LG Chem promotes fair trade practices

LG Chem is ramping up efforts to strengthen ties with partner companies through a series of new initiatives to promote sustainable development across its supply chain, the firm said Sunday. The South Korean chemicals giant outlined five key strategies under its “Shared Growth Solutions” framework: promoting fair trade, providing financial support, advancing environmental, social and governance practices, enhancing partner capabilities and improving communication. As part of the plan,

CompaniesNov. 17, 2024

Kia scales back on EV9 in US amid tightened IRA rules

Hyundai Motor Group affiliate Kia is reportedly scaling back US production of its ambitious EV9, a large all-electric sport utility vehicle, due to stricter Inflation Reduction Act regulations. According to industry sources Sunday, Hyundai Motor Group’s manufacturing facility in Georgia, which began operation last month, produced 21 EV9s in the third quarter and only one was sold in the US. Given that the EV9’s monthly sales volume is approximately 1,800 units, the US production cons

MobilityNov. 17, 2024

Daewoo E&C makes strides in Central Asia, global urban development

Daewoo E&C is making significant strides in its global expansion efforts, securing major projects across Central and Southeast Asia under the leadership of Chairman Jung Won-ju, the company announced Friday. Celebrating its 51st anniversary this year, Daewoo E&C has reaffirmed its vision of evolving into a company moving into the next century by tapping broader overseas markets and addressing challenges in the sluggish domestic construction industry. A prime example is the Turkmenistan M

IndustryNov. 17, 2024

Foreign ownership of S. Korean stocks at yearly low: data

Foreign ownership of South Korean shares fell to the lowest level of this year following Donald Trump's presidential reelection, data showed Sunday. Foreign holdings of Korean stocks on the main bourse Kospi accounted for 32.3 percent, or 637.48 trillion won ($456 billion), of the market capitalization worth 1,973.51 trillion won as of Friday, according to the data compiled by the Korea Exchange. Foreign investors held 32.7 percent of Kospi-listed stocks early this year, but the ratio conti

MarketNov. 17, 2024

KEPCO wins 2 new renewable energy deals in Saudi, Guam

The state-run Korea Electric Power Corp. (KEPCO) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won (US$717.1 million) in sales over the next 25 years. A consortium of KEPCO and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company, under the Middle Eastern country's national renewable energy program. The project expected to cost 1.5 trillion won is aimed a

EconomyNov. 15, 2024

Samsung Electronics to buy back 10 tln won in shares to enhance shareholder value

Samsung Electronics Co. said Friday it will buy back its own shares worth a combined 10 trillion won (US$7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price. In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until Feb. 17, the company said in a statement. For the remaining 7 trillion won, the company will decid

MarketNov. 15, 2024

Hanjin eyes bigger footing in the US fulfillment services market

Hanjin Logistics, an affiliate of South Korean airline-to-logistics conglomerate Hanjin Group, is ramping up efforts to improve its fulfillment services and attract more corporate customers seeking to enter the US market. Earlier this month, CEO Noh Sam-seok and Emily Cho, president and chief marketing officer, traveled to the US for meetings at the company's local headquarters as they plan to expand the logistics firm's fulfillment business on the US east coast, according to the compa

IndustryNov. 15, 2024

ZYX Technology inks partnership with Chonnam University to nurture tech talent

South Korean design software developer Zyx Technology announced Friday that it has signed a memorandum of understanding with Chonnam National University, aiming to foster tech talent and strengthen collaboration. Under the agreement, the company said it will provide academic support, including free access to cutting-edge design software and opportunities for joint research and development of artificial intelligence software. As a member of the Innobiz Association, Zyx Technology has developed a

IndustryNov. 15, 2024

Samsung, LG clean up at CES 2025 Innovation Awards

Korean tech giants Samsung Electronics and LG Electronics were recognized with a slew of prizes at the CES 2025 Innovation Awards for their newest products, ahead of the world’s largest tech trade show set to be held in Las Vegas in January. In this year’s program, Samsung won 29 awards, including four best of innovation products, while LG received 24 awards with three top innovation winners. The Consumer Technology Association organizes the annual competition honoring outstanding de

IndustryNov. 15, 2024

Seoul shares end nearly flat amid bargain hunting

Seoul shares closed nearly flat Friday as investors' bargain hunting limited declines amid lingering uncertainties, including a possible slowdown in US rate cuts. The local currency gained against the US dollar, trading at the 1,300 won level as of 3:30 p.m. for the first time in four days. The benchmark Korea Composite Stock Price Index edged down 2 points, or 0.08 percent, to close at 2,416.86. The main index briefly fell below the psychologically significant 2,400 level at one point. Tra

