Seoul shares, won crash amid rising Fed woes

South Korean stocks fell to a six-month low Wednesday on a sharp decline in big-cap tech shares amid growing concerns the Federal Reserve will keep its rates higher for longer. The local currency fell against the US dollar to hit an 11-month low. The benchmark Korea Composite Stock Price Index slid 59.38 points, or 2.41 percent, to close at 2,405.69, the lowest since March. The secondary KOSDAQ plunged 4 percent. The Kospi's trading volume was moderate at 417.16 million shares worth 9.88 tr

MarketOct. 4, 2023

Celltrion's Humira biosimilar receives FDA approval for new doses

Celltrion announced Wednesday that the company received approval from the US Food and Drug Administration for two more dose versions of its Humira biosimilar Yuflyma, for 20 and 80 milligrams. Yuflyma is a copycat version of AbbVie’s blockbuster drug Humira, used to treat many inflammatory conditions in adults such as rheumatoid arthritis and psoriatic arthritis. With the FDA’s latest approval, Celltrion is now able to sell three different dose versions of Yuflyma in the US. The 40 m

IndustryOct. 4, 2023

Samsung Biologics raises annual estimated earnings to W3.6t

Samsung Biologics has raised the full-year earnings estimate in its company guidance again to 3.6 trillion won ($2.6 billion) for this year, up some 20 percent from last year, according to its regulatory filing released on Wednesday. It was the second time this year for Samsung Biologics to increase the estimate of its annual earnings. Earlier in April, the company raised its estimated earnings from sales to 3.52 trillion won. “(Samsung Biologics) has readjusted (the estimated earnings in

IndustryOct. 4, 2023

Korea to begin experiment with central bank digital currency

South Korean authorities are to chart out a new era of digital payments, carrying out a pilot test for a central bank digital currency, or CBDC, to determine how it could be used as savings and transactions vehicles, according to an announcement made by related authorities on Wednesday. From the fourth quarter of next year, not only banks and other financial institutions, but also individuals will be able to test out the CBDC platform under a pilot program. The Bank of Korea, Financial Services

EconomyOct. 4, 2023

Questions raised over Taihan Cable’s quality control

South Korean electric wire and cable manufacturer Taihan Cable & Solution has faced challenges of quality control after using impure copper from a new supplier in its production process, industry sources said Wednesday. For approximately three weeks -- from early last month to Sept. 24 -- the company’s Dangjin plant in South Chungcheong Province had shut down its copper rod manufacturing. Copper rods are a basic metal element in cable production. The melting furnace was reportedly clog

IndustryOct. 4, 2023

1 in 4 foreign workers earn more from unemployment benefits than from work

More than 1 in 4 foreign recipients of unemployment benefits received more last year in unemployment benefits than from the wages they earned before their employment ended, Ministry of Employment and Labor data showed. According to Labor Ministry data submitted to Rep. Kim Sang-hoon of the ruling People Power Party on Wednesday, of 12,100 foreign recipients of unemployment benefits last year, 3,200 (26.4 percent) received more from the scheme than from their previous wages. Rep. Kim expressed

IndustryOct. 4, 2023

[Photo News] Whiskey in vogue

(From left) Richard Quinn, an English fashion designer and a brand collaborator for Pernod Ricardo Korea; Frantz Hotton, CEO of Pernod Ricardo Korea; Mathieu Deslandes, head of Royal Salute; and Miguel Pascual, chief financial officer of Pernod Ricardo, pose for a photo to celebrate the global debut of the second edition of Royal Salute 21 Year Old Richard Quinn in Seoul on Wednesday. The whisky’s world premiere comes against the backdrop of significant growth in high-end wines and whiskie

IndustryOct. 4, 2023

SK On marks 2nd anniversary with twofold revenue, capacity growth

SK On, South Korea’s leading global EV battery manufacturer, reported Wednesday an approximate twofold rise in quarterly revenue and global battery production capacity over the last two years, as the company marks its second anniversary this month. Having spun off from the energy company SK Innovation to focus on the battery business in October 2021, SK On has more than doubled its quarterly revenue from 1.665 trillion won ($1.22 billion) in the last quarter of 2021 to 3.696 trillion won (

