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The Korea Herald

Markets

July 11, 2023
Samsung Biologics signs W511b deal with Novartis

Samsung Biologics said Monday the company has signed a 511 billion won ($390.9 million) deal with Novartis to manufacture products for the Switzerland-based pharmaceutical firm. The latest deal follows a letter of intent that Samsung Biologics and Novartis signed in June last year. The two compani...
July 11, 2023
[KH Explains] Will Hyundai Motor stick to its own charger technology in US?

Hyundai Motor Group has reportedly started discussions on its electric vehicle charger strategy as a growing number of carmakers are joining market leader Tesla’s own Supercharger network in the US, according to industry sources Monday. “I’ve heard that Hyundai Motor Group has been holding a se...
July 11, 2023
Hyundai Motor Group ranks No. 2 in US EV sales

Hyundai Motor Group became the second-largest car brand in terms of sales in the US electric vehicles market in the first quarter of this year, data showed Monday. Following Tesla’s 336,892 units, Hyundai and its smaller affiliate, Kia, sold 38,457 units in the first half of this year, up by 11 p...
July 10, 2023
[KH Explains] Can Daegu Bank shake industry oligopoly?

South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top...
July 10, 2023
K-water CEO named chair of Asia Water Council

Yun Seog-dae, CEO of Korea Water Resources Corp., also known as K-water, has been named the fourth chairman of the Asia Water Council during the council’s general meeting held in Hwaseong, Gyeonggi Province, last week. He will serve his three-year term until 2026. "I am very honored to be elected...
July 10, 2023
Samsung Electronics to rebound in Q3: analysts

Samsung Electronics, which was predicted to post its worst quarterly earnings in 14 years in the second quarter, will likely hasten its earnings recovery from the third quarter, led by chip production cuts and the early launch of its new foldable smartphone series, analysts said. On Friday’s earn...
July 10, 2023
Hyundai motor chief visits Intel's Irish chip plant

Hyundai Motor Group Executive Chair Chung Euisun visited Intel’s semiconductor plant in Ireland on Friday to inspect the global chip supply chain trends and prepare stability for in-vehicle chips in the future. According to the South Korean auto giant on Sunday, Chung checked out the manufacturin...
July 10, 2023
Posco completes battery material recycling plant

Posco Holdings said Sunday it has completed the construction of a new secondary battery recycling plant at the Yulchon Industrial Complex in South Jeolla Province. The new plant is operated by Posco HY Clean Metal, a joint venture set up between Posco Holdings, Huayou Cobalt and GS Energy. The fac...
July 10, 2023
Tax revenue to plunge on real estate slump

Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate ...
July 10, 2023
Travel demand to Hong Kong struggles amid anti-china sentiment

Travel demand to Hong Kong remains weak among South Korean travelers, data showed Sunday, with a report suggesting anti-China sentiment is still prevailing. A total of 591,998 passengers used the air routes between Korea and Hong Kong from January to May, according to data from the Ministry of Lan...
July 10, 2023
Coway named one of Korea's top 50 brands

Coway has once again been recognized as one of South Korea’s best brands, marking a ninth consecutive year, by leading global brand consultancy Interbrand. "We are committed to developing innovative products and services to enhance daily convenience by leveraging our technological capabilities an...
July 09, 2023
Twitter threatens to sue Meta over new app Threads

Right after its launch, Zuckerburg tweeted a Spiderman meme for the first time since 2012, alluding to the face-off between the two similar social media. Threads gives Instagram users easier access, allowing them to log in through their Instagram and carry over usernames and verifications. Users c...
July 09, 2023
LG Electronics estimates highest Q2 revenue of W19.9tr

LG Electronics reported Friday it expects its second-quarter revenue to increase 2.7 percent to 19.9 trillion won ($15.2 billion) year-on-year, the highest figure for the April-June period in the company’s history. Its operating profit is expected to jump 12.7 percent on-year to 892.7 billion won...
July 09, 2023
Samsung Electronics predicts Q2 profit to plunge 96%, hitting 14-year low

Samsung Electronics has predicted an operating profit of 600 billion won ($458.5 million) for the April-June period, a 96 percent plunge to what would be the lowest quarterly earnings in 14 years, amid a severe global downturn in the chip industry. Releasing its earnings guidance on Friday for the...
July 09, 2023
GoldenBlue files complaint against Carlsberg over unilateral contract termination

GoldenBlue, a South Korean whiskey maker and distributor of imported liquor, said Friday it had filed a complaint against its former partner Carlsberg Group for unilaterally ending their distribution contract. In its complaint filed with the Korean Fair Trade Commission on Wednesday, GoldenBlue al...

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