[Photo News] Handshake for expo

Lotte Group Chairman Shin Dong-bin (right) shakes hands with Egypt's Ambassador to South Korea Khaled Abdelrahman Hassan Abdelrahman during an event promoting Busan’s bid to host the 2030 World Expo held at the Signiel Busan in the port city on Monday. During the event organized by Asia Society Korea, a private diplomatic organization established by the Lotte chief to network with embassies in Korea, Shin inspected Busan North Port, the potential expo site together with ambassadors to

June 13, 2023

[KH Explains] Are Hyundai, Kia really responsible for thefts in US?

South Korean automakers Hyundai Motor Company and its sister firm Kia have been facing a public backlash and multiple lawsuits in the United States as the number of vehicle thefts among certain models lacking immobilizers surged after videos of young men stealing the cars went viral on social media platforms last summer. Videos with the hashtags “Kia Boyz” or “Kia Boys” began trending on social media platforms, namely TikTok, across the country. They showed mostly teenage

June 13, 2023

[Photo News] Life's Good

LG Electronics CEO Cho Joo-wan (front row, 7th from left) and company employees join a promotional event for the tech giant’s new corporate slogan, “Life’s Good,” in front of the company’s headquarters in Yeouido, western Seoul, on Tuesday. LG is carrying out diverse activities to publicize its new brand identity as part of its Reinvent program launched in April.

June 13, 2023

Posco to build plant producing lithium using Argentina salt water

South Korean steelmaker Posco Holdings said Tuesday that it will produce lithium hydroxide for secondary battery materials using lithium reserves from Argentina’s salt lake, making it the first domestic company to do so. The groundbreaking ceremony for the lithium hydroxide production facility for secondary batteries took place at Yulchon 1st Industrial Complex in South Jeolla Province on Tuesday. The event was attended by the National Assembly's Special Committee on Advanced Strategy

June 13, 2023

Samsung, SolarEdge team up for net-zero homes

Samsung Electronics said Tuesday it was teaming up with Israeli firm SolarEdge Technologies, the world's leading solar smart inverter company, to promote carbon-neutral homes. Under the new partnership, Samsung has established a foothold for expanding its SmartThings Energy business in Europe. Samsung has previously cooperated with global solar firms including Hanwha Q Cells, SMA Solar Technology and Maxeon Solar Technologies, the company said. “We will continue to cooperate with vari

June 13, 2023

[KH Explains] Why is Samsung's Monimo losing in financial app game?

More than a year has passed since Samsung's financial affiliates launched the comprehensive service app Monimo together, but unfortunately, it has fallen short of market expectations. Under the brand Samsung Financial Networks, Monimo offers services from four Samsung financial affiliates: Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card. With these affiliates' apps having a total user base of over 25 million — estimated without ove

June 13, 2023

Seoul shares open higher on hopes for Fed's rate pause

South Korean stocks started higher Tuesday, as investors awaited US inflation data and the Federal Reserve's rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index rose 11.4 points, or 0.43 percent, to 2,640.75 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.56 percent and the Nasdaq Composite jumped 1.53 percent. The US central bank is set to have its two-day meeting starting Tuesday. In Seoul, large-cap shares led the b

June 13, 2023

SK hynix generates W7.5tr in social impact in 2022

South Korean chips giant SK hynix said Monday that the total social value generated by the company last year was 7.5 trillion won ($5.8 billion), down from the previous year by 1.9 trillion won, or 20 percent. Social value refers to the degree to which companies have contributed to solving or alleviating social problems facing stakeholders. Economic contributions of the company under SK Group accounted for the bulk of it positive social value at 7.7 trillion won, despite a downturn in the semico

June 12, 2023

Hyundai Kona Electric nears 300,000 unit sales

Hyundai Motor’s electric compact Kona Electric is set to hit the 300,000 mark in cumulative sales next month, solidifying its position as one of the bestselling electric vehicles manufactured in Korea. As of April, a total of 285,138 Kona Electric cars have been sold since its official debut in 2018, according to the carmaker’s investor relations data released on Monday. Overseas sales accounted for 258,663 units -- nearly seven times the amount of domestic sales. Over 50,000 units w

June 12, 2023

Listed firms' profits drop, debt costs rise in 2022

South Korean companies faced higher borrowing costs and weaker earnings by about a third in 2022 from a year earlier, prompting the country’s major business lobby group to call for monetary easing policies. The Korea Chamber of Commerce and Industry on Monday released a report analyzing 2022 financial statements of 1,612 companies listed on the Korean bourse, including 159 conglomerates and 679 small and midsized firms. "Operating profits have been greatly reduced and corporate debt

