Mercedes-Benz Korea to lend free E-Class sedans for Incheon fire victims

Mercedes-Benz Korea will loan new E-Class sedans free of charge to residents of the apartment complex in Cheongna, Incheon, who lost their vehicles in an electric vehicle fire on Aug. 1. The fire, which occurred in the underground parking lot of the complex, destroyed approximately 70 vehicles. Mercedes-Benz Korea communicated details of the support program through the management office of the Cheongna apartment complex on Thursday. The company will provide one vehicle per affected household, sp

Aug. 30, 2024

Seoul shares close higher on bargain hunting

South Korean shares finished higher Friday as investors picked up tech, energy and other blue chip bargains following losses the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 12.03 points, or 0.45 percent, to close at 2,674.31. Trade volume was moderate at 266.9 million shares worth 9.71 trillion won ($7.27 billion), with winners outnumbering losers 580 to 292. Institutions bought a net 47.8 billion won worth of shares, wh

Aug. 30, 2024

KFCC puts aside W1.4tr for risk management in H1

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, also known as Saemaul Geumgo, announced Friday it has set aside 1.4 trillion won ($1.05 billion) in reserve in the first half of 2024 to ensure the financial stability of the credit union. The allowance for bad debts, also called a bad debt reserve, is a provision made in a company’s accounts in recognition of debts that cannot be collected. Allocating the reserve leads to a loss

Aug. 30, 2024

[Test Drive] Renault’s Grand Koleos delivers loaded tech at value-packed price

Renault Korea has been in a slump, with sales in Korea nosediving from nearly 100,000 units in 2020 to just 22,000 last year. Now, the company is pinning its hopes on the Grand Koleos, a new mid-size hybrid sport utility vehicle, to spark a comeback. With its debut marking Renault Korea’s most ambitious launch in four years, the big question is: Does the Grand Koleos have what it takes to turn things around? The Korea Herald reporter took it for a spin on a test drive in Busan last Tuesday

Aug. 30, 2024

[Photo News] Hanjin's 'Dook'n Dook'n' brings Hallyu to Vietnam

To boost the global competitiveness of Korea's small business owners, the Small Enterprise & Market Service, the Korea Commission for Corporate Partnership and Hanjin Logistics held a launch ceremony on Thursday for Dook'n Dook'n, an offline store in Hanoi, Vietnam, showcasing Hallyu products. The event was attended by Oh Young-joo (center left), minister of SMEs and startups, SEMAS Chairman Park Sung-hyo (center right), Emily Cho (third from right), president of Hanjin Logist

Aug. 30, 2024

Nokia denies report about mobile unit sales talks with Samsung

Finnish telecom equipment maker Nokia on Friday denied a report that it is in talks with Samsung Electronics or any other potential bidders to sell its mobile network business. “Nokia has nothing to announce in relation to the speculations published in an article today, and no related insider project exists,” the company said in a statement, referring to a Bloomberg report earlier in the day. “Nokia is committed to the success of its mobile networks business, a highly strategic

Aug. 30, 2024

Tax revenue falls 8.8 tr won through July on weak corporate earnings

South Korea's tax revenue fell 8.8 trillion won ($6.59 billion) from a year earlier over the first seven months of 2024, due to the lackluster corporate earnings, data showed Friday. The government collected 208.8 trillion won of taxes over the January-July period, down 4 percent from the same period last year, according to the data from the Ministry of Economy and Finance. In July alone, however, the country's total tax revenue increased 1.2 trillion won from a year earlier, reaching

Aug. 30, 2024

Seoul shares open higher on bargain hunting

South Korean shares opened higher Friday as investors picked up tech, auto and other blue chip bargains following losses the previous session. The benchmark Korea Composite Stock Price Index (Kospi) gained 13.53 points, or 0.51 percent, to 2,675.81 in the first 15 minutes of trading. Overnight, US stocks ended mixed after experiencing rollercoaster-like volatility amid differing views on Nvidia's earnings, with some expressing disappointment while others saw the results as alleviating uncer

Aug. 30, 2024

Industrial output falls 0.4% in July on weak demand for chips, cars

South Korea's industrial output fell for the third consecutive month in July due to sluggish production in the semiconductor and automobile sectors, data showed Friday. Industrial output decreased 0.4 percent on-month in July, following a 0.1 percent drop the previous month, according to data compiled by Statistics Korea. Compared with a year earlier, however, industrial output increased 2.7 percent in July, the data showed. "While industrial output has decreased for three consecutive

Aug. 30, 2024

Combined net loss of savings banks widens in H1

Savings banks in South Korea saw their combined net loss widen in the first half from a year earlier, due largely to a sharp increase in loan-loss reserves set aside for real estate project financing (PF) loans, data showed Friday. The banks posted a combined net loss of 380.4 billion ($284.5 million) in the January-June period, sharply up from a net loss of 96.5 billion won over the same period last year, according to the data from the Financial Supervisory Service. Their interest income came t

