Most Popular
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‘Drag lawmakers out’: Yoon’s chilling order to commander
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President Yoon Suk Yeol defiant as impeachment momentum grows
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NewJeans manager files workplace harassment complaint against Ador CEO Kim Ju-young
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Joint investigation team on Yoon launched
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Ruling party leader says impeachment against Yoon now only solution
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[Newsmaker] Ex-intel commander appears key to alleged martial law plan
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"Denture-tube:" South Korea's YouTube conspiracy machine
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Two scenarios for Korea's economic outlook
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What if martial law had not been aborted?
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Prime Minister Han Duck-soo regrets failing to stop martial law
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SK Discovery gets finance expert as new CEO
SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I
CompaniesDec. 5, 2024
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Seoul shares down for 2nd day as impeachment vote looms over Yoon's botched martial law
Seoul shares closed lower for a second straight session on Wednesday as President Yoon Suk Yeol faces an impeachment vote this weekend following his botched declaration of martial law. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 22.15 points, or 0.90 percent, to close at 2,441.85. Trade volume was moderate at 502.49 million shares worth 9.29 trillion won ($6.56 billion), with losers far outpacing winners 724 to 175. Foreigners sold a net 319.19
MarketDec. 5, 2024
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SK enhances leadership for chip, US teams
SK Group, the country's second-largest conglomerate, carried out a relatively modest year-end reshuffle Thursday, focusing largely on organizational restructuring to boost core competence under the three key themes, technology, field expertise and global presence. With the goal to enhance its US presence, the conglomerate appointed a former chief of the US Trade Representative to oversee government relations at SK Americas. The group also sought for restructuring of SK hynix, its lucrative
IndustryDec. 5, 2024
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'Value-up' gone up in smoke? Political crisis deepens 'Korea discount'
South Korea’s stock market was already on fragile ground before President Yoon Suk Yeol’s unexpected martial law declaration further undermined the government’s yearlong push to boost corporate value. Foreign investors sold a net 200 billion won ($141 million) on the benchmark Kospi within the first two hours of Thursday’s trading, extending the 400 billion won offloaded the previous day after the six-hour martial law announcement. As of 3 p.m., foreign investors had dump
EconomyDec. 5, 2024
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Railway workers launch strike to call for wage hikes
The 20,000-member Korean Railway Workers' Union launched an indefinite strike Thursday, calling for wage and bonus hikes. This marks the first railway strike in 15 months, following one in September last year. The strike impacts Subway Line Nos. 1, 3 and 4, express KTX trains, and regular Saemaeul and Mugunghwa trains, all operated by Korea Railroad Corp. It is reported that negotiations between the union and the railway operator on Wednesday ended without agreement. However, the union stat
IndustryDec. 5, 2024
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CJ CheilJedang ups nutrition ingredients business
South Korean food giant CJ CheilJedang said Thursday that it plans to boost its global nutritional ingredients business with enhanced product lineups. Under its “Three B” strategy, the company will outsource quality ingredients from partners (Borrow), invest in the firms and secure sales rights (Buy), and develop new materials on its own (Build). CJ recently launched BiomeNrich, a biotics brand with seven probiotics and postbiotics developed in collaboration with a domestic research
CompaniesDec. 5, 2024
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Entry into motor sports ‘natural evolution for Genesis’
Hyundai Motor’s premium brand Genesis has officially announced its entrance into motor sports by launching its team Genesis Magma Racing and a prototype of its racing car, pinpointing the brand’s broader vision to redefine luxury. Laying out a fresh vision for the future of the brand’s high-performance motor sports cars, Genesis unveiled the GMR-001 Hypercar, a high-performance prototype that dons its design philosophy of athletic elegance during the world premiere held at the
MobilityDec. 5, 2024
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Shinhan undertakes major reshuffle, replaces 9 CEOs
Shinhan Financial Group has embarked on a large-scale CEO reshuffle by recommending new candidates for the top positions of nine out of 13 affiliates on Thursday. Jung Sang-hyuk, the 60-year-old CEO of the group’s flagship lender Shinhan Bank, was reappointed for his second term, which will last two years. The personnel changes were focused on three pillars -- improving the organizational structure through high-intensity personnel reform, accelerating the implementation of a consistent f
CompaniesDec. 5, 2024
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Incheon Airport tightens shoe screening for travelers
Starting Thursday, passengers departing through Incheon International Airport wearing shoes with heels taller than 3.5 centimeters will be required to remove their shoes during the security screening process. Previously, such a rule was only enforced in "suspicious" cases, but the updated regulation now applies it uniformly. The enhanced shoe screening measures are being implemented at both Terminal 1 and Terminal 2 and apply to all passengers using the cylindrical security scanners. &
IndustryDec. 5, 2024
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Directors Company completes acquisition of Bitnine
