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Seoul shares open lower on profit-taking
South Korean stocks opened weaker Thursday as investors took profit following strong gains in the previous session despite an overnight rally on Wall Street. The benchmark Korea Composite Stock Price Index shed 10.06 points, or 0.39 percent, to 2,537.00 in the first 15 minutes of trading. Overnight, US stocks were buoyed by optimism surrounding joint artificial intelligence investments by OpenAI, Oracle and SoftBank, which was touted by President Donald Trump. The S&P 500 rose 0.61 percent, reac
Jan. 23, 2025 -
Biz sentiment at 4-yr low in Jan. amid growth woes, political upheaval: BOK survey
South Korea's business sentiment fell to a four-year low in January amid concerns over growth momentum and political turmoil sparked by President Yoon Suk Yeol's martial law declaration, a central bank poll showed Thursday. The Composite Business Sentiment Index, or CBSI, in all industries for January came to 85.9, down 1.4 points from the previous month, according to the survey by the Bank of Korea. It marked the lowest level since September 2020, when the index came to 83. In December, the ind
Jan. 23, 2025 -
Four carmakers to recall over 340,000 vehicles for faulty parts
Hyundai Motor Co., Kia Corp. and two other carmakers will voluntarily recall over 340,000 vehicles due to faulty components, the transport ministry said Thursday. The four companies, including Mercedes-Benz Korea and Tesla Korea, are recalling a combined 343,250 units of 11 different models, the ministry said. Hyundai Motor will recall 141,125 units of two models, including the Porter II Electric, due to a design error in the battery sensor. Additionally, 19,830 units of the Nexo will be recalle
Jan. 23, 2025 -
Govt., S. Korean firms discuss ways to deal with Trump's new import tariffs
The industry ministry on Thursday hosted a meeting with South Korean businesses operating in Mexico to find ways to address US President Donald Trump's renewed pledge to impose a 25 percent tariff on goods imported from the Latin American nation. The meeting was arranged as Trump instructed federal agencies to review the US-Mexico-Canada Agreement for possible improvements and pledged to impose new tariffs on imports from the two countries beginning as early as Feb. 1. "South Korean businesses h
Jan. 23, 2025 -
SK hynix report record-breaking Q4 earnings on rising demand for AI chips
South Korean chipmaking giant SK hynix Inc. said Thursday its fourth-quarter earnings hit a record high on rising demand for artificial intelligence chips, including high bandwidth memory, sharply beating market expectations. Its 2024 revenues and operating profits also broke previous records, the company said. The world's second-largest memory chipmaker said in a regulatory filing that its fourth-quarter net income reached 8 trillion won ($5.6 billion), shifting from a loss of 1.37 trillion won
Jan. 23, 2025 -
Hyundai Motor’s new Palisade SUV blends power, comfort
Revamped family SUV offers hybrid variant and nine-seater for 1st time, competes head on with Kia Carnival Hyundai Motor's flagship family sport utility vehicle, the Palisade, sparked a comeback after six years in Korea, offering a roaring drive and upgraded comfort. The automaker previously avoided direct competition with its smaller sibling, Kia, by excluding hybrid and nine-seater variants. However, with these offerings alongside additional premium features, the competition to lead the large
Jan. 23, 2025 -
Samsung's Galaxy S returns smarter than ever
New 'One UI 7' operating system delivers more personalized AI experience Samsung Electronics on Wednesday unveiled its flagship Galaxy S25 smartphone lineup, equipped with upgraded artificial intelligence features, camera functions and faster processors. The company says the device has opened “the advanced mobile artificial intelligence era.” The South Korean tech giant held its Galaxy Unpacked 2024 event at the SAP Center in San Jose, California, with thousands of journalists and industry profe
Jan. 23, 2025 -
After Jeju Air crash, South Korea to remove all embankments near airport runways
