Seoul shares open higher ahead of BOK rate decision

Seoul shares opened higher Friday as investors await a rate hike decision by the Bank of Korea later in the morning. The benchmark Korea Composite Stock Price Index had added 15.47 points, or 0.65 percent, to 2,380.57 as of 9:15 a.m. The central bank is widely expected to raise its policy rate by 25 basis points to 3.5 percent as part of efforts to tame inflation. In Seoul, most large cap shares got off to a solid start. Market bellwether Samsung Electronics inched up 0.33 percent, while SK hyni

Jan. 13, 2023

[Photo News] Paying tribute

Lotte Group Chairman Shin Dong-bin lays a flower in front of a statue of the food giant's late founder and his father, Shin Kyuk-ho, in commemoration of the third anniversary of his death, at Lotte World Tower in Seoul, Thursday. The Lotte chairman on the same day convened a CEO meeting across affiliates to discuss the retail giant's mid- to long-term management plans and analyze this year's business sentiment.

Jan. 12, 2023

Hyundai Motor Group chief named MotorTrend Person of the Year

Hyundai Motor Group Executive Chair Chung Euisun has been named the MotorTrend Person of the Year, the South Korean carmaker announced Thursday. With the award, Chung topped the US automobile magazine's list of the 50 most influential figures in the global automotive industry. He was ranked fifth in last year’s rankings. MotorTrend acknowledged Chung for leading Hyundai Motor Group into a new age, underscoring that the vehicles developed under his leadership are notable for their &ldq

Jan. 12, 2023

Seoul stocks up for seventh day on hopes for US inflation slowdown

South Korean stocks extended their winning streak to a seventh session on Thursday, largely on anticipation of slower inflation in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 5.57 points, or 0.24 percent, at 2,365.1 points. Trading volume was moderate at about 570 million shares worth some 7.7 trillion won ($6.2 billion), with gainers outnumbering losers 494 to 365. Foreigners bought a net 484 billion won, while institut

Jan. 12, 2023

Naver becomes biggest shareholder in Spain's No. 1 resell platform

In continued efforts to expedite its foray into the global consumer-to-consumer, or C2C, market, e-commerce platform Naver recently became the largest shareholder of Spanish secondhand marketplace Wallapop with an investment worth 75 million euros ($80.7 million), according to industry sources Thursday. Following Naver's investment worth 115 million euros made in last February to acquire 10 percent of Wallapop's stocks, with the additional investment, Naver now stands as the largest sh

Jan. 12, 2023

SKT, Joby aim to speed up Korean-style UAM

South Korea’s largest wireless carrier, SK Telecom, and US aviation company Joby Aviation said Thursday they advanced a strategic partnership for a boost in the commercialization of Korean-style urban air mobility, or UAM. Joby Aviation recently invited officials from the Ministry of Land, Infrastructure and Transport, the Korea Institute of Aviation Safety Technology, and the Korea Aerospace Research Institute to its headquarters in San Jose, California. Joby Aviation formed a strategic p

Jan. 12, 2023

LG Electronics’ OLED evo collects awards at Visual Grand Prix

LG Electronics revealed on Thursday that its OLED evo received the highest honor, the VGP Gold award, in the 50-to-60-inch and under-45-inch OLED TV categories at the Visual Grand Prix 2023. The product also received the Critics Award in the visual category. The VGP is an annual audio-visual (AV) awards event held by Japanese AV media outlet Ongen Publishing. Devices are judged by experts and electronics dealers based on technological qualifications and consumer satisfaction. Regarding the LG OL

Jan. 12, 2023

Samsung Biologics to enter antibody-drug conjugate market

By Shim Woo-hyun Korea Herald correspondent SAN FRANCISCO -- Samsung Biologics pinpointed antibody-drug conjugates, a next-generation technology in cancer treatment, as one of its future growth drivers as the South Korean biotech giant unveiled its business strategies and investment plans Wednesday during the JPMorgan Healthcare Conference in San Francisco, the health care industry’s largest investment gathering of the year. “We are going into ADC. We will have a manufacturing plan

Jan. 12, 2023

Saudi Arabia bets big on Hallyu with W1.2tr Kakao investment

Saudi Arabia’s state fund decided to join in 1.2 trillion won ($964 million) investment in Kakao Entertainment, doubling down on its aggressive bet on the burgeoning Korean content industry. The company, the entertainment arm of Kakao Corp., said it has raised 600 billion won in financing by issuing new shares through third-party allotment each to two global state funds -- Saudi Arabia’s Public Investment Fund and the Government of Singapore Investment Corporation. The capital inject

Jan. 12, 2023

[KH Explains] Apple’s move to ditch Korean displays met with skepticism

Having announced its plans to make more chips on its own, Apple, the world’s largest consumer electronics company by revenue, is now reportedly seeking to use its own displays whose supplies are heavily reliant on South Korea’s Samsung Display and LG Display. Bloomberg reported Wednesday that Apple is planning to start using its own micro light-emitting diode displays on its smartwatches as early as the end of 2024, possibly with the aim to reduce its reliance on Korea-made displays.

