Pressure mounts on Korean chipmakers as China restricts Micron chip sales

China is banning its key infrastructure firms from buying products made by US memory chipmaker Micron Technology for failing its security probe. The first such critical ban from the Chinese government comes amid its intensifying rivalry with Washington, and has prompted concerns for Korean chipmakers operating their key manufacturing facilities there. The Cyberspace Administration of China said Sunday the US chip manufacturer has failed its network security probe, that company's products po

IndustryMay 22, 2023

Renault to set up R&D center in Busan

Renault Korea Motors said Monday it is setting up a research and development center in the southern port city of Busan, aiming to expand its presence as a strategic export base for the French auto giant. The carmaker signed a memorandum of understanding with the Busan city government and industrial and academic institutions there to join hands in creating an ecosystem for eco-friendly vehicles. Renault Korea Motors CEO Stephane Deblaise, Busan City Mayor Park Hyeong-joon and other officials part

MobilityMay 22, 2023

Samsung-backed Rainbow Robotics seeks bigger footing in US

Rainbow Robotics, in which Samsung Electronics recently secured a total of 14.99 percent stake, is seeking to secure a footing in the US as it participates in this week’s US Automate, North America’s largest automation trade show. The company plans to showcase its five collaborative robots of the RB Series which offer approximately 50 percent less production cost than rivals as it uses its own parts such as actuator, encoder, brake and controller. During the networking event on the s

TechnologyMay 22, 2023

Dongsuh opens pop-up store for Oreo's 111th birthday

South Korean food and beverage manufacturer Dongsuh Foods announced Monday it will operate an Oreo pop-up store in Seongsu-dong, Seoul, until June 18 to mark Oreo Day on May 25. Commemorating Oreo’s 111th anniversary since its launch in 1912, the pop-up store is designed to give consumers a different experience of the brand, celebrating the achievement of becoming the world's No. 1 cookie. The pop-up store consists of a total of three spaces: the Welcome Zone, the Connect Zone and the

ConsumerMay 22, 2023

CJ completes world's largest pizza factory in US

South Korean food giant CJ CheilJedang said Monday that it recently completed the construction of the world's largest pizza production plant in the US state of Kansas, in a bid to ramp up its competitiveness in the all-important market. According to CJ CheilJedang, the company recently added 40,000 square meters to its frozen pizza production facility in Salina, Kansas. With the expansion, the plant now stands on 90,000 square meters of land, marking it the largest frozen pizza production p

IndustryMay 22, 2023

[Photo News] Passion for space

Hanwha Aerospace has unveiled its new uniform with two new emblems that show the Korean company's passion for space. The company said the emblems also represent hope for a successful result in Nuri rocket's upcoming launch set for Wednesday. The circular and shield-shaped emblems were created by Song Ja-in, a Korean designer who headed the costume designs for the 2018 PyeongChang Winter Olympics.

TechnologyMay 22, 2023

[Contribution] Korea embarks on journey towards model digital nation

By Kang Do-hyun Deputy minister of science and ICT Head of ICT policy office We have been running breathlessly. The past 30 years have flown by since the announcement of the High-speed Information Communication Network Construction Plan. As the internet spread and computers proliferated, under the motto, "Let's lead in informatization though we were late in industrialization," Korea created laws and systems suitable for the Information Age, such as the Framework Act on Informati

TechnologyMay 22, 2023

S. Korea's trade balance expected to improve after May: finance minister

South Korea's finance minister said Monday the country's trade balance could improve after May and he expects a gradual recovery of tax revenue down the road as well. "After May, South Korea's trade deficit will decrease, and we can anticipate a completely different performance in the fourth quarter," Finance Minister Choo Kyung-ho told lawmakers during a parliamentary session. The remark came after South Korea's exports fell 16.1 percent on-year in the first 20 day

EconomyMay 22, 2023

S. Korea to send delegation to Europe for talks on stronger economic, biz ties

South Korea will send an economic delegation to Estonia, Lithuania and Finland this week to explore ways to boost cooperation on trade and various new industry fields, such as battery, bio and nuclear power generation, with the respective nations, the industry ministry said Monday. The delegation, led by Deputy Trade Minister Jeong Dae-jin, was to visit Estonia on Monday and have talks with ranking officials there on how to enhance bilateral trade and the industry relationship, according to the

IndustryMay 22, 2023

Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday, led by big-cap tech and auto shares, as talks for the United States' debt ceiling deal were to resume soon. The benchmark Korea Composite Stock Price Index added 9.18 points, or 0.36 percent, to 2,546.97 in the first 15 minutes of trading. US President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Monday to seek a breakthrough regarding their debt ceiling negotiations, according to foreign media reports. On Friday, the negotiation

