Most Popular
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Korea added to key bond index
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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North Korea already cut off inter-Korean roads in Aug.: JCS chief
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NewJeans’ Hanni to attend National Assembly audit as witness
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HD Hyundai expands solar power business
HD Hyundai Energy Solution, a solar energy affiliate under South Korean shipbuilding conglomerate HD Hyundai, has recently completed the installment of rooftop solar power systems at CJ CheilJedang’s two plants, the company said Monday. With an installed capacity of 2.7 megawatts, the rooftop photovoltaic system can generate 3.5 gigawatts and cut down carbon emissions by 1,607 tons per year. According to HD Hyundai Energy Solution, the solar power systems will be operated under leases, so
April 15, 2024
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[Hello India] Venturing into India's regulatory landscape
The Indian government ostensibly fosters foreign investment to fuel economic expansion, yet, stringent and unclear regulations often result in mixed signals for foreign investors, observed Brian K. Oh, a senior lawyer at major Korean law firm Jipyong. "While the Indian government encourages foreign participation, particularly to strengthen the domestic manufacturing industry, strict compliance, especially in the tax system, poses significant obstacles," Oh said in a recent interview wi
April 14, 2024
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Korean steel companies' earnings expected to dip in Q1
Earnings of Korean steel companies in the first quarter are expected to fall due to increased prices of raw materials and the sluggish construction market, according to reports from local securities companies, Sunday. Analysts had a bleak outlook for Posco, the country's steel giant, expecting that both sales and operating profit will drop from the previous year, when its sales and operating profit came to 15.5 trillion won ($11.2 billion) and 338 billion won, respectively. Due to the decre
April 14, 2024
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HD Hyundai to develop uncrewed surface vessel by 2026
HD Hyundai has teamed up with Palantir Technologies, a US software company, to develop uncrewed surface vessels by 2026, the Korean shipbuilding conglomerate said Sunday. Officials from HD Hyundai and Palantir signed a memorandum of understanding at the US side’s office in Washington, DC, on Thursday. The two sides plan to develop reconnaissance USVs by 2026 and expand their portfolio to combat USVs later on. In doing so, Avikus, an autonomous navigation solutions developer that was launch
April 14, 2024
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CJ begins production of kimchi in Australia, US
CJ CheilJedang said Sunday that it has started local production of kimchi, under the brand Bibigo, in Australia, while reformulating its existing kimchi products exported from Korea to the country. The company is responding to growing demand for freshly pickled kimchi in Australia by using local ingredients, distinguishing these products from those conventionally made in Korea for export. The new locally sourced and manufactured Bibigo Sliced Kimchi, now available in Australia, comes in two size
April 14, 2024
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Korea faces another compensation claim over 2015 Samsung merger
The South Korean government faced another compensation claim for its alleged role in the 2015 merger of two Samsung companies. The Hague-based Permanent Court of Arbitration ruled Thursday that the Korean government should compensate some $32.03 million to Mason Capital, a New York-based hedge fund, for its investment losses from the high-profile merger deal. Mason had originally demanded to be compensated with $200 million. The latest arbitrative ruling is the second of its kind made against
April 12, 2024
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Kakao joins AI Alliance, promotes safe, responsible AI
Korean IT giant Kakao joined AI Alliance, the global open-source community dedicated to the responsible development of artificial intelligence, becoming the first Korean firm to do so, the company said Friday. “We will work together with the AI Alliance to establish an open AI ecosystem meeting the global standard for the open, responsible and safe development of AI technology,” Kakao AI Safety Leader Kim Kyung-hoon said. “We will take on the social responsibility as a digital
April 12, 2024
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S. Korea ordered to pay Mason Capital W43.8b in investor-state suit
An international tribunal ordered South Korea on Thursday to pay 43.8 billion won ($32 million) in compensation to US-based hedge fund Mason Capital in an investor-state suit the company filed over a controversial 2015 merger of two Samsung affiliates, the justice ministry said. The Permanent Court of Arbitration (PCA) in the Netherlands issued the decision nearly six years after the New York-based fund brought the investor-state dispute settlement process against the South Korean government, de
April 11, 2024
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Kakao Healthcare boosts partnership with Google
Kakao Healthcare, the digital health care unit under platform giant Kakao, announced Thursday that the company would boost its collaboration with Google to improve its cloud-based data platform. The announcement came after Kakao Healthcare CEO Hwang Hee shared the company's recent progress with Healthcare Data Research Suite (HRS), the company’s cloud-based data platform service, during Google's Cloud Next conference in Las Vegas this week. According to Hwang, Korea has a significant amoun
