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Korea Herald
4 days ago
- Automotive
- Korea Herald
Seoul shares end lower on tech losses, tariff concerns
South Korean stocks finished lower Tuesday as investors moved to lock in profits from recent gains amid lingering concerns about the United States' tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.18 points, or 0.27 percent, to close at 2,637.22. Trade volume was moderate at 315.52 million shares worth 7.81 trillion won ($5.71 billion), with losers beating winners 514 to 361. Foreigners and institutions sold a net 75.92 billion won and 19.97 billion won worth of stocks, respectively, while individuals bought 53.42 billion won worth of shares. The index opened lower and stayed in negative territory, following a sharp increase the previous session on news that US President Donald Trump said he would delay imposing 50 percent tariffs on imports from the European Union until July 9. But concerns linger over the US tariff policies, as Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co. and other companies if they are not manufactured in the US, US stock markets were closed Monday in observance of Memorial Day. In Seoul, most big-cap tech shares lost ground. Market bellwether Samsung Electronics lost 1.46 percent to 53,900 won, and its rival SK hynix shed 0.25 percent to 202,500 won. Major battery maker LG Energy Solution sank 1.98 percent to 272,500 won, and No. 1 steelmaker POSCO Holdings tumbled 1.86 percent to 237,000 won. Leading biotech firm Samsung Biologics declined 1.63 percent to 1.03 million won, and leading financial firm KB Financial inched down 0.1 percent to 101,900 won. Top carmaker Hyundai Motor remained unchanged at 181,900 won, while its sister Kia Motors edged up 0.11 percent to 88,200 won. But defense giant Hanwha Aerospace surged 6.48 percent to 887,000 won, and major biopharmaceutical Celltrion advanced 1.7 percent to 155,600 won. The local currency was quoted at 1,369.5 won against the greenback at 3:30 p.m., down 5.1 won from the previous session. (Yonhap)
Korea Herald
4 days ago
- Business
- Korea Herald
Ex-Samsung CEO named new head of govt. R&D strategy division for industry, energy
Kim Hyun-suk, former executive of South Korean tech giant Samsung Electronics Co., has been appointed as the new head of the government's research and development strategy division for industry and energy sectors, the industry ministry said Tuesday. Kim will lead the R&D strategy planning division under the Ministry of Trade, Industry and Energy, which is in charge of devising strategies for investment and innovation of various industries and the energy sector, according to ministry officials. The R&D division has been allocated 5.7 trillion won ($4.2 billion) in budget this year. After joining Samsung Electronics as an engineer, Kim had served as the head of the company's display and consumer electronics, as well as a senior adviser on future technologies. "Kim is recognized as an expert with deep understanding of the industrial field and strategic insight," the ministry said. "We expect him to strengthen the bridge between the government's R&D policies and the corporate sector." Kim's appointment marks the first time since 2010 that a former corporate CEO has been tapped to lead the industry ministry's R&D strategy planning division. In 2010, former Samsung Electronics President Hwang Chang-gyu was named the inaugural head of the division. (Yonhap)
Korea Herald
5 days ago
- Business
- Korea Herald
Major S. Korean firms spend annual average of W2.9b on cybersecurity
South Korea's major companies spent an average of 2.9 billion won ($2.1 million) per year on information protection, industry data showed Monday. According to data from the Korea Internet & Security Agency and other sources, 10 local companies each invested over 100 billion won in cybersecurity over the past three years. Samsung Electronics Co. topped the list, spending a total of 712.6 billion won from 2021-2023, followed by telecom giant KT Corp., which invested 327.4 billion won during the same period. SK Telecom Co., the country's largest mobile carrier that recently suffered a large-scale data breach, came in third with 251.5 billion won in spending. Other companies in the top 10 include Coupang Inc., SK hynix Inc., LG Uplus Corp., Samsung SDS Co., Woori Bank, Naver Corp. and LG Electronics Inc. In 2022, the South Korean government mandated that companies operating network infrastructure or generating over 300 billion won in annual sales disclose their cybersecurity investment. A total of 746 companies reported their spending on information protection for 2023, investing a combined 2.1 trillion won, up from 1.5 trillion won by 658 firms in 2021. The average annual spending per company increased 24.5 percent from 2.3 billion won in 2021 to 2.9 billion won in 2023. However, experts warn that many South Korean firms remain highly vulnerable to cyberattacks due to relatively weak security capabilities. "In terms of investment, most companies in Korea have far lower security capabilities than SK Telecom, which was the latest victim of a cyberattack," one industry insider said. "Many are more vulnerable to advanced hacking techniques, and some may have already been breached without even knowing it. Companies need to stay alert and undergo thorough security checks." (Yonhap)
Korea Herald
5 days ago
- Automotive
- Korea Herald
Seoul shares open higher on batteries, chemicals
South Korean stocks opened higher Monday, led by gains of major battery and chemical shares, despite renewed concerns over the US President Donald Trump administration's threat to impose sweeping tariffs on smartphone manufacturers. The benchmark Korea Composite Stock Price Index rose 13.11 points, or 0.51 percent, to 2,605.20 in the first 15 minutes of trading. On Friday, Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co. and other companies if they are not manufactured in the United States. The remarks posted by Trump on social media led to plunges in the US markets, with the Dow Jones Industrial Average dropping 0.61 percent and the Nasdaq Composite losing 1.0 percent. In Seoul, top-cap shares opened mixed. Market bellwether Samsung Electronics lost 0.18 percent, and chip giant SK hynix tumbled 1.25 percent. But leading battery maker LG Energy Solution spiked 3.92 percent, and industry leader LG Chem surged 2.47 percent. No. 1 steelmaker Posco Holdings advanced 1.71 percent. Major bio firm Samsung Biologics added 0.39 percent, while defense giant Hanwha Aerospace dropped 3.13 percent. Carmakers opened higher. Top automaker Hyundai Motor and its sister affiliate Kia added 0.23 percent each. Leading financial firm KB Financial went up 0.71 percent, and top online portal operator Naver edged up 0.05 percent. The local currency was trading at 1,366.65 won against the greenback at 9:15 a.m., up 8.95 won from the previous session. (Yonhap)
Korea Herald
23-05-2025
- Korea Herald
Samsung launches ultra-slim Galaxy S25 Edge smartphone in S. Korea
Samsung Electronics Co. released the Galaxy S25 Edge, its thinnest smartphone to date, in South Korea on Friday, featuring a sleek 5.8-millimeter profile and a lightweight design at just 163 grams. Despite its slim form factor, the S25 Edge boasts high-end camera capabilities on par with the flagship Galaxy S25 Ultra model. It comes equipped with a 200-megapixel wide-angle main camera and a 12-megapixel ultra-wide lens for expansive framing. The device includes all Galaxy artificial intelligence-powered editing tools available in the S25 series. It runs on the latest Galaxy-exclusive Snapdragon 8 Elite chipset, Samsung's most powerful mobile processor to date. The S25 Edge is available in three colors -- Titanium Silver, Titanium Jet Black and Titanium Ice Blue -- and comes in 256 gigabyte and 512 gigabyte variants with an entry price of 1,496,000 won ($1,081) "The Galaxy S25 Edge is a culmination of top-tier design and performance with no compromise," said Roh Tae-moon, acting head of Samsung's device experience division. (Yonhap)
