Seoul shares open higher ahead of inflation data

South Korean stocks opened slightly higher Tuesday, as investors await US inflation data for August due out later this week that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The benchmark Korea Composite Stock Price Index rose 2.03 points, or 0.08 percent, to 2,558.91 in the first 15 minutes of trading. The United States is set to release the consumer price index for August on Wednesday, with the reading on producer prices to be released th

MarketSept. 12, 2023

Hyundai E&C forays into energy brokerage market

Hyundai Engineering and Construction on Monday announced a strategic equity investment in the energy tech startup 60Hertz, marking its foray into the emerging electricity brokerage market, part of the company’s larger strategy to solidify its position in new energy initiatives. Hyundai E&C's partnership with 60Hertz aims to launch Korea's first integrated IT platform for energy trading, fostering an IT-driven ecosystem to automate transactions between electricity producers an

IndustrySept. 11, 2023

Kolmar Korea wins trade secret case against Intercos

Kolmar Korea announced Monday that the company has won a lawsuit against Italian cosmetics manufacturer Intercos’ local office here, which allegedly transferred trade secrets about sun care product technology. According to Kolmar Korea, the Seoul Central District Court has ruled in favor of Kolmar Korea in a civil case, in which Kolmar Korea accused Intercos Korea and its two former employees of stealing confidential technologies related to Kolmar’s sun care products. The court has o

IndustrySept. 11, 2023

Seoul shares snap 4-day losing streak ahead of key economic data

South Korean stocks finished slightly higher Monday ahead of key economic data to be released later this week, ending a four-day losing streak. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index advanced 9.2 points, or 0.36 percent, to finish at 2,556.88. Trading volume was moderate at 406.6 million shares worth 8.21 trillion won ($6.17 billion), with gainers outpacing decliners 507 to 355. Foreigners and institutions bought a combined net 56.

MarketSept. 11, 2023

[Herald Interview] OECD competition chief touts Korea's antitrust fight against Google

The Organization for Economic Cooperation and Development's competition chief, Frederic Jenny, lauded South Korea for challenging Google’s monopoly in the fast-evolving digital market, saying that Korean authorities have sent a lot of signals to the US tech giant and beyond. “Google (now) understands that Korea is very serious about maintaining competition and not allowing practices that are anti-competitive,” Jenny, the chair of the OECD Competition Committee, told The Ko

EconomySept. 11, 2023

[KH Explains] Hyundai Motor feels cost pinch of ‘French IRA’

Hyundai Motor Group, having already spent billions of dollars to respond to the US Inflation Reduction Act, is tackling another protectionist policy looming large in Europe, a crucial market for the carmaker’s extensive EV strategy. The French government recently announced its new EV subsidy policy, which is based on measuring the carbon footprint throughout the whole process of car manufacturing from production to shipping. Carmakers importing EVs to France from their faraway home countri

MobilitySept. 11, 2023

KB's chair candidate: Keeping Indonesian unit afloat is key mission

Yang Jong-hee, the final candidate for the chairman position and current vice chairman of KB Financial Group, on Monday vowed to prioritize revitalizing the group's money-losing Indonesian subsidiary. He picked Bank KB Bukopin as one of the three critical tasks he would resolve if he takes the top seat of the Korean banking conglomerate in November. "Even within our domestic market, the process of acquiring troubled companies and restoring them requires time. When undertaking similar p

IndustrySept. 11, 2023

[Herald Interview] 'AI success hinges on local nuances and governance, not just silicon'

The evolution of generative AI must equally weigh up technological, ethical and regulatory complexities, said Richard Yonck, an American futurist with over 25 years of experience in computer systems and program analysis. Yonck expressed concerns over the mounting global enthusiasm for AI while sharing insights on the challenges of cultivating a localized AI ecosystem in South Korea in a recent interview with The Korea Herald. "The pressure to yield immediate results is tangible, especially

TechnologySept. 11, 2023

[Photo News] Education for children

BMW Korea Future Fund said Monday that it recently carried out special education activities for elementary school students in areas of North Gyeongsang Province and the Chungcheong Provinces damaged by the heavy rainfall in July. The free education programs, which allowed students to assemble a miniature version of BMW's all-electric vehicle, and gave them the chance to think about global warming, were offered to 238 students at five schools from Aug. 30 to Sept. 8. (BMW Korea)

MobilitySept. 11, 2023

Dong-A Otsuka’s mineral water wins Monde Selection gold award

Dong-A Otsuka, the nation’s leading beverage maker, said it launched a special edition of its mineral water brand Masinda, which won a gold award in the Monde Selection 2023 with a renewed packaging. Employees of Dong-A Otsuka gathered to celebrate the launch of Monde Selection special edition, featuring a golden sticker on the package, for its mineral water at the company’s office in Seoul on Friday. Monde Selection is an annual noncompetitive award that certifies the quality of foo

