Marking 10 years, Konex hits W4.2tr in market cap

South Korea’s tertiary bourse, the Konex, has seen stunning growth since its debut in 2013, with its total market capitalization surging tenfold over the past decade. Konex, or the Korea New Exchange, is the nation’s third stock market that opened in July 2013 in addition to the benchmark Kospi and tech-heavy Kosdaq. The bourse aims to trade shares in smaller firms and give them growth-inducing capital. According to the Korea Exchange, the nation’s sole bourse operator, the mar

June 22, 2023

[Photo News] Virtual tour of Busan

SK Telecom said Thursday it offered a glimpse into South Korea's urban air mobility technology and the future of mobility at the official reception for the 2030 World Expo in Paris to show its support for Busan's expo bid. Some 400 people, including delegations from the member countries of the Bureau International des Expositions, as well as diplomats, visited the site and showed interest in the advanced technology and its future developments.

June 22, 2023

[Herald Interview] Cross-border cooperation drives success of Chevrolet Trax Crossover

The number of preorders for the second-generation Chevrolet Trax Crossover surpassed 13,000 a week after the Korean office of General Motors launched the preorders in March. The figure set a new record for the American auto brand as the vehicle with the most preorders in a week, according to GM. The vehicle’s relatively cheap price tag starting at 20.5 million won ($15,900) is likely to have contributed to the sales rush, but the automaker is attributing both the vehicle’s immersive

June 22, 2023

Korea Inc. heads to Vietnam to strike deals

With South Korean President Yoon Suk Yeol taking his largest economic delegation involving top conglomerate chiefs on a state visit to Vietnam on Thursday, anticipation is growing on new joint business opportunities their trip will create for the two countries. For the three-day state visit, Yoon has formed his largest-ever delegation to accompany him, consisting of 205 entities -- 24 conglomerates, 28 mid- and small-sized companies, six economic lobbying groups, six economic associations and th

June 22, 2023

Chaebol chiefs meet with French president

Korean business tycoons met with French President Emmanuel Macron to discuss their cooperation in strategic industry projects including energy and next-generation transportation, a business lobby group Korea Chamber of Commerce and Industry said Thursday. At the meeting held at the Elysee Palace in Paris with heads of Korea's top eight conglomerates on Wednesday, President Macron presented the economic and social reform policies that France is pursuing to strengthen the country’s inve

June 22, 2023

SK to honor US veterans with memorial

SK Group said Thursday it will honor two late US veterans who fought in the 1950-53 Korean War with a memorial stone, in commemoration of the 70th anniversary of the South Korea-US alliance this year. SK and the Korea-US Alliance Foundation joined hands to establish the memorial stone to honor the late Col. William E. Weber and the late Maj. Gen. John Kirk Singlaub. The conglomerate, Korea's second-largest by revenue, will subsidize the cost of creating the monument, with the foundation tak

June 22, 2023

Innocean tops client satisfaction ranking in Spain

Innocean Worldwide, the marketing and communications agency affiliated with Hyundai Motor Group, said Thursday that its Spanish subsidiary has recently topped a client satisfaction ranking conducted by Spain’s biggest consulting and marketing research firm Scopen. Some 1,600 local marketers participated in Scopen’s latest survey, evaluating agencies with more than five advertisers based on criteria such as creative and strategic planning skills, price competitiveness and digital capa

June 22, 2023

[Photo News] Hyundai renews Japan push

Hyundai Motor Company has joined hands with Japanese lifestyle content company Culture Convention Club (CCC) to expand its presence in the Japanese market by offering future mobility services such as zero-emission vehicles. According to the Korean automaker, the two sides will also cooperate in setting up a global experience-based platform and in conducting data-based marketing activities. In this photo, Hyundai Motor Company CEO Chang Jae-hoon (left) and CCC CEO Yasunori Takahashi pose for a ph

June 22, 2023

Emro seeks global expansion with supply chain management solutions

South Korean supplier relationship management vendor Emro said Thursday it is making a foray into the global market by developing an integrated supply chain management platform in collaboration with Samsung SDS and US-based planning platform provider o9 Solutions. Amid the escalating trade rivalry between the US and China, the prolonged Russia-Ukraine war and a worldwide economic slowdown, managing one's global supply chain more effectively has become a key focus in corporate management, le

June 22, 2023

S. Korea-led consortium wins Oman green hydrogen deal

An international consortium led by South Korea's top steel maker Posco Holdings Inc. has won a project to develop and build a large-scale green hydrogen plant in Oman, Posco Holdings said Thursday. The deal, signed between the consortium and Hydrogen Oman in the Omani capital of Muscat a day earlier, calls for building a green hydrogen plant with an annual capacity of 220,000 tons in Duqm, some 450 kilometers southwest of the Omani capital. The six-company consortium will construct a 5-giga