MarketNov. 15, 2024

Hyundai Motor appoints 1st foreign CEO

Hyundai Motor Group appointed Jose Munoz, global chief operating officer at Hyundai Motor Co., as the next CEO of the auto brand on Friday, marking the conglomerate’s first-ever appointment of a foreign leader. The appointment is to take effect on Jan. 1. Munoz, a native of Spain and a US citizen, joined the Korean automaker in 2019 and has served as president and global COO of Hyundai Motor Co. as well as president of Hyundai and Genesis Motor North America. “Through strengthening d

CompaniesNov. 15, 2024

Hyundai donates EVs to support UN hunger relief with sustainable transport

Hyundai Motor Group has donated eight Ioniq 5 electric vehicles to the United Nations World Food Programme to support its humanitarian missions with cleaner, more sustainable transportation, the automaker said Friday. As the world’s largest hunger-relief organization, WFP is at the forefront of efforts to end food insecurity and malnutrition, particularly in areas affected by conflict and extreme poverty. Through this partnership, Hyundai and WFP aim to make humanitarian aid efforts more e

MobilityNov. 15, 2024

Hanwha chief appointed to lead defense affiliate

Hanwha Group Chairman Kim Seung-youn has taken a top position at the conglomerate’s main defense affiliate, Hanwha Aerospace, to ramp up the firm’s global expansion. According to Hanwha Aerospace’s quarterly report released on Thursday, Kim has been appointed as the defense firm's chairman. With the newly given title, the Hanwha Group head now has five chair positions, at Hanwha Corporation, Hanwha Solutions, Hanwha Systems, Hanwha Vision and Hanwha Aerospace. “Chair

CompaniesNov. 15, 2024

Economy continues on 'gradual' recovery path, yet uncertainties linger: finance ministry

The South Korean economy is gradually recovering, supported by stabilizing prices, but uncertainties remain both at home and abroad, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, highlighting plans to promote a road map for strengthening the sustainability of the country's economy. "Our economy is seeing a gradual recovery amid stabilizing prices, but uncertainties persist due to changing conditions at home and abroad

EconomyNov. 15, 2024

S. Korean trade minister discusses supply chain at APEC CEO summit in Peru

Trade Minister Cheong In-kyo attended an economic event for business executives at the Asia-Pacific Economic Cooperation summit in Peru, where he exchanged views on the global supply chain with other participants, his office said Friday. In the event held Wednesday, Cheong also highlighted that his country sought to gain insights from Peru about preparing for the annual summit of 21 global leaders as Seoul is set to host the 2025 APEC summit in Gyeongju, North Gyeongsang Province. During his vis

EconomyNov. 15, 2024

Supermarkets in central Seoul to change mandatory closure day to Wednesday

The mandatory closing day for large supermarkets in a major tourist district in Seoul will be changed from weekends to weekdays, the industry ministry said Friday, adding to the convenience of its residents and foreign tourists alike. Starting later this month, large supermarkets in Seoul's central district of Jung will close their business on Wednesdays instead of Sundays. The latest decision is expected to add convenience not only for the residents but also the high number of foreign tour

ConsumerNov. 15, 2024

Seoul shares open lower as Fed hints at slowing rate cut

South Korean stocks opened lower Friday as Federal Reserve Chair Jerome Powell hinted at slowing the central bank's rate cut amid signs of lingering inflation. The Korean won opened slightly lower against the greenback, continuing to hover above the psychologically important level of 1,400 won. The benchmark Korea Composite Stock Price Index fell 0.57 points, or 0.57 percent, to 2,405.12 in the first 15 minutes of trading. During a speech held in Dallas, Powell said the economy is showing n

MarketNov. 15, 2024

Toss posts record revenue in Q3, led by brokerage biz

Viva Republica, the operator of mobile financial service Toss, posted record-high revenue in the July-September period, gaining traction for a potential US listing. According to the company on Thursday, its third-quarter revenue soared 47.5 percent to 502.1 billion won ($356 million) from a year ago, largely buoyed by its diverse business portfolio ranging from internet banking to digital brokerage. With the latest figure, the company's cumulative revenue this year stood at 1.41 trillion wo

IndustryNov. 14, 2024

Upbit D Conference explores how to bridge crypto with real world

Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, hosted the Upbit D Conference on Thursday, discussing how blockchain technology can bring changes into the real world. This year’s event, in its seventh edition, was held under the title of "Blockchain: Powering Real World Change." “Blockchain is no longer an invisible technology. Just a few years ago, blockchain was considered unfamiliar and complex, but now we can see that perceptions in Kor

IndustryNov. 14, 2024