Hybe's plan to take over SM via tender offer fails

K-pop powerhouse Hybe’s initial plan to gain stable management control over rival company SM Entertainment by buying more shares through a tender offer fall through. On Feb. 10, Hybe announced a tender offer for SM Entertainment’s shares held by minority shareholders. It offered 120,000 won ($92.60) per share with a goal to additionally secure up to 25 percent (5,951,826 shares) of SM Entertainment. The tender offer ended March 1. Hybe was only able to acquire 233,817 shares throug

March 6, 2023

Seoul-Tokyo trade talks to resume after 3 years

South Korea and Japan have agreed to hold talks to scrap Tokyo’s export restrictions on key industrial materials to Seoul, taking a step closer toward mending their soured bilateral ties over the years. Korea’s Ministry of Trade, Industry and Energy said Monday it is starting negotiations with its Japanese counterpart to ease export curbs that were imposed in 2019 in an apparent retaliatory measure against a court ruling in favor of Korean victims of forced labor during Japan&rsquo

March 6, 2023

[Photo News] Bring on the brightness

Samsung Electronics said Monday it showcased an outdoor advertisement for its upcoming 2023 TV lineup, including its Neo QLED 8K TV, at Piccadilly Circus, London, on Thursday. The ad highlighted the new Neo QLED TV's bright and colorful picture quality, as well as its impressive sound features. Samsung will roll out the 2023 TV products both in Korea and abroad starting March 9.

March 6, 2023

[KH Explains] Will rise of ChatGPT save chipmakers from mounting inventories?

As the latest frenzy over ChatGPT, OpenAI's artificial intelligence chatbot, has prompted global tech giants to jump into commercializing their own large-scale language models and services, anticipation is growing in the semiconductor industry that the new tech market could create lucrative business opportunities and help them clear out mounting inventories. Reflecting the fever for ChatGPT, shares of Nvidia, whose graphic processors are in high demand for high-capacity AI services, surged

March 6, 2023

7 in 10 Hyundai, Kia cars sold in US are SUVs

More than 7 in 10 cars sold by Hyundai Motor Group in the US were sport utility vehicles, according to the South Korean auto giant’s sales data unveiled Monday. In the first two months of this year, Hyundai Motor and its smaller affiliate Kia sold a combined 162,632 SUVs in the all-important US market, an equivalent of 70.7 percent of its total sales of 230,000 vehicles. Hyundai and its luxury sibling Genesis sold 86,718 SUVs, while Kia sold 5,914 SUVs. It is the first time that the SUV

March 6, 2023

SK chief renews green push in Europe

SK Group said Monday that Chairman Chey Tae-won met with major business leaders in Spain, Portugal and Denmark to strengthen cooperation in green energy during his recent visit to Europe as a presidential special envoy. Chey had a meeting with Danish wind turbine company Vestas Chief Executive Officer Henrik Andersen on Thursday to discuss ways to expand the two sides’ cooperation in the offshore wind power sector. The SK chairman made various business proposals, including the two companie

March 6, 2023

SPC Samlip, Thailand’s Siam Makro to set up bakery JV

South Korean confectionery company SPC Samlip said Monday it has signed an agreement with Siam Makro, an affiliate of Thailand’s largest conglomerate CP Group, to make a foray into the Thai bakery market. This is the first time that the Korean firm has teamed up with a local company for overseas operations. Under the agreement, the two companies will set up a joint venture for both production and distribution of bakery products in Thailand and push for other related projects together. Siam

March 6, 2023

[Photo News] Sending aid for earthquake victims

South Korean shipping company HMM's containers wait for shipment at a Busan port on Friday to deliver relief goods for victims of the Turkey-Syria earthquake. The firm said Monday it has decided to offer its containers free of charge to help relief efforts, with the first batch of 50 containers departing last week. HMM also plans to ship an additional 150 container homes to the quake-hit regions later this month.

March 6, 2023

Trade minister, chipmakers to hold meeting on US CHIPS Act

South Korean Trade, Industry and Energy Minister Ahn Duk-geun will meet with officials of major semiconductor companies, including Samsung Electronics and SK hynix, Tuesday to discuss countermeasures to the US CHIPS Act and its requirements, according to the ministry on Monday. The meeting aims to listen to domestic chipmakers’ needs and grievances regarding the conditions for the first US CHIPS for America funding opportunity for subsidies and come up with negotiation and support measures

March 6, 2023

Imported car sales rise 11% in March on improved supplies

Sales of imported vehicles in South Korea rose 11 percent last month from a year earlier on improved supplies and new models, an industry association said Monday. The number of newly registered foreign vehicles stood at 21,622 units last month, up from 19,454 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. "Some brands' vehicle supplies and their launches of new models helped boost sales last month," KAIDA Vice Chairman Jung Yoo

