December 11, 2024

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EDITOR'S PICKS

• Companies 
  

  Doosan's restructuring plan falls apart

  Doosan Group’s business restructuring plan has fallen apart once again, after Korea’s martial law turmoil delivered a heavy blow to the stock market. Doosan Enerbility on Tuesday announced that it decided not to hold a temporary shareholders meeting on Friday this week after it held a board of directors meeting earlier in the day, indicating that the attempt to split off Doosan Bobcat, a subsidiary of Doosan Enerbility, and merge it with Doosan Robotics had to be scrapped. &ldquo

• Companies 
  

  MBK proposes stock split for Korea Zinc

  Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a

• Markets 
  

  Korea reaffirms readiness to respond as markets go on wild ride

  South Korea’s top economic policymakers said the volatility in the finance and currency markets is excessive, calling on institutional investors to play a responsible role in the fluctuating market as they seek to cushion the blow of political strife incurred by President Yoon Suk Yeol’s declaration of martial law. “Attendees of the meeting agreed that although volatility in the financial and currency markets has been increasing recently, the volatility is somewhat excessive c

• Tech 
  

  Samsung, SK’s investment blitz in US hit by soaring won-dollar rate

  A sharp rise in the won-dollar exchange rate is deepening concerns among the nation’s top two chipmakers – Samsung Electronics and SK hynix – as they face snowballing financial burdens in their massive facility investments in the US. The Korean won has suffered price fluctuations following President Yoon Suk Yeol’s short-lived martial law declaration on Dec. 3. On Monday, the won soared to a two-year high of 1438.8 against the greenback. As of 3 p.m. Tuesday, the won-d

• Markets 
  

  [KH explains] Korea postpones crypto taxing again. What's next?

  South Korea has postponed its cryptocurrency trading tax for the third time, following a last-minute agreement between opposing parties just a month before the policy's scheduled implementation. The original plan aimed to impose a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting January 2022. However, the tax will now take effect in 2027. While the delay allows for addressing structural issues and ensuring fair taxation, critics view it as a setback, noting th

• Markets 
  

  Corporate Korea braces for 2025 amid political turmoil

  South Korea’s major conglomerates are bracing to navigate the economic and political shockwaves unleashed by President Yoon Suk Yeol’s fleeting attempt at martial law last week, balancing containing the fallout and preparing for their business strategies for the coming year. The big four chaebol groups, including Samsung, SK, Hyundai Motor and LG, are set to hold strategy meetings to finalize their plans for 2024. These meetings, typically held after annual leadership reshuffles,

• Markets 
  

  KAI wins W1.1tr to supply tail wings for Boeing aircrafts

  South Korean aircraft maker Korea Aerospace Industries said Tuesday that it has extended its contract with Boeing to produce empennage parts for the US aerospace giant’s 737 Max model. The extension will add 1.12 trillion won ($789 million) in sales to the existing contract. The Boeing 737 Max – the manufacturer's newest narrow-body model for short and medium-haul passenger flights – carries up to 230 passengers. KAI has provided vertical and horizontal stabilizers for the mo

• Companies 
  

  Hanjin Logistics shares market penetration strategies with e-commerce sellers

  South Korean logistics company Hanjin Logistics said Tuesday that it has hosted its “Unboxing Day” event, aimed at sharing marketing strategies and insights to help e-commerce sellers enter the global market. The event, which attracted around 390 attendees, featured an awards ceremony, panel discussions and networking opportunities. Following last year's inaugural event, Hanjin continued to honor key clients with awards. In the “Heritage” category, four clients were re

• Companies 
  

  Hyundai Motor accelerates generational shift in leadership

  Hyundai Motor Group announced its annual executive appointments Tuesday, highlighting the global auto conglomerate’s focus on a generational shift to strengthen its pillars for future growth. Of the 239 promoted executives, 41 percent are in their 40s -- an almost twofold jump from the executive promotions in 2020. Hyundai Motor noted that it continued its performance-based approach for the appointments to reflect the efforts of key individuals and capitalize on record-breaking business p

• The Investor 
  

  Milwaukee Tools launches small yet powerful impact wrench

  Milwaukee Tool Korea said Tuesday that it has launched a compact cordless impact wrench, powered by a 12-volt system. Founded in 1924 in Milwaukee, Wisconsin, the power tool maker has earned a reputation for producing durable, high-quality tools under the slogan, “Nothing But Heavy Duty.” The company expanded its global presence by establishing a Korean branch in 2022 and has since experienced steady growth here. Its new product, 12V Fuel Impact Wrench 1/2" III, delivers enh

• Tech 
  

  Telegram downloads surge in South Korea after martial law

  On the day of President Yoon Suk Yeol’s short-lived martial law declaration, the number of South Koreans installing Telegram surged dramatically, according to data released Tuesday. Telegram reached 47.09 percent of all messenger app downloads here on Dec. 3 — totaling 40,576 — nearly four times higher than the 9,016 recorded a day before, data from mobile big data platform IGAWorks showed. Yoon declared emergency martial law on the night of Dec. 3, only to reverse it the next

• Markets 
  

  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

• Markets 
  

  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

• 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