[Photo News] Samsung promotes Olympics

The facade of Palais Garnier in Paris is covered in a Samsung Electronics' advertisement promoting its Galaxy Z Flip 5 series and the 2024 Paris Games, in this photo provided by the smartphone maker on Sunday. The tech giant, a worldwide Olympics and Paralympics partner, is launching its "Open always wins" campaign focused on the importance of openness and inclusivity, to run through the end of September. (Samsung Electronics)

IndustryJune 23, 2024

S. Korea, Netherlands discuss supply chain management at 1st economic security talks

South Korea and the Netherlands have discussed efforts to tackle supply chain disruptions and ways for cooperation in the area as they held their first bilateral economic security talks this week, Seoul's foreign ministry said Saturday. The dialogue took place in The Hague on Friday (local time), led by Kim Jin-dong, director general for bilateral economic affairs at the South Korean foreign ministry, and Yvette van Eechoud, deputy director general for foreign economic relations at the Dutc

EconomyJune 22, 2024

SK chief heading to US on AI, chips

SK Group Chairman Chey Tae-won will embark on a business trip Saturday to the US to meet with key figures in artificial intelligence and semiconductors fields for future business opportunities, the group said Friday. Chey’s upcoming trip comes about two months after he met with Nvidia CEO Jensen Huang in San Jose in April. Key executives at SK’s AI and chip businesses, including SK Telecom CEO Ryu Young-sang and SK hynix President Kim Joo-sun, will accompany the chairman. SK said Che

IndustryJune 21, 2024

Seoul shares snap 3-day rise on profit taking

Seoul shares closed lower Friday on profit taking after a three-session winning streak. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 23.37 points, or 0.83 percent, to close at 2,784.26. The Kospi has risen 0.9 percent this week. Trade volume was heavy at 617.53 million shares worth 14.12 trillion won ($10.1 billion), with decliners outnumbering gainers 577 to 296. Institutions and foreigners sold a combined 365 billion won worth of stocks, offse

MarketJune 21, 2024

Hanwha acquires Philly Shipyard, first Korean entry into US shipbuilding

South Korean conglomerate Hanwha Group has acquired Philly Shipyard for $100 million, making it the first Korean company to enter the US shipbuilding industry. Announced on Friday, the acquisition involves Hanwha Systems holding a 60 percent stake and Hanwha Ocean a 40 percent stake. These subsidiaries specialize in defense and shipbuilding, respectively. Philly Shipyard, located in Philadelphia, constructs commercial vessels in compliance with the Jones Act, which mandates that goods transpor

IndustryJune 21, 2024

Starbucks stores lure tourists with Korea’s cultural charms

Starbucks Korea partnered with the Korea Tourism Organization to host a special hospitality event Wednesday at the Starbucks Daegu Jongno Gotaek store in Daegu, welcoming over 90 foreign tourists as part of efforts to showcase Korea. The event was part of a program that spotlights 10 distinguished Starbucks stores, chosen by Starbucks Korea and the KTO to align with the "Visit Korea Year" campaign from 2023 to 2024. This event aims to draw domestic and international tourists to uniqu

IndustryJune 21, 2024

Short selling ban hinders Korea’s MSCI index upgrade

South Korea retained its emerging market status by Morgan Stanley Capital International, with the ongoing short selling ban cited as a hindrance to the country's efforts for a status upgrade. "The recent short selling ban introduces market accessibility restrictions," MSCI said Thursday when announcing the results of its market classification review for the global standard indexes. In part, the New York-based index provider acknowledged and welcomed the recently proposed measures

EconomyJune 21, 2024

ShinWon spurs fashion tech innovation with AI, big data

Korean fashion company ShinWon Corporation said Friday that it is increasingly adopting artificial intelligence and big data to lead tech innovation in fashion. By predicting future trends through extensive data analysis, ShinWon said it adapts swiftly to market changes, incorporating these insights into product planning and production. To understand market conditions and patterns, ShinWon employs online market sales data analysis, trend analysis and social media analysis. By examining actual sa

CompaniesJune 21, 2024

Hanwha Qcells wins largest community solar deal in US

Hanwha Qcells, the solar energy division of Korean energy company Hanwha Solutions, has signed a significant agreement with US commercial solar developer Summit Ridge Energy to supply 2 gigawatts of solar modules by 2027 for community solar projects and collaborate on energy storage systems. This new agreement marks the largest community solar partnership in US history, building on a previous 1.2 GW partnership announced in April last year when US Vice President Kamala Harris visited Hanwha Qc

IndustryJune 21, 2024

S. Korea, Japan to hold finance ministers' meeting next week

South Korea's Finance Minister Choi Sang-mok will hold talks with his Japanese counterpart, Shunichi Suzuki, next week to discuss ways of strengthening financial and economic cooperation, Seoul's finance ministry said Friday. The ninth Korea-Japan finance ministers' meeting will take place in Seoul on Tuesday, which will mark the first time in eight years that top economic policymakers of the neighboring countries meet in Seoul, according to the Ministry of Economy and Finance. Th

