outlook worsens for July amid economic uncertainties

South Korea's business sentiment slightly fell for July amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Thursday. Local companies' business sentiment index for July came to 75, down from 76 tallied for the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The worsened o

June 29, 2023

South Korea to release sea salt reserves amid high prices, demand

The Oceans Ministry said Wednesday it will release sea salt reserves to cope with recent price hikes and rising demand. Up to 400 tons of salt will be released to major discount chain stores and traditional markets across the country starting Thursday through July 11, and they will be retailed at about 20 percent off the consumer price for June, according to the Ministry of Oceans and Fisheries. Sea salt prices jumped more than 10 percent on-year this month due mainly to the fall in production a

June 28, 2023

EU antitrust regulators temporarily halt probe of Korean Air-Asiana deal

BRUSSELS (Reuters) -- EU antitrust regulators have temporarily suspended their investigation into Korean Air Lines' proposed acquisition of Asiana after the former asked for more time to prepare remedies to address competition concerns, the South Korean carrier said on Wednesday. The temporary halt took effect on June 23, the European Commission's site shows. "Korean Air has requested a deadline extension to render comprehensive remedies that can address the EC’s concerns, a

June 28, 2023

Lucid CEO says Aston Martin EV tech deal is just the beginning

LONDON (Reuters) -- Lucid will pursue more deals to sell its luxury electric vehicle equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The US EV firm will provide Aston with technology including a rear drive unit with twin motors, battery modules and software for integrating systems under the agreement with the British luxury carmaker announced on Monday. The parts will come from Lucid�

June 28, 2023

Gordon Ramsay Burger to open 2nd South Korean location in Busan

Michelin-star chef Gordon Ramsay will open his second burger restaurant in South Korea in the southern city of Busan this week, officials said Wednesday. The newest Gordon Ramsay Burger will open in Shinsegae Centum City Department Store in Busan on Thursday. It will be the gourmet burger chain's second location in South Korea, joining the Seoul restaurant that opened last year, according to the company. Various types of burgers, fries and drinks will be on the menu, and some 100 seats will

June 28, 2023

[Best Brand] Pearly Gates entices young golfers with fresh lineup

Pearly Gates, South Korean fashion company Creas F&C's luxury golf brand, has launched its brand-new spring and summer golf wear collection in a bid to ramp up efforts for growth in the burgeoning golf apparel market among young Korean consumers. For the summer, Pearly Gates released three collections under different themes: "Preppy Collection," "Flower Collection" and "Cheer up! Collection." Whilst the Preppy Collection focuses on simple designs with white

June 28, 2023

[Best Brand] AK Golf, No. 1 online golf retailer, seeks offline expansion

AK Golf, the pioneering company that initiated online golf distribution in South Korea, has succeeded in driving golf popularization through innovative online distribution and a groundbreaking pricing system. The domestic golf equipment market used to be dominated by expensive offline stores in each region, creating a closed market. However, AK Golf revolutionized the purchasing experience by offering an innovative way for consumers who opt for rational consumption. By transforming the tradition

June 28, 2023

[Best Brand] Noble Klasse offers top-class luxury limousine service

KC Motors’ luxury limousine brand Noble Klasse is a leading player in the nation’s premium limousine market that is equipped with both design and production capabilities. Since its debut in 2015, its limousine lineup consists of L4, L9, L9 Standard and L13 models based on the number of passenger seats. The smallest second generation L4 is the nation’s first limousine with a full partition that offers a comfortable ride for a limited number of VIP passengers. The car comes with

June 28, 2023

[Best Brand] Come In Wash goes global with innovative car washing machines

Come In Wash has established itself as a leading company in the automatic car wash industry, winning accreditations from various institutions for its technological prowess. The company first garnered attention from the industry for its high-quality car wash services using an automatic, “no-touch, no-brush” car wash which became patented in 2019. In recent years, the company has earned recognition at home and globally. In 2021, it won a tech award from the Ministry of SMEs and Startup

June 28, 2023