Trump presidency to boost Korea-US chip alliance: Heritage Foundation VP

Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore

EconomyAug. 27, 2024

SK Innovation, E&S to merge into W100tr energy giant

SK Innovation and SK E&S, two major energy affiliates of the country's second-largest conglomerate SK Group, received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated entity with assets over 100 trillion won ($75 billion). Some 85.76 percent of the attendees at SK Innovation's extraordinary general shareholders meeting voted in favor of the merger. The merger was approved by SK E&S shareholders, too. SK Inc., the group&rsqu

IndustryAug. 27, 2024

80% of young Korean workers turn to AI for solutions: report

A recent report showed that artificial intelligence technology is a go-to tool in the workplace for an overwhelming majority of young adults in South Korea, who favor AI at a far greater rate than their counterparts in other countries. Samsung Electronics released "The 2024 AI-Preneur Effect" looking into how Gen Z is using cutting-edge technology to boost their careers, and it showed 80 percent of young people in Korea are dependent on AI as a go-to resource. Following the Koreans wer

TechnologyAug. 27, 2024

Fubon Hyundai Life solidifies foothold in Korea

Fubon Hyundai Life Insurance, the Korean unit of Taiwan's Fubon Financial Group, is making steady progress in solidifying its foothold in South Korea under the robust leadership of CEO Lee Jae-won. Establishing a presence in Korea is no easy task for a minor foreign insurer, yet Fubon Hyundai Life has been on an upward growth trajectory as it approaches its sixth anniversary next month. Notably, the company has effectively shifted from a sole focus on retirement pensions to offering more di

IndustryAug. 27, 2024

JB Financial Group's Kwangju Bank, Toss Bank launch joint loan product

Kwangu Bank, a South Korean bank affiliated with JB Financial Group, announced Tuesday the company has teamed up with Toss Bank, the internet-only lender, to launch the nation's first joint loan product. Kwangju Bank expects synergy by combining its know-how about private loans with Toss Bank’s extensive mobile platform. The new loan product, called Together Loan, also earned recognition as an innovative financial service from the Financial Services Commission in June. Customers can a

IndustryAug. 27, 2024

LG CNS to nurture DX talent in partnership with SNU

Korean IT service provider LG CNS said Tuesday the company has signed a memorandum of understanding with Seoul National University to nurture tech talents specialized in digital transformation or DX. Under the partnership, LG CNS will set up new talent training programs for SNU's master course in industrial engineering. The areas of study include mathematical optimization, artificial intelligence, big data and business consulting. The company will select top performers in the course next ye

IndustryAug. 27, 2024

[Photo News] Supporting Paralympians

From left: Boccia players from South Korea Kang Sun-hee and Jeong So-yeong, Kurt Busk, a wheelchair rugby player from Denmark, International Paralympic Committee President Andrew Parsons and Jordan Luce, a wheelchair basketball player from France, pose for a photo at Samsung Electronics' pop-up zone at the Olympic and Paralympic Village in Paris ahead of the 2024 Paralympic Games that kick off Wednesday in the French capital. Samsung has been the official Olympic partner for 18 years. The t

IndustryAug. 27, 2024

Samsung, Qualcomm team up for car chips

Samsung Electronics, the world's No. 1 memory chipmaker, said Tuesday that it has partnered with US chip giant Qualcomm Technologies to produce advanced chips for diverse automotive solutions. The Korean tech giant said its latest automotive LPDDR4X memory has been successfully qualified for use with Qualcomm’s Snapdragon Digital Chassis. The product is set to be applied in premium in-vehicle infotainment and advanced driver-assistance systems. Samsung’s automotive LPDDR4X quali

TechnologyAug. 27, 2024

[Photo News] Hana global workshop

Hana Financial Group hosted a two-day workshop starting Monday at the Hana Global Campus in Incheon, focusing on global strategies and corporate culture to enhance employee capabilities and reinforce the company's commitment to customer-centric service. The seminar was attended by 29 employees from 19 countries. The picture shows Hana Financial Group Vice President Lee Eun-hyung (center) with the global participants. (Hana Financial Group)

IndustryAug. 27, 2024

Another tight year ahead for Korea in 2025 with 3.2% budget increase

The Ministry of Economy and Finance has proposed a 677.4 trillion won ($509.2 billion) budget for next year, focusing on fiscal consolidation while bolstering public welfare and investing in strategic emerging industries. The budget, proposed by the finance ministry and endorsed by the Cabinet on Tuesday, represents a 3.2 percent hike from this year, reflecting the government's commitment to spending control and improved fiscal health. "Once known for its strong fiscal soundness, Korea

EconomyAug. 27, 2024

Hanwha Ocean’s H1 orders soar on high-value LNG vessels

Korean shipbuilding and offshore company Hanwha Ocean said Tuesday that it has secured some $5.07 billion in orders in the first half of this year with a strategic focus on high-value vessels such as LNG carriers. Under the contracts, Hanwha will build 26 high value-added ships – 16 LNG ships, two very large ammonia carriers (VLAC), one very large gas carrier (VLGC) and 7 very large crude oil carriers (VLCC) – scoring the highest contract amount in the merchant ship sector among dome

