Seoul shares open nearly flat ahead of Fed meeting

South Korean stocks started almost flat Wednesday as investors remained cautious awaiting the US Federal Reserve's rate decision. The benchmark Korea Composite Stock Price Index lost 1.61 points, or 0.06 percent, to 2,557.60 in the first 15 minutes of trading. All three US stock indexes closed lower Tuesday on the eve of the Federal Reserve's interest rate announcement, which is expected to keep rates on hold. But the market expects the US central bank may deliver one more rate hike th

MarketSept. 20, 2023

Producer prices up 0.9% in Aug. amid higher oil prices

South Korea's producer prices expanded 0.9 percent on-month in August on the back of higher global oil prices, the central bank said Wednesday. The producer price index, a major barometer of consumer inflation, came to 121.16 last month, up from 120.08 tallied in July, according to the data from the Bank of Korea. From a year earlier, it rose 1 percent. It marked the sharpest on-month growth since a 1.6 percent rise tallied in April 2022. Producer prices are one of the key indicators that d

EconomySept. 20, 2023

Samsung Biologics stands tall among pharma giants

South Korean biopharmaceutical company Samsung Biologics said Wednesday that the company achieved a stellar performance last year to stand shoulder to shoulder with top global pharmaceutical companies, buoyed by an array of large contract manufacturing deals. The company has been ranked in 37th place in market research company GlobalData’s list of the world's top 50 pharmaceutical companies in 2022, up 13 spots from 2021. According to the rankings, which listed companies based on thei

IndustrySept. 19, 2023

Seoul shares close lower on tech losses ahead of Fed's rate decision

South Korean stocks closed lower for the second consecutive day Tuesday, hit by sharp losses in semiconductor and major tech shares ahead of a US rate-setting meeting. The local currency slid against the US dollar. The benchmark Korea Composite Stock Price Index lost 15.51 points, or 0.6 percent, to finish at 2,559.21. Trading volume was moderate at 455.9 million shares worth 7.6 trillion won ($5.7 billion), with decliners outpacing winners 577 to 302. Offshore and retail investors purchased 2.6

MarketSept. 19, 2023

Posco Future M wins global certification for battery material standards

South Korean chemical and battery materials manufacturer Posco Future M announced on Tuesday that it has obtained the ISO 37301 certification, a global standard for compliance management systems, potentially reinforcing the company’s global credibility as a supplier of battery materials. It is the first company in the domestic battery materials sector to achieve this certification, which could give it a strategic advantage amid its recent expansions and partnerships with international batt

IndustrySept. 19, 2023

[KH Explains] Why Korean battery makers’ mass hiring still ‘not enough’ for tech race

The nation's top three battery makers have gone on a hiring spree, and it shows no signs of stopping. LG Energy Solution, Samsung SDI and SK On have hired thousands of new employees during the first six months of this year alone, but the mass hiring fell short of easing the talent shortage to keep up with their business expansion at home and abroad. According to their regulatory filings in August, LG Energy Solution, the largest among the three, hired 1,688 workers in the January-June perio

MobilitySept. 19, 2023

Posco E&C targets tenfold valuation growth by 2035

Construction and engineering firm Posco Eco & Challenge unveiled on Tuesday a new vision to multiply its corporate valuation tenfold by 2035, zeroing in on its renewed commitment to spearheading growth in the eco-friendly space. Under the vision, it is aiming to reach 25 trillion won ($18.9 billion) in sales and 2 trillion won in operating profit by 2035, which would help boost its corporate value, the firm said. “Using Posco E&C's sturdy foundation as the bedrock, we are layi

TechnologySept. 19, 2023

LG Energy Solution raises $1b from green bond sales to finance battery projects

South Korean battery maker LG Energy Solution said Tuesday it has raised $1 billion worth of global green bonds to finance its global production facilities. It marks the company's first foray into the global green bond market. Green bonds are bonds specifically designed to provide capital to industries and projects combating climate change, including batteries, an alternative to fossil fuels. This $1 billion bond comprises two portions: $400 million set to mature in 3 years and the remainin

IndustrySept. 19, 2023

Samsung’s guide dog school marks 30th anniversary

Samsung Group’s guide dog school, which began operations after the late Chairman Lee Kun-hee’s new management declaration in September 1993, celebrated its 30-year anniversary Tuesday. Samsung held a ceremony commemorating the occasion at Samsung Guide Dog School in Yongin, Gyeonggi-do, sharing gratitude for the late chairman’s insights, philosophy and passion for his dogs. Lee Kun-hee established Korea’s first school for dogs, aimed at training them for work with the vis

IndustrySept. 19, 2023

SC Bank’s new commercial features Kim Young-ok

Standard Chartered Bank Korea said Tuesday it started a commercial campaign for its new savings product featuring Kim Young-ok, the oldest working actress in Korea. Under the slogan “You still don’t know? Let’s be clear! Jaeil EZ account,” the new commercial features Kim, 85, as a restaurant owner, telling diners the benefits of the new Jaeil EZ account in a humorous and friendly manner. The bank also chose Korean rock band Itzi’s “Emergency Room” as the

