Halt to daytime trading of US stocks leaves investors in limbo

South Korean investors remain unable to promptly respond to changes in the US stock market, as local brokerage firms' suspension of their trading service during the Korean daytime is expected to continue. Following the shutdown fiasco from the market meltdown earlier this month that led to the cancellation of orders worth 630 billion won ($471 million) in trades here, 19 brokerage houses have temporarily suspended the daytime trading service of US shares from Aug. 16. Blue Ocean ATS is the

MarketAug. 28, 2024

Naver, Kakao strive to combat deepfake porn spreading online

The rise of explicit and nonconsensual deepfake pornography illegally being shared online is prompting Korean platform operators to boost their surveillance while delaying generative AI services. Naver, the country's No. 1 search engine, said Wednesday it is running Clova GreenEye 2.0 on its platforms to identify harmful and sexually explicit images using the image analysis solution based on its AI model's vision technology. While the solution is not specifically made to scan for deepf

IndustryAug. 28, 2024

Samsung SDI, GM push ahead with $3.5b joint battery plant in US

Samsung SDI and General Motors reaffirmed their commitment to the growth of the electric vehicle market despite the recent slowdown as they finalized the agreement to establish a joint battery plant in the United States on Tuesday. According to Samsung SDI, key representatives from the Korean battery maker and the US automaker attended the signing ceremony at Samsung SDI’s office in Seoul to complete the agreement. Samsung SDI and GM reached an initial agreement in April last year to form

MobilityAug. 28, 2024

Seoul shares end nearly flat ahead of Nvidia earnings result

South Korean shares closed almost flat Wednesday ahead of US tech giant Nvidia's closely watched earnings announcement. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 0.58 points, or 0.02 percent, to close at 2,689.83. Trade volume was moderate at 276.4 million shares worth 10.4 trillion won ($7.77 billion). Losers, however, outnumbered winners 625 to 260. Institutions sold a net 33.9 billion won worth of shares, while individuals and f

MarketAug. 28, 2024

Korean Air ups commitment to newer, safer airplanes

Korean Air is significantly increasing its investment in a younger, safer and more passenger-friendly fleet, reflecting the carrier's commitment to enhancing its services and providing travelers a broader range of options. According to recent Transport Ministry data, the average age of Korean Air’s fleet is 11 years and four months, making it the youngest among the top five airlines in the country. This achievement is part of the airline's ongoing strategy to introduce new aircra

CompaniesAug. 28, 2024

LG Innotek seeks leadership in parts for future mobility

LG Innotek said Wednesday that it has applied for some 3,500 patents related to automotive parts over the past five years, seeking leadership in the field of futuristic mobility. Almost 40 percent of the patents are for electric vehicles, one of the company’s new growth drivers. They cover diverse EV and autonomous driving technologies, including LiDar sensors, cameras, lighting and communication modules. LG Innotek said it is also accelerating efforts to secure standard patents as they ar

IndustryAug. 28, 2024

APR's Medicube seeks bigger footing in US, Canada

South Korean beauty tech company APR, known for its Medicube brand, announced Wednesday that it has signed a supply agreement with The TJX Companies, a global retail giant operating nearly 5,000 stores across nine countries, including the United States and Canada. With this agreement, Medicube's popular skin care products and AGE-R beauty devices will now be available in TJX-owned stores like TJ Maxx and Marshalls, both well-established names in the North American retail landscape. The prod

CompaniesAug. 28, 2024

One Store goes global with Taiwan launch

Korean mobile app store operator One Store said Wednesday that it aims to expand globally with Taiwan being the first strategic market. “Our hyper localization strategy involves partnering with local companies globally to tailor services specifically for each region, aiming to compete with global monopolies on a global scale," CEO Chun Dong-jin said during a press conference in Seoul, earlier in the day. "One Store aims to become the most competitive app market globally by 2030.&

IndustryAug. 28, 2024

Woori to reenter insurance market after 11-year hiatus

Woori Financial Group has finalized a deal to acquire Tongyang Life Insurance and ABL Life Insurance, marking its reentry into the insurance sector after 11 years. The group announced Wednesday that its board of directors has resolved to incorporate Tongyang Life Insurance and ABL Life Insurance as subsidiaries and has signed the stock sale agreements. Woori will acquire a 75.34 percent stake in Tongyang Life for 1.28 trillion won ($958 million) and the entirety of ABL Life for 265.4 billion won

IndustryAug. 28, 2024

Shinhan Bank offers AI interpretation service for foreigners

Shinhan Bank, one of South Korea's five major commercial banks, is enhancing services for foreign customers with the introduction of a new speech-to-text interpretation service at its brick-and-mortar branches. On Wednesday, the bank announced the launch of its "Banking for Everyone" service, designed to assist foreign customers facing communication challenges due to language barriers or disabilities. The service converts spoken language into text for both bankers and customers vi

