LG CNS debuts new ERP solution at SAP conference

LG CNS said Wednesday that it debuted its new enterprise resource planning solution at the SAP Sapphire 2024 trade show, which kicked off in Orlando, Florida, Monday. PerfecTwin ERP Edition is an automated testing solution based on actual transaction data. It is specifically tailored for SAP’s enterprise resource planning software to integrate and manage all enterprise operations. The latest solution stands out from traditional methods that verify errors using small data samples, the compa

TechnologyJune 5, 2024

Doosan Bobcat to produce mini excavators in India

South Korean construction equipment maker Doosan Bobcat said Wednesday that it has recently completed the expansion of its production lines for mini excavators in Chennai, India. After nine months of construction, the 11,300-square-meter manufacturing facility has been added to the Chennai plant that was built in 2019. With plans for equipment installation and operational stabilization, the production lines are expected to become fully operational next year. Currently, the plant’s key prod

IndustryJune 5, 2024

LG Energy Solution, Analog Devices team up for BMS innovation

LG Energy Solution said Wednesday it has signed a memorandum of understanding with American semiconductor manufacturer Analog Devices, Inc. to enhance battery management technologies for electric vehicles. Over the next two years, ADI will supply high-performance battery management integrated circuits, or BMIC, while both companies develop algorithms to measure the internal temperatures of EV battery cells accurately. Analog Devices specializes in impedance measurement technologies. Impedance, t

MobilityJune 5, 2024

Undervalued no more: Jusung Engineering to spin off chip business

Jusung Engineering, the first-generation chipmaking equipment firm in Korea, has decided to spin off its lucrative semiconductor equipment business into a new entity with hopes of elevating its undervalued market cap. Noting how the company has been suffering from undervaluation, Hwang Chul-ju, the founder and chairman, said the latest decision will boost the value of its chip business, the No. 1 at home. “The company is just way too undervalued when it has proprietary technologies used in

IndustryJune 5, 2024

[Bio USA] Cha Biotech's Matica Bio sets sights on CGT market growth

SAN DIEGO -- Matica Biotechnology, the US subsidiary of CHA Biotech, which operates CHA University's medical centers in South Korea and internationally, has announced endeavors for significant expansion of its cell and gene therapy (CGT) CDMO orders in particular, setting itself apart from most antibody production-based CDMOs in Korea. At the firm's press conference during the Bio International Convention held in San Diego on Tuesday, Matica Bio CEO Paul Kim emphasized the anticipated

IndustryJune 5, 2024

Seoul shares open higher on hopes for Fed rate cut

South Korean stocks opened slightly higher Wednesday backed by gains of chip and battery shares amid hopes for a rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index rose 7.42 points, or 0.28 percent, to 2,669.52 in the first 15 minutes of trading. Overnight, the US stock market closed slightly higher on softer-than-expected labor market data that bolstered hopes for an interest rate cut by the Fed. In Seoul, market bellwether Samsung Electronics jumped 1.99 percent f

MarketJune 5, 2024

Korea's economy grows 1.3% in Q1, matching earlier estimate: BOK

South Korea's economy grew at the fastest pace in over two years in the first quarter of the year as the recovery in exports continued and private spending remained firm, central bank data showed Wednesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, according to preliminary data from the Bank of Korea. The first-quarter expansion compares with the 0.5 percen

EconomyJune 5, 2024

[Bio USA] Biotech firms compete to fill void of Chinese rivals at Bio USA

The Korea Biotechnology Industry Organization and Korea Trade-Investment Promotion Agency together with the Trade Ministry opened its Korea Pavilion at the Bio International Convention on Monday to support small to mid-sized firms in attracting new business partners. This year is the largest-ever operation of a Korean pavilion with 26 participating firms and two institutions installed in the pavilion zone. Among some 20,000 industry officials participating globally, over 1,000 are affiliated wit

IndustryJune 5, 2024

S. Korean toilet paper firm sold to Indonesian firm

Monalisa Co., a major South Korean toilet paper company, said Tuesday it has been sold to Indonesian paper-manufacturing company Arch Peninsula SDN.BHD. NHPEA Tissue Holdings AB, the largest shareholder of MSS Holdings Co. which has Monalisa as a major affiliate, signed an agreement Saturday to sell its entire stake in MSS to the Indonesian firm, Monalisa said in a regulatory filing. The share purchase agreement will be finalized when the seller and the buyer satisfy each other's precedin

CompaniesJune 4, 2024

Owner of US-based geoscience firm headed to S. Korea for discussions on oil exploration project

The owner of US-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul's newly envisioned offshore oil and gas exploration project on the east coast. On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the East Sea after a study suggested significant oil deposits may be buried in the deep sea off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul. The decision came after the gov