March 6, 2023

S. Korean stocks opens higher amid lingering rate hike woes

South Korean stocks opened a tad higher Monday as investors wait for the Federal Reserve chief's remarks on the US economy and clues on future monetary policy. The benchmark Korea Composite Stock Price Index rose 9.63 points, or 0.4 percent, to 2,441.7 in the first 15 minutes of trading. US stocks had ended the week on a higher note on speculations the Fed could slow down the pace of rate hikes. All three major indexes on Wall Street closed over 1 percent higher last week. Investors are kee

March 6, 2023

S. Korea's consumer prices up 4.8% in Feb.; hike in utility costs hits record high

South Korea's on-year growth in consumer prices fell below 5 percent for the first time in 10 months, data showed Monday, although the hike in utility costs hit yet another fresh high. Consumer prices, a key gauge of inflation, rose 4.8 percent last month from a year earlier, compared with 5.2 percent growth posted in January, according to the data from Statistics Korea. Inflation stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 23rd straigh

March 6, 2023

Chip inventory hits 26-year high

South Korea's semiconductor inventory has increased to its highest point in 26 years, data showed Sunday, hammered by the sluggish demand for chips, the country's main export item, amid economic uncertainties. According to data compiled by Statistics Korea, the inventory to sales ratio of chips produced by local chipmakers came in at 265.7 percent in January, the highest since 288.7 percent was posted in March 1997. Exports of chips also nosedived 42.5 percent on-year to $5.69 billion

March 5, 2023

9 in 10 experts predict housing slowdown this year

More than 90 percent of real estate experts predicted a decline in housing prices this year, while 1 in 2 said the housing market could see a rebound next year, according to a KB Financial Group report released Sunday. The report said transaction prices of houses nationwide fell 1.8 percent last year, a first in 10 years. Daegu showed the highest decline with 5.2 percent, followed by Daejeon with 4.4 percent and the greater Seoul area with 2.7 percent. The number of transactions also plunged alm

March 5, 2023

Samsung Bioepis launches Lucentis biosimilar in Canada, Germany

South Korean biotech firm Samsung Bioepis is expanding into the global market with SB11, a biosimilar drug used to treat ophthalmologic diseases such as macular degeneration. According to industry sources on Sunday, SB11 was introduced to the Canadian market last Wednesday through its partner company Biogen, following an earlier launch in Germany on Feb. 23. SB11 references Lucentis, a drug developed by global pharmaceutical company Genentech. It received sales approval in Europe and the US unde

March 5, 2023

China buys fewer Korean goods amid waning perception: report

The number of Chinese consumers who bought Korean products plummeted last year amid China's falling perception of Korea-made commodities, according to a survey conducted by the Korea International Trade Association. KITA conducted a survey on 1,000 consumers living in 10 major Chinese cities to gain insight into changes in their perceptions toward Korea-made goods since the COVID-19 pandemic. The survey, released Sunday, found that the percentage of Chinese consumers who responded that th

March 5, 2023

Samsung SDI, GM to form EV battery alliance

South Korean battery maker Samsung SDI and US auto giant General Motors will build a joint battery manufacturing plant for electric vehicles in the US with an investment worth up to 5 trillion won ($3.8 billion), according to reports Sunday. The battery alliance, which will mark the first collaboration between the two companies, will become official later this week as they are expected to sign a memorandum of understanding in Michigan on Wednesday. Citing unnamed industry sources, the reports sa

March 5, 2023

[Beyond Earth] ‘Focus on space solutions, not market'

Korean space startups should look for problems and solutions instead of putting too much focus on technology’s future marketability, says the managing director at the Korean branch of Starburst, a US-based startup accelerator specialized in the aerospace sector. “Push back how big of an investment you can receive with your idea on the priority list,” Kim Sang-dawn, managing director of Starburst’s Korean office, told The Korea Herald in an interview at the Herald Square i

March 5, 2023

Open Corp. hires celebrity sommelier in premium push

Korean restaurant chain operator Open Corp. said Friday it has recruited a seasoned sommelier as its new executive director to provide premium F&B services. With Kim Hyup taking office, the firm plans to foster some 300 sommeliers through internal employee training. "The company's goal in 2023 is to provide better service to many customers who enjoy gourmet culture. As a result, we will be reborn as a dining company that delivers satisfaction to customers through the largest sommel

March 5, 2023

[Photo News] Promoting Busan's Expo bid in Europe

SK Group Chairman Chey Tae-won (left), who doubles as chairman of the Korea Chamber of Commerce and Industry, talks with Denmark Prime Minister Mette Frederiksen at her office in Copenhagen, Friday, as he delivers President Yoon Suk Yeol’s personal letter asking for the European country’s support for Busan’s bid to host the 2030 World Expo. Chey has wrapped up his weeklong trip to Spain, Portugal and Denmark as a presidential special envoy.

March 5, 2023