Jan. 12, 2023

Hana Financial chief visits Google amid big digital push

While staying in the US to attend the 2023 Consumer Electronics Show, Hana Financial Group Chairman Ham Young-joo took time to visit Google Bay View Campus on Friday. According to the group, Ham intended to get some inspiration for digitalization through communicating with employees of the global IT firm. “It was a meaningful time to think about the future path of the group together with young talented people," Ham said. When meeting with the global company’s employees, Ham st

Jan. 12, 2023

[Photo News] Utility vehicle of year

Kia's EV6 has won the North American Utility Vehicle of the Year award, Hyundai Motor Group announced Thursday. This year's winner was selected by 50 automotive journalists in the US and Canada. The South Korean automaker said over 19,000 EV6s have been sold in the US since February.

Jan. 12, 2023

S. Korea's fiscal deficit widens through November

South Korea's fiscal deficit widened 21 trillion won ($16.8 billion) in the first 11 months of last year due to increased expenditures amid the pandemic. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 98 trillion won in the January-November period, larger than a shortfall of 77 trillion won a year earlier, the finance ministry's Monthly Public Finance report showed. The country's tax revenue came to 373.6 trillion won du

Jan. 12, 2023

Temporary owners of two homes to be given more leeway on taxes

South Korea's finance ministry said Thursday owners of two homes will pay less taxes if they dispose of one of them during an extended period amid a slump in the home market. Under the plan, such homeowners will not be subject to heavier taxation if they offload one of the two homes within a three-year period, according to the Ministry of Economy and Finance. The ministry earlier extended the period from one to two years in May 2022. While the revised policy will be officially implemented in Feb

Jan. 12, 2023

Seoul stocks open higher on hopes for slowdown in US inflation

South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States. The benchmark Korea Composite Stock Price Index had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index, a key gauge for inflation, could pr

Jan. 12, 2023

Hanwha Solutions to invest W3.2tr in US solar energy business

Hanwha Solutions will invest 3.2 trillion won ($2.57 billion) in expanding its solar energy businesses and building additional facilities to complete the manufacturing line in the United States through next year, the South Korean company said Wednesday. The company said it plans to set up a solar hub that will be capable of producing four of the five core parts -- ingot, wafer, cell and module -- in the solar energy industry. The hub will feature two different sites in the state of Georgia. Hanw

Jan. 11, 2023

Lotte Biologics pledges $3b to beef up production at home

SAN FRANCISCO -- Lotte Biologics will invest around $3 billion by 2030 to build new CDMO plants in South Korea, Lotte Biologics CEO Richard Lee announced during the company’s presentation at the 41st JPMorgan Healthcare Conference held in San Francisco, Tuesday. The investment will go toward building three plants, with a combined manufacturing capacity of 360,000 liters, 120,000 each, according to Lee. About $1 billion will be needed per plant, Lee estimated. The company will start to buil

Jan. 11, 2023

Seoul stocks up for sixth day ahead of US inflation data

Seoul shares ended higher Wednesday, extending their winning streak to a sixth day, with investors awaiting the release of the new US consumer price index for clues on the future of the Federal Reserve's monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 8.22 points, or 0.35 percent, to close at 2,359.53 points. Trading volume was moderate at 359.99 million shares worth some 6.2 trillion won ($4.97 billion), with gainers outnumb

Jan. 11, 2023

'Economy will go down the rabbit hole,' survey finds

Concerns over deepening economic slowdown and a bleak outlook for global business conditions, experts predicted that this year the country’s economy would fall deep into a dark and chaotic situation as if it "goes down the rabbit hole." Korea Chamber of Commerce and Industry summarized the opinions of some 85 economics and management experts including university professors as "falling down the rabbit hole." The KCCI survey respondents said an unprecedented economic en

Jan. 11, 2023

After record earnings, banks feel pressured to lower lending rates

With Woori Bank joining crosstown rivals Shinhan Bank and Hana Bank in lowering lending rates, those hoping to take out loans can breathe a little easier. Woori Bank on Tuesday announced on its website that it is expanding its prime rates --which are applied to credit worthy loyal customers -- for housing mortgage loans from Friday. Currently, a prime rate of 0.10 percentage point per year is applied to those who use the bank's credit cards or those using Woori Bank accounts to receive s

Jan. 11, 2023