IndustryJune 4, 2024

FSS chief vows to normalize PF, stock short sales in his final year

Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, reaffirmed his commitment to resolving ongoing issues, including real estate project financing risks and overhauling the short-selling system, and pledged to accelerate the digitization of finance during the remainder of his term. "Reflecting on the past two years, despite the challenges posed by rising inflation and interest rates, I believe we worked tirelessly to achieve stable financial conditions and foster compas

EconomyJune 4, 2024

Korea cements ties with African nations in key mineral supply chains

South Korea and African nations have pledged to intensify cooperation for enhanced trading while supporting Africa's path for shaping a future of sustainable co-prosperity. The 2024 South Korea-Africa Summit, the inaugural summit between Korea and 48 African countries, kicked off in Seoul on Tuesday. “Africa is young, dynamic and affluent with resources while Korea has high technology and a variety of experience… We will bring the strengths of each other together and discov

EconomyJune 4, 2024

Tmax unveils new corporate identity to mark 27th anniversary

Korean software developer Tmax Group celebrated its 27th anniversary Monday by unveiling its renewed corporate identity. Held in Seongnam, Gyeonggi Province, 550 employees joined the anniversary event, with an additional 1,000 participating online through Tmax's collaboration solution, Tmax WAPL. The new CI, introduced by Kim Jae-hwan, chief marketing officer of Tmax, embodies the company's outstanding, boundless and integrative qualities. The vibrant blue color conveys a sense of vita

TechnologyJune 4, 2024

'Just heading to the convenience store to grab some... gold'

Convenience stores in South Korea these days are in a league of their own. Along with everyday essentials and quick bites, they also sell fried chicken, fresh fruit, liquor and some expensive items like smartwatches, tires and even cars. Now, they are selling the sought-after safe-haven asset for investors: gold. Retail industry insiders attribute convenience stores’ rise as a place to buy gold to their accessibility and trustworthiness the nationwide retail franchises have established as

ConsumerJune 4, 2024

Seoul shares end lower on profit taking

South Korean stocks closed lower Tuesday after strong gains in the previous session and mixed overnight results on Wall Street. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.42 points, or 0.76 percent, to close at 2,662.10. Trade volume was heavy at 759.2 million shares worth 12.5 trillion won ($9.07 billion), with losers far outpacing gainers 642 to 226. Foreigners and institutions dumped shares worth a net 516 billion won, while individu

MarketJune 4, 2024

HD Hyundai to develop AI technology for ships

HD Hyundai has partnered with global leaders in the maritime classification and registration sectors to develop a new structure for ships by removing blind spots on vessels, the Korean shipbuilding conglomerate said Tuesday. For the development of AI technology, HD Hyundai signed a memorandum of understanding with the American Bureau of Shipping and the Liberian Registry at Posidonia 2024, one of the world’s largest shipping exhibitions, held in Athens, Greece this week. About 2,000 compan

CompaniesJune 4, 2024

Analysts remain cautious on energy shares

Stock prices of oil- and gas-related companies went on a roller coaster ride Tuesday, amid investors’ interest in the discovery of possible oil reserves off the East Coast following President Yoon Suk Yeol’s announcement the previous day. With the government approving exploratory drilling for a potential 14 billion barrels of crude oil and natural gas reserve at Yeongil Bay in Pohang, North Gyeongsang Province, investors flocked to energy-related shares listed on the Korean bourse.

MarketJune 4, 2024

KT, Microsoft forge partnership for AI push

Korean telecommunications giant KT Corp. said Tuesday it has forged a strategic partnership with Microsoft to enhance ties on artificial intelligence, among others. The new partnership, aiming at jointly developing AI, cloud and IT services tailored for the Korean market, was sealed at Microsoft’s headquarters in Redmond, Washington, on Monday, with KT CEO Kim Young-shub and Microsoft CEO Satya Nadella in attendance. With details of the partnership coming in September, this is the first

TechnologyJune 4, 2024

Green energy firms showcase innovations at ENVEX 2024

The Ministry of Environment and the Korea Environment Conservation Institute are co-hosting the International Exhibition on Environmental Technology and Green Energy (ENVEX) at Coex in Seoul, which began Monday and runs to Wednesday. Launched in 1979, ENVEX, now in its 45th year, aims to boost domestic demand and lay export bases for outstanding small and medium-sized green energy enterprises. It boasts the longest history among environmental technology exhibitions in Korea. ENVEX will showcase

TechnologyJune 4, 2024

Kakao launches K.ride for foreign travelers

Kakao Mobility, the operator of Korea's leading taxi-hailing service Kakao T, said Tuesday that it has introduced a new application for foreign visitors called "K.ride" to make their mobility in Korea more convenient. Previously, only those with a Kakao Talk account, the most popular messaging app in Korea, could access Kakao T. However, now users can easily create an account using their Google or Apple accounts and phone numbers via K.ride. Payments can also be made with credit o

CompaniesJune 4, 2024