Maserati to set up Korean unit to bolster presence

Italian luxury auto brand Maserati will set up a Korean office on July 1 to strengthen its presence in the local market. Forza Motors Korea, the country’s official importer of Ferrari and Maserati, announced Monday that Maserati’s Korean business will be transferred to the Italian brand’s Korean office, adding that FMK will continue to closely work with Maserati to help smooth business transition and customer support. FMK, a luxury import car affiliate under South Korean conglo

MobilityFeb. 27, 2024

Will SK, Samsung join hands on AI?

Speculation is growing of a possible artificial intelligence alliance between SK Group and Samsung Electronics after SK Chairman Chey Tae-won reportedly requested a deeper discussion with Samsung's mobile business chief Roh Tae-moon during their meeting at the Mobile World Congress in Barcelona this week. On Monday, the opening day of the world's largest gathering of the mobile tech industry, Chey's first MWC destination was Samsung's exhibition booth, where he explored the t

TechnologyFeb. 27, 2024

Arrest warrant sought for SPC CEO

Prosecutors on Tuesday requested an arrest warrant for SPC Group CEO Hwang Jae-bok over allegations of pressuring employees to cancel their labor union membership. The Seoul Central District Prosecutors' Office said that it has sought an arrest warrant for Hwang, who has allegedly violated Korean labor law and engaged in bribery of an investigator. Hwang is accused of trying to force some of PB Partners' employees who joined the umbrella Korean Confederation of Trade Unions to quit the

CompaniesFeb. 27, 2024

[Photo News] Samyang Buldak at MLS opener

Samyang Round Square said Tuesday it sponsored the opening match of the 2024 Major League Soccer season for the LA Galaxy soccer club, which faced off against Inter Miami CF on Sunday, as part of its efforts to expand into the US market. During the game held at Dignity Health Sports Park, LA Galaxy's home stadium in Carson, California, the food company showcased product advertisements featuring its flagship Buldak products on the scoreboard, while also offering its spicy ramyeon products

CompaniesFeb. 27, 2024

Retail sales rise 8.2% in Jan. on robust online performance

Retail sales in South Korea advanced 8.2 percent on-year in January following the robust performance of online platforms, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 15.7 trillion won ($11.78 billion) last month, compared with 14.5 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Offline store sales edged down 0.3 percent last month, as the Lunar New Year holiday fell in February

EconomyFeb. 27, 2024

Paris Baguette opens first store in Hawaii

South Korea's SPC Group said Monday its bakery chain Paris Baguette launched its first store in Hawaii in a bid to boost global brand awareness. With the addition of the new outlet, Paris Baguette now runs 160 stores in the United States. Strategically situated on Bishop Street, a prime location within Honolulu's bustling business district, the opening is a part of the company's international expansion strategy. "Hawaii is a world famous tourist destination that can play a st

CompaniesFeb. 27, 2024

Seoul shares open lower ahead of key US economic data

South Korean stocks started lower Tuesday as investors took a cautious mode ahead of major US economic data releases later this week, including the Federal Reserve's preferred measure of inflation. The benchmark Korea Composite Stock Price Index dropped 4.77 points, or 0.18 percent, to 2,642.31 in the first 15 minutes of trading. Overnight, the US stock market closed lower on profit-taking following a rally last week. Investors were also taking a wait-and-see mode ahead of the release of th

MarketFeb. 27, 2024

Ex-ministry official to join Hyundai’s global policy team

Hyundai Motor Group said Sunday that Woo Jung-yeop, a former director-general for strategy at South Korea's Ministry of Foreign Affairs, is joining its Global Policy Office as a senior vice president. This appointment, effective Monday, is part of Hyundai's efforts to strengthen its response to global economic challenges, particularly in light of the US Inflation Reduction Act and the forthcoming US presidential election. The Global Policy Office at Hyundai, led by executive vice presi

MobilityFeb. 26, 2024

SKT-led global AI alliance to form JV

A global alliance led by South Korean mobile carrier SK Telecom agreed to establish a joint venture within the year to develop large language models tailored to the needs of telecommunications companies. The Global Telco AI Alliance, which was launched in Seoul in July last year, held its inaugural meeting at the Mobile World Congress 2024, the world’s largest mobile tech show, in Barcelona, Spain, on Monday, with SoftBank joining as a new member. The key attendees of Monday’s meetin

TechnologyFeb. 26, 2024

CJ CheilJedang's instant rice sets sales record on overseas demand

South Korean food giant CJ CheilJedang's cooked rice product line, Hetbahn, achieved record-breaking annual sales of 850.3 billion won ($639 million) in 2023, significantly contributing to the growth in global sales, the firm announced Monday. Based on the firm's report, Hetbahn’s overseas sales last year surged by 21 percent and domestic sales grew by 1.4 percent compared to 2022. In the fourth quarter of 2023 alone, total sales increased by 9 percent on-year. Last year, Hetbahn

CompaniesFeb. 26, 2024

Korea's BBQ Chicken tops US fast-food chicken ranking: magazine

In a significant achievement for South Korean cuisine, BBQ Chicken has topped a fast-food chicken ranking in the United States, the Korean fried chicken franchise announced Monday. Genesis BBQ Group, the franchise operator, said BBQ was selected as No.1 fast-food chicken by a prestigious American food magazine "Taste of Home." Founded in 1993, Taste of Home is a US media outlet specialized in food with a readership of 1.9 million and average monthly website traffic of 20 million visits

IndustryFeb. 26, 2024

[KH Explains] Will Yoon's 'value-up' drive end Korea discount?

