Seoul shares started higher Wednesday as investors were paying attention to the results of the Federal Reserve's rate decision meeting. The benchmark Korea Composite Stock Price Index (Kospi) added 16.43 points, or 0.67 percent, to 2,473.24 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors awaited the Fed's rate decision. The US central bank is widely expected to make its third consecutive rate cut on Wednesday. In Seoul, most big-cap shares gained gr

The food safety ministry said Tuesday worker error is suspected to have caused the recent mixing of cleaning solution in some Maeil Dairies Co.'s milk products, requesting a one-month business suspension on the company's plant responsible for the incident. Last Thursday, some employees at an unidentified company reported stomach pain and other symptoms after consuming Maeil Dairies' 200 milliliter sterilized milk product, prompting an investigation by the Ministry of Food and

The political turmoil following President Yoon Suk Yeol's ill-fated martial law declaration could negatively impact the labor market, according to a report by a state-run think tank. The Korea Labor Institute said that employment for 2025 is expected to increase by less than 100,000 compared to this year, in its report submitted to Rep. Kim Hyun-jung of the main opposition Democratic Party of Korea. This is significantly less than the institute's previous estimate of 120,000, which it

Seoul shares dipped nearly 1.3 percent Tuesday on big losses by tech and battery shares sparked by a media report on the incoming Trump administration's push for roll back tax credits for the electric vehicle industry. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 32.16 points, or 1.29 percent, to close at 2,456.81. Trade volume was moderate at 547.9 million shares worth 9.03 trillion won ($6.3 billion), with losers surpassing winners

Innocean, a South Korean marketing communications agency under Hyundai Motor Group, announced Tuesday that it has signed a memorandum of understanding with Joopiter, the digital auction platform founded by musician and designer Pharrell Williams, to pursue new business opportunities and expand their presence in Asia. The signing ceremony, held earlier this month at Joopiter’s New York headquarters, brought together Innocean CEO William Lee and Joopiter CEO John Auerbach. The two leaders ag

Hyundai Mobis, the automotive parts maker affiliated with Hyundai Motor Group, said Tuesday that it is ready to commercialize a new battery cell cooler material expected to boost electric vehicle charging efficiency and safety. The material, called “Pulsating Heat Pipe,” consists of aluminum alloy tubes filled with refrigerants. In the battery module assembly, the tubes, located between battery cells, cool down the heat, especially during fast charging. With the breakthrough in batte

The political turmoil surrounding President Yoon Suk Yeol has begun to subside since the National Assembly passed the motion to impeach him on Saturday, but the uncertainty in state leadership continues to weigh on the country’s sovereign credit rating. Shortly after the fiasco caused by Yoon’s martial law declaration earlier this month, three major global credit appraisers -- Moody's Ratings, Fitch Ratings and S&P Global Ratings -- warned that prolonged political instabilit

Celltrion Group has launched a new contract development and manufacturing organization, Celltrion BioSolutions, signaling its strategic ambition to position CDMO services as the group’s next growth engine beyond its core biosimilar business. "We will start contract research and development services from 2025, with the facility construction set to start by the first half. By 2030, we aim to record 1.5 trillion won ($1.04 billion) in CDMO business," Chairman Seo Jung-jin said durin

Karrot, the go-to app for buying and selling secondhand items, is increasingly becoming a hub for forging friendships, particularly among foreigners seeking language exchange opportunities in South Korea. In Seoul's Yongsan-gu on Tuesday, a search for “Korean friends” revealed several postings reflecting a growing trend of cross-cultural connections on the app, which is South Korea's largest community marketplace platform. One user, identified as "chamhug," wrot

Hanmi Semiconductor Vice Chair Kwak Dong-shin has been promoted to take the helm of the chip packaging equipment maker, after leading the development and launch of a flagship product used in producing next-generation artificial intelligence DRAM chips. Kwak joined the company in 1998, eight years after his late father Kwak Noh-kwon founded the company in 1980. Kwak Dong-shin has been the effective leader of the chip equipment firm since 2007, when his father stepped back from front-line manageme

