NCSoft Q2 operating profit down 75 pct on weak sales

NCSoft, a major South Korean game developer, said Monday its operating profit decreased 75 percent from a year earlier on sluggish sales. Operating profit for the April-June period came to 8.8 billion won ($6.4 million), compared with 35.3 billion won a year ago, and sales fell 16.2 percent on-year to 368.9 billion won, the company said in a regulatory filing. Net profit for the period, however, jumped 132.8 percent on-year to 71.1 billion won thanks to favorable currency exchange rates, accordi

Aug. 5, 2024

Korean shares tank as global rout continues

South Korean shares dived more than 8 percent on Monday, triggering the stock exchange to temporarily halt the main Kospi and secondary Kosdaq markets, as investors were gripped by fear that the US economy may head toward a recession. A record 190 trillion won ($139 billion) was wiped off the Kospi market, as it tumbled 8.77 percent, or 234.64 points, to close at 2,441.55. This is the first time since the benchmark bourse opened that it has fallen by more than 200 points, recording the largest d

Aug. 5, 2024

US recession fears send Kospi plunging by record high of nearly 9%

South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a US economic slowdown, with big tech coming under heavy selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session. It is the lowest closing price since Nov. 14, whe

Aug. 5, 2024

SK chief inspects HBM chip production lines

SK Group Chairman Chey Tae-won called for its memory chip-maker SK hynix to seek next-generation profit models to continuously secure its leadership in the burgeoning artificial intelligence semiconductor market. “SK hynix is currently recognized in the high bandwidth memory market, but competition will become more intense when the sixth generation HBM4 is commercialized next year,” Chey said upon his visit to the chip maker’s plant in Icheon, Gyeonggi Province, to inspect the

Aug. 5, 2024

Woori returns to investment banking after 10-year hiatus

Woori Investment & Securities, a brokerage house under Woori Financial Group, is poised to bolster its presence in investment banking, backing the potential of its group affiliates. The securities firm, formed through the merger of Woori Investment Bank and Korea Foss Securities, officially launched Thursday. The launch comes nearly 10 years after Woori Financial Group sold its securities firm to NongHyup Financial Group in 2014. “Woori Investment & Securities will be a key affilia

Aug. 5, 2024

[From the Scene] Woori Bank nurtures global talent in Asian push

Betary Syahlan, a final-year business management student at Kyunghee University in South Korea, said she enrolled in Woori Bank's "Woori Internship, Scholarship & Hiring" program to gain practical experience in global banking. "During the program, we are given various assignments that immerse us in real work, an opportunity often lacking in other internships, especially in Indonesia. Working at a major bank like Woori is challenging, but we are definitely learning a lot i

Aug. 5, 2024

Hyundai Glovis, China's Huayou partner on battery recycling

Hyundai Glovis has partnered up with Chinese firm Huayou Cobalt to create an extensive recycling network for electric vehicle batteries, aiming to lead the way in sustainable battery management. Hyundai Glovis, a Korean logistics and distribution powerhouse, inked a memorandum of understanding with Zhejiang Huayou Recycling Technology, or Huayou Recycling, a subsidiary of cobalt giant Huayou Cobalt. Known for being the world's top producer of cobalt -- a crucial element for EV batteries --

Aug. 5, 2024

[Photo News] Hyundai chair welcomes new employees

Hyundai Group Chair Hyun Jeong-eun (center, front row) poses with the company's newest recruits during the 2024 training completion ceremony held last Wednesday at the group’s headquarters in central Seoul. During the event, Hyun distributed employee cards to approximately 50 new employees and delivered a message of support. She emphasized Hyundai’s core value of positivity, encouraging the recruits to embrace their new roles with enthusiasm and dedication. (Hyundai Group)

Aug. 5, 2024

FSC chief vows to curb household debts, stabilize financial market

The head of South Korea's financial regulator said Monday that he will redouble efforts to reduce high household debts via the implementation of tighter curbs. Kim Byoung-hwan, the chief of the Financial Services Commission, also said the regulator will remain vigilant against potential volatility in the financial market. "The very reason for our financial system's vulnerability to external shocks is relatively high indebtedness and dependence on debts," he said. "We nee

Aug. 5, 2024

Seoul shares open sharply lower on continuing US slowdown fears

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a US economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading. On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after US unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy. Moreover, the US unemployment rate, r

