Samsung wins first order for cutting-edge 2 nm turnkey chip solution

Samsung Electronics announced Tuesday it has bagged the first order for its new turnkey semiconductor solutions using the cutting-edge 2-nanometer foundry process from a leading artificial intelligence company in Japan. Holding the Samsung Foundry Forum and Samsung Advanced Foundry Ecosystem Forum in Seoul, the chip giant also unveiled its foundry strategy for its advanced Gate-All Around transistor architecture to support the local logic chip industry, as well as the latest AI solutions. Having

IndustryJuly 9, 2024

Korean battery-makers eye turnaround in mass-market EVs

The global battery industry is showing signs of a comeback amid a challenging market, with LG Energy Solution as one of the companies leading the charge. Their advanced nickel-manganese-cobalt batteries, typically reserved for pricier electric vehicles, are set to power upcoming mass-market models such as Kia’s EV3 and General Motors’s Chevrolet Equinox EV, setting the stage for a new era of affordable, high-performance electric vehicles. The past year has been tough for the EV batte

MobilityJuly 9, 2024

Hyundai Motor, Oxford establish Foresight Center

Hyundai Motor Group and the University of Oxford in the UK have established a joint Foresight Center to explore the former's long-term strategies and visions together, the Korean auto conglomerate said Tuesday. "The automotive industry is undergoing a paradigm shift and significant changes in business environments, leading to unprecedented uncertainty," said Kim Gyun, head of Hyundai Motor Group Business Intelligence Institute. "In such times, it is crucial for companies to m

CompaniesJuly 9, 2024

HD Korea Shipbuilding launches translation service for foreign workers

HD Korea Shipbuilding & Offshore Engineering said Tuesday that it developed an artificial intelligence translation technology to support foreign workers. According to the company, the service named AI Agent was developed using generative AI technology and has been implemented at the HD Hyundai Samho shipyard in Yeongam, South Jeolla Province. Combined with the shipbuilder's self-developed messaging app Team Up, the AI Agent translates the messages originally written in Korean to a langu

CompaniesJuly 9, 2024

GS Entec commits W300b to offshore wind power business

GS Group's energy equipment manufacturing arm GS Entec announced Tuesday it plans to invest 300 billion won ($217 million) to transform its offshore wind power structures. The investment includes 214 billion won for the introduction of automated facilities to produce offshore wind power substructures and 86 billion won for the construction of additional buildings over the next two years. Established in 1988, GS Entec originally focused on chemical and oil refining plants. Since 2020, aligni

IndustryJuly 9, 2024

Posco International completes LNG terminal project in Gwangyang

Posco International announced Tuesday the comprehensive completion of its first LNG Terminal in Gwangyang, South Jeolla Province. The construction of the Gwangyang LNG Terminal, comprising six storage tanks, was a major infrastructure project that took nearly 20 years and cost 1.04 trillion won ($755 million). Posco International undertook this project with the aim of creating a stable LNG storage infrastructure based on the company's comprehensive LNG value chain. With its completion, the

IndustryJuly 9, 2024

Hanwha to debut Five Guys in Japan next year

FG Korea, the South Korean operator of US burger chain brand Five Guys, will open its store in Japan in the second half of next year, with plans to launch over 20 locations across the nation within seven years. FG Korea announced on Tuesday that it signed a memorandum of understanding with Five Guys International last month to facilitate Five Guys' entry into the Japanese market. Five Guys was introduced to Korea by Kim Dong-sun, head of Hanwha Galleria strategic management and the third so

IndustryJuly 9, 2024

S. Korea, Thailand launch first round of talks for trade deal

South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut

EconomyJuly 9, 2024

Seoul shares open higher tracking Wall Street

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by technology shares. The benchmark Korea Composite Stock Price Index gained 10 points, or 0.35 percent, to 2,867.76 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to hit record highs as investors scooped up technology shares, including Apple and Nvidia. Investors have been waiting for Federal Reserve Chairman Jerome Powell's congressional testimony and

MarketJuly 9, 2024

Dabeeo's AI technology detects even addition of solar panels of rooftops, accelerating urban change detection projects

Dabeeo, a geospatial information AI technology company, announced its successful completion in June of the '1:1000 Topographic Map Enhancement Pilot Project' promoted by the National Geographic Information Institute of the Ministry of Land, Infrastructure, and Transport. During the 180-day project, the company used AI change detection technology to identify changes in buildings, roads and other features over the 54-square-kilometer area covering from Geumsan-gun, South Chungcheong Prov