South Korean electronics giant LG Electronics's Washington office has hired a new lobbying firm in the US to bolster its negotiating leverage with Washington, amid rising concerns over US President-elect Donald Trump’s tariff threats. According to a US disclosure report Tuesday, LG Electronics USA, the company’s US arm, has recently hired Capitol Counsel, a government relations firm in Washington, to lobby on trade and supply chain issues. Lisa Whisler, a lobbyist at the Capitol

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati

The HD Hyundai 1% Nanum Foundation held its annual HD Hyundai Honor Awards ceremony on Tuesday, recognizing “citizen heroes” who have selflessly supported those in need. This year’s grand prize was awarded to the Purme Foundation. Since 2005, Purme has been a driving force in supporting people who live with disabilities. It has supported rehabilitation treatments for over 600,000 children and has operated a smart farm that provides employment opportunities for young adults with

Ikea Korea has scrapped its project to establish a multipurpose logistics center in Pyeongtaek, Gyeonggi Province, four years after its initial announcement of housing Asia's largest logistics hub in South Korea. In its latest audit report, covering September 2023 to August 2024, the Swedish home furnishing retailer announced its withdrawal from the Pyeongtaek logistics project, reclassifying the 102,000-square-meter site for the planned logistics center, valued at 55.5 billion won ($38.6 m

BlueOval SK, a joint venture between SK On and Ford Motor Co., received approval from the US Department of Energy for a $9.63 billion loan Monday, securing funds to construct three battery manufacturing plants in the US. The loan is part of the government’s Advanced Technology Vehicles Manufacturing program, which offers low-cost loans with an interest rate equivalent to the US 10-year Treasury bond, currently around 4 percent, according to sources. The program targets companies producing

Hana Financial Group has joined the Community Chest of Korea's 100 billion won ($69.6 million) donation club for the nonprofit's "Hope Sharing Campaign," contributing approximately 113.5 billion won since 2003. This includes 15 billion won donated Tuesday as part of the "2025 Hope Sharing Campaign," which supports underrepresented communities and promotes a sustainable future. In the photo, Hana Financial Group Chairman Ham Young-joo (left) poses with Community Ches

Hanwha Aerospace announced Tuesday that it shipped a fresh batch of four K9 self-propelled howitzers and eight K10 ammunition resupply vehicles to Norway. The shipment is part of a 2022 contract agreed to supply additional K9 and K10 systems, following the successful implementation of the first contract signed in 2017 to export 24 K9s and six K10s to bolster the Norwegian defense capability. According to Hanwha, the artillery systems are expected to arrive in Norway in about two months for deliv

South Korean building materials company LX Hausys has been included in the Dow Jones Sustainability Indices Korea for the 10th consecutive year, the company announced Tuesday, making it the only Korean interior company to earn this recognition. The DJSI, managed by global financial information provider S&P Global, evaluates companies worldwide on their environmental, social and governance performance. LX Hausys received high scores in key areas such as environmental policies, climate strateg

An artificial intelligence program has gotten a near-perfect score on the Korean language test of the state-run college entrance exam, according to the company behind the software. Korean startup company Markr AI said the o1-Preview model, developed by OpenAI, got all but one question right in the Korean language section of this year's Suneung, held in Nov. 14 and was used for 2025 college admissions. This gave the AI a score of 97 out of possible 100 points, which corresponds to a "

BC Card, one of South Korea's leading card issuers, has confirmed the reappointment of CEO Choi Won-seok for another term. The company announced Tuesday that its executive nominee recommendation committee selected Choi as the sole candidate for the CEO position. This will mark Choi's fourth consecutive term since he took office in March 2021, and the first time a BC Card CEO has served a fourth term since the company joined KT Group in 2011. The committee selected Choi as the nominee,