Aug. 30, 2024

LG to buy 500 billion won worth of shares in 2 affiliates

LG said Thursday it will buy a combined 500 billion won ($375.9 million) worth of stake in its home appliances and chemical units from November as part of efforts to increase their corporate value. LG plans to purchase 200 billion won worth of shares in LG Electronics and 300 billion won worth of shares in LG Chem on two occasions, the company said in a regulatory filing. If the purchase is completed, LG's stake in LG Electronics will increase to 31.59 percent from 30.47 percent, and inte

Aug. 29, 2024

Samsung, labor union likely to resume wage talks in early October

Samsung Electronics and its labor union are likely to resume their talks over a wage increase and others in early October at the earliest, industry sources said Thursday. Early this month, members of the National Samsung Electronics Union, the largest labor union of the South Korean tech giant, returned to work as they have held several rounds of talks since January but have been unable to narrow their differences over the wage increase rate, vacation system and bonuses. The NSEU, representing

Aug. 29, 2024

Doosan scraps controversial Robotics-Bobcat merger plan

Doosan Group has officially scrapped its merger plan between Doosan Robotics and Doosan Bobcat, following shareholder opposition and regulatory pressure. However, the group still intends to move forward with its broader strategy to integrate Bobcat under Robotics in a bid to achieve synergy across its business operations. On Thursday, the boards of Doosan Bobcat and Doosan Robotics each convened and decided to cancel the comprehensive share exchange agreement initially designed to streamline the

Aug. 29, 2024

LG Display starts production of advanced OLED displays for gaming

LG Display said Thursday it has kicked off mass production of its 27-inch 480Hz Quad HD gaming OLED panel that boasts the industry’s highest refresh rate and fastest response time, targeting the high-end gaming market. The new panel is made to show the best performance in key criteria for gaming displays, which are refresh rate, images displayed per second and response time in displaying graphic card signals, LG said. “We will create differentiated customer value and secure leadershi

Aug. 29, 2024

Seoul shares decline over 1%, led by chipmakers after Nvidia's earnings

South Korean shares retreated more than 1 percent Thursday, led by chipmakers after an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 27.55 points, or 1.02 percent, to close at 2,662.28. Trade volume was moderate at 284.7 million shares worth 11.3 trillion won ($8.47 billion), with losers outnumbering winners 590 to 280. Institutions and foreign investors sol

Aug. 29, 2024

MG Community Credit Cooperatives upgrades HR system

South Korean mutual financial institution MG Community Credit Cooperatives said Thursday it has made efforts to improve its organizational culture by offering consulting services on labor and employment matters to its employees since last year. In the project, called MG Blue Wave, MG aims to examine and consult on the personnel management of its 560 branches until the end of this year. As of this month, some 394 branches have undergone such evaluation program since the beginning of last year. Th

Aug. 29, 2024

Korean minister, AmCham head hope to deepen economic ties

Industry Minister Ahn Duk-geun called the US “the most important ally and rival” to South Korea on Thursday while introducing the government's key initiatives to bolster US-Korea trade and investment at a conference hosted by the American Chamber of Commerce in Korea. “Korea is establishing a stable investment environment by implementing various regulations, such as the Korea-US Free Trade Agreement, and expanding our global network,” Ahn stated, noting the country&#

Aug. 29, 2024

Posco unveils lightweight steel pad for vertiports

Posco said Thursday that it has introduced a lightweight steel takeoff and landing pad, specifically designed for vertiports on buildings. This new vertiport landing pad is constructed from a foam deck formed by thinly shaped steel plates, making it over 60 percent lighter than traditional landing pads while still offering superior rigidity, corrosion resistance and usability, according to the company. In June, Posco's landing pad underwent rigorous testing during Lotte E&C's urban

Aug. 29, 2024

Korea Exchange raises guard against biopharma shares

The Korea Exchange, the country's sole bourse operator, has recently voiced alarm about excessive and speculative trading of biopharmaceutical stocks tied to the resurgence of COVID-19 and the spread of mpox. Retail investors' interests in pharmaceutical and biotech stocks have soared in recent weeks amid the country’s heightened caution against infectious diseases. Buoyed by short-term speculations, stock prices of some biopharmaceutical companies have experienced a sharp gain r

Aug. 29, 2024

SK hynix develops world's first 10-nm DRAM chip

SK hynix, the world's second-largest memory chip-maker, said Thursday it has developed the industry’s first 16-gigabyte DDR5 chip using its 1c node, the sixth generation of the 10-nanometer process technology. The success marks the beginning of the extreme scaling to the level closer to 10 nanometers in the memory process technology, according to SK hynix. SK hynix has become the first in the industry to overcome technological limitations by raising the level of completion in design,

Aug. 29, 2024