South Korean authorities on Monday introduced a set of measures encouraging listed companies to boost their valuation as a part of efforts to shake off the so-called “Korea discount” which has been haunting the local capital market for decades. Under the “corporate value-up program,” firms listed on the Korean stock market will be advised to disclose their plans to enhance corporate value and shareholder returns while releasing related financial metrics for better communi

EconomyFeb. 26, 2024

Seoul shares down on disappointing 'value-up' program

South Korean stocks closed lower Monday as investors dumped local shares on the government's weaker-than-expected plans to boost corporate value. The Korean won edged down against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.62 points, or 0.77 percent, to close at 2,647.08, ending a two-day winning streak. Trade volume was heavy at 519.6 million shares worth 10.8 trillion won ($8.1 billion), with decliners sharply beating gainers 657 to 231. Institutions and individuals

MarketFeb. 26, 2024

Hyundai E&C share jumps on potential Bulgarian deal

Hyundai Engineering & Construction shares jumped Monday as the company has been tapped as the preferred bidder for a $14 billion worth nuclear plant project in Bulgaria. The builder's shares ended at some 34,000 won ($25.5) on Monday, around 2 percent higher than last week. On Sunday, the company said that it has been selected as the preferred bidder for a nuclear plant project to build two nuclear reactors, with a combined capacity of 2,300 megawatts (MW), in Kozloduy, located around 2

IndustryFeb. 26, 2024

Samsung joins global AI-RAN alliance to lead 6G technology

Samsung Electronics said Monday it has formed an alliance with global Big Tech firms to research sixth-generation technology and create an ecosystem through the convergence of artificial intelligence and wireless communication technologies. The AI-RAN alliance was officially launched at the Mobile World Congress 2024, the world’s largest mobile tech show, in Barcelona, Spain, earlier in the day, with 10 telecommunications and software companies and one university as its founding members. B

TechnologyFeb. 26, 2024

New regulation on housing loans comes into force

South Korea has tightened household debt regulations with the introduction of "stress interest" to the debt service ratio system across the banking sector, effective Monday. The Financial Services Commission has implemented the stress DSR system, which imposes surplus interest -- called stress interest -- to reflect potential future interest rate hikes when the borrower executes the loan. The DSR gauges the amount a borrower has to pay for principal and interest relative to annual inco

IndustryFeb. 26, 2024

[KH Explains] India: Make-or-break market for Krafton

South Korean game developer Krafton logged surprise earnings in the fourth quarter of last year thanks to the revival of PUBG: Battlegrounds, a battle royale shooter game. In particular, Kratfon highlighted the rise of Battlegrounds Mobile India, or BGMI, as one of the key factors that drove the revenue upturn during the conference call on Feb. 8. BGMI was launched in India as a country-dedicated mobile version of PUBG in July 2021. The game developer said that BGMI quickly recovered after the g

IndustryFeb. 26, 2024

Zuckerberg to discuss developing mixed reality headset with LG chief

Mark Zuckerberg, CEO of Meta, formerly Facebook, is expected to meet with LG Electronics CEO Cho Joo-wan to discuss joint development of an advanced mixed reality headset, according to industry sources on Monday. LG Electronics said it is currently arranging a meeting of the two leaders, as Zuckerberg is planned to visit Seoul this week. "We are currently arranging the meeting, but nothing has been decided yet," an LG official said. While details of his trip is unknown, the most likely

IndustryFeb. 26, 2024

Posco International to expand motor core plants in Mexico, Poland

Posco International's new president, Lee Kye-in, has initiated the global expansion of the traction motor core business by establishing operations in Poland and Mexico as his inaugural strategic move. At a board meeting on Friday, the trading arm of the Posco Group authorized the establishment of a new facility in Poland and its second plant in Mexico, a big step toward its output goal of 7 million traction motor cores a year by 2030. Motor cores are a central component in electric motors a

IndustryFeb. 26, 2024

[Photo News] Urban air mobility

Visitors try out KT's Urban Air Mobility service at MWC 2024, which kicked off in Barcelona, Spain, Monday. At this year's connectivity tech show, the mobile carrier showed off its air mobility technologies and services, including Urban Air Traffic Management system, and 5G service Skypath. (KT)

IndustryFeb. 26, 2024