EconomyJune 21, 2024

Seoul shares open lower on profit taking

Seoul shares opened lower Friday, after a mixed close on Wall Street, as investors offloaded tech and other large-cap stocks on profit taking following a three-session winning streak. The benchmark Korea Composite Stock Price Index fell 19.81 points, or 0.71 percent, to 2,787.82 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 39,134.76 points and the tech-heavy Nasdaq Composite fell 0.8 percent to 17,721.59. In Seoul, tech stocks were lead decl

MarketJune 21, 2024

Kolmar Korea unveils AI-powered diagnostic solution for hair loss

Kolmar Korea, a cosmetics original design manufacturer, said Thursday that the company has developed an artificial intelligence-based solution that can diagnose hair loss, using scalp biomarkers. The new solution can diagnose 16 types of androgenic hair loss, including nine male and seven female types, by screening biomarkers on the scalp's surface. When a dermatologist collects samples of a patient’s scalp and places them on analysis equipment, the AI-powered solution is designed to

IndustryJune 20, 2024

Samsung Biologics launches coporate culture change initiative

Samsung Biologics has launched an initiative to improve its corporate culture aimed at transforming it into a top-tier biopharmaceutical company by 2030. On Thursday, Samsung Biologics held a declaration ceremony, under a slogan dubbed “Samsung Biologics Way,” and pledged that the company's management and employees will make joint efforts to build a new company culture. Representatives from both management and staff pledged they would improve communication between leadership and

IndustryJune 20, 2024

Seoul shares up for 3rd day to exceed 2,800 on tech gains

Seoul shares ended higher for the third consecutive session to exceed 2,800 points for the first time in about 2 1/2 years Thursday on tech gains despite concerns over the possible delay of long-awaited US interest rate cuts. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.3 points, or 0.37 percent, to close at 2,807.63. The closing index exceeded the 2,800 level for the first time since Jan. 24, 2022, when the comparable reading was 2,828.11. T

MarketJune 20, 2024

SK Group set for major revamp for management efficiency

SK Group, the country's second-largest conglomerate by asset, is speeding up efforts to carry out a comprehensive overhaul of some 200 affiliates and business portfolios, starting with selling its affiliates and pushing for mergers. SK Networks announced Thursday that it is selling 100 percent of its share of SK Rent-a-Car, its rental car service, to Affinity Equity Partners, a Hong Kong-based private equity fund, for 820 billion won ($600 million). The move comes as the company intends to

IndustryJune 20, 2024

Korean Air boosts flights to China, Japan

South Korean national flag carrier Korean Air will reopen some routes to China that had been suspended since the COVID-19 pandemic, in response to a recent rise in travel demand between the two countries. Starting in July, Korean Air will resume flights between Busan and Shanghai, as well as between Jeju Island and Beijing, with each route operating seven times a week, according to the air carrier on Thursday. Later this year, flights will also resume between Incheon and Hefei, Busan and Beijing

CompaniesJune 20, 2024

NongHyup Bank, Bankcow partner up on tokenized securities

NongHyup Bank has teamed up with local livestock fractional investment platform Bankcow to expand their business enabling customers to pool their funds to invest in livestock raised on Korean farms. The bank announced on Thursday that it has entered a strategic business agreement with Stockeeper, the operator of Bankcow, to collaborate on securities token offerings (STOs). "Through this business agreement, our goal is to enhance convenience and security for investors using our fractional in

IndustryJune 20, 2024

Korean equipment makers target booming infrastructure markets

South Korea’s construction equipment trio -- HD Hyundai Construction Equipment, HD Hyundai Infracore and Doosan Bobcat -- are ramping up their efforts to penetrate emerging markets. While North America and Europe continue to be major revenue sources, they are investing more in local production and distribution networks of high-growth countries such as India, Brazil and Mexico, where infrastructure development is booming and demand for relatively larger construction machinery is surging.

IndustryJune 20, 2024

Hyundai to start Georgia EV plant, unlocking IRA benefits

Hyundai Motor Group Metaplant America, Hyundai Motor Group’s new electric vehicle plant in Georgia, will begin production later this year, allowing the automaker to leverage the Inflation Reduction Act benefits to better compete in the US EV market. Hyundai announced Wednesday that the inaugural model to be produced at the Georgia plant will be the 2025 Ioniq 5. This launch, set for the fourth quarter, marks Hyundai’s first official statement on the operational timeline and specifi

MobilityJune 20, 2024

Samsung Tizen OS integrates AI features for expanded connectivity

Samsung Electronics has been enhancing the reach of its proprietary Tizen operating system by incorporating artificial intelligence capabilities. According to Samsung Newsroom on Thursday, Tizen has been deployed in approximately 270 million units of Samsung smart TVs released as of the end of last year. Considering that it was installed in about 50 million units in 2015, it recorded a growth rate of about 440 percent. “Samsung Tizen is preparing for another leap forward by evolving into

TechnologyJune 20, 2024