Yoon's signature industrial policies at risk

South Korea’s political crisis, triggered by President Yoon Suk Yeol's short-lived martial law declaration, is casting doubt on several of his administration's cornerstone industrial projects and the country’s ability to navigate trade challenges. The initiatives facing increased uncertainty include a multibillion-dollar nuclear power deal in the Czech Republic and the Donghae deepwater gas field development. The instability comes at a critical moment for South Korea, as sh

Dec. 8, 2024

SK Discovery gets finance expert as new CEO

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

Dec. 5, 2024

Hyundai Motor hints at largest-ever shareholder returns

Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by record-breaking dividends and an aggressive stock buyback program. The move reflects Executive Chair Chung Euisun's commitment to enhancing shareholder value as the company continues its rapid global expansion and financial growth. Backing promises with action Hyundai announced a 1 trillion won ($706 million) share buyback last week, its biggest yet. The funds were sourced from its recen

Dec. 5, 2024

Political crisis jolts Korean market but recovery shows resilience

South Korea’s financial markets avoided a feared meltdown on Wednesday, recovering quickly after President Yoon Suk Yeol declared -- and just six hours later lifted -- martial law in response to political tensions. Swift intervention from the National Assembly and financial authorities helped calm the initial panic, but questions about political stability continue to weigh on investors. The benchmark Kospi index plunged as much as 2.31 percent during morning trading, bottoming out at 2,442

Dec. 4, 2024

Kakao shares jump on expectations of regulatory easing

Shares of Kakao Corp., one of South Korea’s top tech companies, jumped on Wednesday as political instability surrounding President Yoon Suk Yeol shook the nation. The stock surged 6.87 percent as of 11 a.m., trading at 45,900 won ($32.40), as investors appeared to bet on a potential easing of regulatory pressure on the company. Kakao shares had a rocky start, opening 1.75 percent lower at 42,200 won amid market uncertainty following President Yoon’s surprise declaration of emergency

Dec. 4, 2024

Korean stocks open lower after short-lived martial law declaration

South Korea’s financial markets tumbled on Wednesday following a night of political chaos, as President Yoon Suk Yeol briefly declared martial law only to withdraw the measure just hours later under pressure from lawmakers. The Kospi, South Korea’s main stock index, opened 1.8 percent lower at 2,454.68, a drop of 45.42 points. The tech-heavy Kosdaq also fell 1.8 percent, opening at 678.35. In currency trading, the South Korean won weakened significantly. The exchange rate surged to 1

Dec. 4, 2024

Korea’s largest labor union launches indefinite strike, calls for Yoon's resignation

South Korea’s most powerful labor union, the Korean Confederation of Trade Unions, has declared an indefinite general strike, demanding the immediate resignation of President Yoon Suk Yeol. The announcement comes in response to Yoon's declaration of martial law late last night, a move the union has fiercely criticized as unconstitutional and undemocratic. The strike was announced early Wednesday morning during a press conference by the KCTU’s leadership. The union framed its act

Dec. 4, 2024

Hyundai Rotem wins $60m defense contract in Peru

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo

Dec. 2, 2024

Hyundai-Kia may face 19% profit loss from US tariffs: report

Korean automaker Hyundai and its smaller affiliate Kia may face a steep 19 percent decline in operating profitability if the US enacts a proposed 20 percent tariff on vehicles imported from South Korea, according to a report by S&P Global Ratings published last Friday. The potential tariffs, part of US President-elect Donald Trump’s suggested “universal tariff” on imports, would significantly impact the automaker’s earnings before interest, taxes, depreciation and amo

Dec. 1, 2024

Samsung SDI builds EV momentum with Audi, Hyundai deals

Samsung SDI is charging ahead to claim a bigger slice of the electric vehicle battery market, bolstered by new supply agreements, upcoming product launches and accelerating demand for EVs, particularly in Europe. One of the company’s latest moves is expanding its supply with Audi. Samsung SDI recently began supplying batteries for two of Audi’s EV models, the E-Tron 50 Quattro and E-Tron Sportback 50 Quattro, which previously used batteries from LG Energy Solution. Of the 14 Audi EV

Nov. 25, 2024