Hankook Tire chief quizzed over alleged unfair intra-affiliate trading

Prosecutors questioned the chairman of Hankook Tire & Technology Co., the nation's leading tiremaker, on Friday over alleged unfair intra-affiliate trading. The Seoul Central District Prosecutors Office brought in Cho Hyun-bum for questioning as part of an investigation into the alleged violation of a law that bans unfair business practices among the group's affiliates. The investigation came after the antitrust regulator decided to impose a fine of over 8 billion won ($6.2 million

Dec. 23, 2022

Seoul shares open sharply lower on US losses

Seoul stocks opened sharply lower Friday, tracking overnight falls on Wall Street amid expectations of further rate hikes in the United States. The benchmark Korea Composite Stock Price Index fell 33.22 points, or 1.41 percent, to 2,323.51 points as of 9:15 a.m. Strong US economic data, including estimate-beating growth and consumption, added to the prospects that the US Federal Reserve may continue to raise interest rates next year in an effort to rein in high inflation. Overnight, the Dow Jone

Dec. 23, 2022

NongHyup Financial Group taps CEOs for affiliates

NongHyup Financial Group announced their affiliate CEO candidates, including NongHyup Bank, Thursday. The candidates were selected through a recommendation committee meeting held earlier in the day. The group has tapped Lee Seok-yong, a senior official in charge of planning and coordination at the National Agricultural Cooperative Federation, as NongHyup Bank CEO. NongHyup Bank is an affiliate of the National Agricultural Cooperative Federation. Lee joined the company in 1991 and has since been

Dec. 22, 2022

SK Group chairman: Chip market's downturn will continue, but not for long

SK Group Chairman Chey Tae-won painted a gloomy outlook for the semiconductors industry, but predicted the downturn will not last long, as chip cycles have tended to grow shorter. “In the long run, semiconductors have always gone up and down, and recently, semiconductor cycles have become very short. In the old days, it took three years, but these days it seems to be shortened to one year,” said Chey, who also serves as the chairman of the Korea Chamber of Commerce and Industry,

Dec. 22, 2022

Two Korean firms eye Lucentis' W32b market with biosimilars

Samsung Bioepis and Chong Kun Dang are expected to launch their biosimilar versions of Lucentis, an age-related macular degeneration, or AMD, medicine sold by Novartis and Roche, according to industry sources as reported in local media on Thursday. AMD is an eye disease that can blur a patient's central vision. In terms of sales, the local market for AMD medicines is estimated to reach around 32 billion won ($25 million) as of last year, while the global market is estimated to be worth 4.4

Dec. 22, 2022

Seoul shares end higher despite recession woes

Seoul shares finished sharply higher on Thursday, despite concerns over a looming global recession. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 27.78 points, or 1.19 percent, to close at 2,356.73, ending its losing streak of the past five sessions. Trading volume was moderate at 415.98 million shares worth 5.96 trillion won ($4.67 billion), with gainers outstripping decliners 655 to 210. Foreigners and individuals sold a net 570 billion won wor

Dec. 22, 2022

[Photo News] Color of 2023

LG Electronics introduces "viva magenta," the color selected by Pantone as the color of 2023, for its chameleon four-door fridge MoodUp in the high-end Objet Collection. The tech giant added the new color to the self-illuminating doors of MoodUP, which uses light-emitting diodes. With the addition, the model is able to light up in 23 colors, according to the company.

Dec. 22, 2022

[Photo News] Sea heroes

South Korean oil refiner S-Oil on Thursday awarded a total of 90 million won ($71,000) to eight Coast Guard officers for their lifesaving efforts over this year. According to the company, Assistant Inspector Lim Sung-rock was honored with the best hero award for rescuing three fishermen who were isolated in waters off the coast of Ulsan in January. S-Oil has awarded Coast Guard officers each year for their heroics since 2013.

Dec. 22, 2022

SsangYong Motor to change name to KG Mobility

SsangYong Motor will change its name to KG Mobility to maximize the carmaker’s strengths in the future, KG Group Chairman Kwak Jea-sun said Wednesday. “The name -- SsangYong Motor -- has a fandom with good memories, but it also has a painful image,” Kwak said at an event held by the Korea Automobile Journalists Association at Four Seasons Hotel Seoul. “From now, all SsangYong cars will come out to the world under the name of KG. Even with the name change, SsangYong Motor&

Dec. 22, 2022

LG Innotek to unveil most advanced optical zoom module for smartphones

LG Innotek said Thursday it will unveil the most advanced ultra-compact optical zoom camera module for smartphones, at the upcoming Consumer Electronics Show in Las Vegas early next month. The electronic parts supplier said it has succeeded in developing an optical telephoto zoom camera module that enables telephoto cameras for mobile devices to zoom four to nine times without causing image degradation. The new camera module is the world's first to apply the zoom lens mechanism of a mirrorl

Dec. 22, 2022

[KH Explains] Will Korean economy be outpaced by Malaysia, Bangladesh in 2075?

