Samsung to help local logic chip designers save prototype costs

Samsung Electronics’ semiconductor chip foundry business looks to help select smaller chip design houses to create prototypes and validate the pre-production concepts of their own chips. According to the Ministry of SMEs and Startups, Samsung will offer multi-project wafer shuttle services to five fabless companies -- DeepX, GLS, SKAi Chips, Semibrain and Raontech -- with the government partially subsidizing the program. The five startups were chosen after a monthlong selection process.

IndustryJuly 27, 2022

Seoul shares up for 3rd day ahead of Fed's rate decision

South Korean stocks advanced for a third straight session on Wednesday ahead of the US Federal Reserve's rate-decision meeting slated for later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.57 points, or 0.11 percent, to close at 2,415.53 points. Trading volume was moderate at about 324 million shares worth some 6.9 trillion won (US$5.3 billion), with gainers outnumbering losers 492 to 336. Institutions sold a net 55

MarketJuly 27, 2022

Retailers end early-morning deliveries, citing high costs

Despite the pandemic-triggered e-commerce boom, some South Korean retailers have begun shutting down early-morning deliveries, saying that the cutthroat competition for early bird customers has led to increased operating costs. GS Fresh Mall, an online shopping mall under GS Retail Group, said Wednesday it plans to suspend its early-morning delivery service starting July 31. The company said it has decided to stop the service because of the large cost of additional payrolls for couriers, and

ConsumerJuly 27, 2022

Hyundai Motor to join moon surface exploration

Hyundai Motor and its sister company Kia signed a joint research agreement Wednesday with six government-funded research institutes that encompass aeronautics and space capabilities to develop mobility for moon surface exploration, the companies said Wednesday. Through this joint research, they will not only develop technologies needed to make mobility for moon surface exploration but also come up with specific strategies and methods to operate such mobility on the harsh environmental and geogr

IndustryJuly 27, 2022

SK hynix logs record quarterly sales, but to review investment plan

SK hynix on Wednesday reported a record high quarterly sales of 13.81 trillion won ($10.6 billion) from the April to June period, but said it would review next year’s investment plans, citing the global economic uncertainties and weakening market demand. The world’s second-largest memory chipmaker also saw its operating profit increased by 47 percent from the previous quarter to 4.19 trillion won. “Although the prices of DRAM products decreased in the second quarter, the pric

IndustryJuly 27, 2022

New South Wales PM meets businessmen in Seoul at AustCham event

The Australian Chamber of Commerce in Korea said Wednesday that it hosted a business breakfast for Dominic Perrotte, premier of New South Wales in Seoul, on Monday. During the event, which was attended by more than 100 senior business representatives, the premier highlighted the importance of South Korea to NSW and provided an economic update of the Australian state to the participating corporate stakeholders. The Premier also highlighted the resilience of NSW‘s economy and delivered a

IndustryJuly 27, 2022

Coins ‘luna, terraUSD had obvious design flaws’: crypto pioneer

When algorithmic stablecoin terraUSD and its sister luna was introduced in 2018, it was widely touted as “revolutionary.” Now, the algorithmic disaster that has sent shockwaves across the cryptocurrency market was one that was “waiting to happen,” according ethereum founding member and crypto entrepreneur Joel Dietz. “It’s a project that had obvious design flaws,” Dietz told The Korea Herald in an interview conducted by video. “When I saw them

MarketJuly 27, 2022

LG Energy Solution raises growth target on upbeat demand

LG Energy Solution on Wednesday announced an upgraded growth plan consisting of a threefold growth in sales and a two-digit operating profit ratio in the next five years. This year’s sales target has also been elevated to 22 trillion won ($17 billion) from 19.2 trillion won. The ambitious plan comes as the world’s second-largest battery maker for electric vehicles reported its second-quarter earnings earlier in the day. In the April-June period, the company posted 5.1 trillion wo

IndustryJuly 27, 2022

LG Chem to supply cathode active materials to GM for 8 years

South Korean battery material firm LG Chem announced Wednesday plans to supply at least 950,000 tons of cathode active materials used for electric vehicles to General Motors over the next eight years, which would be enough for some 5 million units. Under the long-term supply agreement, LG Chem will supply cathode materials of nickel, cobalt, manganese and aluminum -- which represent about 40 percent of the cost of a battery cell -- starting the second half of 2022 through 2030. According to

IndustryJuly 27, 2022

[Newsmaker] SK chief unveils $22b investment plan in meeting with Biden

SK Group Chairman Chey Tae-won on Tuesday (US time) announced South Korea’s second-largest conglomerate’s new $22 billion investment plan in the US in his meeting with President Joe Biden at the White House. Biden in return touted SK’s new multi-billion dollar commitment as one of the “most significant investments” ever seen in the US. “We are announcing another $22 billion in new investment in the US,” Chey told the US president. “All this m

