December 10, 2024

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EDITOR'S PICKS

• Markets 
  

  Korean investors dump Kospi, flock to US stocks despite strong dollar

  Losing faith in the local stock market, which has fallen to its lowest point in months, South Korean investors are shifting their focus to US shares. However, the weak local currency may remain a burden for cross-border trading. While the benchmark Kospi dropped to a low of under 2,400 during intraday trading on Monday, retailers are pouring money into US stocks, betting that the depressed value proposition on home turf is likely to continue. According to the Korea Securities Depository, local

• Companies 
  

  Hanwha sets up financial AI center in San Francisco

  The financial subsidiaries of Hanwha Group, South Korea’s seventh-largest conglomerate, have launched an artificial intelligence research center in San Francisco, the global hub for AI development. Hanwha AI Center, established by Hanwha Life in collaboration with Hanwha General Insurance and Hanwha Asset Management, officially opened last week at Hanwha Group’s San Francisco headquarters. The opening ceremony was attended by senior executives, including Hanwha Life Vice Chairman

• Companies 
  

  Korea, Indonesia strengthen partnership in general insurance

  The general insurance industries of South Korea and Indonesia are deepening their partnership. The General Insurance Association of Korea announced on Monday that it recently signed a memorandum of understanding with the General Insurance Association of Indonesia to strengthen exchanges and collaboration. The agreement outlines plans to support member companies' overseas expansion and collaborate on initiatives aimed at mutual growth in both countries' insurance sectors. The associations wil

• Tech 
  

  Cheaper Chinese chips hamper profit outlook for Samsung, SK hynix

  Chinese chipmakers are posing challenges for South Korean memory chip giants, flooding the global market with legacy chips at half the market price amid slowing demand. With the price of the older DRAM chips plunging more than 30 percent, market analysts lowered the earnings prospects for Samsung Electronics and SK hynix, the world's top two memory chip makers. According to DRAMeXchange on Monday, the spot price of 8 gigabyte DDR4 chips for computers fell to $1.35 in November, marking a 35.7 p

• Companies 
  

  Chinese battery makers gobble up Korean shares

  The competitiveness of Korean battery makers -- LG Energy Solution, Samsung SDI and SK On -- continues to be threatened by the seemingly unceasing growth of Chinese rivals, a global electric vehicle battery usage report showed Monday. According to SNE Research’s analysis, the three Korean battery makers’ combined share in the global EV battery sector logged 20.2 percent between Jan. and Oct. this year, down 3.5 percentage points from the same period last year. The decline came even

• Companies 
  

  Global talent market expands as professionals eyes abroad

  Global job mobility has emerged as a dominant trend in 2024, with an increasing number of professionals here seeking career opportunities abroad, data found Monday. According to data released by the professional search division of Manpower Korea, the local unit of global HR firm ManpowerGroup, global recruitment sales accounted for over 10 percent of the division’s total revenue this year, a tenfold increase from 2022. The company noted that the global sales proportion was less than 1 pe

• Markets 
  

  Samsung C&T, Hitachi Energy bolster ties on HVDC projects

  Samsung C&T said Monday that it has signed a memorandum of understanding with Switzerland's Hitachi Energy to strengthen collaboration and explore opportunities in the high-voltage direct current sector. HVDC is a method of converting alternating current generated at a power plant into high-voltage direct current for transmission. It is a key technology for long-distance, large-scale power transmission with low energy loss and high stability. Hitachi Energy, the market leader in power cont

• Companies 
  

  Krafton launches tech lab to nurture programming talent

  Krafton, the South Korean gaming giant behind the popular title PUBG: Battlegrounds, announced Monday the launch of the Krafton Jungle Game Tech Lab, aimed at fostering game programmers as part of its corporate social responsibility efforts. The Game Tech Lab’s curriculum will emphasize key values such as immersion, self-directed learning and team-based collaboration, the company said. Participants will engage in an intensive, 24-week program designed to build expertise in areas includi