IndustryAug. 28, 2024

Govt. to provide record amount of foodstuffs, discount for Chuseok holiday

The government plans to supply a record amount of 170,000 tons of high-demand foodstuffs and provide a discount worth 70 billion won ($52.63 million) for the upcoming Chuseok holiday, the finance ministry said Wednesday. These measures are part of a broader effort to support the livelihoods of the people and curb inflation ahead of the major traditional holiday. The plan also includes providing financial support to small and midsized companies and micro-business owners. According to the plan, th

EconomyAug. 28, 2024

Seoul shares open tad higher on tech, auto gains

South Korean shares opened slightly higher Wednesday, led by gains in tech, autos, and other blue chips. The benchmark Korea Composite Stock Price Index rose 1.38 points, or 0.05 percent, to 2,686.27 in the first 15 minutes of trading. Tech behemoth Samsung Electronics and chip rival SK hynix added 0.26 and 0.23 percent, respectively. Top automaker Hyundai Motor gained 1.21 percent, and its smaller affiliate Kia also rose 1.18 percent. Battery shares were mixed, with industry leader LG Energy So

MarketAug. 28, 2024

Seoul shares down for 3rd day on US tech slump

South Korean shares closed lower Tuesday to extend their losing streak to a third day, taking a cue from overnight losses on Wall Street. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 8.76 points, or 0.32 percent, to close at 2,689.25. Trade volume was light at 259.7 million shares worth 7.95 trillion won ($5.97 billion). Winners, however, outnumbered losers 434 to 423. Institutions bought a net 36.9 billion won worth of shares, while

MarketAug. 27, 2024

Why Korea suffers record travel deficit despite K-culture boom

A growing number of foreign travelers are visiting Korea amid the global popularity of K-culture. But many more Korean nationals are traveling abroad, leading the nation’s travel deficit to a six-year record in the first six months of this year. According to a recent joint report by the Bank of Korea and the Korea Tourism Organization, the country recorded a travel deficit of $6.48 billion in the first half. The figure represents the largest deficit since the $8.74 billion recorded in 20

IndustryAug. 27, 2024

[Photo News] OLED brings art to life

LG Electronics is bringing the late ink wash master Suh Se-ok’s iconic work, reimagined by his son, artist Suh Do-ho, to life on billboards across Seoul, Incheon, New York and London ahead of Frieze Seoul 2024. The four-day event, starting Oct. 4 at Coex in Gangnam, Seoul, will feature Suh’s 1978 work "Walker” displayed on LG’s transparent OLED display. The tech giant also on Tuesday announced a three-year partnership with the National Museum of Modern and Contempora

CompaniesAug. 27, 2024

Westinghouse interrupts Korea's Czech nuclear deal

Korea’s multibillion-dollar deal to build nuclear plants in the Czech Republic has been put at risk with US-based Westinghouse Electric Co. filing an appeal with the Czech's antimonopoly watchdog Tuesday, challenging Korea Hydro & Nuclear Power's position as the preferred bidder. "KHNP’s APR1000 and APR1400 plant designs utilize Westinghouse-licensed Generation II System 80 technology," Westinghouse said in its press release. "KHNP neither owns the underlying

IndustryAug. 27, 2024

Trump presidency to boost Korea-US chip alliance: Heritage Foundation VP

Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore

EconomyAug. 27, 2024

SK Innovation, E&S to merge into W100tr energy giant

SK Innovation and SK E&S, two major energy affiliates of the country's second-largest conglomerate SK Group, received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated entity with assets over 100 trillion won ($75 billion). Some 85.76 percent of the attendees at SK Innovation's extraordinary general shareholders meeting voted in favor of the merger. The merger was approved by SK E&S shareholders, too. SK Inc., the group&rsqu

IndustryAug. 27, 2024

80% of young Korean workers turn to AI for solutions: report

A recent report showed that artificial intelligence technology is a go-to tool in the workplace for an overwhelming majority of young adults in South Korea, who favor AI at a far greater rate than their counterparts in other countries. Samsung Electronics released "The 2024 AI-Preneur Effect" looking into how Gen Z is using cutting-edge technology to boost their careers, and it showed 80 percent of young people in Korea are dependent on AI as a go-to resource. Following the Koreans wer

TechnologyAug. 27, 2024

Fubon Hyundai Life solidifies foothold in Korea

Fubon Hyundai Life Insurance, the Korean unit of Taiwan's Fubon Financial Group, is making steady progress in solidifying its foothold in South Korea under the robust leadership of CEO Lee Jae-won. Establishing a presence in Korea is no easy task for a minor foreign insurer, yet Fubon Hyundai Life has been on an upward growth trajectory as it approaches its sixth anniversary next month. Notably, the company has effectively shifted from a sole focus on retirement pensions to offering more di

IndustryAug. 27, 2024