Morgan Stanley faces scrutiny in Korea for suspected insider trading

Global investment bank Morgan Stanley has come under the scrutiny of local authorities, following the suspicious execution of a sell order on SK hynix shares made before releasing a bearish report on the chip giant’s outlook. On Sept. 15, during the Chuseok holiday, Morgan Stanley’s Asia-Pacific desk published a report titled “Winter Looms.” It suggested a skeptical projection of the company earnings, citing a weak demand for general dynamic random-access memory, or DRAM,

MarketSept. 23, 2024

[From the Scene] SKIET develops world’s most heat-resistant battery separator

DAEJEON -- “You shouldn’t be looking at your smartphones while you are walking around the (SK) R&D campus,” said Lee Su-hyun, group leader of the management support department at SK IE Technology, a battery materials subsidiary of SK Innovation, as he greeted a group of reporters at the SKIET Research and Development Center on Friday. “We have this rule called SGR meaning Safety Gold Rule on this research site to discourage employees from looking at their smartphones

CompaniesSept. 23, 2024

Daewoo E&C chairman seeks community support for Czech nuclear project

South Korean builder Daewoo Engineering & Construction said Monday it donated over 316 million won ($236,000) to the Czech Republic’s Trebic District, as part of its efforts to foster support in the region where a Korean consortium was selected as the preferred bidder for the construction of nuclear power plants. According to Daewoo E&C, the donation will be used to purchase fire trucks for Namest nad Oslavou, a municipality located about 11 kilometers from Dukovany in Trebic Distr

CompaniesSept. 23, 2024

SK hynix applies CXL optimization solution to Linux

SK hynix said Monday it has introduced the main features of its heterogeneous memory software development kit, a self-developed memory control solution that optimizes the operation of Compute Express Link, or CXL, a next-generation memory technology, to Linux, the world’s largest open-source operating system. CXL is a next-generation interface that supports large-capacity and ultra-high-speed computations by efficiently connecting the central processing unit, graphics processing unit and m

TechnologySept. 23, 2024

SK On eyes first profit as it begins US production for Hyundai EVs

SK On will begin mass production of electric vehicle batteries for Hyundai Motor Co. in the US next month, a move expected to help the battery maker turn a profit for the first time after years of losses. The company’s US unit, SK Battery America, will reportedly begin partial production at its Georgia Plant 2, supplying batteries for Hyundai’s new EV production facility, Hyundai Motor Group Metaplant America, also located in Georgia. According to industry sources on Monday, SK On ha

MobilitySept. 23, 2024

Mirae Asset named ‘Best Securities House in Korea’ by Euromoney

South Korea's largest stock brokerage company Mirae Asset Securities said Monday that it has been recognized as the "Best Securities House in South Korea" by Euromoney at the Euromoney Securities Houses Awards 2024. The accolade follows Mirae Asset Group Chairman Park Hyeon-joo being named International CEO of the Year by the Academy of International Business in July, making him the first Asian finance leader to receive the prestigious award. “Despite the challenging environ

IndustrySept. 23, 2024

Samsung develops 1st all-solid-state battery

Samsung Electro-Mechanics, the electronic parts manufacturing subsidiary of the chip giant Samsung Electronics, has developed the world’s first all-solid-state battery for wearable devices, industry sources said Monday. According to sources, the company made an all-solid-state battery prototype with an energy density of 200 watt-hours per liter. It is slated for mass production in 2026. All-solid-state batteries are rechargeable batteries with solid electrolytes filling the gap between the

TechnologySept. 23, 2024

Yanolja Cloud appoints accounting specialist as new CFO

Yanolja Cloud, a South Korean provider of AI-based Software as a Service solutions, announced on Monday the appointment of Moon Byung-deok as its new chief financial officer. Moon, a seasoned financial expert, previously offered accounting audit and financial advice to both domestic and overseas companies at Samil PricewaterhouseCoopers. Since joining Yanolija in 2021, Moon has served as its chief accounting officer in charge of managing business and tax accounting. As it has been rapidly expand

IndustrySept. 23, 2024

Korean snack exports expected to hit record high in 2024

South Korean snack exports will likely hit a record high of $700 million this year, riding the wave of popularity of Korean culture and food overseas. From January to August, exports of Korean snacks were tallied at $494.2 million, marking a 15.4 percent increase compared to the same period last year, according to the Ministry of Agriculture, Food and Rural Affairs on Monday. Snacks were the third-largest export in the agricultural sector, following instant noodles and tobacco products. By mid-S

CompaniesSept. 23, 2024

Smoothie King to end business in Korea

Smoothie King is set to fully withdraw from South Korea over the course of the next year. Smoothie King Korea, which operates the brand here, reportedly sent guides to close the shops by October 2025 on Friday. The company failed to extend the licensing contract with the Smoothie King headquarters in the US, and the US franchise requested to end the contract, a Smoothie King Korea official told local media. The brand first opened a location in Myeong-dong in central Seoul in 2003. It reached a p

