KT CEO renews vision for growth

KT Corp. CEO Kim Young-shub declared the company’s new vision that accelerates innovation and growth in information technology, artificial intelligence and communications technology. “Although KT is a leading telecom company in the world, it lacks IT competitiveness. We must make up for weak points by combining our CT and IT,” the CEO said at a press conference held on the sidelines of the Mobile World Congress 2024 in Barcelona, Spain, on Tuesday. Kim urged KT Corp. to embark

TechnologyFeb. 28, 2024

LX Hausys to ramp up presence at KBIS trade show

South Korean construction and interior materials company LX Hausys on Wednesday said it is participating in this week's Kitchen and Bath Industry Show in Las Vegas, which runs through Thursday. The company said it aims to showcase its latest collection of engineered stone and artificial marble, aligning with its strategic goal of expanding into the thriving overseas market. Artificial marble, known for its cost-effectiveness and durability against impact, scratches and stains, constitutes a

IndustryFeb. 28, 2024

[Photo News] Hyundai Staria Hybrid

Hyundai Motor Company on Wednesday started taking preorders for the 2024 Hyundai Staria and the newly-added hybrid model of the minivan. According to the automaker, the Staria 1.6 Turbo Hybrid boasts a fuel efficiency of 13 kilometers per liter with a maximum system horsepower of up to 245. The prices of the hybrid model and the 2024 year model begin at 34.33 million won ($25,763) and 28.47 million won, respectively. (Hyundai Motor Group)

MobilityFeb. 28, 2024

Samgyeopsal Day heats up with stricter fat guidelines

March 3, also known as "Samgyeopsal Day" in Korea, is approaching, with anticipation building for promotional events planned by local supermarkets. Most supermarkets and e-commerce platforms will offer discounts ranging from 40 to 50 percent on pork belly from Feb. 29 to March 3. But there is a complication: This year is the first Samgyeopsal Day following the implementation of government guidelines on excessive fat content in pork belly. Last year, criticism arose over local stores&

ConsumerFeb. 28, 2024

New Galaxy S24 sales top 1 million in S. Korea

Samsung Electronics Co. said Wednesday sales of its latest Galaxy S series smartphones have exceeded 1 million units in South Korea within just 28 days of their launch. The Galaxy S24 series, which was unveiled on Jan. 16, reached the 1 million mark on the previous day, beating the previous record set by the Galaxy S8 series released in 2017 by nine days, according to Samsung Electronics. The achievement was three weeks ahead of its predecessor, the Galaxy S23 series, but just three days behind

TechnologyFeb. 28, 2024

[Investor] Hyundai Motor’s innovation and competition acclaimed

Hyundai Motor Group’s trailblazing electric vehicles have earned rave reviews and charted a path to success under the leadership of Chair Chung Euisun. CNBC, the premier economic news broadcaster in the United States, aired a special feature on Sunday focusing on the factors propelling the Korean carmaker to become the 3rd-largest contender in the global finished vehicle market. The feature emphasized the company's commitment to innovation and technological excellence as pivotal to it

CompaniesFeb. 28, 2024

Financial regulator reaffirms efforts to address risks of short-term property loans

The head of the country's financial regulator vowed continued efforts Wednesday to quickly address risks related to real estate project financing loans. Lee Bok-hyun, governor of the Financial Supervisory Service, stressed that such efforts will help end the capital crunch caused by PF loans related risks. "We are witnessing signs of a capital crunch as excessive amounts of money invested in real estate PF remain tethered," he told a meeting with the heads of financial think tanks

EconomyFeb. 28, 2024

Seoul shares open nearly flat ahead of key US data

South Korean stocks started nearly flat Wednesday as investors took a wait-and-see approach ahead of key economic indicators set to be released in the United States this week. The benchmark Korea Composite Stock Price Index edged up 0.78 points, or 0.03 percent, to 2,625.83 in the first 15 minutes of trading. Overnight, the US stock market closed mixed, with the Dow Jones Industrial Average falling 0.25 percent while the tech-heavy Nasdaq Composite added 0.37 percent. The US is set to announce t

MarketFeb. 28, 2024

Fescaro provides all-in-one solutions for vehicle cybersecurity

With a growing number of industries becoming digitalized to cut costs and boost efficiency, the potential of cyber security measures and software-defined vehicles has been a hot topic for carmakers across the world. Fescaro, a leading cybersecurity specialist, seeks to spearhead the change with its all-in-one cybersecurity solutions customized to meet the needs of its clients, in accordance with changing international standards. The European Union in 2022 introduced cybersecurity regulations, ma

IndustryFeb. 28, 2024

DAPA clears HD Hyundai Heavy to bid in gov't contracts

The state arms procurement agency on Tuesday cleared major shipbuilder HD Hyundai Heavy Industries Co. to bid in government contracts after deliberating on its possible restriction over the company's involvement in a military secret leak. Last November, employees at HD Hyundai Heavy Industries were found guilty of violating the Military Secret Protection Act by acquiring military secrets related to the Korea Destroyer Next Generation (KDDX) project and sharing them on their company server f

