Finance minister says recent volatility in financial, FX markets 'excessive'

South Korea's top economic policymaker said Tuesday that the recent volatility in the country's financial and foreign exchange markets is "excessive" given the nation's strong economic fundamentals. On Monday, the Korean won weakened to 1,437 won per US dollar, dropping 17.8 won from the previous session, and reaching its lowest level in over two years. The benchmark Korea Composite Stock Price Index (Kospi) also plunged 67.58 points, or 2.78 percent, to close at 2,360.5

EconomyDec. 10, 2024

Seoul shares open higher after martial law-triggered market rout

Seoul shares opened sharply higher Tuesday following a fourth consecutive day of drop caused by political turmoil from President Yoon Suk Yeol's botched martial law declaration last week. The benchmark Korea Composite Stock Price Index rose 42.17 points, or 1.79 percent, to 2,402.75 in the first 15 minutes of trading. The president faces a criminal investigation in connection with treason and other charges related to his short-lived martial law order last week. Yoon has entrusted the matter

MarketDec. 10, 2024

Mirae Asset’s European ETF assets surpass $2b

Mirae Asset Global Investments announced Monday that its European exchange-traded fund assets under management have exceeded $2 billion, just four years after entering the market in late 2020. Global X EU, the ETF subsidiary of Mirae Asset, manages 42 ETF products across Europe as of Thursday. This year, the company achieved a remarkable growth rate of nearly 136 percent year-on-year, with AUM rising from $850 million to $2 billion. Europe is the world’s second-largest ETF market, followin

IndustryDec. 9, 2024

Kospi hits annual low, won extends losses

South Korean shares hit their lowest level of the year on Monday, as market sentiment was weighed down by prolonged political uncertainty following the failure of the motion to impeach President Yoon Suk Yeol. The local currency also continued its decline against the US dollar, fluctuating around 1,435 won throughout the afternoon. The benchmark Korea Composite Stock Price Index, which opened at 2,392.37 points, down 35.79 points from the previous session, extended its losses during the day to t

MarketDec. 9, 2024

Seoul shares at over 1-yr low amid impeachment vote turmoil; won tumbles

Seoul shares tumbled by nearly 3 percent Monday amid deepening political chaos as the opposition-led National Assembly is pushing for another impeachment motion against President Yoon Suk Yeol after a failed bid over the weekend. The Korean won fell sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index plummeted 67.58 points, or 2.78 percent, to 2,360.58, the lowest since the 2,351.83 point closing on Nov. 3 last year. Trade volume was moderate at 583.08 million shares

MarketDec. 9, 2024

Korea pledges additional W100b to support rattled stock market

The South Korean government has decided to inject an additional 100 billion won ($69.7 million) to stabilize the local stock market battered by deepening political uncertainty after President Yoon Suk Yeol averted impeachment last week. On Monday, the first trading day after the failed motion to impeach President Yoon, the benchmark Kospi and secondary Kosdaq plummeted to new 52-week lows, while the Korean currency approached its weakest point since 2009. Finance Minister Choi Sang-mok vowed t

EconomyDec. 9, 2024

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 and

IndustryDec. 9, 2024

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 associatio

IndustryDec. 9, 2024

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 have become a burden for cross-border trading. While the benchmark Kospi dropped to a low of under 2,400, closing at 2,360.58 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

MarketDec. 9, 2024

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.

IndustryDec. 9, 2024

Chinese battery makers gobble up Korean firms' global market share

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 t

MobilityDec. 9, 2024

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, 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 percent just two years ago, highlighting a significa

IndustryDec. 9, 2024

[Photo News] Emergency meeting of financial leaders

Financial Services Commission Chairman Kim Byoung-hwan (far left) convened a meeting Monday in Seoul with leaders from South Korea’s financial sector, including the chiefs of the five major banking groups — KB, Shinhan, Hana, Woori and NongHyup — alongside representatives from public institutions and industry associations. Kim stated that key financial policy initiatives, such as the capital market value enhancement plan, the establishment of an illegal short-selling monitoring

EconomyDec. 9, 2024

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 powe

IndustryDec. 9, 2024

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 including

IndustryDec. 9, 2024

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 clinica

IndustryDec. 9, 2024

[Photo News] Smart choice

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it released a new button-type smart card key for Hyundai vehicles. The smart card key, which was first launched for the Ioniq 5 N, Hyundai's high-performance vehicle in April this year, can now be applied to the Santa Fe, Tucson and Grandeur -- three of Hyundai's most popular models. The functions of the smart card key include starting the car from outside, remote parking assistance and opening and cl

MobilityDec. 9, 2024

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 pros

IndustryDec. 9, 2024

S. Korea to toughen regulation on tomato exports to Japan amid infection woes

South Korea's quarantine agency said Monday it will implement tougher regulations on tomato leafminers as part of efforts to maintain stable exports to Japan amid reported infections. Under the regulation, tomato farms exporting their products to Japan must conduct trap investigations two months prior to harvest to verify that the farms are free from tomato leafminer infections. The decision follows an agreement reached between South Korean and Japanese authorities, with the new rule set to

EconomyDec. 9, 2024

Govt. ready to deploy market stabilization measures, including 'value-up funds'

The government is ready to deploy immediate market stabilization measures, including the injection of "value-up funds" into the country's stock market, Finance Minister Choi Sang-mok said Monday. Choi made the statement during an emergency meeting with top economic and financial officials, as South Korea grapples with the fallout from President Yoon Suk Yeol's declaration of martial law last Tuesday. The declaration was overturned by the National Assembly just hours later. &q

EconomyDec. 9, 2024