Seoul shares open lower amid rate-cut delay prospects

Seoul shares opened lower Monday, after a mixed close on Wall Street, as investors remain concerned over a possible delay in long-awaited interest rate cuts by the US Federal Reserve. The benchmark Korea Composite Stock Price Index fell 6.15 points, or 0.22 percent, to 2,752.27 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average fell 0.2 percent to 38,589.16 and the Nasdaq Composite rose 0.1 percent to 17,688.88. The Fed has recently pared back projections for rate cu

June 17, 2024

HD Hyundai marks Veterans Month with gravesite cleanups

HD Hyundai organized gravesite cleanup services at Seoul National Cemetery and Yeongcheon National Cemetery in North Gyeongsang Province to honor the Korean Patriots and Veterans Month of June. A total of 140 employees participated in these volunteer services on June 14 and May 24. They began by paying respects to individuals of national merit followed by weeding, planting flowers, polishing tombstones and maintaining flags. In South Korea, individuals of national merit are recognized for signif

June 16, 2024

Hyundai Rotem wins bullet-train export deal from Uzbekistan

For the first time, a Korean high-speed rail vehicle will be deployed internationally, with Uzbekistan as the destination. Hyundai Rotem announced Friday that it has secured a 270 billion won ($194 million) contract to supply and maintain power-distributed high-speed trains for Uzbek Railways in collaboration with the Korea Railroad Corporation. Hyundai Rotem is a Korean rail transport manufacturer that pioneered the nation’s first high-speed rail system, the Korea Train Express, in 2004.

June 16, 2024

Top 4 conglomerates convene strategy meetings to navigate uncertainties

Top conglomerates in Korea are set to hold their strategic meetings this month to navigate the ongoing economic slowdown and geopolitical uncertainties according to industry sources on Sunday. Samsung Electronics, the country's No. 1 conglomerate in terms of assets, will kick off its series of strategic meetings from Tuesday to Thursday. Top executives are expected to convene to discuss the company’s global strategies in key technology sectors, including artificial intelligence, which touc

June 16, 2024

Banks ramp up services for growing foreigner market

South Korean banks are bolstering their services for foreigners to tap into the rapidly expanding foreign customer market. Shinhan Bank recently pioneered a service among local commercial banks that allows foreign residents in Korea to conveniently apply for new check cards online through its mobile app SOL Bank. With its newly implemented foreign identification verification system, foreigners aged 17 or older with valid domestic identification documents, like an alien registration card or domes

June 16, 2024

[KH explains] Why Korean battery companies are key to Tesla's 2170 upgrade strategy

South Korean battery material companies are emerging as key players in Tesla's revamped supply chain as the carmaker upgrades its 2170 battery cells -- integral to its most popular models. Tesla's initiative to enhance battery performance centers on upgrading the anode and cathode materials, which are critical for improving energy density and charging speeds. The anode, which determines how much energy the battery can store, directly impacts the driving range of electric vehicles. Mean

June 16, 2024

[Test Drive] New Mini Countryman not so mini anymore

BMW Group’s premium compact car brand Mini has come back with a bigger, simpler and more digitalized model -- the new Mini Countryman -- as it aims to expand its turf. The Korea Herald participated in the Mini Countryman’s launch ceremony and media test drive event in Seoul on Thursday. The newest, third-generation Mini Countryman marked the product’s first fully changed model since its second-generation model was launched in 2017. The car's most distinguishable features a

June 16, 2024

[Photo News] Tradition meets technology

LG Electronics said Sunday it has unveiled its new brand experience zone, called “Another Hanok,” for its latest energy-efficient home appliances, in Madrid, Spain. Styled on a traditional Korean house or "hanok," the net-zero space features the company’s artificial intelligence-based heating, ventilation and air conditioning solutions for corporate clients. (LG Electronics)

June 16, 2024

How Korean convenience stores became big names in Central Asia

South Korean convenience store operators facing a saturated market at home are now eyeing expansion overseas, especially in Southeast and Central Asia where rapid economic growth and the popularity of Korean content are leading to a growing demand for Korean-style comprehensive convenience stores. Currently, the nation’s top two chains, BGF Retail and GS25, operate a combined 1,168 convenience stores overseas. While GS25 operates 573 namesake stores in Vietnam and Mongolia, BGF Retail ha

June 16, 2024

ICT exports jump over 30% for 2nd consecutive month in May

South Korea's exports of information and communication technology products soared more than 30 percent for the second consecutive month in May on robust global demand, data showed Sunday. Outbound shipments of ICT products came to $19.05 billion last month, up 31.8 percent from $14.45 billion a year earlier, logging the seventh straight month of increase, according to data compiled by the Ministry of Science and ICT. The country's ICT imports increased 2.4 percent on-year to $11.48 bil

