Mirae Asset Securities bolsters global expansion with India, Europe push

Mirae Asset Securities, South Korea's largest stock brokerage company, has been achieving feats in global markets through localization schemes coupled with strategic takeovers of local players. As of March this year, it operates a total of 12 overseas subsidiaries, spanning the US, Brazil, the UK, Greece, Mongolia, India, Indonesia, Vietnam, Singapore, Hong Kong and China. In recognition of Mirae Asset Financial Group’s robust global growth, Chairman Park Hyeon-joo is to receive the I

IndustryJune 26, 2024

Leadership change looms at SK Square

SK Square, the investment arm of SK Group, is preparing for a leadership change as part of a drastic operational restructuring across SK companies, according to industry sources on Wednesday. The company plans to hold a board meeting in the coming weeks to appoint a new CEO following its current chief Park Sung-ha’s pending departure. Han Myung-jin, former chief strategy officer of SK Telecom, is cited as one of the CEO candidates, sources said. Park, who took office in March last year, ha

IndustryJune 26, 2024

Mirae Asset Global Investments' global assets exceed W340tr milestone

Mirae Asset Global Investments' assets exceeded 340 trillion won ($244.7 billion), with over 40 percent being managed on behalf of overseas clients, boasting extensive overseas footholds buoyed by its signature exchange-traded funds. In 2003, the firm’s aggressive market expansion began with Mirae Asset Group founder and Chairman Park Hyeon-joo’s long-term vision to stand shoulder-to-shoulder with global investment banking groups like Goldman Sachs and Merrill. “Over the p

CompaniesJune 26, 2024

[Photo News] OB cheers for Korea

Oriental Brewery CEO Ben Verhaert (center, second row), along with former Korean Olympic medalists, cheer for the national team during a special ceremony held at a Seoul hotel on Wednesday, a month ahead of the Paris 2024 Olympics. OB's flagship beer brand Cass plans to carry out marketing activities throughout the Olympics in Korea and abroad. (Oriental Brewery)

IndustryJune 26, 2024

Hyundai Movex hits W300b in overseas orders this year

Logistics solution provider Hyundai Movex has secured some 300 billion won ($215 million) in cumulative overseas orders this year, indicating robust future growth prospects through global business. On June 18, Hyundai Movex signed a price-adjustment contract with Australia's Sydney Metro to install platform screen doors and mechanical gap fillers, increasing the total order value to 77.5 billion won from the 35.7 billion won contract signed in December 2022. The company will install 360 scr

IndustryJune 26, 2024

[Photo News] EV partnership

Posco Future M and General Motors' Korean office celebrated the launch of the Cadillac Lyriq, an all-electric midsize luxury sport utility vehicle, in front of the Posco Group headquarters in Seoul on Wednesday. Top officials from the Korean battery materials producer and American automaker, including Yoo Byeong-og (second from right), CEO of Posco Future, and Hector Villarreal (second from left), chief of GM Korea, celebrated the companies' collaboration in crafting the luxury EV with

MobilityJune 26, 2024

Posco boasts full value chain for secondary batteries

GYWANGYANG, South Jeolla Province -- South Korean steel giant Posco announced Tuesday that it has successfully established a full value chain for secondary battery materials and components. “We anticipate that as the (electric vehicle) market grows, the value of raw materials within the battery supply chain will increase, and thus we plan to accelerate investments focused on high-profit raw materials,” said Baung Jin-chul, vice president of Posco Holdings, during a press conference h

CompaniesJune 26, 2024

New Galaxy foldable phones to debut in Paris on July 10

Samsung Electronics plans to unveil its highly anticipated next-generation Galaxy Z series infusing Galaxy AI at the upcoming event titled "Galaxy Unpacked 2024: Galaxy AI is Here” in Paris on July 10. The Korean tech giant released a teaser trailer through its YouTube channel on Wednesday, offering a tantalizing glimpse into the event that will be broadcast globally. The 15-second clip features iconic imagery of the Eiffel Tower, the Galaxy AI logo and a silhouette of Samsung’s

IndustryJune 26, 2024

SK On wins lithium supply deal with ExxonMobil

SK On said Wednesday that it signed a memorandum of understanding with US oil and gas company ExxonMobil to secure lithium supply. The agreement was finalized Monday at the Fastmarkets Conference, the world's largest conference for lithium and battery raw materials, in Las Vegas. SK On is to receive up to 100,000 tons of lithium produced by ExxonMobil using Direct Lithium Extraction technology from a lithium brine in Arkansas. Under the objective to supply lithium for 1 million electric veh

IndustryJune 26, 2024

[From the Scene] Posco sets path to green metal production

POHANG, South Gyeongsang Province -- A significant experiment is underway at Posco's massive steel-making complex in Pohang, the industrial heart of South Korea, ushering eco-friendliness into the steel industry. A four-story structure, with its safety fences painted in vivid yellow, houses electrode rods and storage for raw ironmaking materials. On Monday, the electric smelting furnace (ESF), which is usually housed within this structure, was temporarily laid out for overhaul separately as

