Seoul shares down for 4th day on tech losses, rate woes

Seoul shares ended lower Friday following tech losses on Wall Street amid concerns over China's ban on Apple Inc.'s use by government officials and the Federal Reserve's possible rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.58 point, or 0.02 percent, to close at 2,547.68, extending its losses to the fourth session. The KOSPI has risen 0.6 percent this week. Trading volume was moderate at 386.53 million shares worth 7

MarketSept. 8, 2023

Orion scores W110b dividend from Vietnamese subsidiary

South Korean confectionery manufacturer Orion said Friday it will receive a cash dividend of 110 billion won ($82.5 million) from its Vietnamese subsidiary for the first time since its establishment in 2005. According to Orion, the company collected 50 billion won in dividends from Orion Food Vina Co., its wholly owned Vietnamese subsidiary, at the end of August. This marks the first time that Orion has brought dividends into its head office in Korea from its Vietnamese subsidiary. Orion said

IndustrySept. 8, 2023

Lotte Homeshopping conducts first voluntary redundancy program

Lotte Homeshopping, the TV channel of South Korean retail giant Lotte, initiated its first voluntary redundancy program amid spluttering financial performance, according to a company official on Friday. From Thursday to Wednesday, the company will allow employees aged 45 or older who have worked for Lotte Homeshopping for five years or more to apply for the program. The employees who voluntarily resign will be compensated with about two years' annual salary, along with reemployment suppor

IndustrySept. 8, 2023

Hyundai Motor chief reviews EV strategy in Indonesia

Hyundai Motor Group Executive Chair Chung Euisun visited the automaker’s joint battery cell plant with LG Energy Solution in Indonesia to discuss its electrification strategy in the growing electric vehicle market, the company said Friday. According to Hyundai Motor, Chung looked around Hyundai LG Indonesia Green Power (HLI Green Power) in Kawarang New Industry City in the Indonesian province of West Java before attending the business roundtable between South Korea and Indonesia on Thursda

MobilitySept. 8, 2023

Hanwha Ocean wins green tech certifications at global gas fair

Major South Korean shipbuilder Hanwha Ocean Co. said Friday it has won a series of certifications for eco-friendly technologies from major global maritime rating agencies at an ongoing world gas industry exhibition. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., has obtained an approval in principle for the hold of a 70,000-cubic-meter liquefied carbon dioxide carrier from Norwegian accredited registrar and classification society DNV. The capacity of Hanwha Ocean's

IndustrySept. 8, 2023

S. Korea, Uzbekistan strike deal on outstanding payment in gas project

South Korea's finance ministry said Friday it has reached an agreement with Uzbekistan to settle an outstanding payment of around $1 billion involving a joint gas project. The agreement was reached during Finance Minister Choo Kyung-ho's visit to the Central Asian nation, where he held a bilateral meeting with his Uzbek counterpart, according to the Ministry of Economy and Finance. South Korea and Uzbekistan launched a gas project in 2008 with a joint venture named Uz-Kor Gas Chemical,

EconomySept. 8, 2023

S. Korean, Japanese customs agencies hold first bilateral meeting in 7 years

South Korea's customs agency said Friday it has held the first bilateral meeting with its Japanese counterpart in seven years amid signs of improving economic relations. Commissioner Ko Kwang-hyo met his Japanese counterpart in Seoul on Thursday to discuss a wide array of issues, which marked the first of its kind since 2016, according to the Korea Customs Service. During the meeting, the two countries exchanged opinions on addressing global protectionism, as well as the escalating concerns

EconomySept. 8, 2023

Foreigners turn net sellers of S. Korean stocks in August

Foreign investors dumped nearly 1.18 trillion won ($883.6 million) worth of South Korean stocks in August, turning net sellers in the month, data showed Friday. With the sell-off, cumulative holdings of listed stocks by foreigners came to 679.1 trillion won, or 26.1 percent of total market capitalization, as of the end of last month, according to the Financial Supervisory Service. Foreigners also sold off a net 383 billion won worth of South Korean bonds last month, switching to net sellers afte

EconomySept. 8, 2023

Seoul shares open lower on US tech losses

Seoul shares opened lower Friday, tracking tech losses on Wall Street, amid concerns over China's ban on Apple Inc.'s use. The benchmark Korea Composite Stock Price Index fell 0.07 point to 2,548.19 in the first 15 minutes of trading. China plans to expand its ban on the use of iPhones in government agencies and state-owned companies. The move is expected to deal a blow to global big tech companies that heavily rely on China, analysts said. In Seoul, tech and auto stocks were the lead

MarketSept. 8, 2023

S. Korea logs current account surplus for 3rd month in July

South Korea logged a current account surplus for the third straight month in July on the back of a widened trade surplus and dividend payments from overseas, central bank data showed Friday. The country's current account surplus reached $3.58 billion in July, following the surplus of $1.93 billion in May and $5.87 billion in June, according to preliminary data from the Bank of Korea. July's surplus came as the country's trade balance remained in the black and dividend income incre

