KG Mobility recognized as fast growth brand in Turkey

Korean sport utility vehicle manufacturer KG Mobility was awarded by Turkey’s mobility association for its exceptional growth in the country last year, the company said Friday. Turkey's Automotive Distributors and Mobility Association, or ODMD, honored KG Mobility as the "Fastest Growing Light Commercial Vehicle Brand and Car Brand" as part of its annual recognition of outstanding car brands operating in Turkey. KG Mobility sold 11,870 units in the country last year, a five-fold jump compared to

Jan. 17, 2025

[JPM 2025] Lotte Biologics to provide one-stop ADC services at Syracuse Campus

SAN FRANCISCO ― Lotte Biologics CEO James Park unveiled the firm’s new platform for antibody-drug conjugates, a promising class of anticancer drugs, as its biopharmaceutical production facility in the US is getting ready to welcome its first client. At the JP Morgan Healthcare Conference's Asia-Pacific sessions on Thursday, the pharmaceutical unit of Lotte Group introduced its proprietary and innovative ADC platform, SoluFlex Link, and announced plans to provide one-stop ADC services in collabor

Jan. 17, 2025

Kia rolls out India-tailored SUV Syros

Korean automaker plans to expand new car’s availability across Asia Pacific, Latin America and Middle Eastern regions Kia has begun mass production of the Syros, a new sport utility vehicle specifically developed to fill the needs of customers in India, as the Korean automaker aims to expand its presence in the world’s third-largest auto market. According to Kia, the automaker held the rollout ceremony at its Anantapur plant in Andhra Pradesh, India, Thursday, following the world premiere of the

Jan. 17, 2025

S. Korean stock, FX markets to close on Jan. 27 for temporary holiday

The South Korean stock and foreign exchange markets will be closed Jan. 27 for a temporary holiday, their operators said Friday. The foreign exchange market and financial markets, including the main Korea Composite Stock Price Index and the secondary tech-heavy KOSDAQ, as well as the ETF, derivatives and commodity markets, will be closed from the day through Jan. 30 for an extended six-day holiday, according to market operators. The government designated Jan. 27 as a temporary holiday ahead of t

Jan. 17, 2025

Hyundai, Kia win awards for 19 products at 2024 Good Design Awards

Hyundai Motor Co. and Kia Corp., South Korea's leading automakers, have picked up awards for 19 products at the 2024 Good Design Awards in the United States for their innovative design competitiveness, the companies said Friday. Hyundai Motor secured awards in the transportation category for its future mobility concepts, including the Digital Curated Experience, or DICE, an artificial intelligence-based personal mobility platform, and the Spatial Curated Experience. Kia was recognized for the K4

Jan. 17, 2025

Govt. notes 'increasing downward pressure' in latest economic report

The South Korean economy faces "increasing downward pressure" due to heightened uncertainties both at home and abroad, leading to weakened economic sentiment and a slowdown in employment, the finance ministry said Friday. In its monthly economic report, the Green Book, the Ministry of Economy and Finance cited downward pressure for the second consecutive month, following President Yoon Suk Yeol's brief declaration of martial law on Dec. 3. "Recently, our economy has faced increasing downward pre

Jan. 17, 2025

Seoul, Tokyo agree to coordinate against EU carbon policy

South Korea's industry ministry said Friday it has agreed with Japan to work closely to ensure the European Union's Carbon Border Adjustment Mechanism does not act as a trade barrier. The two countries discussed the agenda during a meeting in Seoul amid efforts to expand cooperation in industrial environmental policies, according to the Ministry of Trade, Industry and Energy. CBAM calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equiv

Jan. 17, 2025

Samsung E&A's 2024 operating profit down 2.2% but higher than target

Samsung E&A Co. said Friday its annual operating profit for 2024 is estimated to have dropped 2.2 percent on-year but managed to beat its annual target. The builder's operating profit for last year was estimated at 971.6 billion won ($666.2 million) on a consolidated basis, compared with 993.1 billion won a year ago, the company said in a regulatory filing. Annual sales decreased 6.2 percent to 9.96 trillion won. The data for net income was not available. The company, formerly known as Samsung E

Jan. 17, 2025

Seoul shares open lower on US losses, China data eyed

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors awaited a swath of Chinese data set to be released later in the day. The benchmark Korea Composite Stock Price Index fell 5.56 points, or 0.22 percent, to 2,521.93 in the first 15 minutes of trading. US stocks declined overnight following the previous day's rally on signs of slowing inflation. The Dow Jones Industrial Average fell 0.16 percent to 43,153.13 points Thursday, and the tech-heavy Nasdaq composite dropped 0

Jan. 17, 2025

Choi calls for continued market monitoring ahead of Trump inauguration

Acting President Choi Sang-mok on Friday stressed the need for continued monitoring of South Korea's financial and foreign exchange markets, citing heightened uncertainty just days before the inauguration of Donald Trump. The US president-elect is set to take office for his second presidential term Monday , raising concerns about the anticipated escalation of global protectionism and its effects on the country's export-dependent economy. "All relevant institutions must closely monitor US policy

Jan. 17, 2025

KHNP, Westinghouse reach agreement on intellectual property dispute

South Korea's state-run Korea Hydro & Nuclear Power said Friday it has reached an agreement with US-based Westinghouse over an intellectual property rights dispute and to join forces in the global nuclear energy market. "KHNP and Korea Electric Power Corp. have agreed with US Westinghouse to settle the intellectual property dispute," KHNP said in a release. KHNP added it plans to establish a "new strategic relationship" with Westinghouse to bolster bilateral cooperation between South Korea and t

Jan. 17, 2025

Foreigners sell Korean stocks for 5th month in Dec.

Foreign investors net sold South Korean stocks for the fifth consecutive month in December, data showed Friday. Offshore investors sold a net 3.6 trillion won ($2.47 billion) worth of local stocks last month, according to the data from the Financial Supervisory Service. After the sell-off, foreigners owned 673.7 trillion won worth of local stocks, which marked the lowest amount since November 2023. Their stock holdings accounted for 27 percent of total market capitalization, the data showed. By

Jan. 17, 2025

Coupang chief to attend Trump's inauguration

Coupang founder and CEO Bom Kim will attend US President-elect Donald Trump's inauguration ceremony in Washington, DC, on Jan. 20, according to industry sources Thursday. Kim, who leads the New York-listed e-commerce giant, received an official invitation to the event, sources said, and will participate in the inaugural ball afterward. He did not attend Trump's first inauguration. During these events, he is expected to engage in discussions with key figures on economic cooperation between Korea

Jan. 16, 2025

Seoul shares soar over 1% on US inflation slowdown

Seoul shares finished over 1 percent higher Thursday as big-cap tech shares advanced on foreign buying driven by cooler-than-expected US inflation data. The local currency gained against the greenback. The benchmark Korea Composite Stock Price Index added 30.68 points, or 1.23 percent, to close at 2,527.49. Trade volume was moderate at 436.3 million shares worth 9.02 trillion won ($6.2 billion), with winners outnumbering losers 596 to 281. Foreigners bagged in 498.2 billion won worth local share

Jan. 16, 2025

Affinity denies links to China. Why the fuss?

'China fear' resurfaces as Affinity controls local rental car market amid BYD‘s Korean debut Affinity Equity Partners, the buyout firm that has been on a long shopping spree in Korea, last week made a rare public statement: "We are not a Chinese company." "We lack a centralized headquarters, functioning through several regional offices," the company clarified. "Singapore serves as our de facto headquarters for back-office operations, while South Korea handles the largest share of funding and inv

Jan. 16, 2025