Seoul shares open higher amid higher-for-longer rate woes

Seoul shares opened higher Friday, with no major guidance in the markets due to the Thanksgiving holiday in the United States on Thursday. The benchmark Korea Composite Stock Price Index rose 3.38 points, or 0.13 percent, to 2,518.34 in the first 15 minutes of trading. Market participants expected the Federal Reserve is near the end of its hiking cycle and rate cuts are likely in 2024. But the latest Fed minutes said officials have no intention to ease the monetary policy. In Seoul, large-cap st

MarketNov. 24, 2023

[Graphic News] S. Korea’s beverage exports hit all-time high this year: data

South Korea’s exports of beverages reached a record high during the first nine months of 2023 in line with the popularity of Korean food and the overall culture, the customs agency said. The export value of beverages, excluding alcoholic drinks and mineral water, amounted to $529 million during the January-September period, up 6.3 percent from a year earlier, according to the data from the Korea Customs Service. It is the highest level ever for a nine-month tally. Last year, the country lo

MarketNov. 24, 2023

Two CEOs to lead Mirae Asset Global Investments

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

CompaniesNov. 23, 2023

Top conglomerates to start executive reshuffles

South Korean conglomerates are set to carry out regular reshuffle of executives to gear up for the coming year, starting with LG Group this week. Samsung Electronics, SK Group and Hyundai Motor Group, the top three conglomerates in order, are expected to conduct their regular executive reshuffles as late as early December. On Thursday, LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in the regular reshuffle on Thursday. Jeong is an LG vete

IndustryNov. 23, 2023

LG Display appoints LG Innotek chief as new CEO

LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in a regular reshuffle on Thursday. The display panel maker said its board of directors appointed Jeong, an LG veteran who has served at a number of LG Group affiliates including LG Display and LG Chem for 40 years, as its new CEO in the board meeting earlier in the day. Jeong will start his work at LG Display from on Dec. 1 and the appointment will be made official at the general shareholder

IndustryNov. 23, 2023

S-Oil builds technical center to advance R&D competitiveness

South Korean oil refiner S-Oil said Thursday that the company has completed the construction of the Technical Service & Development Center in western Seoul to strengthen its future business areas with sustainability. “The TS&D Center will work to minimize the impact of our products on the environment and to enhance the safety of consumers amid tightening environmental regulations globally and growing consumer expectations of high-quality and green products and it will position itse

IndustryNov. 23, 2023

[From the Scene] Jewel Changi offers glimpse of how to make airport fun

SINGAPORE -- A picturesque scene unfolds at the Jewel Changi Airport -- a lush entertainment and retail complex hemmed in and connected to Changi Airport, the main gateway to Singapore. The metallic-hued automated people mover dubbed the Changi Airport Skytrain smoothly glides across a rail standing high off the ground to carry the passengers to their destinations in an average of four minutes. Across from the rail on which the APM leisurely transports passengers, water pours down with thunder

IndustryNov. 23, 2023

Seoul shares up for 4th day amid Fed's rate path woes

Seoul shares closed higher Thursday, helped by foreign buying, while investors remain concerned about the Federal Reserve's future policy path. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index was up 3.26 points, or 0.13 percent, to close at 2,514.96. Trade volume was slim at 353.45 million shares worth 6.43 trillion won ($5 billion), with decliners outnumbering gainers 469 to 403. Foreigners bought a net 119 billion won worth of stocks, offsetting

MarketNov. 23, 2023

[KH Explains] Why Hyundai Motor is pursuing future mobility in Singapore

Hyundai Motor Group on Tuesday held a grand opening ceremony for the Hyundai Motor Group Innovation Center Singapore, a non-traditional vehicle manufacturing facility filled with cutting-edge technologies such as artificial intelligence, automation, data analysis and robotics. As for the question of why the South Korean automaker chose Singapore to build the unprecedented site, Hyundai Motor says the answer lies in the fact that it attracts the world's top talent as a global innovation hub.

