Seoul shares open higher on large-cap gains

South Korean stocks opened a tad higher Wednesday, led by gains in large-cap shares of techs and chemicals despite losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 16.83 points, or 0.65 percent, to 2,590.81 in the first 15 minutes of trading. On Wall Street, all three major US stock indexes finished lower Tuesday as credit rating agency Moody's downgraded 10 small- and mid-sized US lenders. The Dow Jones Industrial Average lost 0.45 percent, and the tech-savvy

Aug. 9, 2023

S. Korea's on-year job additions slow for 4th month in July

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s. The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea. Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period. South Korea's on-year job additions slowed for nine consecut

Aug. 9, 2023

8 carmakers to recall over 14,000 vehicles for faulty parts

Kia Corp., Mercedes-Benz Korea and six other companies will voluntarily recall more than 14,000 vehicles due to faulty components, the transport ministry said Wednesday. The companies, including Jaguar Land Rover Korea, Volkswagen Group Korea, Toyota Motor Korea Co., GM Korea Co., Tesla Korea and GM Asia Pacific Regional Headquarters Ltd., are recalling a combined 14,057 units of 21 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems that prompt

Aug. 9, 2023

Volkswagen Group Korea ramps up efforts to nurture tech talent

Volkswagen Group Korea continues to make efforts to contribute to the growth of automotive-specific software talent with a series of educational and job-creating initiatives for the local economy, responding to the need for highly trained software professionals in the increasingly digitized automotive industry. One pillar of the initiatives is a partnership with German nonprofit coding school 42 Wolfsburg and Kookmin University in Seoul. The collaboration centers around the "SEA:ME" --

Aug. 8, 2023

Hyundai Motor chief underscores India expansion in EV push

Hyundai Motor Group Executive Chair Chung Euisun has emphasized the importance of India as a foothold for future mobility as the South Korean automaker looks to lead the country’s fast-growing electric vehicle market. According to the Korean automaker Tuesday, the Hyundai Motor chief visited Hyundai Motor Company’s technical center and manufacturing site in India from Monday to Tuesday to discuss mid to long-term growth strategies with local employees. Hyundai Motor said Chung closel

Aug. 8, 2023

Coway air purifier tops US Consumer Reports ratings

South Korean home appliance maker Coway said Tuesday its latest air purifier, called the Coway Airmega ProX, has topped a recent US Consumer Reports rating among 186 air purifier models. The Coway air purifier earned the highest 93 points in performance evaluations conducted by Consumer Reports, a nonprofit consumer organization. It was the first time that a Korean brand air purifier has topped the rating. The Coway Airmega ProX also outpaced its rivals in terms of cleaning performance, energy e

Aug. 8, 2023

Seoul shares down for 5th day; Korean won sharply falls

South Korean stocks ended lower Tuesday as investors took a wait-and-see approach amid concerns over additional rate hikes by the US Federal Reserve and China's worse-than-expected trade data. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 6.73 points, or 0.26 percent, to 2,573.98, extending its losing streak to a fifth day. Trading volume was moderate at 631.5 million shares worth 12.3 trillion won ($9.3 billion), with losers

Aug. 8, 2023

[Contribution] Enjoy a safe, exciting summer at Korea’s beautiful beaches

By Cho Seung-hwan, minister of oceans and fisheries As summer arrives, the blazing sun glazes up the asphalt and the summer heat intensifies. Indeed, the season to embark on a well-deserved summer vacation has arrived. And yet, we inevitably mull over the specifics of somewhat vague but long-awaited vacations around this time of the year. In light of the COVID-19 pandemic, travel priorities have shifted, focusing more on nature, outdoor activities, healing, relaxation and unique experiences.

Aug. 8, 2023

[KH Explains] Will heiress’ abrupt departure spark succession race at Amorepacific?

Suh Min-jeong – the elder daughter of Chairman Suh Kyung-bae of South Korean beauty giant Amorepacific and the prime candidate to inherit the company – recently went into an abrupt yearlong leave of absence, fueling speculation about the company’s business strategy and succession scheme. Having already liquidated all of her stakes in Etude and Espoir, the two budget brands affiliated with the beauty giant, the 31-year-old heiress also donated half of her stake in Innisfree, one

Aug. 8, 2023

Hanwha boasts highest number of overseas units among chaebol rivals

Defense-to-energy giant Hanwha Group operates the largest number of overseas units among the nation’s top chaebol groups, with the figure surging from last year’s 102 to 739 this year, according to a recent report by corporate tracker Korea CXO Institute on Tuesday. Hanwha, the nation’s seventh-largest conglomerate, outpaced its bigger rivals such as Samsung, SK and Hyundai Motor. In particular, the number of affiliates in the US jumped by 45 to 241, while those in Spain increa

