Day: May 14, 2024

SEOUL, Kia Corp., South Korea’s second-largest automaker, on Tuesday announced the release of a redesigned and upgraded version of its EV6 electric vehicle, which was first introduced in 2021.

The revamped crossover SUV features a fresh design and is equipped with a fourth-generation 84 kWh battery and an advanced infotainment system based on Hyundai Motor Group’s software defined vehicle (SDV) technology.

Kia said it accentuated the dynamism of the new EV6 under the company’s design philosophy named “Modern Contrast.” The company’s Star Map lighting design is applied on the front and rear lamps, along with the addition of newly designed wing-shaped bumpers.

Internally, the face-lifted EV6 features a larger panoramic curved display and ambient lighting with dynamic graphics.

The new EV6 is equipped with a fourth-generation battery, with its capacity boosted from the previous 77.4 kWh to 84 kWh. Under a single charge, the EV6’s long-range two-wheel drive variant can travel up to 494 kilometers, compared w
ith the 475-kilometer range for the previous model.

Kia said it has begun receiving preorders, and the model is scheduled to be released next month.

Source: Yonhap News Agency

SEOUL, South Korean stocks ended slightly higher Tuesday as investors took a wait-and-see stance ahead of U.S. inflation data expected to affect the U.S. Federal Reserve’s rate-setting decision. The Korean won dropped against the U.S. greenback.

The benchmark Korea Composite Stock Price Index went up 3.13 points, or 0.11 percent, to 2,730.34.

Trade volume was slim at 436.6 million shares worth 9.3 trillion won (US$6.79 billion), with gainers outpacing decliners 526 to 342.

Foreign investors and institutions scooped up a net 80.8 billion won and 119.9 billion won worth of local shares, respectively, while individuals dumped a net 186.1 billion won.

Experts said investors are awaiting the release of the U.S. consumer price index (CPI), which would set the overall tone for the Fed’s future rate policy.

“Along with the upcoming CPI data, the Korean stock market is also watching big issues, such as Washington’s tariff action against China and Beijing’s stimulation packages,” Lee Jae-won, an analyst at Shinha
n Securities, said.

Market heavyweights traded in mixed territory.

Top cap Samsung Electronics fell 0.13 percent to 78,300 won, while its chipmaking rival SK hynix increased 0.82 percent to 185,300 won.

Hyundai Motor, the country’s No. 1 carmaker, climbed 0.61 percent to 246,500 won, but its sister Kia dropped 0.35 percent to 113,900 won.

Leading battery maker LG Energy Solution rose 1.05 percent to 385,500 won, and POSCO Future M retreated 0.54 percent to 274,500 won.

Online portal operator Naver edged up 0.05 percent to 184,400 won amid a continued stake sale dispute with Japan’s popular messenger Line operator, while its rival Kakao declined 0.74 percent to 46,650 won.

The local currency ended at 1,369.1 won against the U.S. dollar, down 0.9 won from the previous session’s close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys added 0.2 basis point to 3.454 percent, and the return on the benchmark five-year government bonds dropped 0.4 basis point to 3.48
9 percent.

Source: Yonhap News Agency

The presidential office vowed to decisively address any potential inappropriate actions against domestic companies amid a brewing dispute surrounding LY Corp. (Line Yahoo). “We will provide maximum assistance to protect our enterprises from potential improper treatment by foreign governments,” said Director of National Policy Sung Tae-yoon during a press briefing on Monday.

Sung’s remarks came after the main opposition Democratic Party of Korea (DPK) vehemently criticized the Yoon Suk Yeol administration for its perceived passivity in the face of Japan’s recent aggressive move targeting LY Corp. DPK spokesperson Han Min-soo condemned the administration’s failure to address Japan’s attempts to seize control of LY Corp.’s management rights, and called for immediate steps to protect Korea’s sovereignty and national interests.

Such criticism comes amid intensifying tension sparked by Japan’s pressure on LY Corp., the operator of Naver’s messenger app Line, to restructure its financial ties with Naver.

DPK Cha
irman Lee Jae-myung’s direct reference to historical grievances underscores the seriousness of the situation. In a Facebook post, Friday, he wrote, “While Ito Hirobumi [the first Japanese resident general of Korea] plundered our national territory, his descendants are pillaging our cyber territory.”

