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

Railway workers launch strike to call for wage hikes

The 20,000-member Korean Railway Workers' Union launched an indefinite strike Thursday, calling for wage and bonus hikes. This marks the first railway strike in 15 months, following one in September last year. The strike impacts Subway Line Nos. 1, 3 and 4, express KTX trains, and regular Saemaeul and Mugunghwa trains, all operated by Korea Railroad Corp. It is reported that negotiations between the union and the railway operator on Wednesday ended without agreement. However, the union stat

IndustryDec. 5, 2024

CJ CheilJedang ups nutrition ingredients business

South Korean food giant CJ CheilJedang said Thursday that it plans to boost its global nutritional ingredients business with enhanced product lineups. Under its “Three B” strategy, the company will outsource quality ingredients from partners (Borrow), invest in the firms and secure sales rights (Buy), and develop new materials on its own (Build). CJ recently launched BiomeNrich, a biotics brand with seven probiotics and postbiotics developed in collaboration with a domestic research

CompaniesDec. 5, 2024

Entry into motor sports ‘natural evolution for Genesis’

Hyundai Motor’s premium brand Genesis has officially announced its entrance into motor sports by launching its team Genesis Magma Racing and a prototype of its racing car, pinpointing the brand’s broader vision to redefine luxury. Laying out a fresh vision for the future of the brand’s high-performance motor sports cars, Genesis unveiled the GMR-001 Hypercar, a high-performance prototype that dons its design philosophy of athletic elegance during the world premiere held at the

MobilityDec. 5, 2024

Shinhan undertakes major reshuffle, replaces 9 CEOs

Shinhan Financial Group has embarked on a large-scale CEO reshuffle by recommending new candidates for the top positions of nine out of 13 affiliates on Thursday. Jung Sang-hyuk, the 60-year-old CEO of the group’s flagship lender Shinhan Bank, was reappointed for his second term, which will last two years. The personnel changes were focused on three pillars -- improving the organizational structure through high-intensity personnel reform, accelerating the implementation of a consistent f

CompaniesDec. 5, 2024

Incheon Airport tightens shoe screening for travelers

Starting Thursday, passengers departing through Incheon International Airport wearing shoes with heels taller than 3.5 centimeters will be required to remove their shoes during the security screening process. Previously, such a rule was only enforced in "suspicious" cases, but the updated regulation now applies it uniformly. The enhanced shoe screening measures are being implemented at both Terminal 1 and Terminal 2 and apply to all passengers using the cylindrical security scanners. &

IndustryDec. 5, 2024

Directors Company completes acquisition of Bitnine

Directors Company, a South Korean advertising and branding company, announced Thursday that it has finalized the acquisition of Bitnine as part of its efforts to strengthen its generative AI business. The acquisition of the Kosdaq-listed database technology company was completed through a third-party allotment capital increase on Nov. 29, making Directors Company its largest shareholder. Following the deal, Chief Financial Officer of Directors Company Jegal Wan was appointed managing director of

CompaniesDec. 5, 2024

Hyundai Motor hints at largest-ever shareholder returns

Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by record-breaking dividends and an aggressive stock buyback program. The move reflects Executive Chair Chung Euisun's commitment to enhancing shareholder value as the company continues its rapid global expansion and financial growth. Backing promises with action Hyundai announced a 1 trillion won ($706 million) share buyback last week, its biggest yet. The funds were sourced from its recen

MobilityDec. 5, 2024

Celltrion starts production at new Songdo plant

South Korean biopharmaceutical firm Celltrion announced Thursday that its third plant in Songdo, Incheon, has officially commenced commercial production, following the completion of a performance qualification test. The five-story facility, spanning 22,300 square meters, was built between 2021 and 2023 with an investment of 270 billion won ($190 million). With a production capacity of 60,000 liters, the new plant boosts Celltrion’s total biopharmaceutical manufacturing capacity to 250,000

CompaniesDec. 5, 2024

Financial watchdog calls on securities firms to draw up 'contingency' plans against market volatility

South Korea's financial watchdog called on securities firms Thursday to draw up contingency plans as market volatility is likely to increase amid martial law-related political turmoil. The local financial markets were roiled on Wednesday by President Yoon Suk Yeol's declaration of emergency martial law late Tuesday, which was lifted hours later after a parliamentary vote to block the decree. Earlier in the day, the opposition-controlled National Assembly introduced a motion to impeach

EconomyDec. 5, 2024

S. Korean economy expands 0.1% in Q3; politics to have limited impact on growth: BOK

The South Korean economy expanded by 0.1 percent in the third quarter of 2024 amid weak domestic demand and slower export growth, central bank data showed Thursday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.1 percent in the July-September period from the previous quarter, matching an earlier estimate, according to preliminary data from the Bank of Korea. The figure was markedly lower than the market expectation of a 0.5 percent gain. The ec

EconomyDec. 5, 2024

Seoul shares open lower amid political turmoil

Seoul shares opened lower Thursday as investors remain worried over political turmoil after President Yoon Suk Yeol's short-lived attempt at martial law. The benchmark Korea Composite Stock Price Index fell 10.64 points, or 0.43 percent, to 2,453.36 in the first 15 minutes of trading. Late Tuesday, Yoon declared martial law, accusing the main opposition Democratic Party of being "anti-state forces" paralyzing the operation of the nation with impeachment motions and a downsized bud

MarketDec. 5, 2024

Samsung Electronics enhances chip strategy with new CFO

Samsung Electronics carried out a year-end executive reshuffle and organizational restructuring on Wednesday, naming new leaders for key roles including chief financial officer. Samsung appointed Park Soon-cheol, executive vice president of the corporate management team at the tech giant, as its new CFO. The 58-year-old financial expert has extensive experience across various divisions at the tech giant, including Samsung’s now-disbanded control tower, the future strategy office, as well a

IndustryDec. 4, 2024

Korea’s sovereign rating unscathed by martial law saga

S&P Global Ratings said Wednesday that South Korea’s sovereign credit rating won’t be hurt by the brief imposition of martial law in the country the previous night. “There is no substantial reason to change Korea’s current rating since the martial law was relieved in a few hours and the country’s economy is fundamentally sound,” Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, said during a seminar jointly held with NICE Investors

EconomyDec. 4, 2024

Seoul shares dip 1.5% amid martial law-triggered political turmoil

Seoul shares sank by almost 1.5 percent Wednesday amid political chaos as opposition parties moved to impeach President Yoon Suk Yeol over the declaration of martial law overnight before he reversed the decision hours later. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 36.1 points, or 1.44 percent, to close at 2,464.00. Trade volume was heavy at 661.09 million shares worth 13.07 trillion won ($9.26 billion), with losers outpacing winners

MarketDec. 4, 2024

Martial law crisis stokes fears among food, beauty exporters

The unexpected martial law declaration late Tuesday by President Yoon Suk Yeol, which was lifted just two and a half hours later, left South Korean export-driven businesses fearing its impact on their global expansion. In particular, food and beauty companies, which have found renewed growth in overseas markets amid a stagnating domestic economy, voiced concerns about whether the incident might tarnish Korea’s reputation abroad and harm export performance. "We received multiple calls

IndustryDec. 4, 2024