Value-up Index stirs mixed market reactions

The Korean equity market reacted to the launch of an index developed to address domestic companies' undervaluation with investors showing a preference for stocks included in the new index. Following the Korea Exchange’s unveiling of the Value-up Index, comprised 100 Korean stocks with stellar corporate value, on Tuesday, those that made the list, including Samsung Electronics and SK hynix showed a strong start in Wednesday morning trading. SK hynix and Samsung Electronics had gained

Sept. 25, 2024

LG Energy Solution launches B.around

South Korea’s top battery-maker LG Energy Solution has unveiled a new brand for its battery management total solutions, dubbed B.around. The brand name aligns with the company’s corporate slogan, “Be around your side,” signifying its continuous commitment to partners and customers. The company explained that the name reflects its advanced battery management total solutions technology, which monitors battery conditions in real time to handle any kind of situation. As safet

Sept. 25, 2024

Hyundai Motor showcases hydrogen tech at H2 MEET 2024

The H2 MEET 2024, a major global exhibition on hydrogen technology held in South Korea, kicked off Wednesday at Kintex in Goyang, Gyeonggi Province, to showcase the latest innovations in hydrogen technology, including key contributions from Hyundai Motor Group. This year’s exhibition runs for three days and is the largest in the event’s five-year history, bringing together 317 companies and organizations from 24 countries. “This is a great opportunity to showcase Korean innovat

Sept. 25, 2024

[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant

Amid growing uncertainties about the timely operation of Samsung Electronics' $40 billion semiconductor fabrication plant in Taylor, Texas, regional economic development chiefs in the state dismissed downsizing rumors, saying construction would be completed by mid-2025. “There was a recent story that workers left, but Samsung every two years recycles in other employees. So the employees there came back to Korea, and they have a new group of employees or construction workers on site,&r

Sept. 25, 2024

Samsung, top banks to create W2tr green growth fund for SMEs

Samsung Electronics and the nation’s top five lenders have collaborated to create a 2 trillion won ($1.5 billion) fund to support small and medium-sized companies struggling to meet toughening carbon regulations at home and in overseas markets. On Tuesday, the tech giant, together with the nation’s top five financial groups and the Financial Supervisory Service, vowed to offer low-interest rates on loans to smaller businesses seeking to invest in low-emissions facilities, equipment o

Sept. 24, 2024

[Herald Interview] Han River set to transform into lifestyle platform

Once a symbol of Korea‘s rapid economic growth, the Han River is poised to evolve into a “lifestyle platform” for citizens and the ultimate place for healthy pleasure, according to Joo Yong-tae, deputy mayor of the city government’s Future Hangang Project Headquarters. “The Han River is a source of both relaxation and pride for the citizens of Seoul,” Joo said in an interview with The Korea Herald in early September. “Until a few years ago, the Han Riv

Sept. 24, 2024

SPC eyes foray into Eastern Europe

South Korean bakery giant SPC Group said Tuesday it hosted a conference in Prague last week to explore strategies for expanding its global business in Europe. SPC Group held the Paris Baguette Europe Conference in the Czech capital on Thursday and Friday. Chairman Hur Jin-soo and Jack F. Moran, head of SPC's European operations, put their heads together for ways to penetrate the Eastern European market. On the first day, Hur met with CzechInvest CEO Jan Michal to discuss investment strategi

Sept. 24, 2024

Google pays way less tax in Korea: lawmaker

Google Korea allegedly evaded more than 600 billion won ($450 million) in taxes in 2023, paying only 2.5 percent of its estimated corporate tax obligations, a ruling party lawmaker said on Tuesday. Rep. Choi Su-jin of the People Power Party, citing reports from the Korean Association of Financial Management and filings from the US Securities and Exchange Commission, revealed that Google Korea paid 15.5 billion won in corporate taxes last year, but considering its estimated revenue, the company s

Sept. 24, 2024

KITA chief discusses EU’s regulatory impact in Brussels

Korea International Trade Association Chairman and CEO Yoon Jin-sik visited Brussels this week to convey South Korean companies' concerns regarding upcoming EU environmental regulations to key European Commission and European Parliament representatives. During his visit Monday through Tuesday, Yoon was accompanied by a KITA delegation, comprising executives from member companies, including Meta Biomed, Hanyoung Nux, Exicon and Daejoo Autotech, according to the KITA on Tuesday. In a meeting

Sept. 24, 2024

SC Bank launches new high-interest savings account

Standard Chartered Bank Korea said Tuesday that it launched a new savings account offering eligible customers a special annual interest rate of up to 4 percent. The name of the product, Hi account, reflects both a greeting to new customers and the promise of a high interest rate. The account adds a maximum of 3.9 percentage points to the base rate of 0.1 percent. For up to one year from the account opening, new SC Bank customers can get an additional interest rate ranging from 2.4 to 3.4 percent