Lee was referring to Takeaki Matsumoto, minister of international affairs and communications, who called on LY Corp. to reconfigure its financial ties with Naver. Lee also criticized the Yoon government’s inaction regarding the matter, urging more decisive steps to cope with Japan’s encroachment on Korea’s national interests.

Lee’s reaction may seem excessive, as it seemed to provoke anti-Japan sentiment rather than offering a constructive solution to the issue at hand. However, the opposition’s response is understandable as it reflects widespread sentiments among the Korean people regarding the recent issue and dissatisfaction with the Yoon government’s perceived lack of assertiveness in addressing the matter.

F
ollowing the Japanese government’s move, LY Corp. has been pressuring Naver to give up its management rights. LY Corp. CEO Takeshi Idezawa said, Wednesday, that the company will gradually address its financial ties with Naver and strive for technical independence. As a subsequent measure, LY Corp. removed its chief product officer, Shin Jung-ho, who was the sole Korean board member.

“We are strongly demanding the capital realignment of the parent company,” the CEO said, amid talks between Naver and SoftBank, each holding a 50 percent stake in A Holdings, the holding firm of LY Corp. The Japanese Ministry of Internal Affairs and Communications earlier issued an administrative guideline demanding SoftBank purchase Naver’s stakes in LY Corp. so the Japanese firm can secure management control over LY Corp.

Regarding the rationale behind the demand, the ministry cited a breach of sensitive information that occurred last November. It is understandable for a government to respond proactively to the leak of persona
l data. However, in this situation, the Japanese government could have addressed the issue by simply asking Naver to strengthen its security measures.

It is inappropriate for the Japanese government to make such drastic demands on a prominent internet portal representing Korea. The lack of similar demands directed at Japanese companies highlights the inappropriate nature of Tokyo’s actions, emphasizing the need for Korea to assert its interests more aggressively.

The more concerning issue is that the Yoon administration has failed to take appropriate action despite the seriousness of the situation, instead attempting to anticipate the intentions of the Japanese side. Science and ICT Minister Lee Jong-ho said, “We have been closely consulting with Naver to understand and respect its position. Problems could arise if the government were to intervene abruptly in this matter.”

Despite the presidential office’s recent efforts to address Japan’s actions, both the office and the Ministry of Foreign Affairs have f
aced criticism for remaining silent on the matter despite their earlier pledges to support Naver. It is crucial for the government to utilize all available means to protect domestic companies venturing into foreign markets and to uphold national dignity on the global stage.

In this vein, Yoon should attentively listen to former lawmaker Yoo Seong-min, who called on the president to telephone Japanese Prime Minister Fumio Kishida to solicit cooperation in resolving the matter, via a comment on his Facebook account Saturday. What Yoon needs now is decisive leadership paired with proactive diplomacy.

Source: Yonhap News Agency

SEOUL, South Korea’s online gaming firm Nexon Co. said Tuesday its net profit dropped 31 percent in the first quarter from a year earlier.

Its net profit came to 321 billion won (US$234.2 million) for the January-March period, compared with 507.1 billion won a year ago, the Japan-listed firm said in a regulatory filing.

Operating profit slid 48 percent on-year to 260.5 billion won, and sales dropped 13 percent to 968.9 billion won.

Nexon said its first-quarter earnings decreased in comparison to record-high quarterly sales and operating profit a year earlier, but exceeded market expectations.

The company said its franchise games, FC Online and FC Mobile, as well as role-playing game (RPG) Blue Archive, delivered a strong performance thanks to their global popularity.

It plans to release new titles, including global looter shooter game, The First Descendant, a mobile version of the popular anime massively multiplayer online role playing game Mabinogi, and hardcore RPG, The First Berserker: Khazan this ye
ar.

Next week, a mobile version of Nexon’s smash hit title, Dungeon and Fighter, will also hit the Chinese market.

Nexon was founded in South Korea in 1994 but is headquartered in Japan. The company’s stocks were listed on the Tokyo stock exchange in late 2011.

Source: Yonhap News Agency

SEOUL, Samsung Securities Co. on Tuesday reported its first-quarter net income of 253.1 billion won (US$184.9 million), up 0.2 percent from a year earlier.

The company said in a regulatory filing that it posted 331.6 billion won in operating profit for the quarter, compared with 341.6 billion won a year ago. Revenue fell 15.6 percent to 3.72 trillion won.

Source: Yonhap News Agency