SK hynix to mass-produce GDDR7 DRAM chip in Q3

SK hynix, the world's second-largest memory chip maker, on Tuesday unveiled its next-generation GDDR7 graphics memory chip that boasts the industry’s most outstanding performance in terms of operating speed and power efficiency. The company said it will start mass production in the third quarter. GDDR is a type of high-performance memory commonly used in graphics cards. It has recently gained popularity as graphics cards are increasingly used to power artificial intelligence workloads

TechnologyJuly 30, 2024

[Business Diplomacy] As Trump targets EVs, Hyundai-Kia shifts gears to hybrids

“I will end the electric vehicle mandate on day one.” With Donald Trump gaining traction as the Republican presidential candidate, this declaration at the Republican National Convention in Milwaukee on July 18 has sent ripples of concern through the South Korean automotive and battery industries. The potential implications of Trump’s return to the White House, coupled with his protectionist and anti-EV stance, have companies like Hyundai-Kia and major Korean battery makers brac

MobilityJuly 30, 2024

STX Heavy rebranded as HD Hyundai Marine Engine

Korean marine engine maker STX Heavy Industries has officially been rebranded as HD Hyundai Marine Engine under the umbrella of HD Hyundai. At a shareholders' meeting held on Tuesday, all proposed agenda items were approved, including amendments to the articles of association, a name change and the election of new directors. President Kang Young, appointed as the first CEO, brings a wealth of experience from his tenure at HD Hyundai Heavy Industries, where he joined in 1992. He has held var

IndustryJuly 30, 2024

Geely’s top brass visit SK to speed up EV partnership

SK Group and SK On are reportedly fast-tracking their collaboration with China’s Zhejiang Geely Holding Group, a leading multinational automotive conglomerate. Industry sources reported that executives from Geely Auto responsible for technology, research and development, and international cooperation, visited SK Building headquarters in Seoul on Monday. The delegation, which included the CEO of Zeekr, Geely Auto’s premium EV brand, met SK Group Executive Vice Chairman Chey Jae-won an

MobilityJuly 30, 2024

Lotte Wellfood eyes W1tr in snack sales in India

Lotte Wellfood announced Tuesday it plans to merge its Indian subsidiaries, Lotte India and Havmor Ice Cream, to improve operational efficiency and enhance its presence in the Indian market. According to the company, the boards of both affiliates approved the decision in meetings held Monday. Under the merger agreement, Lotte India will acquire Havmor Ice Cream, and both brands will continue their product lines. "Lotte Wellfood has decided to create a combined entity in India to enhance our

CompaniesJuly 30, 2024

Toss Securities to launch US subsidiary this year

Toss Securities, a brokerage arm under financial technology giant Viva Republica, announced Tuesday that it plans to establish a subsidiary in the US to explore further business opportunities in the country. The US entity, a 100 percent-owned subsidiary of Toss Securities, will be founded within this year under the name of Toss Securities Americas. The establishment was approved through a board meeting of the brokerage unit. Toss Securities Chief Financial Officer Kim Kyung-soo is to serve as th

IndustryJuly 30, 2024

Vine Group secures bigger footing in Japan

Vine Group said Tuesday that its Japanese subsidiary Vine Japan successfully expanded business operations in Osaka, Japan. Since its establishment in 2017, Vine Japan has diversified its operations from rental services to include hotels, trade, and the food and beverage sector. Vine Japan entered the hotel industry by acquiring Hotel Links Namba in 2018. In 2019, it acquired WBF Hotel and rebranded it as Hotel Vine Osaka, enhancing customer satisfaction with a Korean boutique hotel concept. Amid

IndustryJuly 30, 2024

[Photo News] Celebrating Victory

Hyundai Motor Group Executive Chair Chung Euisun (center), who serves as the president of the Korea Archery Association, celebrates the South Korean national archers' gold medal in the men's archery team event at the 2024 Olympic Games in Paris on Monday. The trio of Kim Woo-jin, Kim Je-deok and Lee Woo-seok beat the French national team in the final match at the Invalides stadium, marking Korea's third title in the men's archery team event at the Olympics. Hyundai Motor Grou

CompaniesJuly 30, 2024

Seoul shares open lower ahead of Fed rate decision, earnings

Seoul shares opened lower Tuesday, following a mixed close on Wall Street, as investors await the Federal Reserve's rate decision and earnings from major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) fell 19.99 points, or 0.72 percent, to 2,745.54 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.1 percent to 40,539.93 points, but the tech-heavy Nasdaq rose 0.07 percent to 17,370.20. This week, all eyes are on the Fed's policy

MarketJuly 30, 2024

[Graphic News] S. Korean cosmetics exports hit record high in H1

Korean cosmetics exports surpassed $4.8 billion in the first half of 2024, setting a new record for beauty product exports within the first six months of a year. The figure is an 18.1 percent increase from the same period last year, according to the Korea Customs Service. This milestone surpasses the previous semiannual record of $4.63 billion set in the first half of 2021. During the first half of this year, cosmetics imports amounted to $850 million (1.2 trillion won), resulting in a trade s