A recent Goldman Sachs report was a bitter reality check for South Korea on its plunging birth rate and aging population -- chronic challenges with little solutions in sight. Earlier this month, the US investment bank released a report titled “The Path to 2075,” warning that the Korean economy could be surpassed by nations with smaller economies such as the Philippines, Malaysia, Bangladesh and more by 2075 due to its rapidly declining and aging working population. The report predict

Dec. 22, 2022

Hyundai Motor hits milestone of 15 million US vehicle sales

Cumulative sales of Hyundai Motor vehicles in the United States since the automaker began operations there 36 years ago reached 15 million on Wednesday, according to data presented by the automaker on Thursday. Hyundai Motor America, the automaker’s US subsidiary, delivered on Wednesday its 15 millionth vehicle to a customer at the West Herr Hyundai dealer in Williamsville, New York. Hyundai Motor kicked off its US operations in 1986 when it exported its Excel model. The Excel was Hyundai&

Dec. 22, 2022

SsangYong Motor to be renamed KG Mobility: new chairman

SsangYong Motor Co. will operate under a new name, KG Mobility, its new chief has said, in a move signaling a new chapter in the company's decadeslong history marked by long restructuring efforts. Kwak Jea-sun, new chairman of SsangYong Motor, said he will seek approval for the proposed name change at a shareholders' meeting in March next year. "The name, SsangYong Motor, has a fandom, but also has a painful image. SsangYong's new cars will come out in the world as 'KG,&

Dec. 22, 2022

Seoul shares open higher despite recession worries

Seoul shares opened higher Thursday, tracking Wall Street gains overnight, amid persistent worries about a global recession. The benchmark Korea Composite Stock Price Index rose 9.51 points, or 0.41 percent, to 2,338.46 in the first 15 minutes of trading. US stocks rallied overnight, boosted by strong earnings from some major companies and positive consumer confidence data. The Dow Jones Industrial Average jumped 1.6 percent, the S&P 500 rose 1.49 percent and the tech-heavy Nasdaq Composite

Dec. 22, 2022

Cinema admissions remain below half of pre-pandemic level through November

Theater admissions sharply recovered in the first 11 months of the year compared with the deep slump a year ago but remained below half of the pre-pandemic level, industry data showed Thursday. A total of 986.3 million tickets were sold in the January-November period, up 89.3 percent from a year earlier when the film industry was hit hard by the COVID-19 pandemic, according to the data from the Korea Film Council. Still, the figure came to 48.3 percent of the tickets sold for the same period in

Dec. 22, 2022

SK On to raise 2.8 tln won in rights offering

South Korean battery maker SK On Co. will raise a total of 2.8 trillion won ($2.17 billion) from its parent company and a few other local private equity funds by issuing new shares, in an effort to pool financial resources for business expansion. SK On will sell 36.4 million shares, worth 2 trillion won, to SK Innovation Co. and 14.8 million shares, worth 824.3 billion won, to six local PEFs, including Korea Investment Private Equity, SK Innovation said in a regulatory filing. The investment

Dec. 21, 2022

Posco outlines vision for battery value chain in North America

ATLANTA – Posco Group has unveiled its ambitious vision to become the most coveted company when it comes to battery materials, a burgeoning industry riding high on the electric push among global carmakers. “The world’s renowned electric vehicle manufacturers have been contacting Posco in recent years,” said Posco America Representative President Do Han-eui during a press conference in Atlanta on Dec. 10. Highlighting the group’s second battery material business va

Dec. 21, 2022

3 regional clusters named for space development

The South Korean government has designated three regions -- South Jeolla Province, South Gyeongsang Province and Daejeon city -- as clusters for the space industry, the Ministry of Science and ICT announced Wednesday. The decision was made during a National Space Committee meeting held earlier in the day. Prime Minister Han Duck-soo presided over the meeting, which took place for the first time since the Yoon administration took office in May. South Jeolla Province, home of the Naro Space Center

Dec. 21, 2022

SK to offer glimpse of daily life in carbon-neutral future

SK Inc., the strategic investment arm of SK Group, said Wednesday it will present a glimpse of the future drawn by its “carbon-neutral” technologies at the upcoming Consumer Electronics Show in Las Vegas early next month. SK Inc.’s showroom at the trade show will exhibit its envisioned energy life cycle encompassing production to consumption, that cuts the energy usage with its advanced eco-friendly technologies. Their technologies will include a next-generation sodium-cooled f

Dec. 21, 2022

15 futuristic projects unveiled for next big leap

The government has drawn up new growth strategies to secure future technology such as aerospace and artificial intelligence and to accelerate digital transformation to help its sluggish economy leap forward. Through the "New Growth 4.0 Strategy" unveiled by economy-related ministries on Wednesday, the country seeks to secure forward-looking technology, digital transformation and further expanding the country's prowess in chips and display panels to gain a competitive advantage o

Dec. 21, 2022