Korea-Indonesia biz forum to kick off on Nov. 30

The Korea-Indonesia Cooperation Forum, under the theme "K-Wave & I-Wave, Together for the Future," will take place on Nov. 30 in Jakarta to commemorate the 50th anniversary of bilateral diplomatic ties. Organized by Herald Corp., the publisher of The Korea Herald and Herald Business, jointly with the Indonesian Chamber of Commerce and Industry, the Embassy of Indonesia in Korea, the Embassy of Korea in Indonesia, and the Indonesian Employers’ Association, this forum aims to

Nov. 8, 2023

Seoul shares fall amid lingering woes over short selling ban

South Korean stocks ended lower Wednesday amid lingering woes over the country's ban on short selling. The local currency gained ground against the greenback. After choppy trading, the benchmark Korea Composite Stock Price Index fell 22.34 points, or 0.91 percent, to close at 2,421.62. Trading volume was moderate at 461.3 million shares worth 7.54 trillion won ($5.75 billion), with losers outnumbering gainers 498 to 378. After opening higher, the Kospi climbed as high as nearly 1 percent in

Nov. 8, 2023

US Treasury removes Korea from currency manipulation watchlist

South Korea has been removed from the US Treasury Department’s list of trading partners that it closely monitors for unfair foreign exchange practices, according to the department’s announcement Tuesday. It is the first time since 2016 for Korea to be pulled from the list. In its biannual report to the US Congress, the US Treasury placed six economies on its "monitoring list" -- China, Germany, Vietnam, Malaysia, Singapore and Taiwan -- and removed South Korea and Switzer

Nov. 8, 2023

Doosan Bobcat to build $300m loader plant in Mexico

Korean construction equipment maker Doosan Bobcat said Wednesday it will build a production base worth $300 million in Monterrey, Mexico, situated close to the US-Mexico border, to boost supply chain efficiency and cater to the increased post-pandemic demand within North America. With operations expected to commence in early 2026, the new Monterrey plant is projected to increase Doosan Bobcat's loader production capacity in North America by 20 percent. Specifically, the 65,000 square meter

Nov. 8, 2023

[Contribution] Middle East, opportunity for Korean smart farming firms

The State of Qatar, also known as the pearl of the Arabian Peninsula, is a small nation with a population of 3 million and a total land area spanning only one-tenth of South Korea. However, Qatar has emerged as a hub of diplomacy, culture and education in the Middle East, and is growing as a soft power leader. With the 2023 Doha Expo 2023, the first A1 International Horticulture Exhibition, being held under a desert climate, the world is paying attention again to Qatar which was in the spotlig

Nov. 8, 2023

Coupang logs record Q3 earnings, stays in black for 5th straight quarter

South Korean e-commerce giant Coupang announced record third quarter earnings amid an increase in its customer numbers and the strong performance of its core businesses. Coupang has continued its winning streak for five consecutive quarters since reporting profits for the first time in 2022. According to the New York-listed company's earnings conference call Wednesday, the company's quarterly sales for the July-September period logged $6.18 billion, posting on-year growth of 21 percent

Nov. 8, 2023

Hyundai Mobis raises $940m in green loan for EV parts plants in US

Hyundai Mobis, a South Korean auto parts manufacturer, said Wednesday it has secured a $940 million green loan for the construction of electrification parts plants in North America, marking the company's first overseas foray into sustainable mobility financing. It finalized the funding from seven international financial institutions, leveraging a long-term 10-year maturity period and low-interest rates supported by a credit guarantee from the Korea Trade Insurance Corp. Such financing mecha

Nov. 8, 2023

Samsung Electronics unveils own generative AI, Samsung Gauss

Samsung Electronics on Wednesday debuted its own generative artificial intelligence model, dubbed Samsung Gauss, renewing competition with its archrival Apple and other tech giants in the burgeoning AI market. The world’s largest smartphone maker by shipments also hinted that the new AI chatbot will power its upcoming Galaxy smartphone, possibly the Galaxy S24 in 2024. "We will continue to support and collaborate with the industry and academia on generative AI research," said Kim

Nov. 8, 2023

Kakao Bank logs record-high net profit

Kakao Bank, an internet-only bank, announced Wednesday that it achieved a record-high net profit of 279.3 billion won ($214.12 million) during the first three quarters of the year, thanks to increased lending to borrowers attracted by its low interest rates. This represents a 37.9 percent increase from 202.5 billion won it recorded during the same period a year ago. "We pursued sustainable growth through balanced deposits and loans in the third quarter, along with stable risk management,&rd

Nov. 8, 2023

Hyundai Elevator showcases smart lifts at trade expo

Hyundai Elevator is showcasing its cutting-edge elevator technology for smart cities and its latest urban air mobility vision at this week’s International Lift Expo Korea held at Kintex in Goyang, Gyeonggi Province. From Wednesday to Friday, Hyundai Elevator will present its vertical mobility system and smart elevator solution, dubbed Maintenance Innovation & Real-time Information (MIRI) service, at an exhibition booth. “The elevator industry today is facing unprecedented chang