IndustryOct. 4, 2023

Immersive tech firm iStaging sets up Asian branch in Seoul

The Taiwan-based immersive tech company iStaging said last Wednesday it is expanding its presence in the Asian market by setting up its Asian subsidiary in Seoul. The inauguration event was held on Sept. 21 at the Daewoo Summit Gallery in southern Seoul, with its key partners in attendance. The company offers augmented and virtual reality solutions to more than 100,000 corporate clients globally, including Samsung Electronics. With the latest Asian launch, it aims to bolster ties with companies

ConsumerOct. 4, 2023

Hanwha seeks bigger presence in burgeoning global robotics market

Hanwha Group, South Korea's seventh-largest conglomerate, officially launched its robotics firm Hanwha Robotics on Wednesday, aiming to take the lead in the burgeoning global robotics market. Hanwha Corp./Momentum and Hanwha Hotels & Resorts set up a joint venture for Hanwha Robotics, holding 68 percent and 32 percent of the shares in the new entity, respectively. Hanwha Corp./Momentum will acquire 28,293,195 shares of Hanwha Robotics, valued at about 42.4 billion won ($31.8 million). K

IndustryOct. 4, 2023

S. Korea, UAE hold formal talks for free trade deal

South Korea and the United Arab Emirates have launched formal negotiations for a bilateral free trade agreement, Seoul's industry ministry said Wednesday. The two nations agreed in 2021 to push for forging a Comprehensive Economic Partnership Agreement, and the first round of talks kicked off in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy. The CEPA is a type of FTA, which emphasizes a broader scope of economic cooperation and exchanges on top

IndustryOct. 4, 2023

Industrial output rises 2.2% in August on chip recovery

South Korea's industrial output rebounded in August from a month earlier on the back of a robust recovery in the chip sector, data showed Wednesday. The industrial output advanced 2.2 percent in August from the previous month, after slipping 0.8 percent in July, according to Statistics Korea. It was the sharpest growth since a 2.3 percent rise tallied in February 2021. The rebound came after the country's industrial output, retail sales and facility investment all lost ground at the sa

IndustryOct. 4, 2023

Seoul shares open sharply down on US jobs data, rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking an overnight slump on Wall Street, as US jobs data deepened concerns about further interest rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index shed 47.43 points, or 1.92 percent, to 2,417.64 in the first 15 minutes of trading. The secondary KOSDAQ index lost more than 2.2 percent in the first 15 minutes. Overnight, US shares ended markedly lower as an increase in available job openings in August strength

MarketOct. 4, 2023

Why retail investors are flocking to state bonds

The South Korean government has decided to allow retail investors to directly invest in state bonds from next year amid the recent fervor for bond investments among individuals. Last month, the government announced its planned revision to the State Bond Act, which aims to roll out bond products solely for retail investors. Korea issues state bonds worth 150 trillion won ($110 billion) every year, but the market has been largely dominated by institutional investors. As of the end of June, almost

EconomyOct. 3, 2023

Hyundai Ioniq 7 may start production in July next year

Hyundai Motor Company will begin producing the Ioniq 7, the automaker’s all-electric large sports utility vehicle, in July next year, local media reported Tuesday. According to the report citing unnamed industry sources, Hyundai Motor and its employment stability committee recently carried out a series of meetings to confirm the manufacturing plan for the Ioniq 7. Although there are remaining details to be finalized, the report said the EV SUV will begin production at Hyundai Motor’s

MobilityOct. 3, 2023

Korean Air to submit new merger plan to ease antitrust concerns

The high-profile merger between South Korea’s top two air carriers is likely to meet a watershed moment later this month as Korean Air is reportedly scheduled to submit an aggressively revised version of its acquisition proposal for Asiana Airlines to the European Commission to effectively ease the regulator’s antitrust concerns. According to local reports Tuesday, Korean Air’s revised proposal will include the company's sale of the entirety of Asiana Airlines' cargo

IndustryOct. 3, 2023

Samsung chief explores new growth drivers in Middle East

Samsung Electronics Chairman Lee Jae-yong traveled to key locations of Samsung's business in Saudi Arabia, Egypt and Israel during the six-day Chuseok holiday in South Korea to explore new business opportunities in the region, the tech giant said. Lee’s latest trip to the Middle East came nearly 10 months after he visited the construction site of the Barakah nuclear power plant in the United Arab Emirates in December last year as his first official overseas trip as the executive chair

IndustryOct. 3, 2023