MarketMay 22, 2023

Exports down 16.1% during first 20 days of May

South Korea's exports fell 16.1 percent on-year in the first 20 days of May due to a prolonged slump in the global chip industry, data showed Monday, with the country's outbound shipments set to lose ground for seven consecutive months. The country's outbound shipments stood at $32.4 billion in the May 1-20 period, compared with $38.6 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 15.3 percent on-year to $36.7 billion during the cited period, resulting

EconomyMay 22, 2023

China says US chip maker Micron failed security review

BEIJING (AFP) -- China's cybersecurity watchdog said Sunday US chipmaker Micron Technology had failed a national security probe and urged all operators of critical information infrastructure to stop purchasing their products as Beijing tightens enforcement of national security and anti-espionage laws. Micron's products "have relatively serious potential network security issues, which pose a major security risk to China's critical information infrastructure supply chain and

TechnologyMay 21, 2023

[From the Scene] Huawei boosting digital security

SHENZHEN, China -- In June 2021, when the COVID-19 pandemic was still rampant, Huawei Technologies opened its largest-ever cybersecurity and privacy protection center in the southern city of Dongguan. Located 40 kilometers away from the Shenzhen headquarters, the Ox Horn campus, a European-themed model village, stretches over a 1.8 square kilometer site that is split into 12 “towns” named after European cities. And the towns are linked by a 7.8-kilometer commuter tram to transport em

TechnologyMay 21, 2023

[From the scene] A glimpse at Huawei’s vision for 5.5G future

SHENZHEN, China -- Chinese tech giant Huawei Technologies last week offered a group of Korean reporters a rare glimpse into its latest communication solutions, especially its vision for 5.5G network service, at its headquarters in Shenzhen, a northeastern city affectionately dubbed the “Silicon Valley of China.” At the headquarters entrance, a huge screen featured portraits of several Western scientists Isaac Newton and Thomas Edition. The sign read in Chinese: “Industry beco

TechnologyMay 21, 2023

[Photo News] Pony-inspired N Vision 74

Hyundai Motor Group Executive Chair Chung Euisun (center) stands next to the N Vision 74 hydrogen hybrid electric vehicle, inspired by the carmaker’s first-ever car model, the Pony coupe, at the prestigious Concorso d’ Eleganza Villa d’Este classic car show held in Lake Como, Italy, Saturday. During the annual event, the carmaker unveiled its recently revived Pony Coupe Concept 49 years after the car made its debut in 1974 at the Turin Motor Show. The N Vision 74 is a test ca

MobilityMay 21, 2023

How rich is the top 1% in Korea?

People in South Korea's top 1 percent net asset bracket had at least around 3 billion won ($2.26 million) in net assets in 2021, according to a local insurance firm’s report, Sunday. Net assets refer to the value of a person’s assets such as houses, cars, investments and cash, minus liabilities. According to Hanwha Life Insurance, individuals who had more than 2.9 billion won in net assets sat in the top 1 percent net asset bracket, while the threshold for the 0.1 percent bracke

EconomyMay 21, 2023

[KH Explains] BOK may opt for another rate freeze

The Bank of Korea is likely to maintain the current base interest rate at its next rate-setting meeting on Thursday, going for a third consecutive rate freeze amid waning inflation and a sluggish economy. The market expects the central bank to maintain the key rate at 3.5 percent, following two previous rate freezes in February and April. Inflation has been coming down in Korea. The consumer price index, a barometer of inflation, showed a 3.7 percent on-year increase in April, falling into the 3

EconomyMay 21, 2023

Kioxia-Western Digital merger talks no immediate threat to Samsung, SK

As the world's No. 2 and No. 4 NAND flash suppliers of Japan and the United States are discussing a potential merger to achieve market prowess, eyes are on how the move will impact the current market leader Samsung Electronics. In a report last week, Reuters said Japan's Kioxia Holdings and the US' Western Digital -- ranked the world's second- and fourth- biggest memory chip makers, respectively -- are reportedly in talks for a merger, renewing their previous discussion from

IndustryMay 21, 2023

American artist wins 1st LG Guggenheim Award

LG Group said Sunday that it awarded the first LG Guggenheim Award to Brooklyn-based artist Stephanie Dinkins, at a ceremony held in New York, Friday. The LG Guggenheim Award is an extension of the LG Guggenheim Art and Technology initiative, a five-year joint project from the Guggenheim and LG to honor, research and promote artists combining technology and art in their works. Dinkins, an art professor at Stony Brooks University, has emphasized the importance of fairness and equality in the digi

IndustryMay 21, 2023

Osstem Implant plans for Kosdaq delisting

South Korea's largest dental implant maker announced Thursday it will discuss the firm's delisting from the secondary bourse Kosdaq at its extraordinary general meeting slated for June 28. Osstem Implant plans to initiate the delisting application process once the resolution is passed at the general meeting that will be attended by private equity funds Unison Capital Korea and MBK Partners, the firm's largest shareholders. The MBK Partners-Unison Capital Korea consortium has acq

MarketMay 19, 2023