Hanwha Life acquires 75% stake in US securities firm

Hanwha Life, a leading Korean insurance company, said Wednesday it has signed a stock purchase agreement to acquire a 75 percent stake in US securities firm Velocity Clearing. Established in 2003, New York-based Velocity Clearing is an IT-based securities firm primarily serving institutional investors. It offers various financial services, from clearing and settlement to securities lending and prime brokerage. Recently, it has expanded its unlisted US stock brokerage services to global clients,

MarketNov. 20, 2024

[Photo News] IBK-Mizuho partnership

Industrial Bank of Korea Chairman and CEO Kim Sung-tae (right) and Kato Masahiko, president and CEO of Japan's Mizuho Bank, pose for a photo during a memorandum of understanding signing ceremony in Jung-gu, Seoul, Tuesday. Under the agreement, IBK and Mizuho will collaborate on foreign currency procurement, investment banking projects and support for overseas business of bilateral startups. “We hope this partnership will strengthen cooperation, marking the 60th anniversary of the trea

IndustryNov. 20, 2024

Samsung obtains European certification for camera software

Samsung Electro-Mechanics said Wednesday it has achieved the automotive spice (A-spice) level 3 certification for its camera modules used in automotive electronics and electrical equipment. A-spice is a European certification that evaluates the software reliability and development capabilities of automotive component manufacturers. It is categorized into six levels, ranging from the lowest, level 0, to the highest, level 5. Companies must meet level 2 or higher to supply products to European aut

TechnologyNov. 20, 2024

Producer prices down for 3rd month in Oct. on falling farm produce prices

South Korea's producer prices fell for the third consecutive month in October, led by a marked fall in the prices of agricultural products, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.1 percent in October from a month earlier, following a 0.2 percent on-month decline the previous month, according to the preliminary data from the Bank of Korea. On a yearly basis, the index rose 1 percent last month, marking the 15th consecutiv

EconomyNov. 20, 2024

Seoul shares start tad higher ahead of Nvidia earnings

South Korean stocks opened slightly higher Wednesday, led by tech and financial shares, as investors awaited earnings results from U.S. AI chip giant Nvidia. The benchmark Korea Composite Stock Price Index added 8.1 points, or 0.33 percent, to 2,480.05 in the first 15 minutes of trading. Overnight, the Nasdaq composite rose more than 1 percent on a 4.9 percent jump in Nvidia as the chipmaker is set to release its quarterly results on Wednesday (U.S. time). In Seoul, tech and bank shares led the

MarketNov. 20, 2024

Posco shuts down wire rod mill in Pohang amid supply glut

South Korea's leading steelmaker, Posco, said Tuesday it shut down a wire rod mill in its factory in the southeastern city of Pohang in an effort to boost profitability and managerial efficiency. The Unit 1 wire rod mill at the Pohang factory, 273 kilometers southeast of Seoul, was brought to an end in the day after more than 45 years of operation, according to the steelmaker. The shutdown decision was made due to the heated competition and oversupply in the global wire rod market from chea

IndustryNov. 19, 2024

3 die of suffocation at Hyundai Motor’s Ulsan plant

Three researchers died of suffocation during a vehicle testing at Hyundai Motor Company’s car manufacturing plant in Ulsan, some 300 kilometers southeast of Seoul. According to police officials Tuesday, a man in his 40s, another in his 30s and one unidentified person were found unconscious at 3 p.m., following a vehicle test conducted in the multi-environment chamber within the plant's electrical quality division. The test involves vehicles being exposed to vibration as well as high t

MobilityNov. 19, 2024

Hyundai Mobis eyes 40% of orders from global carmakers

Hyundai Mobis, a car parts manufacturing subsidiary of Hyundai Motor Group, has committed to having global automakers account for 40 percent of its client base by leveraging its advanced automotive technology. “One of our core pillars of a long-term growth strategy is to become the world’s top three auto parts supplier, reducing reliance on Hyundai Motor Co. and Kia," which account for 90 percent of auto parts and system orders, said Axel Maschka, vice president and head of glob

MobilityNov. 19, 2024

Experts dismiss Lotte's liquidity crisis rumors amid stock plunges

Lotte Group's stock plummeted to record lows on rumors of a liquidity crisis, but experts claim these concerns are overstated and emphasize the need for better debt control. The holding company’s stock closed at 20,550 won ($14.80) on Monday, down 6.6 percent from the previous day, while Lotte Chemical saw the sharpest decline among its subsidiaries, falling 10.22 percent to 65,900 won and reducing its market capitalization to 2.82 trillion won, a 15-year low. Both stocks hit 52-week

IndustryNov. 19, 2024

ZYX Technology teams up with Jeonbuk University to foster CAD experts

South Korean design software developer Zyx Technology announced Tuesday that it has signed a memorandum of understanding with Jeonbuk National University to nurture future software talent in North Jeolla Province. Under the partnership, ZYX Technology plans to offer ZYX CAD licenses worth a combined 1 billion won ($720,000) over the next three years, while carrying out research and development in the AI software sector. ZYX CAD is a versatile computer-aided design software that leverages multipl

