Seoul shares open lower on recession fears; Korean won sharply down

South Korean stocks got off to a weak start Wednesday, as downbeat data from Europe, coupled with an energy crisis amid Russia's war in Ukraine, amplified fears over a global economic downturn. The Korea Composite Stock Price Index (KOSPI) retreated 27.89 points, or 1.19 percent, to 2,313.89 in the first 15 minutes of trading. The steep decline in euro, Germany's trade deficit in more than three decades, and a drop in oil prices fueled concerns over a global recession, sending the main

July 6, 2022

LG Energy Solution to supply EV batteries to Isuzu: report

LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won ($762.4 million), a news report said Wednesday. LGES will produce cylindrical batteries for Isuzu's EV version of its flagship mid-to-large Elf trucks for four years starting in 2023, according to the Korea Economic Daily. The supply deal is part of their joint project for the electrification of Isuzu trucks. I

July 6, 2022

1st person of Korean descent wins Fields Medal

Korean American mathematician June Huh has won this year’s prestigious Fields Medal to become the first person of Korean descent to receive the prestigious international award. The Fields Medal, widely regarded as the Nobel Prize of mathematics, is given to mathematicians under the age of 40 for significant contributions to the field of mathematics at the International Congress of Mathematicians held every four years. The ICM, organized by the International Mathematical Union, took pla

July 5, 2022

Ministry to probe Eastar Jet for false data allegation

The government will investigate Eastar Jet Co. for false accounting data which the local budget carrier submitted to obtain approval to be an international air operator on Dec. 15, said the Ministry of Land, Infrastructure and Transport on Tuesday. Data previously submitted by Eastar Jet showed the company had 236.1 billion won ($181.6 million) in total capital, not reflecting its state of capital erosion. The company was in a state of complete capital erosion in 2021, according to financial s

July 5, 2022

Labor strike imminent at Hyundai Motor Group

A union labor’s first walkout in four years is imminent at Hyundai Motor Group, as unionized workers are setting the stage for a strike, while the Korean carmaker came under greenwashing accusations in Germany for manipulating exhaust emissions, escalating the strain on the beleaguered carmaker amid dwindling sales. According to the industry, a 40,958-member labor union at the Hyundai Motor branch of the Korean Metal Workers’ Union under the Korean Confederation of Trade Union held

July 5, 2022

Seoul shares snap 4-day losing streak on dip buying ahead of earnings season

South Korean stocks bounced back Tuesday, snapping a four-day losing streak, as investors scooped up oversold stocks ahead of the quarterly earnings season. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 41.44 points, or 1.8 percent, to 2,341.78. The KOSPI slid to a 20-month low Monday. Trading volume was light at 315.7 million shares worth 6.74 trillion won (US$5.18 billion), with advancing stocks far outpacing declining ones 802 to 92. &q

July 5, 2022

In fresh restart, SsangYong Motor launches new SUV Torres

South Korean sports utility vehicle maker SsangYong Motor officially unveiled its new Torres mid-size SUV at a media showcase on Tuesday, declaring a fresh start for the debt-ridden carmarker supported by a record-high number of preorders. Kwak Jea-sun, who heads KG Group, which is set to take a majority stake in the carmaker, attended the launch event and said he wouldn‘t go through with a restructuring of the SUV maker. “I haven’t thought about restructuring the company (af

July 5, 2022

Yoon nullifies nuclear energy phaseout

SEJONG -- The Cabinet on Tuesday approved the administration’s energy policy direction, which is aimed at raising the share of nuclear energy out of the nation’s total power generation from the current level of 27.4 percent. According to the Ministry of Trade, Industry and Energy, the administration has set the goal of raising the share of nuclear power generation to 30 percent or more by 2030. The Yoon Suk-yeol administration’s energy policy direction invalidates that of the

July 5, 2022

BOK eyes bumper rate hike as inflation hits 24-year high

The Bank of Korea is emboldened to raise its benchmark rate by 50 basis points for the first time next week, as consumer prices in June increased 6 percent from a year earlier, the highest level since November 1998, when they jumped 6.8 percent on-year amid the Asian financial crisis. Data from Statistics Korea released Tuesday found the June consumer price index topped the 5.4 percent marked in May, in line with the central bank chief’s earlier warning that prices would rise faster in Ju

July 5, 2022

Foreign reserves see sharpest fall since financial crisis

South Korea’s central bank said Tuesday that foreign reserves in June saw the sharpest decline since November 2008, when the country was dealing with the global financial crisis, feeding concerns of the weakening value of the Korean won against the US dollar. “Korea’s official foreign reserves as of end of June 2022 amounted to $438.3 billion,” the BOK said in a statement. It was down $9.43 billion on-month, data tied to the statement showed. Foreign reserves include