TechnologyJuly 8, 2024

4 in 10 Korean companies considering AI investment

Four out of 10 South Korean conglomerates are considering investing in artificial intelligence over the rest of the year, as they expect AI technology would drive production efficiency, a survey by a leading business lobbying group showed on Monday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that 10.6 percent said they set up capital investment plans tied to AI in the s

EconomyJuly 8, 2024

Hana Financial to nurture fintech talents for digital innovation

Hana Financial Group kicked off its financial technology talent nurturing program, “Hana Digital Power On,” Monday, aiming to strengthen digital innovation in the finance sector. Marking its third year, the program seeks to train young talents to develop tech solutions for the financial industry. This year, the finance service provider has put forward the slogan of "Keep Calm and Hana Digital Power On" to encourage program participants. Financial Supervisory Service Gov. Le

IndustryJuly 8, 2024

Seoul shares end 3-day winning streak on profit-taking

Seoul shares closed lower to snap their three-day rise Monday as investors moved to lock in profits. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.47 points, or 0.16 percent, to 2,857.76. Trade volume was moderate at 420.2 million shares worth 9.8 trillion won ($7.1 billion), with gainers outnumbering losers 518 to 344. The Kospi declined as retail investors and institutions sold shares worth 184.2 billion won and 347.6 billion won, respect

MarketJuly 8, 2024

Samsung, SK bet big on glass substrates for AI chips

South Korea's top two conglomerates Samsung Electronics and SK Group are speeding up efforts to secure an early edge in glass substrates, a "game-changer" in chipmaking that could drastically boost the data capacity and speed of semiconductors in the era of artificial intelligence. Their leaders recently visited their respective business sites producing glass substrates, renewing their commitment to the burgeoning area that is highly likely to overcome the limits of conventional p

IndustryJuly 8, 2024

JobKorea launches Klik app for foreign job seekers

JobKorea, a job search platform, said Monday it has launched a separate job search app specifically for foreign national residents, Klik, an acronym for "kick-start life in Korea." This service is intended for residents of foreign nationality in South Korea to find jobs and for domestic companies to recruit foreign national employees, according to the platform. The app can be translated into 28 languages, including English, French, Chinese, Japanese, Malay, Thai, Vietnamese, Indonesian

IndustryJuly 8, 2024

Samsung union begins first strike

Unionized workers of Samsung Electronics launched their first-ever strike Monday, demanding higher pay and warning of potential further action if the country's largest conglomerate does not meet their demands. The National Samsung Electronics Union, the biggest labor union of the conglomerate with over 30,000 members, making up some 25 percent of the workforce, said it kicked off the three-day strike starting with a rally at 11:00 a.m. in front of the main entrance of the company's pla

CompaniesJuly 8, 2024

[Business Diplomacy] Importance of tracking money in politics

The United States and its capital, Washington, DC, have one of the biggest lobbying sectors in the world. Hilary Braseth, executive director of OpenSecrets, a Washington DC-based nonprofit organization specializing in tracking and publishing the money flows in politics, says transparency is integral to lobbying. “In the US, the case for making lobbying legal I believe, or some form of it legal, was on the basis of our Constitution, which some (court rulings) believe that (it’s) the F

CompaniesJuly 8, 2024

Coupang to raise membership fee from Aug. 7

Korean e-commerce giant Coupang said Monday it will raise its membership fee for existing members from 4,990 won ($3.60) to 7,890 won starting Aug. 7, prompting mixed expectations about the impact of the fee hike. This move follows Coupang’s decision to increase its membership fees for new members to the same price of 7,890 won starting on April 13. Coupang counted approximately 14 million members as of last year, more than double the 6 million in 2020 when it launched the membership servi

CompaniesJuly 8, 2024

KT&G CEO stresses open workplace culture

KT&G CEO Bang Kyung-man marked his 100th day in office on Monday by sharing his ambitions for higher performance by fostering a horizontal corporate culture that encourages open communication among employees. "In order to achieve sustainable growth, we need an organizational culture that inspires joy, meaning and motivation in our work," Bang reportedly said in an email sent to all executives and employees. "Let's enhance communication opportunities, eliminate inefficie

IndustryJuly 8, 2024

[Photo News] Broadening Korean presence in Texas

Korea International Trade Association Chairman Yoon Jin-sik (right) receives a proclamation award celebrating the opening of KITA's new office in Dallas from Texas Gov. Greg Abbott during a business luncheon in Seoul on Monday. During the event, Yoon highlighted Korean companies’ contributions to the Texan economy in various areas, including steel, energy and semiconductors. Abbott called for close collaboration between Korean businesses and the US state for mutually beneficial econ

EconomyJuly 8, 2024