IndustryAug. 27, 2024

Seoul shares open lower on US tech losses

South Korean shares opened lower Tuesday, tracking an overnight tech slide on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.74 points, or 0.44 percent, to 2,686.27 in the first 15 minutes of trading. Overnight, major US indexes closed mixed as the Dow Jones Industrial Average increased 0.16 percent, while the S&P 500 and tech-heavy Nasdaq composite fell 0.32 percent and 0.85 percent, respectively. Artificial intelligence chip giant Nvidia slid 2.25 percent ahea

MarketAug. 27, 2024

[Graphic News] Korean food exports rise 9.2%

South Korea’s exports of foodstuffs rose 9.2 percent on-year in the first seven months of 2024, data showed, led by sharp growth in instant noodle and processed rice products. Outbound shipments of food products came to $5.67 billion over the January-July period, compared with $5.18 billion tallied a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. By product, exports of instant noodles jumped 34 percent over the period to hit $699 million, with those of sn

MarketAug. 27, 2024

Korean export delegation visits Vietnam to enhance agricultural trade

A South Korean export delegation arrived in Vietnam on Monday for a weeklong trip aimed at promoting high-quality Korean agricultural products and facilitating their entry into the Vietnamese market. Led by officials from the Ministry of Agriculture, Food and Rural Affairs, the delegation includes a diverse range of exporters, such as manufacturers of fertilizers, eco-friendly agricultural chemicals, agricultural equipment, animal feed and machinery. Since 2018, the ministry has consistently s

ConsumerAug. 26, 2024

Franchises account for 70% of Korean chicken eateries: data

Crispy, double-fried, and an inseparable companion to cold beer, fried chicken is South Korea's beloved go-to snack for everything from sports viewing to late-night hangouts. But the country's $5.7 billion fried chicken industry, the world's third largest behind the United States and China, is showing signs of market saturation with a growing franchise dominance. Recent data from the Korea Fair Trade Commission and Statistics Korea paint a picture of a sector in flux as major fran

ConsumerAug. 26, 2024

[Photo News] Samsung fosters tech talent

A student makes device components as part of a polymechanics task in the 59th National Skills Competition at Kumoh Technical High School in Gumi, North Gyeongsang Province, Monday. Samsung Group has been providing 250 million won ($188,000) every year since 2007 to sponsor the annual event aimed at fostering young talent. The conglomerate has so far hired 1,600 high school graduates who showed excellent performance at the competition in affiliates including Samsung Electronics and Samsung Displa

IndustryAug. 26, 2024

[KH Explains] Regulatory scrutiny, investor unrest heighten pressure on Doosan’s restructuring

Doosan Group is under intense scrutiny as it struggles to win investor confidence in its proposed governance overhaul. This comes amid growing speculation that the plan could collapse due to discrepancies between the proposed share purchase warrant prices and the company’s current stock prices. The situation has been worsened by regulatory pressures and increasing dissatisfaction among investors, leading to a dip in the stock prices of several Doosan subsidiaries. On Aug.19, shares of Doos

CompaniesAug. 26, 2024

Hyundai-Kia climb to top credit ranks among global automakers

Hyundai Motor Company and Kia have just secured their place among the world’s most financially sound automakers. According to industry sources Monday, both companies received A ratings from the world’s three major credit rating agencies -- Moody's, S&P and Fitch. This positions Hyundai and Kia alongside just three other automakers -- Mercedes-Benz, Toyota and Honda -- that have earned A ratings from all three major credit rating agencies. Credit ratings from these agencies i

MobilityAug. 26, 2024

Seoul shares down for 2nd day after Fed chief's remarks; won at over 5-month high

South Korean shares closed slightly lower for the second straight day on Monday as investors sought to cash in on recent gains after Federal Reserve Chair Jerome Powell hinted at a potential rate cut next month. The local currency rose to its highest level in over five months against the US dollar. The benchmark Korea Composite Stock Price Index lost 3.68 points, or 0.14 percent, to close at 2,698.01. Trade volume was moderate at 329 million shares worth 8.97 trillion won ($6.77 billion), with l

MarketAug. 26, 2024

HD Hydrogen acquires fuel cell company Convion

HD Hydrogen, a recently established hydrogen fuel cell subsidiary of HD Korea Shipbuilding & Offshore Engineering, recently acquired Finnish fuel cell firm Convion at 72 million euros ($81 million), HD KSOE said Monday. Established in 2012, Convion specializes in manufacturing solid oxide fuel cells, or SOFC, and solid oxide electrolyzer cells, or SOEC, both of which are key technologies for hydrogen energy. According to HD KSOE, the intermediate holdings company under Korean shipbuilding co

CompaniesAug. 26, 2024