July 5, 2022

[Herald Interview] Metaverse offices are future of work, say Zigbang execs

Local property technology firm Zigbang made a bold decision last year to relocate its Seoul headquarters -- not to New York or Tokyo, but to a virtual world. For its 400 workers, instead of a hellish commute in the mornings and evenings, they log in to a new interface the company has created. Workers’ avatars hop on elevators to get to their office in the metaverse to chat and have meetings with their colleagues. Meanwhile, their physical bodies stay wherever they choose to be -- at home

July 5, 2022

Samsung chief meets Japanese business leaders

Samsung Electronics Vice Chairman Lee Jae-yong held meetings with Japanese business leaders who were staying in Seoul this week to attend the annual gathering of the Korea-Japan Business Council, according to the tech giant on Tuesday. Lee, the de facto leader of Samsung, on Monday had dinner with Masakazu Tokura, chairman of Sumitomo Chemical who doubles as chairman of Keidanren, or the Japan Business Federation. He also held a luncheon meeting on Tuesday with Toshiaki Higashihara, chairman o

July 5, 2022

LG secures W8tr in automotive parts orders in H1

LG Electronics said Tuesday its automotive parts business has secured new orders worth 8 trillion won ($6.16 billion) in the first half of this year, with the total cumulative orders set to exceed 65 trillion won by the end of this year. The company said its Vehicle Component Solution unit has recently signed a series of new deals with global carmakers to supply its in-vehicle infotainment systems and 5G telematics solutions. The Korean tech giant is looking to beef up its competitiveness in

July 5, 2022

LG Innotek joins RE100

LG Innotek said on Tuesday its membership in RE100 has been approved. RE100 is an international campaign launched by nonprofit organization the Climate Group in partnership with Carbon Disclosure Project in 2014. The campaign aims for member businesses that consume more than 100 gigawatt-hours a year to switch to 100 percent renewable electricity sources like wind and solar power by 2050. Some 370 global companies including Google, Apple and Microsoft are members of RE100. LG Innotek plans t

July 5, 2022

Oriental Brewery launches campaign against drunk driving

Oriental Brewery, South Korea’s largest beer maker, said Tuesday that it has launched a campaign to stop drunk driving. As part of the campaign, the brewery said it has equipped 20 of its distribution trucks with sensor maker Sentech Korea’s ignition interlock devices. The ignition interlock device uses a breathalyzer to measure the driver’s blood alcohol levels. The device inhibits cars from starting if alcohol levels are above threshold, preventing drunk driving. Current

July 5, 2022

Samsung chief’s W2tr personal fortune evaporates in H1 as stocks dip

The personal fortune of Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong has decreased by over 2 trillion won ($1.54 billion) during the first half of 2022 as shares of key Samsung affiliates tumbled due to bearish stock market in Korea, data showed Tuesday. As a result, the total worth of Lee’s combined stake in Samsung affiliates fell to 12.03 trillion won as of end-June, from 14.19 trillion won in January, according to data by market intelligence Korea CXO Institute.

July 5, 2022

Exports of agro-fisheries products jump 14.6% in H1

South Korea's exports of farm and fisheries products grew 14.6 percent in the first half of this year on solid demand for Korean food, data showed Tuesday. Outbound shipments of agricultural and fisheries goods came to $6.21 billion in the January-June period, up from $5.42 billion from a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. The figure represents the largest-ever tally for the first half of any year. Of the amount, sales of agricultural products ca

July 5, 2022

Samsung's Q2 operating profit likely to rise 15.6% on chip biz: survey

Samsung Electronics Co. is expected to report a more than 15 percent rise in operating profit for the second quarter, helped by strong semiconductor business despite slowing demand for smartphones and home appliances, a survey showed Tuesday. The world's largest memory chip maker is forecast to log 14.5 trillion won ($11.1 billion) in operating profit in the April-June period, up 15.6 percent from a year ago, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News

July 5, 2022

S. Korea begins transporting country's 1st lunar orbiter to US for Aug. launch

South Korea on Tuesday started transporting the country's first lunar orbiter to the United States ahead of next month's launch using a SpaceX rocket, officials said. South Korea plans to launch the Korea Pathfinder Lunar Orbiter, also known as Danuri, aboard the SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station in Florida at 8:24 a.m. on Aug. 3 (Korean Time). According to the Ministry of Science and ICT, Danuri was sent from the Korea Aerospace Research Institute in Daeje

July 5, 2022

Seoul shares open higher on dip buying

South Korean stocks got off to a strong start Tuesday after the key index hit a 20-month low the previous session amid global recession woes. The Korea Composite Stock Price Index (KOSPI) rose 18.62 points, or 0.81 percent, to 2,318.96 in the first 15 minutes of trading. Large-cap stocks gathered ground across the board, with market behemoth Samsung Electronics rising 0.7 percent and chip giant SK hynix jumping nearly 3 percent. Internet portal provider Naver also soared 3.8 percent, and major c

July 5, 2022