120,000 more public homes to be supplied by this year

The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this year to help ease the housing crunch in the sluggish market. The plan came after the government held a meeting earlier in the day attended by Finance Minister Choo Kyung-ho, Land Minister Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun. Since the second half of last year, rising construction costs and an increase in real estate project financing borrowing rates have worse

Sept. 26, 2023

S. Korea’s consumer sentiment turns sour in September: BOK index

South Korean consumers turned pessimistic about overall economic conditions in September for the first time in four months, amid woes over weak exports and rising prices. The composite consumer sentiment index (CCSI) in September stood at 99.7, down 3.4 points from the 103.1 a month before, the Bank of Korea’s report showed Tuesday. “The concerns about the weak exports and contraction in purchasing power due to the rise in prices pulled down the composite consumer sentiment index,&

Sept. 26, 2023

SK Telecom to triple investment in AI

The CEO of SK Telecom, South Korea's largest wireless carrier by subscription, unveiled on Tuesday the company's roadmap to leap forward as a global artificial intelligence firm within the next five years by expanding its business and technology based on its AI assistant service, A. At a press conference held in Seoul earlier in the day, the telecom giant's chief Ryu Young-sang introduced the firm's new "AI pyramid strategy," which focuses on three major areas: AI i

Sept. 26, 2023

Seoul shares tumble to 5-month low; won falls to yearly low

South Korean stocks fell to a five-month low Tuesday on lingering concerns about the Federal Reserve's continued monetary tightening path and risks in the Chinese property sector. The local currency fell sharply against the US dollar to hit a yearly low. The benchmark Korea Composite Stock Price Index shed 32.79 points, or 1.31 percent, to close at 2,462.97, extending a losing streak to the fourth session. Trading volume was a bit slim at 418.85 million shares worth 6.86 trillion won ($5.09

Sept. 26, 2023

[Photo News] Middle East Finance

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Korean Ambassador to Saudi Arabia Park Joon-yong and Saad Al-Khalb, CEO of Saudi Export-Import Bank (Saudi EXIM), pose for a photo after signing a partnership deal at the headquarters of Saudi's National Development Fund in Riyadh, Monday. Hana became Korea's first commercial bank to forge business ties with Saudi EXIM. The two institutes aim to expand financial cooperation to explore new global projects in the Middle East an

Sept. 26, 2023

Kakao completes its first own data center

South Korean IT giant Kakao, having suffered from its worst-ever server shutdown last year, has completed its first in-house data center in Ansan, Gyeonggi Province, the company said Tuesday. The new facility, called Kakao Data Center Ansan, spans 47,378 square meters within Hanyang University’s ERICA campus in the industrial city, some 29 kilometers south of Seoul. It is expected to become fully operational by the first quarter next year. "Our gratitude extends to both Ansan City and

Sept. 26, 2023

LG chief convenes CEO meeting to review growth strategy

LG Group Chairman Koo Kwang-mo reportedly convened some 30 CEOs on Tuesday to discuss the group's longer-term strategies ahead of the weeklong Chuseok holiday. Top executives of key affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem and LG Energy Solution, attended the annual workshop that took place at LG Academy in Icheon, Gyeonggi Province, according to news reports. For Koo who took office in 2019, this marked the fifth occasion to convene the meeting. The event was h

Sept. 26, 2023

[KH Explains] Lotte goes all-out to secure cash amid lackluster earnings

South Korean retail giant and the nation's fifth-largest conglomerate Lotte Group is reportedly resorting to liquidating billions of won in assets as it grapples with flagging performance posted across its major subsidiaries. According to the Financial Supervisory Service's electronic disclosure board, Lotte Holdings reported 211.7 billion won ($157 million) in operating profits in the January-June period this year, down 19 percent from the same period last year (261.2 billion won). Lo

Sept. 26, 2023

Hyundai Motor may sell Russian plant to local firm

A Russian firm will buy Hyundai Motor’s manufacturing plant in St. Petersburg which halted operations in March last year, Russian news agency TASS reported Wednesday citing Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov. The minister was quoted as saying, “We have already formed all decisions on Hyundai’s acquisition. At least what the company has announced itself. This is why a decision will be taken shortly. A local company will be the purchaser.&

Sept. 26, 2023

Milk prices to go up in Oct.

