Seoul shares down for 3rd day; impeachment vote in focus

Seoul shares closed down for a third straight session Friday as investors await the result of an impeachment vote against President Yoon Suk Yeol on Saturday over his botched martial law attempt. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 13.69 points, or 0.56 percent, to close at 2,428.16. This week, the index lost 1.1 percent. Trade volume was moderate at 620.82 million shares worth 10.48 trillion won ($7.4 billion), with losers outpacing wi

MarketDec. 6, 2024

Korean Air wins Global Traveler Award for best inflight service

Korean Air announced on Friday that it has earned the prestigious Best Airline Onboard Service title at the Global Traveler 2024 GT Tested Reader Survey Awards. The airline's Skypass loyalty program also received recognition, winning the Best Frequent-Flyer Award Redemption category. Additionally, Korean Air ranked highly in several other categories, including second place for Best First-Class Seat Design and third place for Best Airline Cuisine, Best Business-Class Seat Design, Best Flight

IndustryDec. 6, 2024

HDC Group appoints financial experts as new leaders

South Korean construction giant HDC Group on Friday named Jung Kyung-koo, CEO of HDC, the group’s holding unit, as the new CEO of its flagship construction unit HDC Hyundai Development Company in its year-end leadership reshuffle. Jung, 59, is a financial specialist who majored in law at Seoul National University and started his career at Shinhan Investment Securities. At HDC, he has served in diverse leadership positions, including head of management planning and chief finance officer at

CompaniesDec. 6, 2024

LG Energy Solution, GM celebrate 100 millionth EV battery cell from Ohio plant

LG Energy Solution and General Motors celebrated a major milestone on Friday as their joint venture, Ultium Cells, produced its 100 millionth electric vehicle battery cell at Plant 1 in Warren, Ohio. The milestone also coincided with the fifth anniversary of Ultium Cells, which was launched on Dec. 5, 2019. To mark the occasion, a ceremony was held at the facility. “This achievement shows our commitment to advancing clean energy across industries like electric vehicles and energy storage s

MobilityDec. 6, 2024

Agriculture minister apologizes for attending Yoon’s Cabinet meeting for martial law declaration

Minister of Agriculture, Food and Rural Affairs Song Mi-ryeong on Friday expressed deep regret over her attending a Cabinet meeting convened by President Yoon Suk Yeol Tuesday night to discuss martial law declaration. “If I had known about the agenda, I wouldn’t have attended the meeting. I feel deeply sorry to the public,” Song told reporters after a meeting at the government complex in Sejong. “I was both confused and deeply concerned about (martial law declaration). I

IndustryDec. 6, 2024

Samsung C&T, Sweden’s Karnefull Next join hands to develop SMRs for data centers

Samsung C&T said Friday that it has signed a memorandum of understanding with Swedish small modular reactor developer Karnfull Next as part of efforts to advance its SMR business in Europe. A signing ceremony was held in Seoul on Thursday, attended by Karnfull Next CEO Christian Sjolander, South Korea's Trade Minister Jeong In-kyo and Samsung C&T CEO Oh Se-chul. Karnfull Next, a subsidiary of the private nuclear power company Karnfull Energi, specializes in SMR development. The agre

CompaniesDec. 6, 2024

LG CNS eyes Kospi debut in February

South Korean IT solutions provider LG CNS said Friday it has submitted a prospectus to the financial authorities to officially begin the public offering process, aiming for a listing on the country’s main bourse Kospi in February. The company plans to issue 19.38 million shares in the upcoming IPO. The target offering price is between 53,700 won and 61,900 won ($37.88-$43.44) a share, with the estimated market capitalization expected at up to 6 trillion won. LG CNS will conduct a book-buil

IndustryDec. 6, 2024

Korean markets tumble amid impeachment talks

South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape. As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed. Investor sentiment appeared mixed. Retail and foreign investor