IndustryFeb. 27, 2024

NH Investment & Securities launches mobile trading service in Vietnam

NH Securities Vietnam, the Vietnamese unit of NH Investment & Securities, said Tuesday it has launched a mobile trading service called NHSV Pro. The launch of the mobile trading service reflects the Korean brokerage firm's strategy to expand sales and enhance financial IT systems by bolstering the Vietnamese unit's presence in Southeast Asia. Designed to cater specifically to the needs of novice stock investors in Vietnam, the service offers a suite of additional services, includin

CompaniesFeb. 27, 2024

Mirae Asset Securities strengthens foothold in India

South Korea's brokerage Mirae Asset Securities announced Tuesday that its Indian unit hit a significant milestone, with its retail customer accounts surpassing one million in five years after its launch in 2018. India, the world's fifth-largest economy, holds strategic importance for Mirae Asset Financial Group, leading to substantial investments to bolster its presence in the country. The financial giant made its mark in India with the introduction of the online brokerage platform, m.

IndustryFeb. 27, 2024

Hahn & Co., Kolon to form joint venture for industrial film

Hahn & Co., the nation's largest private equity firm in terms of assets under management, is to set up a joint venture with Kolon Industries, a chemical and textile manufacturing unit under Kolon Group, to bolster its industrial film business. The two entities have signed a binding memorandum of understanding to cooperate for the launch of the joint venture, according to a disclosure filed by Kolon Industries Tuesday. “The related parties are discussing the details. An announcemen

IndustryFeb. 27, 2024

[KH explains] Why Korea has been so quick to adopt ‘global minimum tax’

South Korea has become one of the first countries to implement the so-called “global minimum tax rule” this year, which aims to ensure companies pay at least 15 percent tax on corporate income, regardless of where they operate. The initiative aligns with international efforts to tackle tax avoidance by major corporations, as they often seek refuge in low-tax jurisdictions. Korea is one of about 20 nations to adopt the new rule so far, while some countries, including the US, are still

EconomyFeb. 27, 2024

Merck’s Keytruda tops drug sales in Korea

Merck’s immuno-oncology drug Keytruda, one of the best-selling drugs in the world, topped drug sales in Korea for the second consecutive year in 2023, according to market tracker IQVIA on Tuesday. Keytruda’s sales in Korea came to some 399 billion won ($300 million) in 2023, up 159 billion won from the previous year, while global sales of Keytruda hit $25 billion, making it the top-selling drug worldwide. “Keytruda’s success in the country came as the drug can be prescrib

IndustryFeb. 27, 2024

Seoul shares end lower ahead of US economic data

South Korean stocks ended more than 0.8 percent lower Tuesday as investors were in cautious mode ahead of the release of major US economic data later this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.03 points, or 0.83 percent, to 2,625.05. Trade volume was slightly heavy at 567.4 million shares worth 12.4 trillion won ($9.3 billion), with decliners sharply beating gainers 745 to 149. Institutions led the decline by un

MarketFeb. 27, 2024

Samsung eyes AI chip leadership with highest-capacity HBM3E

Samsung Electronics said Tuesday it has developed HBM3E 12H, the industry’s first 12-stack HBM3E DRAM and the highest-capacity HBM product to date, going one step further than its rivals in the burgeoning artificial intelligence chip market. The world's largest memory chip maker said it has begun providing samples of HBM3E 12H to customers, and mass production is slated for the first half of this year. “The industry’s AI service providers are increasingly requiring HBM wit

IndustryFeb. 27, 2024

Samsung ready to launch Galaxy Ring this year

Samsung Electronics shared Monday that it is expanding its wearable technology portfolio with the introduction of the Galaxy Ring, a health tracker designed for unobtrusive, continuous wear, at a press briefing at the Mobile World Congress 2024 that kicked off this week in Barcelona. Following a teaser at Samsung's Unpacked Event last month, the company has now shared more details about the product. The Galaxy Ring, characterized by its unique ring design, is Samsung's foray into a new

TechnologyFeb. 27, 2024

New KITA chief urges readiness for US election

Former Industry Minister Yoon Jin-shik officially took the reins of the Korea International Trade Association, the nation's largest trade lobby group, after being approved at a general meeting on Tuesday. "Korea's exports experienced difficulties with the slowdown of the global economy but it will improve," Yoon said at a press event held after the meeting. "The biggest problem with exports is that they focus heavily on a certain region, while products are limited. The s

IndustryFeb. 27, 2024

Kyobo Life secures most-admired insurer title for 2nd consecutive year

Kyobo Life Insurance has been named the nation's most-admired life insurer for the second consecutive year, reflecting CEO and Chair Shin Chang-jae's steadfast commitment to a sustainable management philosophy. The Kyobo subsidiary announced it received the honor on Tuesday from the Korea Management Association Consulting, marking its second straight year being recognized as the top life insurer at KMAC's most-admired companies ceremony. This year, Kyobo Life also secured a place

IndustryFeb. 27, 2024