• Companies 
  

  Celltrion secures Canada's approval for Xolair biosimilar Omlyclo

  South Korean biopharmaceutical firm Celltrion said Monday that it has received approval from Health Canada for Omlyclo, its omalizumab biosimilar referencing Xolair, designed to treat allergic asthma and chronic spontaneous urticaria. Celltrion has obtained approval for the full range of indications covered by the original drug, including allergic asthma, chronic rhinosinusitis with nasal polyps and chronic idiopathic urticaria. The company supported its application with a global phase 3 clin

• Tech 
  

  LG Innotek to unveil future mobility tech at CES

  LG Innotek said Monday it will showcase innovative future mobility components and new technologies at the annual CES tech show, which kicks off in Las Vegas on Jan. 7. At the world’s largest tech show, the company will unveil 41 future mobility components, covering sensing, communication, lighting and control technologies, with 15 key products displayed in a future vehicle mockup as the showroom’s centerpiece. “We aim to utilize CES as an opportunity to secure new business

• Markets 
  

  Financial regulators to meet with banking heads amid market instability

  South Korea's financial regulators are set to meet with the heads of major financial groups next week amid escalating political tension surrounding President Yoon Suk Yeol’s impeachment motion. The Financial Services Commission is arranging a meeting with the heads of major financial groups, including KB, Shinhan, Hana, Woori and NongHyup, though the date remains unconfirmed. An official from one of the groups indicated that the meeting, initially set for Thursday, was canceled on Saturd

• Markets 
  

  Bumpy road ahead for Korean economy

  As the fate of embattled President Yoon Suk Yeol is likely to stay in limbo for longer than expected, concerns are mounting over pending economic measures that need to be addressed to rev up the country’s slowing growth. After a failed parliamentary vote on his impeachment Saturday, Han Dong-hoon, leader of the ruling People Power Party, stressed Sunday that he would push for the president’s resignation. The main opposition Democratic Party called for Yoon to immediately step down,

• Markets 
  

  Korea’s defense stocks tumble amid fallout of Yoon's folly

  The stock prices of Korean defense firms have been battered in recent days, as concerns grow that the fallout of President Yoon Suk Yeol’s martial law declaration could harm the outlook for the country’s defense industry. Shares of Hanwha Aerospace closed at 298,000 won ($209) on Friday, down about 12 percent from Tuesday's close. Yoon declared martial law on Tuesday night, prompting the National Assembly to pass the motion to dismiss the martial law decree early Wednesday. Shares

• Tech 
  

  LG Electronics readies for $1.8b Indian IPO

  South Korean home appliances giant LG Electronics is aiming to cement its presence in India, going for an initial public offering in the country, where the firm is a leader in the premium TV and air conditioner market. On Friday, the company’s Indian arm filed for an IPO with the Securities and Exchange Board of India, a draft red herring prospectus from the company showed. LG Electronics, the parent company that fully owns the Indian entity, will sell 101.8 million shares, accounting fo

• Companies 
  

  1 in 4 Hyundai-Kia cars now sold in US

  Hyundai Motor Group said Sunday that its US sales have reached the highest level in 36 years, with one in four of its cars sold globally being purchased in the all-important market. From January to November, Hyundai Motor and Kia sold a combined 1.55 million vehicles in the US, accounting for 23.3 percent of the group’s 6.65 million units sold worldwide. This marks the first time since 1988 that the US share has exceeded 23 percent. Last year, Hyundai set a record for US sales at 1.65 mi

• Companies 
  

  Yoon's signature industrial policies at risk

  South Korea’s political crisis, triggered by President Yoon Suk Yeol's short-lived martial law declaration, is casting doubt on several of his administration's cornerstone industrial projects and the country’s ability to navigate trade challenges. The initiatives facing increased uncertainty include a multibillion-dollar nuclear power deal in the Czech Republic and the Donghae deepwater gas field development. The instability comes at a critical moment for South Korea, as shifting g