SK Networks to invest $30m in SBVA’s AI-focused fund

SK Networks said Friday it will commit $30 million in a $130 million fund formed by SBVA to invest in artificial intelligence startups. It is the second-largest investment among fund participants. The SBVA-led fund -- Alpha Intelligence Fund -- plans to focus on investing in promising early-stage startups in the AI, robotics and deep tech fields. SK Networks, a general trading affiliate of SK Group, which announced its vision as an AI company this year, plans to go beyond fund investment and bus

IndustryAug. 18, 2024

Shinhan opens new Vietnam headquarters

South Korea’s Shinhan Financial Group has opened its new Vietnam headquarters in Ho Chi Minh City’s Thu Thiem financial district, bringing its subsidiaries together under one roof, the company said Sunday. On Thursday, Shinhan’s five Vietnamese subsidiaries — Shinhan Bank, Shinhan Finance, Shinhan Life, Shinhan Securities and Shinhan DS — relocated to The Mett Building, a landmark in the new urban area of Thu Thiem. The opening ceremony was attended by key executive

IndustryAug. 18, 2024

Interpark Commerce seeks debt restructuring following TMON, WeMakePrice

Interpark Commerce filed for a debt restructuring program with the Seoul Bankruptcy Court on Friday, following in the footsteps of two sister e-commerce giants amid a liquidity crisis. The company's request for an autonomous restructuring support (ARS) program came 18 days after TMON and WeMakePrice filed for the same program to negotiate with creditors for rescheduling overdue payments. With Friday's decision, all three Korean e-commerce companies under Qoo10 are now subject to the co

Social AffairsAug. 16, 2024

Fila Holdings continues growth in Q2, boosted by US golf unit Acushnet

South Korean sports apparel firm Fila Holdings reported a jump in second-quarter profits, driven by robust performance from its golf equipment subsidiary and strong brand momentum abroad. According to its recent earnings report Friday, its revenue rose 2.5 percent year-on-year to 1.18 trillion won ($887 million) in the April-June period. Its operating profit surged 52.4 percent to 140.15 billion won. Its US subsidiary, Acushnet, in particular, reported 937.77 billion won in sales, driving up the

IndustryAug. 16, 2024

Celltrion scraps merger plan after investor backlash

Celltrion Group on Friday ditched its planned merger of the two units Celltrion and Celltrion Pharm after months of fierce resistance from shareholders. The two companies announced that they would focus on their core operations and work on creating synergy within their respective firms. The decision comes after a series of evaluations conducted by a special review committee set up by their boards of directors, external studies by accounting firms and shareholder surveys. "We established the

IndustryAug. 16, 2024

Namyang Dairy vows transparency under new ownership

Namyang Dairy Products, one of South Korea's largest dairy companies, is embarking on a major overhaul under new ownership to shed its scandal-ridden past. On Friday, the company’s newly appointed board of directors announced a series of reform measures aimed at rebuilding the company’s reputation and regaining consumer trust. "We're establishing guidelines for law-abiding business practices to prevent illegal activities," said Lee Sang-wook, Namyang's chief compliance dire

IndustryAug. 16, 2024

Seoul shares extend winning streak to 5th day on eased US recession fears

South Korean stocks ended almost 2 percent higher Friday to extend their winning streak to a fifth day, as a series of US data soothed economic slowdown fears. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 52.73 points, or 1.99 percent, to close at 2,697.23. Trade volume was moderate at 375.9 million shares worth 10.8 trillion won ($7.95 billion), with winners slightly outnumbering losers 473 to 412. Foreigners scooped up a w

MarketAug. 16, 2024

SK hynix's DRAM market share rises, buoyed by HBM growth

SK hynix, the world’s No. 2 memory chipmaker, was the only company that elevated its market share in the soaring global DRAM market in the second quarter of this year, according to market tracker TrendForce Friday. In the April-June period, DRAM sales totaled $22.9 billion, a 24.8 percent jump from the previous quarter. Samsung Electronics, the world’s largest memory chipmaker, retained its No. 1 position with $9.8 billion in sales. But the company’s market share slightly decre

IndustryAug. 16, 2024

NeuroBo Pharmaceuticals completes patient enrollment for phase 1 trial for antiobesity drug

NeuroBo Pharmaceuticals, the Nasdaq-listed biotech firm affiliated with South Korean drug maker DongA ST, announced Wednesday the company has completed patient enrollment for the first part of the phase 1 clinical trial for its antiobesity drug, dubbed DA-1726. DA-1726, designed to induce weight loss and glycemic control by simultaneously affecting GLP-1 and the glucagon receptor, is a drug candidate for treating obesity developed as an oxyntomodulin analog. In January, NeuroBo Pharmaceuticals

IndustryAug. 16, 2024

Foreign investors lukewarm on Korea's Corporate Value-up program: Bank of America survey

Nearly 70 percent of foreign investors expect South Korea's government-led Corporate Value-up Program to have minimal or moderate impact on the capital market, according to a recent Bank of America survey. The survey, conducted earlier this month with around 200 Asian fund managers, revealed that 22 percent foresee "no significant impact" from the program, a 6 percent increase from July's results. Meanwhile, 44 percent anticipate a "moderately positive impact," whil