MarketJuly 30, 2024

JobKorea, Hirediversity team up to assist foreign job seekers

JobKorea, a job search platform, said Monday it has joined forces with Hirediversity, a local administrative service platform intending to assist foreign national job seekers. The partnership aims to streamline the administration process for foreign nationals interested in working in Korea by leveraging Hirediversity's expertise in immigration administration support and data management. The collaboration will provide administrative support and customized recruitment information, with the ai

IndustryJuly 29, 2024

TMON, WeMakePrice file for court receivership amid liquidity crisis

  TMON and WeMakePrice, e-commerce platforms of the Singapore-based Qoo10, filed for court receivership Monday, officials said, amid continuing liquidity woes due to the firms' delays in repaying vendors operating on their platforms. The two South Korean marketplaces have been in crisis after failing to make payments to their vendors amid the liquidity issues of their owner, Qoo10, reportedly due to aggressive merger deals. Their unpaid bills came to around 210 billion won (US$151.7 million

IndustryJuly 29, 2024

Seoul shares end up for 2nd day ahead of Fed's rate decision

Seoul shares ended higher for a second straight session Monday amid hopes that the US Federal Reserve will hint at a potential rate cut in September. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 33.63 points, or 1.23 percent, to close at 2,765.53. Trading volume was moderate at 449.64 million shares worth 10.78 trillion won ($7.8 billion), with gainers outnumbering losers 634 to 244. Institutions and foreigners bought a combined 522 billion won

MarketJuly 29, 2024

Hyundai Motor accelerates air mobility business in Indonesia

Hyundai Motor and Kia demonstrated their advanced air mobility in Indonesia as they demonstrated a flying aircraft and hailing procedure at the Samarinda Airport in East Kalimantan on Monday. With officials from Indonesia’s Ministry of Transportation and Nusantara Capital City Authority in attendance for the presentation, the automakers explained how ride-pooling application Shucle and specialized aircraft can be developed to fit the circumstances of the local customers and advanced furthe

MobilityJuly 29, 2024

After 15 years of waiting, iPhone users launch petition to bring Find My feature

The number of people demanding US tech giant Apple enable its Find My app in Korea surpassed 6,500 on Monday on the National Assembly’s petition website, a week after the movement started there on July 22. Find My allows users to track the locations of their Apple devices. If a lost device is nearby, it plays a sound. If users mark a devices lost, it locks or erases personal information. South Korea is the only country where Find My does not work, which has led online petitioners to accuse

IndustryJuly 29, 2024

Cash-strapped Tmon, WeMakePrice file for court receivership

Cash-strapped e-commerce platforms Tmon and WeMakePrice filed for corporate rehabilitation on Monday. The Seoul Bankruptcy Court announced that the two companies, embroiled in controversy over delayed payments amid a liquidity crisis at their Singapore-based parent, Qoo10 Group, have sought court-supervised restructuring. Corporate rehabilitation allows financially distressed companies to restructure their debts and operations. While this process enables the companies to continue their business

EconomyJuly 29, 2024

Hyundai Motor’s decadeslong support for Korean archery shines in gold at Olympics

South Korea's female archers continued to rewrite history as they won the Olympic gold medal in the women's archery team event in Paris on Sunday, extending the winning streak to a 10th consecutive title. Behind the archery team’s efforts, there was Hyundai Motor Group’s unwavering support that began in 1985. The auto conglomerate’s 40-year-long sponsorship of the Korea Archery Association marks the longest for a single sports association here. Hyundai Motor Group beg

CompaniesJuly 29, 2024

Coupang marks Rocket Luxury’s 1st year with special event

Coupang announced Monday that it will hold a special event to mark the first anniversary of its luxury beauty section, "Rocket Luxury," running until Sunday. The event features 21 brands available on Rocket Luxury -- including Estee Lauder, MAC, Bobbi Brown, Clinique and Biotherm -- highlighting a large number of bestsellers that have been highly popular over the past year. Exclusive perks are offered to Coupang's Wow members: Free gifts are given with the purchase of beauty items

IndustryJuly 29, 2024

[Photo News] Sweet collaboration

Samsung Electronics on Monday unveiled its latest collaboration with US chocolate maker Hershey’s for its mobile device accessories from cases for foldable phones to watch straps. Starting from Korea, the products are set to hit shelves in overseas markets, including the US, Japan, Indonesia and the Philippines, in phases in the coming weeks. (Samsung Electronics)

IndustryJuly 29, 2024

Renault Grand Koleos caters to fuel-efficient family car market

Renault Korea’s latest mid-size hybrid SUV, the Renault Grand Koleos, is showing a promising start following its debut at the 2024 Busan Mobility Show last month, reporting over 10,000 contracts signed within the first month. According to Renault Korea, more than half of Grand Koleos buyers are in their 40s and 50s, a demographic seeking fuel-efficient family cars. This trend reflects a broader market shift in the Korean market, where hybrid vehicles have grown significantly. According to

MobilityJuly 29, 2024