EconomySept. 8, 2023

KT’s new CEO rules out possibility of massive reshuffle, calls for unity

Kim Young-shub, the new CEO of South Korea’s telecommunications giant KT Corp., vowed Thursday to make the company a leader in the digital era by converging the capabilities of the wireless carrier’s information technology and communication technology during his term. “By raising the level of KT’s ICT capabilities, we’ll discover new businesses with potential, such as health care and smart cities, and turn KT into a leading firm that stands shoulder to shoulder with

TechnologySept. 7, 2023

After record earnings, large-scale walkout looms at Chanel Korea

After recording its best earnings last year, Chanel Korea is under mounting pressure to share more profits with employees in a fairer way, with its unionized workers threatening to go on a full-scale walkout ahead of its peak holiday season later this month. According to the Chanel Korea Union, affiliated with the Korean Federation of Service Workers’ Union, its members working at department stores and duty-free shops already staged a partial walkout over the past weekend. The union said i

IndustrySept. 7, 2023

Seoul shares down for 3rd day amid rate hike woes

Seoul shares ended lower Thursday amid investor concerns that the US Federal Reserve may raise interest rates further this year following stronger-than-expected economic data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.08 points, or 0.59 percent, to close at 2,548.26, extending its losses to the third session. Trading volume was moderate at 370.56 million shares worth 8.04 trillion won ($6 billion), with losers outpacing gainers 696 to 186.

MarketSept. 7, 2023

HD Korea Shipbuilding hits order target ahead of schedule

HD Korea Shipbuilding & Offshore Engineering said Thursday it secured new orders for four very large ammonia carriers, or VLACs, totaling 616.8 billion won ($462.6 million), reaching its annual order target ahead of schedule. These orders, secured during the global gas and climate technologies event, Gastech 2023, with Singapore EPS and Greece Capital, increase the company's 2023 total orders to $15.94 billion, outpacing their annual target of $15.74 billion. Ammonia carriers play a piv

IndustrySept. 7, 2023

[Design Forum] ‘Without design, space exploration could not exist’

The Jet Propulsion Laboratory, the only federally funded research and development center of the US National Aeronautics and Space Administration, is a well-known leader in space exploration across the world. Joining engineers, researchers and scientists at JPL are visual strategists that take the helm of all things design at the space-dedicated center. Dan Goods, the lab's creative director, said space exploration, like all other industries, needs good design to function. “Everything

TechnologySept. 7, 2023

Hyundai, LG chiefs visit Indonesia to bolster EV, battery partnerships

Following President Yoon Suk Yeol’s visit to Indonesia for the South Korea-Association of Southeast Asian Nations summit, South Korean conglomerates’ chiefs embarked on a business trip to the emerging country to boost cooperation on electric vehicles and construction projects, industry sources said Thursday. Business leaders including Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and LS Chairman Koo Ja-eun were

IndustrySept. 7, 2023

M360 APAC makes Seoul debut to explore digital-first future

The Mobile 360 APAC, the Asia-Pacific leg of the conference organized by the UK-based mobile industry nonprofit GSMA, kicked off the two-day event in Seoul on Thursday, under the theme of “leading a digital-first future.” It marked the first time the annual event took place in South Korea, as Singapore had been the key destination for the APAC conference. Some 1,000 government and mobile industry leaders from more than 50 countries gathered to share insights on the future of key tech

TechnologySept. 7, 2023

FSS head meets with China's new financial regulator chief

Lee Bok-hyun, the governor of South Korea's Financial Supervisory Service, made an unannounced two-day visit to China last week, marking the first visit there by an FSS head in six years. During his visit to Beijing on Aug. 31 and Sept. 1, Lee met with Li Yunze, head of China's National Financial Regulatory Administration, to discuss ways to strengthen financial ties and cooperation between the two nations. “China previously had various supervisory divisions, but it did not have

IndustrySept. 7, 2023

Coca-Cola Korea releases new oat drink

Coca-Cola Korea Company said Thursday it has launched its new plant-based drink brand Go:Good Oat, jumping on the vegan bandwagon. Made from European oats, the new drink is blended with oat syrup and rice bran oil. The two flavor options include plain with a clean taste and rich with a smooth taste. With a small, handy 195 ml package, the consumers can easily carry around and enjoy the oat drink anytime, anywhere. Even in busy mornings and short breaks, it can quickly give a feeling of “co

IndustrySept. 7, 2023

Makeup brand Hera debuts in Japan

South Korean cosmetic giant Amorepacific announced Thursday that its high-end cosmetic brand Hera has entered the Japanese market. Riding on the global popularity of brand ambassador Jennie from Blackpink, Hera has been gaining traction in the global market, with its leading Black Cushion foundation logging over 8.56 million combined domestic and international sales. At the end of August, a pop-up store was launched at Shibuya Scramble Square, a large shopping complex in Japan’s capital.

IndustrySept. 7, 2023