MarketAug. 16, 2024

Top financial regulators of Seoul, Tokyo to meet next month

The top financial regulators of South Korea and Japan are set to meet next month. Korea’s Financial Services Commission Chairman Kim Byoung-hwan is scheduled to meet with Hideki Ito, commissioner of Japan’s Financial Services Agency, in Tokyo in September, according to the FSC on Friday. This marks the first meeting between the newly appointed financial chiefs since both assumed their positions in July. The upcoming bilateral talks follow the revival of the regular meetings between K

EconomyAug. 16, 2024

Korea sees panic selling in used EVs

A mass sell-off of EVs has begun in South Korea, following a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars and sparked proposals to restrict EVs' access to underground parking lots. Since the fire on Aug. 1, the market has been flooded with used EVs. K Car, Korea’s second-largest used car trading platform, reported an 184 percent increase in used EV listings in the first week of August compared to the final week of July. The Mercedes-Benz EQE series, w

MobilityAug. 16, 2024

Seoul shares open sharply higher as US recession woes fade

South Korean stocks opened sharply higher Friday as major US data eased economic slowdown fears. The benchmark Korea Composite Stock Price Index (Kospi) rose 52.43 points, or 1.98 percent, to 2,696.93 in the first 15 minutes of trading. Overnight, major US indexes rallied as the latest retail sales data showed that shoppers are still driving the economy. The Dow Jones Industrial Average rose 1.4 percent, the S&P 500 increased 1.61 percent, and the tech-heavy Nasdaq composite soared 2.34 perc

MarketAug. 16, 2024

Chipmakers cut executive pay on lukewarm sales

Top executives of South Korean conglomerates witnessed ups and downs in their paychecks in the first half of the year, with the semiconductors industry suffering the most drastic cuts due to lukewarm earnings, according to their half-year salary reports Wednesday. Samsung Electronics and SK hynix, the nation’s top two chipmakers, are considered among the highest-paying companies here. But their top executives suffered 20 to 30 percent cuts in their compensation amid a global downturn in ch

IndustryAug. 15, 2024

K-pop stocks struggle amid scandals, sluggish earnings

K-pop powerhouses are grappling with a loss of growth momentum, with Hybe taking the hardest hit amid ongoing scandals. Hybe, home to K-pop sensation BTS, saw its shares plunge 4.56 percent Wednesday, closing at 163,100 won ($120), the lowest since December 2022. This marked the fourth consecutive day of declines, with the stock down 11.2 percent since Aug. 8, despite a brief rally following better-than-expected second-quarter results. Hybe reported record second-quarter sales of 640.5 billion w

IndustryAug. 15, 2024

Hyundai, Kia report zero EV fires from overcharging

Hyundai Motor and Kia on Thursday said there had been no fire incidents due to overcharging their electric vehicles as the automakers emphasized the safety of their battery management system, or BMS, in the wake of consecutive EV fires spreading fears across Korea. The companies dismissed the claims that point fingers at overcharging behind the reason for EV fires, explaining that the BMS closely monitors an EV’s charging status in real-time and works in conjunction with the charging contr

MobilityAug. 15, 2024

Tesla Korea keeps mum about battery suppliers

Tesla, the biggest electric vehicle importer in Korea, is keeping mum about releasing the information about their cars’ battery makers despite the government’s recommendation to do so following a recent series of EV fires. After two EV fires -- one in a Mercedes EQE and the other in a Kia EV6 -- broke out earlier this month, the government on Tuesday decided to recommend domestic automakers and importers to disclose the information of their battery suppliers. Korean automakers Hyunda

MobilityAug. 15, 2024

Samsung faces tougher SE Asia challenge from China

Samsung Electronics has retained its leading position in Southeast Asia’s major smartphone markets, but faces fiercer competition from Chinese rivals with cheaper pricing, according to an industry report Thursday. In the April-June period, Samsung held an 18 percent market share in five major countries -- Indonesia, the Philippines, Thailand, Vietnam and Malaysia -- according to the report by market tracker Canalys. The figure was down by 2 percentage points compared to a year ago, clo

IndustryAug. 15, 2024

[Photo News] AI boost for Samsung sales

Samsung Electronics said Thursday its artificial intelligence-powered home appliances hit 1.5 million unit sales in the January-July period this year. The Bespoke AI Combo washer-dryer and the Bespoke AI Steam robot cleaner were the two top sellers driving up overall sales. (Samsung Electronics)

IndustryAug. 15, 2024

[Photo News] OLED lights up Vietnam

Media art walls, featuring LG Electronics' latest OLED TVs, are displayed at a shopping center in Vietnam on Wednesday. The media art, themed on intelligence and freedom, is a creation by prominent Vietnamese artist group Fustic Studio. The exhibition comes as part of the Korean tech giant's premium marketing push in Southeast Asia. (LG Electronics)

TechnologyAug. 15, 2024