South Korea will remove hazardous structures found near runways at seven of its 14 airports across the country, following the crash of a Jeju Air flight that killed 179 of the 181 people on the plane last month, officials announced Wednesday. According to the Ministry of Land, Infrastructure and Transport, immediate safety improvements will be carried out at the seven airports, including Muan International Airport in South Jeolla Province, the site of the tragic crash that became the deadliest a
Jan. 22, 2025 -
Samsung Biologics hits W4.5tr sales milestone
Samsung Biologics has made history by becoming the nation's first biotech company to hit 4 trillion won ($2.78 billion) in annual sales. The company reported on Wednesday consolidated annual sales of 4.54 trillion won and an operating profit of 1.32 trillion won for 2024. Sales increased by 23 percent compared to the previous year, while operating profit grew by 19 percent. On a standalone basis, Samsung Biologics recorded nearly 3.5 trillion won in annual sales, driven by strong performances fr
Jan. 22, 2025 -
Hanwha heir strengthens US network at Trump’s inauguration
Hanwha Group Vice Chairman Kim Dong-kwan explores defense, shipbuilding cooperation with top US officials in Washington DC Hanwha Group Vice Chairman Kim Dong-kwan met with top US officials under the new Trump administration to bolster the Korean conglomerate’s global network as he attended the US president's inauguration ceremony in Washington DC earlier this week. According to Hanwha on Wednesday, Kim participated in a candlelight dinner at the National Building Museum the day before the cerem
Jan. 22, 2025 -
Hanjin sets sales record for 2024
Korea’s logistics giant Hanjin Group achieved record sales of over 3 trillion won ($2.09 billion) last year, driven by its burgeoning global logistics business. The parent company of Korea's flag carrier Korean Air announced Wednesday that its 2024 sales reached 3.14 trillion won, up 7.4 percent on-year. Hanjin Group attributed its record-high sales to an increase in international forwarding volume, along with higher air and maritime cargo rates. Additionally, the company expanded its global net
Jan. 22, 2025 -
Samsung C&T reports solid 2024 growth on diversified business portfolio
Despite ongoing uncertainties in the global business environment, Samsung C&T achieved solid sales results, driven by its diverse business portfolios and competitive strengths, continuing its growth trend from the previous year. In 2024, Samsung C&T recorded sales of 42.1 trillion won ($28.96 billion), reflecting a 207 billion won increase, and an operating profit of 2.98 trillion won, up by 114 billion won from the previous year. The construction division posted sales of 18.65 trillion won and
Jan. 22, 2025 -
1 in 4 outside directors at Korea's top 100 companies were women, inches up from 2023
The number of female independent directors at major South Korean companies in 2024 marked a marginal increase from the year before, but at a much slower rate of growth from previous years, a report by a local headhunting firm showed Wednesday. The report by Unico Search analyzed the country's top 100 companies by sales, and found that 110 of the 454 outside directors -- referring to board members who are not employees or stakeholders of the company -- were women, or 24.2 percent. Both the total
Jan. 22, 2025 -
Korea Zinc proxy battle shapes up ahead of shareholder meeting
After a monthslong ownership battle between Korea Zinc’s current management and the MBK Partners-Young Poong alliance, shareholders of the world’s largest zinc smelter are expected to decide the company’s fate this week. At an extraordinary general shareholders meeting on Thursday, Korea Zinc Chair Choi Yoon-beam and his proxy fight rival, the MBK-Young Poong coalition, will seek to add their respective nominees to Korea Zinc’s board. The two parties’ competition for a stake in Korea Zinc, which
Jan. 22, 2025 -
Seoul shares rally to hit over 2-month high on eased tariff woes
South Korean stocks rallied over 1 percent Wednesday to the highest in over two months on eased US tariff concerns. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 29.03 points, or 1.15 percent, to close at 2,547.06, ending a three-session losing streak. It also marked the highest closing price since Nov. 8, when the index finished at 2,561.15. Trade volume was moderate at 570.7 million shares worth 10.8 trillion won ($7.51 billion), with dec
Jan. 22, 2025