CompaniesJune 26, 2024

[Photo News] Filipino mogul visits Doosan

Doosan Enerbility said Wednesday that Manuel Velez Pangilinan (right), chairperson of Meralco, the biggest electric power distribution company in the Philippines, had visited its headquarters in Changwon, South Gyeongsang Province. The Filipino mogul and his delegation checked out Doosan Enerbility's production capabilities at the latter's nuclear power plant, gas turbine plant and forging shop. Doosan said Pangilinan's visit is expected to expand and strengthen cooperation for en

CompaniesJune 26, 2024

S. Korea to provide W17tr of policy financing for chip industry investment

The finance ministry said Wednesday it will provide low-interest loans of 17 trillion won ($12.22 billion) next month for corporate investment in the semiconductor industry and will push to extend tax benefits for investment in strategic technologies. It is part of execution plans for the comprehensive support package worth 26 trillion won announced by President Yoon Suk Yeol last month and designed to support the key industry amid intensifying global competition. Under the plan, the government

IndustryJune 26, 2024

S. Korea to allow foreign investors' Korean won overdrafts, ease FX regulations

South Korea will allow offshore investors' overdrafts of the Korean currency over the course of foreign exchange transactions and will ease relevant regulations in an effort to improve their access to bond trading and promote investment, the finance ministry said Wednesday. It is part of the government's planned revision to the Foreign Exchange Transactions Regulations, which come along with the envisioned implementation of omnibus accounts by clearing houses Euroclear and Clearstream

EconomyJune 26, 2024

Seoul shares open lower led by tech, financial stocks

Seoul shares opened lower Wednesday as big-cap tech and auto shares started in negative territory. The benchmark Korea Composite Stock Price Index fell 5.23 points, or 0.19 percent, to 2,769.16 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.76 percent, while the Nasdaq Composite and S&P 500 gained 1.26 percent and 0.39 percent, respectively, as megacap tech shares gained ground. In Seoul, tech behemoth Samsung Electronics lost 0.87 percent, while No. 2

MarketJune 26, 2024

Porsche previews Macan Electric in Korea, arriving later this year

Porsche Korea previewed the brand's first all-electric sport utility vehicle, the Macan Electric, in Korea during a media event at Porsche Studio Songpa in southeastern Seoul on Monday. “We are thrilled to announce that the all-electric Macan will be arriving in Korea later this year. It encapsulates the classic Porsche sports car experience in an electric SUV format with extensive range and practicality for the everyday driver,” said Holger Gerrmann, CEO of Porsche Korea at the

MobilityJune 26, 2024

Daewoo E&C extends overseas network to spur growth

Daewoo Engineering & Construction Chairman Jung Won-ju is ramping up efforts to expand the Korean builder’s global network for new business opportunities abroad, the company said Tuesday. According to the company, the chairman has made a total of 19 visits to 15 countries since 2022 when the builder was acquired by Jungheung Group. He also hosted nine meetings with foreign delegates visiting Korea during the same period. Over the past years, Jung visited Nigeria, Vietnam, India and Sin

IndustryJune 25, 2024

Seoul shares close higher on bargain hunting

Seoul shares closed higher Tuesday as investors hunted for bargains, with logistics and automobile shares leading the overall gains. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.66 points, or 0.35 percent, to 2,774.39. Trade volume was moderate at 703.6 million shares worth 11.4 trillion won ($8.2 billion), with gainers outnumbering losers 492 to 375. Foreigners sold a net 143.5 billion won, while individuals offloaded a net 304 billion won

MarketJune 25, 2024

Samsung steps up CXL development with Red Hat-certified infrastructure

Samsung Electronics, the world’s largest maker of memory chips, announced Tuesday it built the industry’s first certified Compute Express Link infrastructure, a crucial step not just for its product verification, but also for creating an open-source ecosystem. Samsung Memory Research Center, located in Hwaseong, Gyeonggi Province, received the certification from Red Hat, the world’s leading open-source solutions provider, which allows the tech giant to directly verify CXL-relat

IndustryJune 25, 2024

Kakao Bank launches Dollar Box forex service

Kakao Bank, the internet banking arm under Korean tech behemoth Kakao, introduced its new Dollar Box feature on Tuesday, in hopes of bringing the US greenback into users' everyday life. “The most sought-after foreign currency in Korea is the US dollar. It is a key currency that is acknowledged as a safe-haven asset to all,” Oh Bo-hyun, who heads the bank’s foreign exchange division, said at a press event held in southern Seoul. “Through Dollar Box, users can use US d

IndustryJune 25, 2024

AmCham seminar explores sustainable mobility

The American Chamber of Commerce in Korea hosted the AmCham Automotive Summit 2024 on Tuesday at the Grand Hyatt Seoul to provide insights into the impact of sustainability initiatives on the automotive industry. Partnered with US applied safety science company UL Solutions and automobile manufacturer General Motors, the event brought together key government officials and industry leaders to explore the vast spectrum of changes within the industry. Under the theme, "Future Mobility Technolo

IndustryJune 25, 2024