Wednesday's stock market operation undecided: KRX

South Korea's bourse operator said Wednesday it is yet to be decided whether stock markets will open as usual following President Yoon Suk Yeol's unexpected emergency martial law declaration. Yoon declared martial law in a previously unannounced late-night address Tuesday, accusing the opposition side of controlling the parliament and paralyzing the government by conducting "anti-state activities." "It is yet to be decided if the stock markets will be opened Wednesday,&q

EconomyDec. 4, 2024

Korean won hits 2-year low after Yoon declares martial law

The Korean won fell to a two-year low against the US dollar after President Yoon Suk Yeol declared emergency martial law late Tuesday. The Korean currency weakened as much as 1.4 percent and touched 1,430 won per dollar during the nighttime offshore trading. The decline followed a late-night television address by President Yoon, who claimed the move was necessary to protect the country from "anti-state" forces. The Korean won sharply dropped right after Yoon’s declaration at arou

EconomyDec. 3, 2024

Finance minister to convene emergency meeting on martial law declaration

Finance Minister Choi Sang-mok convened an emergency meeting with top economic and financial officials Tuesday following the declaration of martial law. Choi, who doubles as deputy prime minister for economic affairs, met with the heads of the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, the finance ministry said. The industry ministry later said it has also held an emergency meeting with senior officials to review and discuss matters related to the eco

EconomyDec. 3, 2024

Korea's cypto prices plunge, exchanges paralyzed amid martial law declaration

Cryptocurrency prices plunged and exchanges were paralyzed after South Korean President Yoon Suk Yeol unexpectedly declared martial law on Tuesday night. As of 11:30 p.m. Tuesday, Bitcoin, the world's largest cryptocurrency, was trading at around 120 million won ($83,767), down nearly 8 percent from the previous day. Bitcoin, which hovered at approximately 131 million won as of 10:30 p.m. when Yoon announced martial law, briefly plummeted nearly 30 percent to a low of 93.5 million won. Bitc

EconomyDec. 3, 2024

Korean Air to finalize controlling-share acquisition of Asiana Airlines next week

Korean Air Co. said Tuesday it will finalize its acquisition of a controlling share in rival Asiana Airlines Inc. next week, completing the merger deal between South Korea's leading carriers that has been sought over the past four years. Korean Air said it will invest 1.5 trillion won ($1.07 billion) in a third-party share issuance by Asiana Airlines on December 11 to acquire about 131.57 million new shares, or a 63.9 percent stake, in the rival carrier. The move is the final step in the

IndustryDec. 3, 2024

Kia targets annual sales, operating profit margin of over 10% for next 3 yrs

Kia Corp., South Korea's second-largest automaker, on Tuesday announced ambitious financial targets for the next three years, aiming for an average annual sales growth rate and operating profit margin of over 10 percent. In the company's mid- to long-term value enhancement plan, Kia also said it aims to achieve return of equity rates of over 15 percent between 2025 and 2027. To achieve these targets, Kia outlined strategies, including expanding sales of eco-friendly vehicles, increas

MobilityDec. 3, 2024

US chip export curbs on China leave Samsung unscathed, for now

The latest US export controls banning shipments of high-bandwidth memory chips to China are expected to have a limited impact on Korean chipmakers, mainly Samsung Electronics. But the restrictions could result in lost opportunities to acquire new customers, experts said Tuesday. The US Bureau of Industry and Security announced Monday a new set of measures banning the export of critical chips and chip equipment, including HBM, advanced chip packages of stacked DRAM chips. The cutting-edge chips a

IndustryDec. 3, 2024

Seoul shares spike nearly 2% on US data

South Korean stocks soared nearly 2 percent Tuesday on better-than-expected US industry data and Washington's export curbs targeting China having a limited impact on the market. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 45.62 points, or 1.86 percent, to close at 2,500.1. Trade volume was moderate at 314.4 million shares worth 8.87 trillion won ($6.32 billion), with winners outpacing losers 733 to 163. Foreigners bought a net 538.8 b

MarketDec. 3, 2024

7 in 10 Korean firms say no investment plans next year

Seven out of 10 Korean conglomerates do not have or have not yet established investment plans for next year due to increasing uncertainty such as expanding geopolitical risks and heightened trade protectionism, a survey by a leading business lobbying group showed on Tuesday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that the majority of large companies are reluctant to

CompaniesDec. 3, 2024

[Photo News] 10 years of Shinhan Future's Lab

Shinhan Financial Group marked the 10th anniversary of its tech startup support program, Shinhan Future's Lab, with a gathering in Seoul on Monday. Chairman Jin Ok-dong hosted an alumni meeting of the decade-long program, under the theme "Run To:gather." Participants shared their experiences and celebrated companies that have successfully partnered with the group and its subsidiaries on Shinhan's digital initiatives through an awards ceremony. Since its launch in 2015, the Fu