Directors Company, a South Korean advertising and branding company, announced Thursday that it has finalized the acquisition of Bitnine as part of its efforts to strengthen its generative AI business. The acquisition of the Kosdaq-listed database technology company was completed through a third-party allotment capital increase on Nov. 29, making Directors Company its largest shareholder. Following the deal, Chief Financial Officer of Directors Company Jegal Wan was appointed managing director of
CompaniesDec. 5, 2024
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Hyundai Motor hints at largest-ever shareholder returns
Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by proceeds from its recent initial public offering in India. The automaker’s actions are part of an ambitious strategy led by Executive Chairman Chung Euisun to share the rewards of Hyundai’s rapid global growth more directly with investors. Backing promises with action Just three months after announcing a plan to buy back and partially retire 4 trillion won worth of its own shares
MobilityDec. 5, 2024
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Celltrion starts production at new Songdo plant
South Korean biopharmaceutical firm Celltrion announced Thursday that its third plant in Songdo, Incheon, has officially commenced commercial production, following the completion of a performance qualification test. The five-story facility, spanning 22,300 square meters, was built between 2021 and 2023 with an investment of 270 billion won ($190 million). With a production capacity of 60,000 liters, the new plant boosts Celltrion’s total biopharmaceutical manufacturing capacity to 250,000
CompaniesDec. 5, 2024
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Financial watchdog calls on securities firms to draw up 'contingency' plans against market volatility
South Korea's financial watchdog called on securities firms Thursday to draw up contingency plans as market volatility is likely to increase amid martial law-related political turmoil. The local financial markets were roiled on Wednesday by President Yoon Suk Yeol's declaration of emergency martial law late Tuesday, which was lifted hours later after a parliamentary vote to block the decree. Earlier in the day, the opposition-controlled National Assembly introduced a motion to impeach
EconomyDec. 5, 2024
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S. Korean economy expands 0.1% in Q3; politics to have limited impact on growth: BOK
The South Korean economy expanded by 0.1 percent in the third quarter of 2024 amid weak domestic demand and slower export growth, central bank data showed Thursday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.1 percent in the July-September period from the previous quarter, matching an earlier estimate, according to preliminary data from the Bank of Korea. The figure was markedly lower than the market expectation of a 0.5 percent gain. The ec
EconomyDec. 5, 2024
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Seoul shares open lower amid political turmoil
Seoul shares opened lower Thursday as investors remain worried over political turmoil after President Yoon Suk Yeol's short-lived attempt at martial law. The benchmark Korea Composite Stock Price Index fell 10.64 points, or 0.43 percent, to 2,453.36 in the first 15 minutes of trading. Late Tuesday, Yoon declared martial law, accusing the main opposition Democratic Party of being "anti-state forces" paralyzing the operation of the nation with impeachment motions and a downsized bud
MarketDec. 5, 2024
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Samsung Electronics enhances chip strategy with new CFO
Samsung Electronics carried out a year-end executive reshuffle and organizational restructuring on Wednesday, naming new leaders for key roles including chief financial officer. Samsung appointed Park Soon-cheol, executive vice president of the corporate management team at the tech giant, as its new CFO. The 58-year-old financial expert has extensive experience across various divisions at the tech giant, including Samsung’s now-disbanded control tower, the future strategy office, as well a
IndustryDec. 4, 2024
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Korea’s sovereign rating unscathed by martial law saga
S&P Global Ratings said Wednesday that South Korea’s sovereign credit rating won’t be hurt by the brief imposition of martial law in the country the previous night. “There is no substantial reason to change Korea’s current rating since the martial law was relieved in a few hours and the country’s economy is fundamentally sound,” Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, said during a seminar jointly held with NICE Investors
EconomyDec. 4, 2024
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Seoul shares dip 1.5% amid martial law-triggered political turmoil
Seoul shares sank by almost 1.5 percent Wednesday amid political chaos as opposition parties moved to impeach President Yoon Suk Yeol over the declaration of martial law overnight before he reversed the decision hours later. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 36.1 points, or 1.44 percent, to close at 2,464.00. Trade volume was heavy at 661.09 million shares worth 13.07 trillion won ($9.26 billion), with losers outpacing winners
MarketDec. 4, 2024
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Martial law crisis stokes fears among food, beauty exporters
The unexpected martial law declaration late Tuesday by President Yoon Suk Yeol, which was lifted just two and a half hours later, left South Korean export-driven businesses fearing its impact on their global expansion. In particular, food and beauty companies, which have found renewed growth in overseas markets amid a stagnating domestic economy, voiced concerns about whether the incident might tarnish Korea’s reputation abroad and harm export performance. "We received multiple calls
IndustryDec. 4, 2024
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Korea faces new test of credibility in global supply chain
Although South Korean President Yoon Suk Yeol's surprise declaration of martial law did not make it even through the night, such political unrest in a country home to leading tech giants could result in long-term market fallout, potentially weakening Korea's role in the global supply chain of critical technologies such as chips, experts said Wednesday. In the hours after martial law was declared, the Korean won fell to its lowest level against the US dollar in three years, while Korea-
IndustryDec. 4, 2024