TechnologyJuly 27, 2022

LS Cable eyes global undersea cable market

LS Cable & System is expanding investment and tapping into new markets for undersea cables amid a rapidly growing demand for offshore wind power generation, which requires high-quality subsea cables, as countries began executing policies for carbon neutrality. Early this year, LS Cable inked a deal worth 350 billion won ($266 million) to supply undersea cables for wind power in North America. Demand for subsea cables is expected to grow further as US President Joe Biden announced earlier

MobilityJuly 27, 2022

Number of trading firms hits record high in 2021

The number of trading firms in South Korea touched a fresh all-time high in 2021 on brisk exports and imports, government data showed Wednesday. Asia's fourth-largest economy had 253,058 trading companies last year, up 4.1 percent from a year earlier, according to the data from the Korea Customs Service. The value of their trade also spiked 28.1 percent on-year to a new record of $1.23 trillion. The number of exporting companies shrank 2.5 percent on-year to 95,640, but the value of their e

EconomyJuly 27, 2022

Seoul shares open nearly flat ahead of Fed's rate decision

South Korean stocks opened nearly flat Wednesday as investors took to the sidelines ahead of the US Federal Reserve's rate-decision meeting. The benchmark Korea Composite Stock Price Index slipped 0.81 point, or 0.03 percent, to trade at 2,412.15 points in the first 15 minutes of trading. The US Fed is set to announce the results of its two-day monetary meeting results Thursday (Korean time). Overnight, the US stock market closed lower. The Dow Jones Industrial Average fell 0.71 percent, an

MarketJuly 27, 2022

Assets of 8 key financial groups nearly double over decade

Major financial groups in South Korea have seen their assets almost double over the past decade on the back of their push for business expansion, data showed Wednesday. The country's eight financial groups had 3,221.7 trillion won ($2.46 trillion) as of the end of 2021, up 95 percent from 2012, according to the data from corporate tracker CEO Score. The eight financial groups are KB, Shinhan, Hana, Woori, NH Nonghyup, Mirae Asset, Meritz and Korea Investment Holdings. In particular, their o

MarketJuly 27, 2022

ABS issuance down 32% in H1

The issuance of asset-backed securities (ABSs) in South Korea shrank 32 percent on-year in the first half of this year due to decreased sales of mortgage-backed securities, data showed Wednesday. The ABS issued during the January-June period came to 24.1 trillion won ($18.4 billion), down 11.3 trillion won from a year earlier, according to the data from the Financial Supervisory Service. ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student l

EconomyJuly 27, 2022

Expected inflation hits record high, consumer sentiment dips to 21-month low, in July

Expected inflation in South Korea hit a record high in July amid rising energy and commodity costs, while consumer sentiment fell to the lowest point in 21 months, central bank data showed Wednesday. Expected inflation, an index gauging 12-month consumer price gains, hit a 4.7 percent, the highest since 2008 when the central bank began compiling related data, according to the Bank of Korea (BOK). The July's expected inflation was up from the previous month's figure of 3.9 percent, the data showe

EconomyJuly 27, 2022

Korea’s growth outlook darkens over poor exports, rising prices

South Korea entering the fog of economic uncertainty became more obvious on Tuesday with the International Monetary Fund revising down the country‘s growth forecast and figures showing that trade deficit for the export-led economy is worsening. In its latest world economic outlook report, the IMF revised down its prediction on the gross domestic product growth of Korea by 0.2 percentage point from its earlier suggestion of 2.5 percent to 2.3 percent, citing the global inflationary pressu

EconomyJuly 26, 2022

IMF cuts Korea’s growth prediction to 2.3%

SEJONG -- The International Monetary Fund on Tuesday forecasted that the growth of the South Korean economy would stay under 2.5 percent in 2022 and 2023, respectively, in the wake of global inflationary pressure, China’s economic slowdown and the war between Ukraine and Russia. In its latest world economic outlook report, the IMF revised down its prediction on the 2022 gross domestic product growth for South Korea by 0.2 percentage point from its earlier suggestion of 2.5 percent to 2.3

EconomyJuly 26, 2022

Poor exports darken outlook for South Korea’s growth

South Korea’s worsening trade deficit is raising concerns over a growth slowdown for the export-led economy, despite unexpected growth reported in the second quarter. The Bank of Korea said Tuesday that gross domestic product for April-June rose 0.7 percent on-quarter, higher than the 0.6 percent growth in the first quarter -- fueled by the government’s decision to scrap practically all COVID-19 restrictions. “Consumer spending pushed up growth in the second

EconomyJuly 26, 2022

[Market Eye] Could banks trade crypto in Korea?

South Korea’s top financial regulator is looking to allow banks to start trading cryptocurrencies, but experts are wary of whether the agency is as committed to protecting consumers along the way, saying it has so far shown little interest in pursuing it. The latest plan the Financial Services Commission revealed last Tuesday is part of its larger deregulation initiative to loosen rules that prevent banks from expanding into businesses the agency has not authorized, such as initial coin

EconomyJuly 26, 2022