IndustryDec. 3, 2024

LG Energy Solution mulls acquiring GM’s stake in joint battery plant in Michigan

LG Energy Solution announced Tuesday that it is considering acquiring General Motors’ stake in their joint venture battery plant in Michigan. “LG Energy Solution is reviewing the acquisition of the Ultium Cells plant 3 in Lansing to improve investment and operational efficiency and maximize operating rates of plants in North America," the Korean battery maker said in a statement. GM revealed Monday that it plans to sell its stake in the Michigan battery plant to the Korean partn

MobilityDec. 3, 2024

Koramco, BGO join bidding for GIC's Seoul Finance Center

At least three asset management firms joined the race to purchase the Seoul Finance Center, a landmark office building in central Seoul, in a deal that could be worth up to 1.5 trillion won ($1.07 billion). Singaporean sovereign wealth fund GIC opened bids for the sale of the 30-story building with the deal’s financial advisor CBRE Korea on Monday. Two Korean investors -- Koramco Reits & Trust and Koramco Asset Management -- separately participated in the bid. US-based real estate in

CompaniesDec. 3, 2024

Kolmar vows to support global growth of K-beauty brands

Kolmar Korea Vice Chairman Yoon Sang-hyun on Tuesday reaffirmed his company’s dedication to becoming a trusted global partner in the beauty market during a visit by the nation's food and drug safety chief to the company's research complex in Seoul. “We will continue to strengthen our partnerships with independent brands and actively support them to ensure the continuous emergence of K-beauty's iconic brands,” Yoon said, welcoming Minister of Food and Drug Safety

IndustryDec. 3, 2024

Toss Securities hits W30tr in overseas trading volume

Toss Securities, the brokerage arm of fintech giant Viva Republica, announced Tuesday that its monthly overseas stock trading volume reached a record 30.54 trillion won ($21.75 billion) in November. According to the company, the total monthly trading volume of overseas transactions, combining both sales and purchases, marked a second consecutive monthly increase after reaching 21 trillion won in October. This milestone makes Toss Securities the first Korean brokerage to surpass 30 trillion won i

IndustryDec. 3, 2024

How much will you spend on Christmas cakes?

Luxury cakes have emerged as seasonal highlights in South Korea's hotel industry, appealing to consumers seeking something special for Christmas, but they have drawn criticism as well as praise, thanks to their high prices. On Nov. 25, Hotel Shilla showcased "The Taste of Luxury," a Christmas cake priced at 400,000 won ($285), up 30 percent from the hotel's most expensive Christmas cake last year. According to the hotel, this year’s version has 25 percent more premium w

IndustryDec. 3, 2024

[Reporter’s Notebook] BYD’s Korean debut, a wakeup call for Hyundai, Kia

Spotting an electric vehicle on the road in Korea is not a rare sight nowadays as the country’s EV penetration rate has reached nearly 10 percent. But that is a still long way off China, where more than half of all newly sold vehicles there run on battery. BYD, a Chinese and world EV leader, is gearing up to make its debut in the Korean passenger vehicle market in January next year. To the Korean government and auto brands, this should serve less as a nudge to speed up the EV transition an

MobilityDec. 3, 2024

MBK accused of misusing confidential reports in hostile takeover bid of Korea Zinc

MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio

IndustryDec. 3, 2024

AmCham hosts seminar on 'K-healthcare' strategies

The American Chamber of Commerce in Korea hosted a seminar in Seoul on Tuesday to discuss strategies for creating a patient-centered health care ecosystem and fostering medical innovation between Korea and the US. Now in its 15th year, the annual seminar brought together over 150 participants, including government officials, industry leaders and patient advocacy groups, to discuss building a patient-centered “K-Healthcare” environment through public-private collaboration and Korea-US

IndustryDec. 3, 2024

LG CNS to bring smart building tech to the US

LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value. The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects. Under the partnership, the three firms plan to jointly promote smart

IndustryDec. 3, 2024

Seoul to seek mutually beneficial ties with US amid uncertainties: trade minister

South Korea will make efforts to enhance its mutually beneficial ties with the United States, the trade minister said Tuesday, amid rising policy uncertainties surrounding Washington's incoming administration. Trade Minister Cheong In-kyo made the statement during a meeting with key commercial attaches and senior officials from the Korea Trade-Investment Promotion Agency to discuss strategies for sustaining South Korea's export momentum, according to the Ministry of Trade, Industry and

EconomyDec. 3, 2024