Top 5 banks' hefty bonuses under fire

The top five Korean banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup – handed out hefty bonuses last year, after they posted record earnings thanks to higher interest income. The five banks’ bonuses in 2022 amounted to a combined 1.38 trillion won ($1.08 billion), up 35 percent on-year, according to data provided to the Democratic Party of Korea’s Rep. Hwang Un-ha by the Financial Supervisory Service. The FSS data showed that NongHyup gave out the greatest amount in bo

Feb. 14, 2023

Samsung mobile chief hints at extending AI partnerships

Samsung Electronics President and mobile business chief Roh Tae-moon has hinted at the tech giant’s potential partnerships with global IT firms to develop new artificial intelligence technologies for its smartphones. Roh noted the possible partnerships at a press conference held in Malaysia on Thursday, for the launch of Samsung’s flagship Galaxy S23 smartphone lineup, according to Vietnam’s Soha News and other local media outlets. The media outlets reported the mobile chief

Feb. 14, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday on overnight Wall Street gains ahead of the release of the United States' key inflation data. The benchmark Korea Composite Stock Price Index rose 24.25 points, or 0.99 percent, to 2,476.95 in the first 15 minutes of trading. US stocks rallied after a New York Federal Reserve consumer survey showing Americans lowered their expectations for future income gains suggested that consumer price data due out Tuesday might come in better shape than previous

Feb. 14, 2023

Hugel, Huons stress no ties to Medytox's botox patent

South Korean botulinum toxin manufacturers Hugel and Huons Biopharma announced Monday that the latest court ruling on a legal dispute between Medytox and Daewoong will not influence their botulinum toxin businesses, saying that their botulinum toxin strains would not face patent issues with Medytox. Hugel and Huons Biopharma are South Korean firms selling botulinum toxin products under the brand names Letybo and Liztox, respectively. The two companies’ announcements came after the Seoul Ce

Feb. 13, 2023

ABL Bio turns to profit in 2022

ABL Bio, a South Korean drug maker, announced Monday that the company turned a profit last year, backed by milestone payments it received under licensing-out deals. ABL Bio said its annual sales in 2022 went up 1162.1 percent to reach 67.3 billion won ($52.7 million). The company’s annual operating profit came to 900 million won during the same period. ABL Bio’s sales in the previous year came to 5.3 billion won, while its operating loss reached 52.3 billion won. ABL Bio’s lice

Feb. 13, 2023

Corporate relief support for quake-hit Turkey, Syria

Korean conglomerates have been rushing to send equipment and financial aid to Turkey and Syria to support disaster relief efforts after a devastating 7.8 magnitude earthquake on Feb. 6 that has so far left more than 33,000 people dead, and several thousands injured and in critical condition. Samsung Memory chip and smartphone maker Samsung Electronics has pledged to donate $3 million to support relief efforts in Turkey and Syria. Half of the amount will be donated to the Disaster and Emergency

Feb. 13, 2023

Seoul shares down for 3rd day ahead of US inflation data

South Korean stocks fell for a third session Monday on tech losses as investors remain cautious ahead of the release of the United States' key inflation data this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.03 points, or 0.69 percent, to 2,452.70. Trading volume was a bit slim at 480.0 million shares worth 7.27 trillion won ($5.69 billion), with decliners outpacing gainers 530 to 340. Institutions sold a net 407.92 billion won

Feb. 13, 2023

Foreign net buying of Korean stocks hits 9-year high

Foreign investors bought listed stocks here worth a net 6.14 trillion won ($4.8 billion) in January, according to the Financial Supervisory Service on Monday. This is the highest net buying amount that South Korea has seen in nine years, since September 2013, when the total was recorded at 8.32 trillion won. It is also the first time since November 2020 that net purchases surpassed 6 trillion won. Most of the investments centered on the Kospi market. Foreign investors’ net buying of Kosp

Feb. 13, 2023

[NPS in Action] ‘Paper tiger’ NPS rebrands self as vocal shareholder, but motives murky

This is the third part of a series on South Korea’s largest investor, the National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. The new chief investment officer of the National Pension Service, the country's largest investor, vowed in December last year to be a more vocal shareholder to shore up returns and assert more control over how companies are run. In other words, the CIO aims to more strictly follow the so-called “stewards

Feb. 13, 2023

Samsung vows to replace all plastics in Galaxy phones with recycled materials by 2050