Nov. 8, 2023

Citibank Korea hosts SBTi seminar on ESG managment

Citibank Korea said Wednesday that it hosted a seminar for corporate clients to inform them about the procedures for gaining approval from the Science Based Targets initiative, a global climate organization, for their carbon reduction targets. The SBTi, jointly founded in 2015 by the World Wide Fund for Nature, the Carbon Disclosure Project and the United Nations Global Compact, defines and provides science-based international standards to verify the objectivity of carbon emission targets in bus

Nov. 8, 2023

Posco's charity foundation supports 300,000 people

South Korean steelmaker Posco on Wednesday held a 10th-anniversary ceremony of its social outreach foundation called "Posco 1 percent Foundation," to reflect on its outcomes over the past decade and to honor those who made outstanding contributions to the campaign. The foundation has been run by voluntary participation of its employees and executives who donate 1 percent of their wages which is then used to organize social outreach programs both at home and abroad to support underpri

Nov. 8, 2023

Nexon boasts IP leadership with latest titles

South Korean game developer and publisher Nexon has proved its global competitiveness in intellectual property through the two latest original titles -- Dave the Diver and Wars of Prasia. Shortly after its global release on June 28, the adventure video game Dave the Diver topped the July weekly sales chart on Steam, the US-based PC game distribution platform. It was also introduced and recommended by several major media outlets, including The Washington Post. As of September, the game's cum

Nov. 8, 2023

Renault Korea CEO pledges to accelerate future mobility transition

Renault Korea Motors CEO Stephane Deblaise has pledged to ramp up the transition to electric vehicles with cutting-edge hybrid car technologies, the company said Wednesday. With additional investments, the company will add hybrid cars to its Busan plant production lineup, Deblaise was quoted as saying at the Invest Korea Summit 2023 that wrapped up Wednesday in Busan. No time frame was mentioned. Under the vision of a “thriving automotive tech company,” the CEO added the carmaker has

Nov. 8, 2023

S. Korea to inject 78 tln won in trade financing to boost exports

South Korea's industry ministry said Wednesday it plans to inject 78 trillion won ($59.7 billion) by the end of this year in trade financing to keep outbound shipments on the recovery track. South Korea's exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector. The fund will be raised by state-run institutions, including the Korea Trade Insurance Corp. and Export-Import Bank of Korea,

Nov. 8, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street over a slide in Treasury yields there. The benchmark Korea Composite Stock Price Index rose 10.84 points, or 0.44 percent, to 2,454.80 in the first 15 minutes of trading. US stocks closed higher overnight, with the Dow Jones Industrial Average edging up 0.2 percent and the Nasdaq Composite rising 0.9 percent amid an easing of Treasury yields there. In Seoul, battery and bio-related shares opened stronger, with l

Nov. 8, 2023

S. Korea logs current account surplus for 5th month in September

South Korea logged a current account surplus for the fifth straight month in September on the back of a widened trade surplus and increased dividend income from overseas, central bank data showed Wednesday. The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea. September's surplus came as the country's trade balance has remained in the black for six s

Nov. 8, 2023

Kakao Bank's Q3 profit jumps 21% on higher interest income

South Korean online lender Kakao Bank said Wednesday its net profit jumped 21 percent from a year earlier in the third quarter, helped by higher interest income. Third-quarter net profit came to 94.5 billion won ($72.7 million), up 21.2 percent from a year earlier, Kakao Bank said in a regulatory filing. Revenue surged 59.4 percent on-year to 656.6 billion won, with operating income growing 21.9 percent on-year to 127.5 billion won, it said. In the first nine months of the year, Kakao Bank said

Nov. 8, 2023

Celltrion posts record earnings in Q3, buoyed by upbeat biosimilar sales

South Korean biopharmaceutical giant Celltrion said Tuesday it posted record earnings in the third quarter, largely buoyed by upbeat sales of biosimilar products and solid contract manufacturing orders. Celltrion's revenue in the July-September period climbed 4.1 percent on-year to 672.3 billion won ($514 million). Operating profit also went up by 25.2 percent to 267.6 billion won during the same period, while the operating margin came to 39.8 percent. Celltrion said sales of the company&rs

Nov. 7, 2023

[Photo News] Korea-China mutual growth

Sohn Kyung-shik (left), the CJ Group chairman who doubles as chairman of the Korea Enterprises Federation, poses with China Center for International Economic Exchanges Executive Vice Chairman Bi Jinquan at the headquarters of the Chinese think tank in Beijing, Tuesday. During his three-day visit to China that started Monday, Sohn held a series of meetings with high-level officials of major business groups and research centers in Beijing to discuss ways to bolster economic cooperation between t

Nov. 7, 2023