Samsung under pressure after Intel's foundry spin-off: analysts

Intel, once the world’s leader in both designing and supplying advanced chips, has decided to spin off its chip manufacturing business in part of the efforts to recover from massive losses. For Samsung Electronics, the rival’s spin-off could pose a threat if successful, according to experts here on Thursday. At the same time, Intel’s decision is raising a strategic question for Samsung on how to stay competitive across all fronts of chip design and manufacturing as an integrate

IndustrySept. 19, 2024

Samsung CEO introduces ‘bold growth’ as new target

Samsung Electronics Vice Chairman and co-CEO Han Jong-hee has introduced “bold growth” as the new target to overcome the company's multifaceted crisis and take a leap toward a future-oriented business structure. “We have worked hard to lay the foundation for 'One Samsung' and to enhance synergy across different business units,” the CEO said at the tech giant’s Device eXperience division’s internal event recently held in Suwon, Gyeonggi Province,

IndustrySept. 19, 2024

Hyundai Glovis to gain momentum as global car carrier shortage persists

Hyundai Glovis, South Korea's sole provider of pure car and truck carriers, is expected to increase its global presence as charter rates for automobile-carrying vessels continue to remain high due to a persistent shortage of ships in the global maritime transportation market. According to data from Clarksons Research on Thursday, a UK-based shipping market analysis firm, the average daily charter rate for a 6,500-Car Equivalent Unit (CEU) carrier in the third quarter of this year reached ap

IndustrySept. 19, 2024

LG Electronics partners with Ricoh to bolster B2B push

LG Electronics announced a new partnership with Ricoh, a leading global office solutions company, on Thursday, aiming to strengthen its competitiveness in the global business-to-business market. The memorandum of understanding, signed by Ricoh's President of digital services Takahiro Irisa and Paik Ki-mun, head of LG Electronics' information display business division, focuses on exploring new digital transformation services and expanding their B2B offerings. “We will strengthen

CompaniesSept. 19, 2024

[Photo news] Hana opens foreign customer center

Hana Bank CEO Lee Seung-lyul (fifth from left) and Pyeongtaek B constituency Rep. Kim Hyun-jeong (sixth from left) pose for a photo at the opening ceremony of Pyeongtaek Foreign Customer Center on Thursday. The center aims to improve access to financial services for foreign workers in South Gyeonggi Province, including Pyeongtaek, Hwaseong and Anseong. The new branch will offer customer services like AI-based real-time translation and bank information kiosks. Additionally, Hana Bank’s 16 b

IndustrySept. 19, 2024

Taihan Cable wins W90b cable system supply deal in California

South Korean electric wire and cable maker Taihan Cable & Solution said Thursday it has secured a 90 billion-won ($67.5 million) cable system supply deal in the US. The company has been selected as supplier to US-based LS Power Grid California for 320-kilovolt voltage source converters used in high-voltage direct-current (HVDC) transmission and a 500-kilovolt heating, ventilation and air conditioning (HVAC) power systems. Making its first foray into North America’s high-capacity, long-

IndustrySept. 19, 2024

Daewoong to lead homegrown hyperlipidemia therapy

Daewoong Group announced Thursday that three of its subsidiaries will participate in a government-led project aimed at localizing raw materials for hyperlipidemia treatments amid a growing number of patients suffering from the disease here. Daewoong Pharmaceutical, Daewoong Bio and Daewoong Therapeutics were picked as primary organizers for the 2024 Material and Parts Technology Development Project, an over four year-long scheme initiated by the Ministry of Trade, Industry and Energy. Currently,

IndustrySept. 19, 2024

Fast-food delivery industry logs 23% growth in H1

South Korea's food delivery industry continued to grow this year, with the most prominent increase seen in fast-food delivery services, according to a Thursday report by a local data analysis firm. The value of food delivery services came to 7.87 trillion won ($5.9 billion) in the first half of the year, according to Finda, marking a 6.55 percent increase compared to the same period last year. Fast-food delivery in particular saw a rise of 22.72 percent to come in at 1.72 trillion won for t

EconomySept. 19, 2024

Container shipping costs to US east coast, Europe up for 4th month

Container shipping costs from South Korea to the US east coast and Europe increased for the fourth consecutive month in August amid prolonged geopolitical risks in the Red Sea, data showed Thursday. The average shipping cost for a 40-foot container from South Korea to the US east coast rose 11.9 percent on-month to 8.66 million won ($6,530), according to data from the Korea Customs Service. The cost to Europe increased to 8.06 million won, up 2.8 percent over the same period. On the other hand,

EconomySept. 19, 2024

Seoul shares open lower on US losses after Fed rate cut

Seoul shares opened lower Thursday tracking losses on Wall Street after the Federal Reserve cut interest rates by a half percentage point, the first rate cut in more than four years. The benchmark Korea Composite Stock Price Index fell 0.35 percent, or 8.90 points, to 2,565.51 in the first 15 minutes of trading. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent in an aggressive start to a monetary-easing cycle in the world's biggest economy. The US central bank

