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The Korea Herald

Markets

January 04, 2023
Hyundai, Kia hit 800,000 sales milestone in India

Hyundai Motor Group sold more than 800,000 cars in India last year, a 17.5 percent growth compared to a year ago, the auto giant said Monday. With the upbeat figures, India has emerged as the South Korean carmaker’s third-largest market after the US and its home turf. A total of 807,067 vehicles...
January 04, 2023
Celltrion's Remsima gets regulatory nod in 100 countries

South Korean drug maker Celltrion said Tuesday its antibody biosimilar Remsima has received authorization from 100 countries worldwide, a feat achieved almost 10 years after its getting approval at home. Remsima is a TNF-α inhibiting antibody biosimilar used to treat autoimmune diseases such as r...
January 04, 2023
AMAT to acquire stakes in SKC’s glass substrate unit

US chip materials maker Applied Materials (AMAT) will acquire 51 billion won ($39 million) worth of Absolics shares, the chip glass substrate production arm of Korean chemicals company SKC. According to SKC’s regulatory filing on Monday, Absolics will issue new shares to raise 165.9 billion won t...
January 04, 2023
Ministry plans to boost tax breaks for chip, battery, vaccine makers

The government seeks to sharply raise tax incentives for semiconductor manufacturing facilities days after President Yoon expressed dissatisfaction over smaller-than-envisioned tax cut that lags behind subsidy plans offered by other countries racing to bolster their chip industries. The tax code r...
January 04, 2023
Tesla slapped with W2.85b in fines for misleading ads

South Korea’s antitrust regulator said Tuesday it is imposing a fine of over 2.85 billion won ($2.23 million) on US electric vehicle maker Tesla and Tesla Korea for deceiving local consumers with false and exaggerated advertisements. The penalty on Tesla is assessed for advertising its battery pe...
January 04, 2023
Lotte Biologics completes acqusition of BMS drug plant

Lotte Group has completed a $160 million acquisition of US drug firm Bristol Myers Squibb, the group’s drug manufacturing unit Lotte Biologics said Tuesday. With the latest deal, the country's fifth-largest retail-chemical conglomerate has made its official debut in the contract manufacturing mar...
January 03, 2023
New Hana Bank CEO Lee Seung-lyul vows to make bank stronger in time of crisis

The new CEO of Hana Bank, one of South Korea's top four commercial banks, vowed that the bank will become a leading lender that is stronger in times of crisis. To reach this goal, new CEO Lee Seung-lyul, 60, stressed that he will “enable honest communication and build solid trust within the organ...
January 03, 2023
‘Seize chances to thrive in times of crisis’

New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dra...
January 03, 2023
[KH explains] How imminent are Hyundai’s ‘Made-in-Saudi Arabia’ cars?

Hyundai Motor Group is considering setting up its first Middle East plant in Saudi Arabia, paving the way for it to secure footing in the region’s burgeoning automotive market. The Saudi Ministry of Industry and Mineral Resources on Saturday announced in a tweet that the kingdom had inked a memor...
January 03, 2023
Duty-free industry pinning high hopes on China lifting 'zero-COVID' policy

With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer ...
January 03, 2023
Hyundai Oilbank offers 1,000% bonuses on upbeat earnings

Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of annual salaries as bonuses to its staffers. The company declined to disclose the specific amount of the salaries given. In 2021, its employees received bonuses at a 600 percent rate, with an av...
January 03, 2023
Aging population to slow down economy, central bank warns

The Bank of Korea warned Monday that the aging population could drive down the macroeconomic benefits of fiscal expenditure. According to the central bank's monthly research report, studies show that one percentage point in an increased aging population leads to a 5.9 percent drop in the fiscal gr...
January 03, 2023
[Newsmaker] Chip supremacy gives South Korea more geopolitical freedom: lawmaker

By Jie Ye-eun ( yeeun@heraldcorp.com )
January 03, 2023
Posco International restarts as merged entity

A merged entity of Posco Group’s trading arm Posco International and power generation unit Posco Energy has been launched with the former Posco President Jeong Tak as its new CEO, Posco International announced Monday. With the latest merger, the country’s largest trading company has scaled up, w...
January 02, 2023
Biopharma firms suffer W55tr loss in market cap in 2022

South Korea’s major biopharma companies were hit by a combined loss of 55 trillion won ($43.5 billion) in their market capitalization last year, Korea Exchange data showed Sunday. According to Korea Exchange, the KRX Health Care Index, comprising 83 major biotech and pharmaceutical companies list...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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