IndustrySept. 19, 2023

BAT tackles trash dumping with flower gardens

BAT Rothmans, the Korean unit of British America Tobacco, said Tuesday it started a flower planting campaign dubbed “Kkot BAT,” with the aim to save alleys from litter and cigarette butts. “Kkot,” meaning “flower,” and “BAT," meaning “plot” in Korean, this new campaign lays lively flower pots or flower beds in neighborhoods suffering from littering and illegal waste disposal. Acknowledging the roles of citizens in this campaign, BAT Roth

IndustrySept. 19, 2023

LG Electronics hosts conference to boost smart TV biz

LG Electronics Inc. said Tuesday it held a global conference aimed at enhancing its smart TV content and platform business. The South Korean tech company said some 300 content developers and business partners from 30 countries attended the webOS Partner Summit, held at LG Science Park in western Seoul, to extend the ecosystem and values of webOS, LG's own smart TV operating system. LG is "seeking to make a paradigm shift" away from a hardware maker to "a media and entertainme

IndustrySept. 19, 2023

Seoul shares open tad higher ahead of Fed meeting

South Korean stocks started weaker Tuesday as investors take a cautious approach ahead of a US rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to 2,577.28 in the first 15 minutes of trading. Overnight, US stocks also closed little changed. The Dow Jones Industrial Average grew 0.02 percent, the tech-heavy Nasdaq Composite inched up 0.01 percent, and the S&P 500 rose 0.07 percent. The Federal Reserve will hold the Federa

MarketSept. 19, 2023

Samsung Biologics signs $242m deal with BMS

Samsung Biologics said Monday that the company signed a $242 million contract manufacturing deal with Bristol-Myers Squibb subsidiary Swords Laboratories to produce immunotherapy treatments until 2030. Under the latest contract, Samsung Biologics will produce the flagship immunotherapies of BMS at the company’s fourth plant over the next seven years. BMS, the world's seventh-largest biopharmaceutical company as of 2022 in terms of its sales, has been a client of Samsung Biologics sinc

IndustrySept. 18, 2023

Seoul shares dip over 1% on tech losses

South Korean stocks tumbled more than 1 percent Monday led by sharp losses in semiconductor and tech shares ahead of a US rate-setting meeting. The local currency gained ground against the dollar. The benchmark Korea Composite Stock Price Index lost 26.56 points, or 1.02 percent, to finish at 2,574.72, erasing the previous session's 1.1 percent jump. Trading volume was moderate at 408.4 million shares worth 8.6 trillion won ($6.5 billion), with decliners outpacing winners 548 to 330. Offsho

MarketSept. 18, 2023

ACE Engineering gains foothold in US

ACE Engineering, the nation's energy storage system supplier, said Monday it has successfully participated in RE+ 2023, celebrating the launch of “Big Rock 1” project with key players of the renewable energy industry. Held from Sept. 11-14 in Las Vegas, RE+ 2023 is North America's largest renewable energy convention. ACE Engineering showcased its exhibition booth there along with 1,300 global companies and 30,000 attendees. Having more than 30 meetings with renewable ener

IndustrySept. 18, 2023

SK, Netflix settle yearslong legal battle over net usage fees, vow to work together

SK Broadband Co., a major South Korean internet service provider, said Monday that it will end a yearslong legal battle over network usage fees against US streaming giant Netflix. “We agreed to withdraw all disputes in the interests of the greater success of both companies, reflecting the common intention of putting values on customers first,” an SK Broadband official said without giving details of the agreement. “But our position on the necessity of network usage fees remains

IndustrySept. 18, 2023

S-Oil donates to dedicated firefighters

South Korean oil refiner S-Oil said Monday it has donated 470 million won ($354,000) to dedicated firefighters, under a partnership with the National Fire Agency and Korea National Council on Social Welfare. This year’s donation will be used for the treatment of injured firefighters as well as scholarship funds for the children of firefighters who died on duty, the company said. Grants will also be given as awards for selected "Hero Firefighters." The donation ceremony was held a

IndustrySept. 18, 2023

[Test Drive] Volvo C40 Recharge introduces one-pedal driving

GANGNEUNG -- Manual cars, typically older models, have three pedals: an accelerator, a brake and a clutch. Automatic vehicles have two pedals: an accelerator and a brake. Battery electric vehicles still come with the same two pedals. The C40 Recharge, Volvo’s EV crossover, however, has taken it a step further, presenting an opportunity to essentially drive with only one pedal. The Korea Herald had the chance to test the C40 Recharge from Gangeung to Goseong in Gangwon Province as part of a

MobilitySept. 18, 2023

Kolon’s spunbond nonwoven fabrics earn EPD certification

Korean chemical and textile company Kolon Industries said Monday that its two spunbond nonwoven fabric products, Finon and Finon Eco, were certified by the international standard for Environmental Product Declaration, a first within the industry here. The company said it also received endorsements from two European certification bodies -- the EPD International AB in Sweden and the DP Norge in Norway. The EPD system provides a comprehensive assessment of a product's environmental impact. It

IndustrySept. 18, 2023