June 22, 2023

Renault Korea in talks to manufacture EVs at Busan plant

Renault Korea Motors, the South Korean unit of Renault S.A., said Thursday it is in talks with the South Korean government to manufacture electric vehicles at its sole Busan plant amid carmakers' accelerating electrification push. Busan Mayor Park Heong-joon met with Renault Executive Vice President Guido Haak in Paris on Tuesday during his visit to France to help promote Busan's bid to host the World Expo 2030. In the meeting, Haak said the French carmaker is planning to invest in the

June 22, 2023

Seoul shares open almost flat as Powell signals more rate hikes

South Korean stocks opened almost flat Thursday after the US Federal Reserve chief hinted at more rate hikes this year. The benchmark Korea Composite Stock Price Index inched up 3.15 points, or 0.12 percent, to 2,585.78 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, after Fed Chair Jerome Powell said during his congressional testimony that the central bank remained focused on wrestling down inflation back to its 2 percent target and

June 22, 2023

Elliott warns Korea to pursue no further legal action

An international court’s decision sentencing South Korea to pay a US hedge fund about $108.5 million in losses caused by the government’s meddling in the 2015 merger of two Samsung units may affect other pending rulings on investor-state dispute cases involving the country. Elliott Investment Management on Wednesday urged the Korean government to pay the amount to the investor as ordered by the Permanent Court of Arbitration on Tuesday, asserting further legal proceedings would c

June 21, 2023

[Herald Interview] Koreans' 'discerning taste’ spurs Mercedes-Benz's growth

Mercedes-Benz Korea sold 80,976 units last year -- the first time an auto importer has sold more than 80,000 in a year here -- while claiming the top spot for the seventh consecutive year among foreign automakers in South Korea. Thomas Klein, who is wrapping up his 2 1/2-year tenure as the CEO of the German carmaker’s Korean office this week, says the auto brand’s success here is linked to Korean customers’ "discerning taste." “I believe South Koreans in general

June 21, 2023

Seoul shares down for third day ahead of Powell's testimony

South Korean stocks slid for the third consecutive session Wednesday, as investors awaited the US Federal Reserve chairman's congressional testimony. The local currency went down against the US dollar. The benchmark Korea Composite Stock Price Index slipped 22.28 points, or 0.86 percent, to close at 2,582.63. Trade volume was moderate at 644.16 million shares worth 10.21 trillion won ($7.9 billion), with decliners outnumbering gainers 678 to 207. Retail investors scooped up a net 624.8 bill

June 21, 2023

Lexus showcases first battery-powered EV in Korea

Toyota’s premium brand Lexus on Wednesday announced the Korean launch of its first battery-powered electric vehicle, the all-new electric RZ 450e, marking a shift from its hybrid EV-focused business portfolio. “Korea is a key market for understanding the latest trends of (the) automotive market because customers here are trend-savvy and show great interest in cutting-edge technology,” said Lexus International CEO Watanabe Takashi during a press conference in Seoul. “Latel

June 21, 2023

KT eyes W1.3tr annual sales in AI by 2025

South Korean telecommunications giant KT Corp. said Wednesday it will diversify its artificial intelligence-related business portfolio to post 1.3 trillion won ($1 billion) in annual sales in the burgeoning sector alone by 2025. “KT has been newly focusing on three AI sectors -- robotics, health care and education,” said Song Jae-ho, a senior executive vice president at KT, during a press conference in Seoul. “We believe that these three areas can help ease ongoing social issue

June 21, 2023

Big 4 chaebol chiefs back Busan’s Expo bid in Paris

South Korea’s top conglomerate chiefs were to meet with French President Emmanuel Macron in Paris on Wednesday, as they are in Paris to promote Busan's bid to host the 2030 World Expo. According to industry sources on Wednesday, the four chiefs of Korea’s top conglomerates -- Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo -- arrived in Paris Monday to kick off their Paris tri

June 21, 2023

Posco, IBK team up to boost Indonesia’s steel industry

South Korean steel giant Posco said Wednesday it has teamed up with Industrial Bank of Korea to seek shared growth with its Indonesian suppliers and boost the Southeast Asian country’s steel industry overall. Their respective Indonesian units – PT Krakatau Posco and PT Bank IBK Indonesia – signed a business partnership earlier this month in Jakarta, with government and company officials in attendance. PT Krakatau Posco is a joint venture between Posco and Indonesia’s st

June 21, 2023

Volvo’s crossover lineup offers 'all-road' adventure package

Ahead of this year’s vacation season, carmakers are increasingly launching crossover vehicles that combine the comfort of sedans with the roominess of SUVs. Swedish carmaker Volvo is no exception. Its crossover lineup, dubbed “Cross Country,” offers an “All-Road Package” suitable not only for outdoor activities like travel and camping, but also for daily driving. According to the carmaker, the lineup consists of the V60 CC and V90 CC, which provide ample cargo space

June 21, 2023