June 16, 2024

Household loans from 5 major banks expand over W2.1tr as of mid-June

Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won ($1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won at the end of last month, according to the data compiled by Yonhap News Agency. The monthly tally is expected to grow for the third consecutive month in June, following an on-month increase of 5.2 tril

June 16, 2024

[Contribution] Korea offers solutions to combat desertification, drought

By Nam Sung-hyun Minister of the Korea Forest Service Desertification is happening all around the world. According to the "World Atlas of Desertification" released by the European Commission, desertification is underway in 75 percent of the Earth's land area, and a grim prospect looms, in which over 90 percent of the land area will be degraded by 2050. United Nations Convention to Combat Desertification statistics (2023) reveal that more than 100 million hectares of healthy an

June 16, 2024

Korea Forest Service and Mongolia forestry alliance reverses desertification

Under the shared goal to tackle the climate crisis, Korea and Mongolia have been pioneering a greenbelt project, a testament to their relationship and a joint effort to rejuvenate desertifying landscapes. The beginning of the Korea-Mongolia Greenbelt Plantation Project dates back to 2006 when the Korea Forest Service, the nation’s forest agency, and Mongolia's Ministry of Environment and Tourism formalized their forestry cooperation to combat yellow dust and desertification prevention

June 16, 2024

Record fine on Coupang raises questions about online retail practices

The Fair Trade Commission's decision to impose a record fine of 140 billion won ($102 million) on Coupang has sparked debates about the true role of online retailers in Korea. While Coupang is regarded as a giant online retailer that acts as a middleman between sellers and buyers, it also functions as a seller on its own platform, offering products under its own label. Coupang was slapped with the highest fine ever imposed by the antitrust watchdog on Wednesday for manipulating search ranki

June 14, 2024

Daewoo E&C wins international approval for offshore wind turbine foundation

Daewoo Engineering & Construction announced Friday that a floating offshore wind turbine foundation jointly developed by the Korean builder and its partner from the Netherlands has acquired approval in principle from Det Norske Veritas, an international accredited certification body. In 2021, Daewoo E&C and Monobase Wind started a partnership to develop a floating offshore wind turbine foundation. In March 2022, the two companies completed model tests for their wind turbine foundation ca

June 14, 2024

High schoolers' green startup Torus offers AI-powered food waste solution

US-based eco-friendly startup Torus said Friday it has offered its food waste handling service to 38 households in West Windsor, New Jersey, to connect waste producers and composting companies through an artificial intelligence-based matching system. This project, supported by Green Matters, a civic organization dedicated to environmental justice including climate issues, officially ran through Sunday, but Torus plans to continue the project afterward. Founded in December 2023 by Zikang Jiang, a

June 14, 2024

Mirae Asset chairman named executive of the year by AIB

Mirae Asset Financial Group said Friday that its founder and Chairman Park Hyeon-joo will be honored with the International Executive of the Year Award at the annual conference of the Academy of International Business slated for next month. AIB, an eminent association of international business scholars and professionals established in 1959, boasts a membership of over 3,400 individuals from approximately 90 countries. Park, who has been integral in transforming Mirae Asset Financial Group into a

June 14, 2024

Korea Forest Service, Kazakhstan forge forestry cooperation

The Korea Forest Service and the Kazakh government agreed to enhance bilateral cooperation in forestry management through a memorandum of understanding signed at the Presidential Palace in Astana, Kazakhstan, Wednesday. Under the agreement, formalized on the sidelines of the summit between Presidents Yoon Suk Yeol and Kazakh President Kassym-Jomart Tokayev, the two governments will work on forest disaster response, such as managing forest fires and promoting biodiversity through seed exchange an

June 14, 2024

Mirae Asset Global Investments surpasses W170tr in ETF net assets

Mirae Asset Global Investments, Korea’s leading asset management firm, has significantly expanded its global footprint, now managing over 580 exchange-traded funds with net assets totaling 170 trillion won ($133 billion). Since launching its first exchange-traded fund, Tiger ETF in 2006, Mirae Asset has grown into a formidable player in the global market, overcoming initial industrial skepticism toward a domestic financial firm. In 2011, it became the first Korean asset manager to list on

June 14, 2024

NPS opposes appointment of Lim Jong-yoon as inside director of Hanmi Pharmaceutical

The National Pension Service has decided to oppose the appointment of Lim Jong-yoon as an inside director of Hanmi Pharmaceutical at the upcoming extraordinary shareholders' meeting of the drug company on Tuesday next week. Lim, however, is expected to take the position as he and his aides hold a controlling stake in the pharmaceutical company, according to industry sources, Friday. The national pension fund, the second-largest shareholder of Hanmi Pharmaceutical, said on Thursday that it

June 14, 2024