ConsumerSept. 23, 2024

KHNP, Czech hydrogen group agree on cooperation for clean hydrogen

Korea Hydro & Nuclear Power said Monday it has signed a memorandum of understanding (MOU) with a Czech hydrogen association to seek cooperation for clean hydrogen. The agreement, inked with the Czech Hydrogen Technology Platform (HYTEP) in Prague last week, will focus on exchanging information and seeking cooperation in the European market for clean hydrogen, according to KHNP. Under the agreement, the two institutions aim to collaborate in the production of clean hydrogen using surplus ener

EconomySept. 23, 2024

Naver to establish Middle East unit for global expansion

Naver Corp., the operator of South Korea's leading internet portal, said Monday it has plans to establish a Middle Eastern unit in Saudi Arabia within this year as part of efforts to expand its global business. The new unit, tentatively named Naver Arabia, will be in charge of Naver's business projects in Saudi Arabia, including the creation of a digital twin platform for five Saudi cities and the development of an Arabic-based large language model, according to the Korean company. Nav

CompaniesSept. 23, 2024

Seoul shares open almost flat

Seoul shares opened almost flat Monday as investors were paying attention to remarks by the US Federal Reserve officials following a big cut last week. The benchmark Korea Composite Stock Price Index rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday . The Fed kicked off its monetary-easing cycle by cutting its ov

MarketSept. 23, 2024

Exports fall 1.1% during first 20 days of September

South Korea's exports lost 1.1 percent on-year in the first 20 days of September despite robust sales of semiconductors due mainly to the fewer number of working days and weak demand for automobiles, data showed Monday. Outbound shipments reached US$35.58 billion in the Sept. 1-20 period, compared with $35.97 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 18 percent on-year to $2.74 billion. The number of working days

EconomySept. 23, 2024

[Photo News] Daewoo E&C, Sudop Praha join forces

Daewoo Engineering & Construction Chairman Jung Won-ju (center) participates in a business cooperation ceremony on Friday in the Czech Republic, with Martin Chrastil (right), CEO of Sudop Praha, and Cho Seung-il (left), executive director of Daewoo E&C's plant division. The partnership, established during South Korean President Yoon Seok Yeol's visit with an economic delegation, focuses on designing and licensing temporary and auxiliary facilities for the new nuclear power plan

IndustrySept. 22, 2024

[Advertorial] Eximbank joins hands with Czech state funds

The Seoul-headquartered, state-run Export-Import Bank of Korea said Sunday it has teamed up with Czech state financial institutions in an effort to help Korean companies expand business on Czech soil and beyond. Eximbank Chairman and CEO Yoon Hee-sung and Korea Trade Insurance Corp. Chairman Jang Yeong-jin have signed an agreement with their Czech counterparts at National Development Bank, Czech Export Bank, Export Guarantee and Insurance Corp. to pursue bilateral financial cooperation, accordin

IndustrySept. 22, 2024

Samsung, SK hynix market caps plummet W117tr amid semiconductor uncertainty

Concerns surrounding the semiconductor industry have led to a nearly 120 trillion won ($90 billion) decline in the market capitalization of South Korea's two leading makers of memory chips, Samsung Electronics and SK hynix, over the past month, according to data released on Sunday. According to the Korea Exchange, the country's sole bourse operator, the two companies’ market value has shrunk by a total of 117.18 trillion won despite market watchers’ evaluations that the dec

IndustrySept. 22, 2024

[Herald Interview] US election may unleash growth for Korea: Laffer

With the upcoming US presidential election scheduled for November, South Korea stands to benefit significantly if the new administration brings a change in economic policy, according to Arthur B. Laffer, founder and chairman of Laffer Associates. "A return to pro-growth economic policies in the US is a prerequisite for widespread global economic growth, much as we saw during the Reagan era, where nations around the world cut tax rates after seeing US success," Laffer said during an ema

EconomySept. 22, 2024

[Photo news] LG Uplus' Gangnam pop-up unveils iPhone 16

LG Uplus, South Korea’s telecom carrier, hosts a pop-up event for Apple’s latest iPhone 16 at its six-story flagship store in Gangnam, southern Seoul. The event, continuing to Sept. 29, allows visitors to try the iPhone 16 and other Apple products. Social media influencers are also able to unbox their new iPhones and preview LG’s upcoming AI-driven call recording service, ixi-O, which is expected to offer features like call recording and content summarization when it launches n

IndustrySept. 22, 2024

Hyundai Motor chief visits Czech plant to boost EV offerings in Europe

Hyundai Motor Group's Executive Chairman Chung Euisun visited the company’s Czech manufacturing plant last Thursday to assess Hyundai’s European operations as part of a state trip with South Korean President Yoon Seok Yeol. During the trip, Hyundai Motor Group also signed several memorandums of understanding with Czech companies and universities to collaborate on future mobility initiatives, including hydrogen energy and advanced automotive technologies. This was part of a large

MobilitySept. 22, 2024