MobilityNov. 23, 2023

15 human rights groups urge BIE to reject Saudi Expo bid in final week

A coalition of 15 human rights groups has issued a plea to the 2030 World Expo organizer Bureau International des Expositions, imploring the members to reject Saudi Arabia’s bid on Wednesday, just six days ahead of the final decision. The group, represented by Democracy for the Arab World Now, called on the members to reject the bid from Saudi Arabia, citing the kingdom’s troubling human rights record. The appeal lays out a detailed dossier of human rights abuses in Saudi Arabia, arg

EconomyNov. 23, 2023

Korea to test central bank digital currency with public vouchers

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

EconomyNov. 23, 2023

Shinhan Bank to invest W1.6tr into UK projects

Shinhan Bank said Wednesday that it has signed an agreement worth 1 billion pounds ($1.25 billion) with the United Kingdom Department for Business and Trade to invest in the country's infrastructure and environmental sectors. On Tuesday, the memorandum of understanding signing ceremony took place with the attendance of British Business and Trade Secretary Kemi Badenoch and Shinhan Bank CEO Jung Sang-hyuk, at the mayor's residence in London. Under the deal, the Seoul-based bank will inv

EconomyNov. 23, 2023

K-food exports surpass $10b milestone in November

South Korea's exports of food, agricultural products, smart farm equipment and technology, have achieved a new high this November, passing the $10 billion mark, the Ministry of Agriculture, Food and Rural Affairs said Thursday. Fueled by the global Korean food boom, the collective exports of Korean food, related agricultural products and technology -- collectively referred to as the "K-Food+" sector by the government -- reached $10.48 billion by the third week of November. The fig

IndustryNov. 23, 2023

Tesla opens Superchargers to rivals in South Korea

Tesla has begun making its Superchargers in Korea accessible to all non-Tesla electric vehicles, tightening its grip on the mobility charging network on the home turf of Hyundai and Kia. Starting Wednesday, non-Tesla electric cars can use around 570 of the EV maker’s V3 chargers that can give 261 kilometers of range in approximately 15 minutes at 84 stations. That is around half of the 1,007 Superchargers at 148 stations in Korea. To use the chargers, drivers should download the Tesla app,

MobilityNov. 23, 2023

Kim Sung-hwan tapped as Korea Investment & Securities CEO

South Korean financial group Korea Investment Holdings announced Thursday that it has selected Kim Sung-hwan, the executive vice president and head of private customer business of its brokerage subsidiary Korea Investment & Securities, as the final candidate for the brokerage firm’s CEO position. Kim, born in 1969, joined Korea Investment & Securities in 2004 after working at LG Investment & Securities for about three years. He is recognized for his expertise in overseeing vari

IndustryNov. 23, 2023

KB highlights anti-fragility as 2024 investment strategy

KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te

IndustryNov. 23, 2023

[Photo News] Galaxy Z Flip5 special edition

Samsung Electronics said Thursday that it would roll out a special edition of its latest foldable smartphone, the Galaxy Z Flip5, in collaboration with French luxury fashion house Maison Margiela. The tech giant will accept applications for the special edition via its official online shopping mall on Nov. 30 from 9 a.m. to 5 p.m. The limited-edition bundle, priced at 2.49 million won ($1,916), will include a phone and two phone cases featuring the French brand's designs. (Samsung Electronic

TechnologyNov. 23, 2023

[KH Explains] Bank stocks falter amid windfall tax proposal

A longstanding Korean market adage that "when the cold wind blows, it's time to invest in bank stocks" appears to have lost its luster, as those shares have struggled due to a proposed windfall tax on local lenders' profits from high interest rates. The adage stems from the historical tendency for bank stocks to rise in the fourth quarter, coinciding with the distribution of year-end dividends. This year, the prospect of hefty taxes is moderating dividend forecasts, causing h

IndustryNov. 23, 2023

Seoul shares open higher on US gains amid rate woes

Seoul shares opened higher Thursday, following gains on Wall Street, with investors remaining concerned about the Federal Reserve's additional rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 3.11 points, or 0.12 percent, to 2,514.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 35,273.03, and the tech-heavy NASDAQ also added 0.5 percent to 14,265.86. There have been expectations that the Fed has nearly

MarketNov. 23, 2023

[From the Scene] Incheon Airport goes global to Batam, Indonesia

BATAM, Indonesia -- Indonesian workers in red vests and yellow helmets can be seen rushing to and fro across sparsely-situated construction sites at the airport, conversing animatedly as they carry metal rods and other construction equipment to fulfill their duties. This airport, which is currently undergoing construction, is Batam Hang Nadim International Airport at Batam, Indonesia -- a 571 billion won ($440 million) public-private partnership led by a consortium between Korea's Incheon I

IndustryNov. 23, 2023