MarketSept. 19, 2024

Finance minister says to swiftly take market stabilization measures if needed

Finance Minister Choi Sang-mok said Thursday the government will work closely with the Bank of Korea and swiftly take market stabilization measures if necessary, as the US Federal Reserve cut its interest rates for the first time in over four years. "Following the Fed's monetary policy pivot, the market is moving away from a complex global crisis, which was triggered by excessive liquidity supplied to cope with the pandemic, as well as shocks to the global supply chain caused by the wa

EconomySept. 19, 2024

MBK Partners says no plan to sell Korea Zinc to China

Private equity firm MBK Partners said Wednesday it has no plans to sell Korea Zinc Inc. to China after acquiring a stake in the world's largest zinc smelter. MBK Partners announced last week that it will acquire shares in Korea Zinc through a tender offer, aiming to secure a 15 percent stake in the company with a budget of 2 trillion won ($1.5 billion). The equity firm said the share purchase was agreed upon with Young Poong, the largest shareholder of Korea Zinc, which holds a 33 percent s

IndustrySept. 18, 2024

Exports of instant noodles surpass $800m in Jan.-Aug.

South Korea's exports of instant noodles, also known as ramyeon, were estimated to have reached $800 million in the first eight months of this year, data showed Wednesday. The figure represents a 31.7 percent hike from the January-August period of last year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By country, outbound shipments to China grew 26.9 percent on-year to $160 million and exports to the United States jumped 61.5 percent to $140 million, m

ConsumerSept. 18, 2024

W624b spent on corporate cards for 'lavish entertainment' in S.Korea

South Korea’s high-end entertainment industry marked 624 billion won ($469 million) in sales with corporate credit cards last year, with over half spent in hostess clubs. The sales, supposedly generated for entertainment in business dealings, increased by 61 billion won from the previous year’s 563 billion won and accounted for 0.4 percent of total corporate credit card expenditure, according to the South Korean National Tax Service data submitted to Rep. Park Seong-hoon of the rulin

Social AffairsSept. 18, 2024

Fintech rivals K bank, Toss gear up for IPOs

South Korea’s online banking firm K bank is gearing up for what could be one of the biggest market debuts this year, while its crosstown rival Toss seeks to follow suit in 2025. The country's first internet-only lender K bank is taking the final steps for its listing on the benchmark Kospi at the end of October. K bank said on Sept. 13 it filed a securities registration statement with the Financial Services Commission for review. It plans to offer 82 million new shares, with a target

IndustrySept. 18, 2024

Samsung chief travels to France to encourage young talents

Samsung Electronics Chairman Lee Jae-yong traveled to France to attend the closing ceremony of WorldSkills Lyon 2024, the world’s largest skill championship, in a bid to show support to young talents, the company said Wednesday. Presenting the medals and meeting with Korean competitors at the closing ceremony on Sunday, Lee reiterated the company's commitment to helping youth in their vocational training. "The sweat of the young talents is the foundation of South Korea, a technol

IndustrySept. 18, 2024

Woori injects W100b to support restructuring of high-risk PF projects

Woori Financial Group, one of South Korea’s top five financial conglomerates, announced on Wednesday it created a 100 billion won ($75 million) fund to provide liquidity to the struggling real estate project financing (PF) sector. The fund was raised through contributions from the group’s subsidiaries, with flagship Woori Bank contributing the bulk at 90 billion won. Woori Asset Management, Woori Financial Capital and Woori Investment & Securities each contributed 5 billion won,

IndustrySept. 18, 2024

Hanwha Ocean pledges W1.97tr to strengthen shipyard safety

Hanwha Ocean, a leading Korean shipbuilding and offshore company, announced on Wednesday plans to invest 1.97 trillion won ($1.49 billion) over the next three years to improve safety at its shipyard facilities. "After a thorough review of safety feedback from both internal and external experts, as well as the overall safety conditions at our shipyards, we have determined that a comprehensive overhaul of our current safety management system is needed," said Kim Hee-cheul, CEO of Hanwha

CompaniesSept. 18, 2024

Korean battery makers zero in on global commercial EV market

Korean battery makers Samsung SDI and LG Energy Solution are putting considerable effort into boasting their latest technologies in the commercial electric vehicle sector at the ongoing IAA Transportation 2024 in Hanover, Germany. The IAA, currently being held from Sept. 17-22, is one of the largest auto exhibitions in the world and alternates its focus between passenger and commercial vehicles each year. This year’s theme is commercial vehicles. Samsung SDI has presented a lineup of nex

MobilitySept. 18, 2024

[Photo News] Indian honor

Hyundai Motor has earned its first top employer honor in India from Top Employer Institute, a global human resources certifier headquartered in Amsterdam. Kim Un-soo, managing director of Hyundai Motor India, said the accolade is a testament to the automaker's ongoing commitment to creating an inclusive, dynamic, engaging and rewarding workplace, adding that the recognition reflects Hyundai Motor's "People First" philosophy. Top Employer Institute underlined that Hyundai Moto

MobilitySept. 18, 2024