Sept. 24, 2024

Middle East’s big AI push lures Korean tech firms

In the wake of the artificial intelligence boom, Korean tech giants are seen swiftly expanding their foothold in the Middle East, where countries are turning their eyes to AI as a hedge to diversify their oil-centric economies. On Monday, the Wall Street Journal reported that the world’s leading chipmakers, Samsung Electronics and Taiwan Semiconductor Manufacturing Co., were reviewing the notion of building new semiconductor manufacturing facilities in the United Arab Emirates in the comin

Sept. 23, 2024

Mirae Asset named ‘Best Securities House in Korea’ by Euromoney

South Korea's largest stock brokerage company Mirae Asset Securities said Monday that it has been recognized as the "Best Securities House in South Korea" by Euromoney at the Euromoney Securities Houses Awards 2024. The accolade follows Mirae Asset Group Chairman Park Hyeon-joo being named International CEO of the Year by the Academy of International Business in July, making him the first Asian finance leader to receive the prestigious award. “Despite the challenging environ

Sept. 23, 2024

Yanolja Cloud appoints accounting specialist as new CFO

Yanolja Cloud, a South Korean provider of AI-based Software as a Service solutions, announced on Monday the appointment of Moon Byung-deok as its new chief financial officer. Moon, a seasoned financial expert, previously offered accounting audit and financial advice to both domestic and overseas companies at Samil PricewaterhouseCoopers. Since joining Yanolija in 2021, Moon has served as its chief accounting officer in charge of managing business and tax accounting. As it has been rapidly expand

Sept. 23, 2024

[Photo News] Daewoo E&C, Sudop Praha join forces

Daewoo Engineering & Construction Chairman Jung Won-ju (center) participates in a business cooperation ceremony on Friday in the Czech Republic, with Martin Chrastil (right), CEO of Sudop Praha, and Cho Seung-il (left), executive director of Daewoo E&C's plant division. The partnership, established during South Korean President Yoon Seok Yeol's visit with an economic delegation, focuses on designing and licensing temporary and auxiliary facilities for the new nuclear power plan

Sept. 22, 2024

[Advertorial] Eximbank joins hands with Czech state funds

The Seoul-headquartered, state-run Export-Import Bank of Korea said Sunday it has teamed up with Czech state financial institutions in an effort to help Korean companies expand business on Czech soil and beyond. Eximbank Chairman and CEO Yoon Hee-sung and Korea Trade Insurance Corp. Chairman Jang Yeong-jin have signed an agreement with their Czech counterparts at National Development Bank, Czech Export Bank, Export Guarantee and Insurance Corp. to pursue bilateral financial cooperation, accordin

Sept. 22, 2024

Samsung, SK hynix market caps plummet W117tr amid semiconductor uncertainty

Concerns surrounding the semiconductor industry have led to a nearly 120 trillion won ($90 billion) decline in the market capitalization of South Korea's two leading makers of memory chips, Samsung Electronics and SK hynix, over the past month, according to data released on Sunday. According to the Korea Exchange, the country's sole bourse operator, the two companies’ market value has shrunk by a total of 117.18 trillion won despite market watchers’ evaluations that the dec

Sept. 22, 2024

[Photo news] LG Uplus' Gangnam pop-up unveils iPhone 16

LG Uplus, South Korea’s telecom carrier, hosts a pop-up event for Apple’s latest iPhone 16 at its six-story flagship store in Gangnam, southern Seoul. The event, continuing to Sept. 29, allows visitors to try the iPhone 16 and other Apple products. Social media influencers are also able to unbox their new iPhones and preview LG’s upcoming AI-driven call recording service, ixi-O, which is expected to offer features like call recording and content summarization when it launches n

Sept. 22, 2024

HD Hyundai Marine Solution secures $37m LNG carrier system order from Middle East

HD Hyundai Marine Solution, the ship maintenance unit of HD Hyundai, said Sunday that it has signed a contract with a Middle Eastern shipping company to supply shaft generator systems worth $37 million for 17 LNG carriers. The systems will be delivered sequentially until 2028. The shaft generator system generates electricity by utilizing part of the rotational power from the ship’s main engine. Compared to medium-sized engines traditionally used as power sources, the main engines used fo

Sept. 22, 2024

[Exclusive] MBK incapable of running Korea Zinc’s Australia business: Aussie renewable energy CEO

The envisioned takeover of Korea Zinc would wreak havoc on its business in Australia because the demands on private equity firms like prospective buyer MBK Partners are incompatible with the long-term requirements of the industry, according to the chief of Ark Energy, Korea Zinc's Australian renewable energy subsidiary. MBK Partners, a big-name private equity house based in Seoul, recently joined hands with Young Poong to win control of Korea Zinc, the world's largest zinc smelter. Y

Sept. 20, 2024

Hanwha Ocean unveils zero-emission LNG carrier for greener shipping

Leading Korean shipbuilding and offshore company Hanwha Ocean unveiled its next-generation zero-emission liquefied natural gas carrier, Ocean 1, at Gastech 2024 in a move to spearhead sustainable maritime innovation. The company announced Friday that Ocean 1 was showcased at the conference held in Houston from Sept. 17-20, where it attracted the interest of over 100 major shipbuilding and shipping line representatives. This marks the first time Hanwha has revealed the technologies behind its vis

Sept. 20, 2024