June 12, 2023

[KH explains] K-beauty's US gambit pays off amid sagging China sales

Amid dwindling sales in China, South Korean beauty companies are pivoting away from the lucrative market and decamping for greener pastures in the US. Industry watchers say the strategic shift in K-beauty companies comes due to a slew of reasons -- the rising demand for K-beauty products in the US, growth in China’s own cosmetics industry and increasingly nationalist consumers in China. But they also agree China is still “too big to ditch.” Stellar growth in US Korea is one

June 12, 2023

Seoul shares end lower ahead of Fed's rate decision

Seoul shares ended lower Monday as investors await the US Federal Reserve's interest rate decision this week. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index fell 11.81 points, or 0.45 percent, to close at 2,629.35. Trading volume was moderate at 547.41 million shares worth 9.25 trillion won ($7.2 billion), with decliners outpacing gainers 576 to 303. The Dow Jones Industrial Average rose 0.1 percent to 33,876.78 on Friday (US

June 12, 2023

1st Five Guys store to open in Gangnam on June 26

Popular US burger chain Five Guys will be operating its South Korean business starting on June 26, its Korean retailer Hanwha Galleria announced Monday. FG Korea, a subsidiary under Hanwha Galleria in charge of importing the US burger chain into the country, said it will be opening the chain's first franchise store in the area between Gangnam and Nonhyeon Stations in Gangnam-gu, southern Seoul. According to FG Korea, the outlet, standing on 618 square meters of land, will consist of 150 sea

June 12, 2023

Ex-Samsung exec arrested for leaking chip tech to China

A former executive of Samsung Electronics has been taken into custody for leaking the tech giant’s confidential business information to build a copycat semiconductor manufacturing plant in China, a local prosecutor’s office said Monday. In a press conference, the Suwon District Prosecutors’ Office revealed it has arrested the 65-year-old former executive of Samsung for violating the Prevention of Divulgence and Protection of Industrial Technology Act and the Unfair Competition

June 12, 2023

[Photo News] Hyundai wins TCR in Italy

Norbert Michelisz, Hyundai Motor’s Avante N TCR driver, celebrates after winning the 2023 Touring Car Race World Tour held in Italy from June 6-12. Selected as the No. 1 and 4 best drivers for this year’s season, respectively, Michelisz and another team member, Mikel Azcona, drove the Elantra N TCR in the race. The car is a high-performance model of Hyundai’s flagship sedan Avante.

June 12, 2023

Hyundai Motor seeks to reshore $5.9b, boosting production at home

Hyundai Motor Group said Monday it plans to bring back to Korea a capital surplus at its foreign units worth a total of $5.9 billion, taking full advantage of the nation’s recent corporate tax revision as well as its upbeat sales abroad in recent years. Under the scheme, the Seoul headquarters plans to boost dividends payouts to foreign units with good performance, including its US and European operations, and the dividends will be invested into expanding production of electric vehicles

June 12, 2023

[Photo News] Sharjah crown prince at Naver

A reception robot greets a UAE delegation, led by Sheikh Saud Sultan bin Mohammed Al Qasimi (left), crown prince and digital authority of the city of Sharjah, at Naver 1784, the Internet giant’s second headquarters in Seongnam, Gyeonggi Province, on Monday. The visit was part of the UAE city’s efforts to seek cooperation with Korea on digital innovation and infrastructure development. The crown prince was said to have discussed diverse issues, including a generative artificial intell

June 12, 2023

[Test Drive] G70 roars with sports sedan performance

Genesis, a South Korean luxury auto brand under Hyundai Motor Group, has now upgraded the G70 with a stronger engine. The G70 is the brand’s last sports sedan powered by an internal combustion engine, as the automaker aims to go all-electric by 2030. The exterior and interior of the new Genesis G70 also appeared to undergo small design changes. The attention-grabbing front side of the vehicle features two-line light-emitting diode headlamps and a V-shaped crest grille. The lower front end

June 12, 2023

SKC signs MOU with Vietnamese city for green, advanced materials investment

SKC Co., a South Korean manufacturer of advanced materials, signed Monday a preliminary agreement with the government of Vietnam's Hai Phong city to explore potential investment in advanced materials for secondary batteries, semiconductors and other green sectors. Under the memorandum of understanding, SKC will consider ways to invest in Hai Phong, a major port city in northeastern Vietnam, as a site for its expansion into those high-tech materials, the Seoul-based company said in a release

June 12, 2023

Exports up 1.2% during first 10 days of June

South Korea's exports moved up 1.2 percent on-year in the first 10 days of June due to a greater number of working days, data showed Monday, although overseas sales of semiconductors continued to remain sluggish. The country's outbound shipments reached $15.3 billion in the June 1-10 period, compared with $15 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 20.7 percent on-year to $16.7 billion during the period, resulting in a trade de

June 12, 2023