Aug. 5, 2024

S. Korea opens anti-dumping probe into hydrocarbon resin imports from China, Taiwan

South Korea has opened an anti-dumping investigation into hydrocarbon resin imports from China and Taiwan after a local company has claimed cheap imports from the countries were damaging the local industry, according to informed sources Sunday. According to the sources, the Korea Trade Commission of the Ministry of Trade, Industry and Energy has recently begun the investigation into four Chinese companies and three Taiwanese companies, following a petition from Kolon Industries Inc. The South Ko

Aug. 4, 2024

Authorities to tighten control over financial services by e-commerce

The South Korean government is considering stricter regulations on e-commerce platforms' involvement in financial services, aiming to avert another payment failure crisis amid ongoing investigations into cases involving Tmon and WeMakePrice. According to industry sources, local financial regulators are contemplating measures to prevent the platforms from controlling vendor capital by legally separating payment gateway (PG) services from e-commerce platforms. A payment gateway facilitates el

Aug. 4, 2024

Shinhan Card launches joint venture with Kazakh autodealer Aster

South Korea's leading card firm, Shinhan Card, has strengthened its foothold in Kazakhstan's auto finance market by establishing a joint venture with the nation's top used-car seller Aster Auto. Shinhan Finance, the Kazakh unit of Shinhan Card, announced on Sunday the launch of this joint venture with Aster Auto. This development follows their initial plan, unveiled in December, to set up a collaborative corporation. According to the plan, Aster will invest around 31 billion won (

Aug. 4, 2024

Tech giants eye growing home appliances subscription market

Subscription services in the home appliances market are fast expanding in South Korea, with the country’s top players targeting younger and smaller households. LG Electronics, the country's leading home appliance giant, has achieved a record sales figure surpassing the 1-trillion-won ($ 736 billion) mark for its subscription service, and Samsung Electronics is also reviewing to launch a similar service for its home appliances in the latter half of the year. For 2023, LG Electronics re

Aug. 4, 2024

[KH Explains] Shift Up shakes up Korean gaming industry with agility

Shift Up, the South Korean game developer behind blockbusters such as “Goddess of Victory: Nikke” and “Stellar Blade,” made an exhilarating debut on South Korea’s KOSPI market on July 11. The buzz within the Korean game industry revolved around whether Shift Up could challenge the market dominance of NCSoft, a veteran giant in the sector. On its debut, Shift Up’s stock surged to 89,500 won, boosting its market capitalization to nearly 5.2 trillion won ($3.

Aug. 4, 2024

Samsung SDI seeks top US talent

Samsung SDI has embarked on a global journey to find the most talented professionals to advance the Korean company’s level of technology and take the lead in the secondary battery industry. The battery maker held this year’s first career fair at the Hyatt Regency Cambridge Hotel in Cambridge, Massachusetts on Saturday, inviting some 90 people working at top universities and research institutes in North America. Boston is home to Samsung SDI’s first research and development cent

Aug. 4, 2024

S. Korea's kimchi exports achieve record high in H1

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-

Aug. 4, 2024

S-Oil unveils new TV ad to deliver future-forward vision

S-Oil said Sunday that it has begun airing the second season of its “GooDoil Can Do It” television marketing campaign from July 31. The new ad shifts from the previous focus on product quality to highlight the theme of the “power of creative energy,” delivering a futuristic message through a catchy commercial song. The commercial is designed in a question-and-answer format that explores a new world. In the video, S-Oil’s cherished mascot, GooDoil, flies with a hawk,

Aug. 4, 2024

China reclaims top spot of S. Korean products amid rising chip demand: data

China has once again become the leading destination for South Korean products in the first seven months of this year, driven by increasing demand for semiconductors, data showed Sunday. Exports to China surged 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly total in nearly two years since October 2022, according to data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association. As a result of this substantial increase in July, C

Aug. 4, 2024

Court grants troubled Tmon, WeMakePrice 1 month for self-debt restructuring

A court on Friday granted cash-strapped e-commerce platforms Tmon and WeMakePrice one month to seek debt restructuring on their own, after they failed to make payments to their vendors. The decision by the Seoul Bankruptcy Court to allow an autonomous restructuring support program (ARS) for Tmon and WeMakePrice came as the platforms' delayed payments are estimated to reach 274 billion won ($200 million). The total amount is estimated to escalate to nearly 1 trillion won if future payments a

Aug. 2, 2024