Aug. 8, 2023

Trade, overseas dividends bring current account surplus expansion

#Current account surplus for first 6 months shrink 90% compared to a year ago South Korea logged a current account surplus for two consecutive months in June due to a trade surplus and increased dividends from overseas, central bank data showed Tuesday. The country's current account gained $5.87 billion in June, following the $1.93 billion surplus from a month earlier, according to preliminary data from the Bank of Korea. Prime Minister Han Duck-soo assessed that Korea was showing a sound p

Aug. 8, 2023

LG Energy Solution to build battery recycling plants in China

LG Energy Solution will build two battery recycling plants in eastern China under a joint venture with top Chinese cobalt producer Huayou Cobalt, marking the first collaboration of its kind in the industry between Korean and Chinese companies. The pretreatment factory, which will be set up in Nanjing, Jiangsu province, will extract battery scrap generated from battery production and process used batteries, LG Energy Solution said in an announcement Tuesday. The post-processing factory, which wi

Aug. 8, 2023

Starbucks Korea gives scholarships to patriots' descendants

Starbucks Korea announced Tuesday that it has donated scholarship funds to descendants of Korean independence activists who supported the country’s fight against Japanese colonial occupation. The donation ceremony was held earlier on the day at Starbucks Academy Center, also Starbucks Korea's former headquarters, located in Sogong-dong, Seoul, in collaboration with the Ministry of Patriots and Veterans Affairs and Community Chest of Korea, a local charity organization. It was attended

Aug. 8, 2023

Samsung’s latest foldable phones set preorders record at home

Samsung Electronics’ new foldable smartphones -- the Galaxy Z Flip 5 and Fold 5 -- have yet to be launched, but preorder figures suggest that they are likely to be a super hit. The South Korean tech giant said Tuesday that preorders for the two models amounted to 1.02 million units in South Korea, setting an all-time high record for the form factor. The preorder record marked by the previous models was 970,000 units last year. While Samsung accepted seven-day preorders until Monday ahead o

Aug. 8, 2023

S. Korea vigilant on ensuring stable power supply amid scorching heat

South Korea's industry ministry said Tuesday it is focusing on ensuring a stable power supply amid the soaring demand in the face of sweltering heat. The maximum electricity demand reached 93.6 gigawatts the previous day, the highest ever for a summer season, above the ministry's estimate of 92.9 GW. "We will stay vigilant and closely manage the electricity supply situation throughout the summer season, as uncertainties can arise at any time," Second Vice Industry Minister Ka

Aug. 8, 2023

[Contribution] ASEAN and Korea on road to sustainable and equal partnership

By Kim Hae-yong, secretary general of the ASEAN-Korea Center ​Every August 8th, the Association of Southeast Asian Nations celebrates ASEAN Day in commemoration of its founding in 1967. While the celebration lends ASEAN’s collective effort to consolidate the region’s unity, it is also an opportune time to reflect on how ASEAN and Korea have become indispensable partners. Amid the multifaceted challenges brought about by the regional dynamics, the significance of the ASEAN-Korea par

Aug. 8, 2023

Seoul shares open higher on US gains amid rate hike woes

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, as investors remain concerned over the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index climbed 9.6 points, or 0.37 percent, to 2,590.31 in the first 15 minutes of trading. All three major US stock indexes finished higher Monday, snapping their worst weekly decline since March, on upbeat corporate earnings. Investors are keeping an eye on the Fed'

Aug. 8, 2023

LG Uplus Q2 net up 32% on robust wireless service

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its second-quarter net profit rose nearly 32 percent from a year earlier, driven by its robust wireless business. Its net income amounted to 213.3 billion won ($163.3 million) in the April-June period, up 31.7 percent from the year-ago period. Operating profit for the April-June period was 288 billion won, up 15.9 percent from a year ago, the company said in a regulatory filing. Revenue rose 1.3 percent to 3.42 trillion won. T

Aug. 8, 2023

S. Korea logs current account surplus for 2nd month in June

South Korea logged a current account surplus for the second straight month in June on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Tuesday. The country's current account surplus reached $5.87 billion in June, following the $1.93 billion surplus a month earlier, according to preliminary data from the Bank of Korea. June's surplus came as the country logged a trade surplus and dividend income increased. The country's goods accou

Aug. 8, 2023

Korea Aerospace Industries Q2 net profit down over 80 pct due to investment in new businesses

Korea Aerospace Industries Ltd. (KAI), South Korea's sole aircraft manufacturer, on Monday reported its second-quarter net profit plunged 80.3 percent from a year earlier mainly due to investment in new businesses. Net profit for the three months ended in June was 9.9 billion won (US$7.6 million), according to the company's regulatory filing. The operating income for the April-June period fell 75.6 percent on-year to 8.4 billion won, while sales increased 9.7 percent to 733.5 billion

Aug. 7, 2023