IndustryNov. 19, 2024

Seoul shares end tad higher ahead of Nvidia earnings; won up for 3rd day

South Korean stocks rose for the second straight day Tuesday following a sharp gain the previous session ahead of the release of AI giant Nvidia's third-quarter earnings. The local currency rose for the third consecutive day against the US dollar. The benchmark Korea Composite Stock Price Index climbed 2.88 points, or 0.12 percent, to close at 2,471.95. The main index soared 2.16 percent Monday, marking the largest gain since Sept. 26. Trade volume was moderate at 401.2 million shares worth

MarketNov. 19, 2024

Hyundai E&C appoints first CEO born in 1970s, signals generational shift

The appointment of Lee Han-woo, head of Hyundai Engineering & Construction's housing business division, as its new executive vice president and CEO marks a generational shift as Lee becomes the company's first CEO born in the 1970s. Born in 1970, Lee joined the company in 1994 and has held a range of leadership roles over the past 30 years, including head of the strategic planning division. As the incoming CEO, he is expected to enhance Hyundai E&C's global portfolio in ci

IndustryNov. 19, 2024

Mixed reactions as Korea seeks to lift 52-hour work limit for chipmakers

Amid intensifying competition for chip supremacy, Korean lawmakers are pushing to lift the national cap on working hours to give chipmakers more flexibility. The ruling party's proposal, however, has sparked mixed reactions, with critics labeling it "regressive." In South Korea, home to the world's top memory chip makers Samsung Electronics and SK hynix, employees are prohibited from working more than 52 hours per week -- consisting of 40 regular hours and up to 12 hours of o

IndustryNov. 19, 2024

Carmakers, battery suppliers vie for leadership in battery management

Battery Management Systems, or BMS, often called the “brain” of an electric vehicle battery, play a crucial role with integrated hardware and software to monitor and control battery cells while safeguarding against potential fires. While battery manufacturers excel in advancing battery technologies, the BMS field has traditionally been a specialized area for automakers, who develop and integrate their own systems into battery modules. However, since a series of EV fire incidents in K

MobilityNov. 19, 2024

Korea's space development to hit wall without private sector initiative: report

The private sector should take the initiative in South Korea’s space development, currently led by state-run institutes, and foster the ground equipment and satellite communication service industries for the country to ascend as a space powerhouse, a report suggested Tuesday. The Federation of Korean Industries, a Korean business group, examined the current status of the aerospace industry and suggested development plans through a report commissioned by Kwak Shin-woong, a professor at Kook

IndustryNov. 19, 2024

[Contribution] How can Korean chip giants adapt to shifting global landscape?

By Jang Hye-lim The return of President Donald Trump signals a transformative moment for the global semiconductor industry. Geopolitical tensions, trade restrictions and rapid technological advancements are reshaping this critical sector. South Korea's semiconductor giants, Samsung Electronics and SK hynix, are global leaders in the memory chip market, but maintaining their dominance in this evolving landscape will require strategic adaptability. They face unprecedented challenges as they

IndustryNov. 19, 2024

CJ CheilJedang to divest W6t bio division

South Korean food giant CJ CheilJedang has reportedly decided to sell its industry-leading bio division, which had been a key pillar alongside its food business, signaling a shift in its strategic growth priorities. According to investment banking sources Tuesday, CJ CheilJedang is believed to have appointed Morgan Stanley as the lead manager for the sale and is engaging with potential buyers. The main auction is expected to take place as early as next month, with the division estimated to value

IndustryNov. 19, 2024

Vice foreign minister vows support for Posco Future M’s anode plant

Second Vice Foreign Minister Kang In-sun visited Posco Group’s battery materials subsidiary Posco Future M’s anode manufacturing plant in Sejong, pledging to support the facility in recovering its production levels. While touring the site Monday, Kang said, “Natural graphite and anode materials are critical minerals with high reliance on imports, underscoring the urgent need to diversify the supply chains. The government will actively support companies, including Posco Future M

IndustryNov. 19, 2024

Hanwha Life partners with Stanford HAI for AI technologies

Hanwha Life, a leading Korean insurance company and subsidiary of Hanwha Group, announced Tuesday that its artificial intelligence research unit has been conducting a joint study with Stanford University's AI institute after signing a collaboration agreement. Launched in June, Hanwha Life AI Research Institute aims to keep pace with changes in the market, focusing on four key areas: enhancing investment strategies, developing a “digital persona,” integrating AI into health care

IndustryNov. 19, 2024

Daewoong develops drug candidate for oral obesity treatment

Daewoong Pharmaceutical announced Tuesday that it has filed for a domestic patent for a new obesity drug that suppresses appetite and promotes fat burning. The company said the candidate drug targets both GLP-1 and GIP receptors and is designed as a small molecule-based oral agonist. GLP-1 and GIP are hormones that help regulate blood sugar levels and body weight. GLP-1 boosts insulin secretion to control blood sugar and suppress the appetite, while GIP supports insulin release and promotes fat

CompaniesNov. 19, 2024