MarketDec. 6, 2024

Posco Future M secures US-compliant lithium supply for EV batteries

Posco Future M has locked in a deal to source lithium hydroxide from within its corporate structure, in a move that avoids problems stemming from US Foreign Entity of Concern restrictions. The company said Friday it had signed an agreement to purchase 20,000 tons of lithium hydroxide from Posco Pilbara Lithium Solution, its affiliate, enough to produce cathode materials for around 460,000 electric vehicles. Cathode materials are a key component in lithium-ion batteries, which power most EVs. Thi

MobilityDec. 6, 2024

Top economic officials say market 'largely stabilized' following martial law debacle

Top economic and financial authorities said Friday that the financial and foreign exchange markets have "largely stabilized" following the brief imposition of emergency martial law earlier this week. Such assessment was made during an emergency meeting to evaluate the potential impact of President Yoon Suk Yeol's declaration of martial law late Tuesday, which was reversed within hours by the National Assembly. Friday's meeting was attended by Finance Minister Choi Sang-mok, t

EconomyDec. 6, 2024

S. Korea logs current account surplus for 6th month in October

South Korea reported a current account surplus for the sixth consecutive month in October, driven by strong sales of semiconductors and cars, central bank data showed Friday. The country's current account surplus reached $9.78 billion in October, following a $10.94 billion surplus the previous month, according to preliminary data compiled by the Bank of Korea. The country has recorded a current account surplus since May, and the accumulated surplus for the first 10 months of the year has mo

EconomyDec. 6, 2024

Seoul shares open higher; impeachment vote result eyed

Seoul shares opened higher Friday on auto and energy gains, with investors eyeing the planned parliamentary vote for President Yoon Suk Yeol's impeachment over his botched declaration of martial law earlier this week. The benchmark Korea Composite Stock Price Index rose 13.68 points, or 0.56 percent, to 2,455.53 in the first 15 minutes of trading. On Tuesday night, Yoon abruptly declared martial law, accusing the main opposition party of paralyzing the government with impeachment motions an

MarketDec. 6, 2024

Citibank Korea hosts annual seminar on digital finance

Citibank Korea on Thursday hosted the Korea Digital Leaders Summit 2024 to explore the future of the digital market and support companies’ global expansions. The event gathered executives from Korea’s digital firms across industries such as e-commerce, gaming, tourism and finance. Key speakers included officials from Krafton, Silicon2, KOTRA and Smilegate Investment who delivered presentations on their insights into current market trends. Kim Jin-wook, chief economist at Citibank Kor

IndustryDec. 5, 2024

SK Discovery gets finance expert as new CEO

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

CompaniesDec. 5, 2024

Seoul shares down for 2nd day as impeachment vote looms over Yoon's botched martial law

Seoul shares closed lower for a second straight session on Wednesday as President Yoon Suk Yeol faces an impeachment vote this weekend following his botched declaration of martial law. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 22.15 points, or 0.90 percent, to close at 2,441.85. Trade volume was moderate at 502.49 million shares worth 9.29 trillion won ($6.56 billion), with losers far outpacing winners 724 to 175. Foreigners sold a net 319.19

MarketDec. 5, 2024

SK enhances leadership for chip, US teams

SK Group, the country's second-largest conglomerate, carried out a relatively modest year-end reshuffle Thursday, focusing largely on organizational restructuring to boost core competence under the three key themes, technology, field expertise and global presence. With the goal to enhance its US presence, the conglomerate appointed a former chief of the US Trade Representative to oversee government relations at SK Americas. The group also sought for restructuring of SK hynix, its lucrative

IndustryDec. 5, 2024

'Value-up' gone up in smoke? Political crisis deepens 'Korea discount'

South Korea’s stock market was already on fragile ground before President Yoon Suk Yeol’s unexpected martial law declaration further undermined the government’s yearlong push to boost corporate value. Foreign investors sold a net 200 billion won ($141 million) on the benchmark Kospi within the first two hours of Thursday’s trading, extending the 400 billion won offloaded the previous day after the six-hour martial law announcement. As of 3 p.m., foreign investors had dump

EconomyDec. 5, 2024