Starting in October, major South Korean milk companies will raise their product prices, following the Korea Dairy Committee's decision to increase the cost of raw milk by the highest rate in 10 years. Namyang Dairy Products said it will raise the price of its 900 milliliter-carton of milk by 4.6 percent starting in October. As a result, the products' price at discount stores is estimated to rise to 2,900 won ($2.15), from its current 2,800 won. The company added it will also raise th

Sept. 26, 2023

KFCC hosts UN conference for inclusive finance

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Tuesday it has successfully hosted a regional workshop in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific last week. Under the theme of digital inclusion and community development, the two-day event discussed the solutions to achieve Sustainable Development Goals -- a universal call to end poverty and inequality by the UN -- through d

Sept. 26, 2023

Posco to build joint venture with US grain company

Posco International said Tuesday that it inked a preliminary joint venture agreement with US grain company Bartlett and Co., in a move to enhance its global food supply network. The agreement was signed in Kansas City, US, on Monday with top executives including Posco International Vice Chairman and CEO Jeong Tak, and Bob Knief, CEO of Bartlett and Co., in attendance. The US company owns some 15 grain terminals through which it supplies major grains including corn, wheat and soybeans to the dome

Sept. 26, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Tuesday, despite overnight gains on Wall Street, as big-cap tech shares lost ground amid lingering concerns about the Federal Reserve's aggressive monetary policy path. The benchmark Korea Composite Stock Price Index shed 13.20 points, or 0.53 percent, to 2,482.56 in the first 15 minutes of trading. Overnight, US shares rose following recent sharp losses as the Federal Reserve signaled higher borrowing rates for longer to curb inflation, sending bond yields

Sept. 26, 2023

[Graphic News] Imports of Japanese seafood dip for 5th month in Aug.

South Korean imports of Japanese seafood fell for the fifth consecutive month in August on concerns over Japan’s release of treated radioactive water, government data showed. Seoul imported $7.81 million worth of fishery products from the neighboring country last month, down 34.8 percent from a year earlier, according to the data from the Korea Customs Service. August posted the largest on-year decline this year, and last month’s import value was the smallest monthly figure in two ye

Sept. 26, 2023

[Herald Interview] S&P economist tells Korea to brace for worst-case scenario with China

China’s economic slowdown could deteriorate more than initially projected, increasing the strain on Korea’s export-reliant growth in the short term, an economist from S&P projected. “The number one issue (in China) has to do with private sector debt and over-leveraging. That is a problem that has been building for more than a decade," Diego Iribarren from S&P Global Market Intelligence said in an interview held in the company’s office in central Seoul on Sept

Sept. 25, 2023

SKT, OpenAI hold AI competition for social good

SK Telecom said on Monday that it successfully wrapped up its international AI competition, “Prompter Day Seoul 2023,” held in partnership with OpenAI. The event’s theme centered around building AI innovations beneficial to humanity. The two-day event first had 226 teams proposing concepts leveraging OpenAI's generative AI model. After online qualifiers, 20 of these teams showcased their AI innovations at Dreamplus Gangnam, a shared office space in Seoul on Saturday and Su

Sept. 25, 2023

Samsung Biologics attends CSLA investor forum

Samsung Biologics said Monday the company participated in CSLA's flagship investor forum which was held in Hong Kong on Sept. 11-14, to promote the company’s vision and business strategy. The investors’ forum, one of the largest of its kind in Asia, is held by CLSA, an institutional broker and investment group owned by CITIC Securities. Around 400 Asian companies and some 3,000 people from the industry joined the latest edition of the forum. Samsung Biologics was the only Korean

Sept. 25, 2023

KB chief hopes successor transforms group into 'Samsung of finance'

KB Financial Group's outgoing chair, Yoon Jong-kyoo, said Monday that he hopes his successor will realize his unattained goal to grow the group as a top-10 financial firm in the world. "I previously said I want to turn the group into the 'Samsung of finance,' but now that I look back, I feel a lot of regret when thinking about how much progress we've made (on global stage)," Yoon said at a press conference held at the group’s headquarters in Seoul. He will ste

Sept. 25, 2023

Rebellions' AI chip to undergo IBM quality testing

Korean AI semiconductor startup Rebellions said Monday that its chips were set to undergo quality testing at data centers of IBM Research's AI Hardware Center in New York. IBM Research's AI Hardware Center conducts exhaustive quality testing for enterprise-grade data center processors. It evaluates the reliability of the chip until it reaches an acceptable level of performance. Earlier this year in April, Rebellions gained global attention when its Atom chip outperformed Nvidia's

Sept. 25, 2023

SK Earthon starts first independent oil production in South China Sea

SK Earthon, a subsidiary of South Korean energy giant SK Innovation specializing in oil exploration and production, said Monday that it has commenced its first independent crude oil production in the Lufeng 12-3 oil field, part of Block 17/03 in the South China Sea, starting this September. Located approximately 300 kilometers from Shenzhen, China, the oil field is projected to cater to over 1 percent of South Korea's daily oil consumption, with an output of around 29,500 barrels at its pea

Sept. 25, 2023