Samsung Electronics, the largest smartphone maker in the world by shipment, vowed Monday to replace all plastics used in its Galaxy smartphones to recycled materials by 2050, highlighting its latest Galaxy S series, which has been made with the highest number of recyclables to date. At the same time, the company said it will bear the cost of converting the recycled materials using special technologies and that it will not transfer the cost burden to consumers. “Samsung Electronics is conti

Feb. 13, 2023

China’s BYD tops EV sales, outpaces Tesla for 1st time

The number of registered electric vehicles surpassed 10 million in 2022, as the EV industry continued its upward trend with the Chinese market’s strong growth, a report showed Monday. According to market tracker SNE Research, global EV registrations increased by 61.3 percent on year in 2022 to reach 10.83 million. The report said BYD, a Chinese EV maker, grew by 205 percent on-year to account for 17.3 percent of the global EV market and also became the biggest EV seller in the world, as th

Feb. 13, 2023

No. of SK-affiliated companies exceeds 200 for 1st time

Energy-to-semiconductor conglomerate, SK Group, has the largest number of affiliated companies among 76 local business groups with 5 trillion won ($3.9 billion) or more in assets, data showed Monday. According to South Korea's Fair Trade Commission, SK Group, the country's second-largest business group in terms of assets, had 201 affiliates as of Jan. 31. The figure went up by six from just three months ago. It is the first time for the number of affiliates among large business group

Feb. 13, 2023

[Photo News] Above the moon

The Ministry of Science and ICT on Monday released photos of the moon taken by Danuri, South Korea's first lunar mission also known as the Korea Pathfinder Lunar Orbiter. As the KPLO underwent a testing period for about a month after it successfully entered the moon's orbit on Dec. 27, it was able to capture high-definition photos of the moon's surface and send the collected data to the Earth's ground control.

Feb. 13, 2023

[Herald Interview] Polestar to add SUV to Korea lineup

Polestar Korea is looking to introduce the Swedish all-electric automaker’s latest product, the Polestar 3 -- an EV sport utility vehicle -- to the South Korean market as early as possible this year. “If last year was the year of electric sedans, we expect this year to be the year of large electric SUVs,” said Ham Jong-sung, managing director of Polestar Korea, in an interview with The Korea Herald in Seoul on Thursday. Referring to other automakers’ series of new EV SUV

Feb. 13, 2023

[Contribution] ODA, a channel for Korea to engage with the world

By Song Sang-keun Football, Pho noodles, and Ao Dai first come to Korean minds when it comes to Vietnam, but the country is less well-known for its natural environment that favors fisheries development. The northern part of Vietnam is home to expansive mangrove forests and mudflats, which has enabled the growth of shellfish aquaculture that has supported local economies since the mid-1990s. In recent years, however, Vietnam has suffered a drastic decrease in shellfish production due to overfishi

Feb. 13, 2023

Exports up 12% during first 10 days of Feb. on more working days

South Korea's exports increased 11.9 percent on-year in the first 10 days of February, data showed Monday, due to stronger shipments of automobiles and more working days. The country's outbound shipments stood at $17.6 billion in the Feb. 1-10 period, compared with $15.7 billion a year earlier, according to the data from the Korea Customs Service. The daily export volume, on the other hand, dipped 14.5 percent on-year, the data showed. The number of working days came to 8.5 days over t

Feb. 13, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week. The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading. Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path. Fed Chair Jerome Powell said last week that disinflation has starte

Feb. 13, 2023

Yoon expresses commitment to rooting out illegal acts at industrial sites

President Yoon Suk Yeol has expressed his commitment to rooting out illegal acts by labor unions at industrial sites, saying doing nothing against them would raise questions about what the government exists for, his office said Sunday. Yoon made the remark during a meeting with about 150 government ministry employees held in the central administrative city of Sejong on Tuesday last week, stressing that a key point in labor reform is to ensure the rule of law, the office said in a statement. &q

Feb. 12, 2023

Animal drugs have long way to go despite surging pet population

The domestic veterinary medicine market appears to be expanding, given the myriad of new pet health care products coming out in the market. Yet local firms are struggling to expand due to low marketability, according to industry sources. “The domestic veterinary drug market is a red ocean,” said an official from a local pharmaceutical company that has been selling veterinary medicines for decades in the country. “With global drug giants already dominating the nascent market, lo

Feb. 12, 2023

[KH Explains] Proxy fight heats up to acquire SM

A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add

Feb. 12, 2023