IndustrySept. 11, 2023

KT's AI tech to accelerate digital logistics innovation of SingPost

South Korean telecommunications giant KT Corp. on Monday said it has signed a memorandum of understanding with a Singapore-based postal service provider to drive digital transformation in logistics. Under the partnership, KT and Singapore Post, or SingPost, agreed to pilot digital logistics transportation optimization in seven regions across Singapore, leveraging the Korean telecommunications company’s artificial intelligence transportation platform, Logistics Intelligence Suite for Fleet

TechnologySept. 11, 2023

LG Innotek chief vows to reduce single-use plastic waste

LG Innotek CEO Jeong Cheol-dong joined the “Zero Disposables Challenge,” an environmental initiative launched by the Ministry of Environment in February to encourage the use of reusable items in public, the firm said Monday. The campaign typically involves CEOs posing for a photo, signaling their commitment to slashing single-use plastic waste. The photo is then posted on social media platforms, with the CEO naming the next participant. Since its launch, a number of key business le

IndustrySept. 11, 2023

SKC to buy stake in US chip packaging startup Chipletz

SKC Co., a South Korean manufacturer of secondary battery parts and advanced materials, said Monday it is acquiring a stake in a US semiconductor packaging startup as it accelerates the drive for chip post-processing. The investment in Chipletz, an Austin-based fabless company, will give SKC an approximately 12 percent stake in the US firm through a Series B funding, the Seoul-based company said in a release. SKC did not disclose the amount of the investment, citing the terms of the agreement. C

IndustrySept. 11, 2023

Seoul Fintech Week to bring together global fintech experts in Seoul next month

The Seoul city government will hold a global financial technology conference next month, bringing together fintech experts from around the world to discuss the digitalization trend in the financial industry, officials said Monday. The 2023 Seoul Fintech Week will kick off on Oct. 4 for a three-day run at Dongdaemun Design Plaza in central Seoul under the theme "How Fintech Will Transform Our Lives," city officials said. Fintech experts from around the world, including the United States

IndustrySept. 11, 2023

Exports down 7.9 pct during first 10 days of Sept.

South Korea's exports fell 7.9 percent on-year in the first 10 days of September due to weak shipments of chips and petroleum products, data showed Monday. The country's outbound shipments reached $14.9 billion in the Sept. 1-10 period, compared with $16.1 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 11.3 percent on-year to $16.5 billion during the period, resulting in a trade deficit of $1.64 billion. By segment, exports of chips,

EconomySept. 11, 2023

Seoul shares open lower on tech, auto losses

South Korean stocks started a tad lower Monday as big-cap tech and auto stocks traded in negative territory. The benchmark Korea Composite Stock Price Index lost 7.06 points, or 0.28 percent, to 2,540.62 in the first 15 minutes of trading. Market bellwether Samsung Electronics dropped 0.28 percent, and its chipmaking rival SK hynix decreased 0.44 percent. Top automaker Hyundai Motor fell 0.65 percent, and leading battery maker LG Energy Solution skidded 0.79 percent. Major online portal operator

MarketSept. 11, 2023

Construction orders hit $22b overseas

South Korean construction companies have secured new orders worth $21.9 billion in overseas markets between January and August, according to the International Contractors Association of Korea, Sunday. The association said the total value of construction orders made overseas during the eight-month period was up by 19.9 percent on-year. It is also the first time that the value has surpassed $20 billion since 2018, when overseas construction orders in the January-August period were worth a combined

IndustrySept. 10, 2023

[KH explains] Why Mirae Asset bets big on expanding presence in India

India, the world’s fifth-largest economy, is one of the strategic markets where South Korea’s Mirae Asset Financial Group has poured considerable resources into expanding its presence. Amid industry-wide efforts to de-risk from China more recently, industry watchers say Mirae Asset’s years-long investment could pay off “soon.” Over the past years, the Korean financial giant has been making bold investments in the fast-growing country, broadening its portfolio from s

MarketSept. 10, 2023

Tax revenue falls on sluggish corporate earnings

South Korea’s tax revenue for this year is likely to fall below the initial estimate by around 60 trillion won ($44 billion) to hover at about 340 trillion won, as major revenue sources such as corporate tax and capital gain tax remain sluggish due to the slow economy. The Finance Ministry is expected to release an update on the estimated tax revenue this week, including corporate taxes prepaid until August. The upcoming announcement comes as the country’s tax revenue has been fallin

EconomySept. 10, 2023

Samsung’s H2 open recruitment to start Monday

Samsung Group, South Korea’s top conglomerate, announced Sunday that its official recruitment in the latter half of this year will start Monday, with 20 affiliates joining the massive hiring drive. The key affiliates include Samsung Electronics, Samsung Display, Samsung Biologics, Samsung SDS and Samsung SDI, among others. Applicants are required to submit their credentials via Samsung’s official recruitment website from Sept. 11 to 18. The months-long process includes a job alignmen

TechnologySept. 10, 2023