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The Korea Herald

Market Now

January 29, 2023
Samyang Foods opens premium ramen popup in Seoul

Samyang Foods on Thursday opened a popup store to promote its new premium dried noodle brand in Seoul. The noodle boutique, called Salon de Cootique, is set up at the space LES601 Seongsu in Seongsu-dong, and runs until Feb. 5, it said in a statement. In December last year, the firm launched a ne...
January 29, 2023
LG Energy Solution logs record earnings on increased shipments

LG Energy Solution reported a twofold jump in operating profit last year, driven by increased demand for electric vehicle batteries and energy storage systems, the South Korean battery maker said Friday. Revenue rose 43.4 percent to 25.6 trillion won ($20.8 billion) in 2022, and its operating prof...
January 29, 2023
KT&G refuses ginseng unit spin-off, aims to double sales by 2027

KT&G, South Korea's dominant tobacco and ginseng company, rolled out an aggressive mid-term business plan Friday to bolster its investment and sales in an apparent move to fend off a campaign launched by a Singapore-based activist fund. Under the plan, the company will invest a total of 3.9 trilli...
January 29, 2023
LG Electronics Q4 operating profit tumbles 91%

LG Electronics said Friday its operating earnings for the fourth quarter dipped more than 90 percent from a year earlier on slumping demand for home appliances coupled with global economic difficulties. The consumer electronics giant reported an operating profit of 69.3 billion won ($56.1 million)...
January 29, 2023
Kia records highest yearly figures on sales growth

Kia, South Korea’s second-largest automaker, has raised its earnings target for this year after the company recorded its best-ever figures last year on strong sales. The company said Friday in a conference call that its annual revenue and operating profit had reached 86.6 trillion won ($70.3 bill...
January 29, 2023
Samsung Biologics 2022 earnings hit all-time high with W3tr sales

Korean contract manufacturer Samsung Biologics' earnings in 2022 hit all-time high, mainly because its biopharmaceutical unit was included in the consolidated financial result after a full acquisition early in the year. Its sales almost doubled to 3 trillion won ($2.4 billion) from 1.56 trillion w...
January 27, 2023
[Contribution] Playing it SAFE, but not too safe

By Steve Brice As we start 2023, investors’ scars from last year’s sell-off across publicly traded markets are still very raw. Against this backdrop, the theme of our 2023 Outlook, Playing it SAFE, should resonate with investors. We believe sequencing your investments is going to be important in...
January 27, 2023
KT, Mongolia team up on rare earths supply

South Korean telecommunications giant KT Corp. said Thursday it has signed a partnership deal with the Mongolian government to secure a stable supply of some 80 kinds of mineral resources, including rare earth elements. KT CEO Ku Hyeon-mo signed the memorandum of understanding on mineral resources...
January 27, 2023
Samsung’s crisis management system wins ISO certification

Samsung Electronics said Thursday that it has won the ISO 22301 certification, a global recognition for crisis preparedness at its chip-manufacturing complex in Hwaseong, Gyeonggi Province. The ISO certification, awarded by the British Standards Institution, is the international standard for busin...
January 27, 2023
Celltrion's anticancer biosimilar debuts in Japan

Celltrion Healthcare, the marketing unit of South Korean drug developer Celltrion, announced Thursday that it has expanded its product portfolio with the recent launch of its cancer-fighting biosimilar Vegzelma in Japan. Vegzelma is a biosimilar referencing Bevacizumab, which is sold under the bra...
January 27, 2023
SMEs Ministry readies plans to bolster support for exports

The Ministry of SMEs and Startups said Thursday it is ramping up efforts to facilitate the global expansion of small- and mid-sized firms by bolstering distribution and logistics support in overseas markets. The new plans were briefed during an emergency meeting of economy-related ministers earlie...
January 27, 2023
Samsung SDS posts record revenue on upbeat cloud sales

South Korean IT solutions provider Samsung SDS logged a record sales of 17.2 trillion won ($14 billion) in 2022 that was driven by an expansion in its cloud business, the firm said Thursday. In a regulatory filing, the company said its annual sales in 2022 saw a growth of 26 percent when compared ...
January 27, 2023
Hanwha, Microsoft partner on solar energy

Hanwha Solutions on Thursday announced that it has signed a strategic partnership with Microsoft for solar energy projects, marking the first collaboration between a global solar supplier and an information and communication technology behemoth to reduce carbon emissions and boost the clean energy ...
January 27, 2023
Posco sets up task force to ride through uncertainties

South Korean steel giant Posco has set up a task force to overcome economic difficulties. Vice Chairman Kim Hak-dong will spearhead the task force, according to industry sources, Thursday. The task force is expected to focus on reducing costs spent on procuring raw materials, increasing profitabil...
January 27, 2023
[Newsmaker] [KH Explains] Are ex-bureaucrat execs a boon or bane for banks?

The bid by a former head of the country’s top financial regulator for the chairmanship of Woori Financial Group has stoked controversy and rekindled concerns of bureaucratic involvement in the highly regulated banking industry. Lim Jong-ryong was chairman of the Financial Services Commission from...

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