April 11, 2024
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AXA CEO makes first Korea visit
French insurance giant AXA's Chief Executive Officer Thomas Buberl made his inaugural visit to South Korea, engaging with the local workforce and meeting with the nation's top financial regulator, according to the Korean unit on Thursday. Buberl visited the local office in Yongsan-gu, Seoul, on Tuesday and held discussions with employees and executives. This marked the CEO's first visit to Korea since assuming the top position in 2016. During his meeting, he commended employees for their contrib
April 11, 2024
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Korea aligned with US export curbs on chips to China: minister
South Korea is largely aligned with the US government’s export curbs on chips to China, but it is also making efforts to maintain trade ties with Beijing, Korea’s trade minister said in the US on Wednesday. Minister of Trade, Industry and Energy Ahn Duk-geun, who is visiting the US for the first time after he was inaugurated in January this year, added that the government is working to ensure the US trade curbs do not hurt the interests of Korean chipmakers. "Our basic stance is
April 11, 2024
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Naver, Intel team up to counter Nvidia’s dominance in AI chips
US chip giant Intel is teaming up with Naver, Korea's leader in artificial intelligence, in an apparent move to counter Nvidia's dominance in the burgeoning AI chip market. Unveiling its more powerful next-generation AI accelerator, Gaudi 3, on Tuesday, Intel CEO Pat Gelsinger said the cutting-edge central processing unit has been enhanced to perform better than Nvidia's graphic processing unit "at a fraction of the cost." He also said the company is working together wit
April 10, 2024
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Politicians push for telemedicine amid doctors’ walkout
Discussions on expanding telemedicine services are speeding up here as no immediate breakthrough can be seen in the prolonged mass walkout by junior doctors in protest against the government’s push to raise the admission caps of medical schools. Ahead of Wednesday’s General Election, candidates from both ruling and opposition parties also announced pledges to expand the availability of telemedicine services. Currently, remote clinical services via phone or video calls are offered on
April 10, 2024
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Competition to become Korea's 4th online-only bank heats up
The race to receive the license to become South Korea’s fourth internet-only bank is growing fiercer, with four bidders announcing their will to contend. There are currently three online lenders in Korea: KBank, Kakao Bank and Toss Bank. But four new contenders -- Soso Bank, Korea Credit Data Bank, and the U-Bank and Douzone Bank consortiums -- have lined up to compete for the fourth license. In line with the local regulator Financial Services Commission’s vision to encourage financi
April 10, 2024
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Korean battery firms await grim Q1 earnings amid EV slowdown
Korea's top three battery makers -- LG Energy Solution, Samsung SDI and SK On -- are buckling up for the impact of their first-quarter earnings, which are certainly looking dispirited amid the withering demand for electric vehicles across the globe. According to LG Energy Solution’s preliminary earnings released on Friday, the country’s leading battery firm is expected to post 6.13 trillion won ($4.53 billion) in revenue and 157 billion won in operating profit from January to Ma
April 10, 2024
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Chinese e-commerce platforms catching up with Korean rivals
Chinese e-commerce platforms, including the big three AliExpress, Temu and Shein, saw their Korean sales more than double over the past six months, while their Korean rivals suffered lukewarm sales performance during the same period, according to payment transaction data released Wednesday. According to an analysis report by BC Card, the nation’s largest payment processing company, payments made on Chinese e-commerce platforms soared more than 130 percent from October last year to March th
April 10, 2024
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[Photo News] 10th anniversary of Samsung Innovation Museum
The Samsung Innovation Museum, Korea's largest electronics industry museum, located at Samsung Electronics' headquarters in Suwon, Gyeonggi Province, marks its 10th on April 21. Since its grand opening in 2014, the museum has attracted some 500,000 visitors from 180 countries, including state guests from 23 countries. The 10,950-square-meter museum houses some 150 historical products such as light bulbs invented by Thomas Edison, transistor radios and TVs, as well as a multi-purpose Sa
April 10, 2024
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Hybe likely to join FTC’s antitrust watch list
Hybe, the powerhouse behind K-pop sensation BTS, is poised to claim the "large firm" status, with its total assets passing beyond the 5 trillion won ($3.7 billion) mark last year. According to the company's regulatory filings, Hybe's total assets stood at 5.35 trillion won by the end of last year, marking a 9.8 percent increase from the 4.87 trillion won tallied in 2022. This milestone heralds a groundbreaking achievement as the first K-pop company to enter the esteemed "
April 10, 2024
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Samsung hopes to shed Galaxy brand's ‘ajeossi phone’ reputation
Samsung Electronics is striving to shed the reputation of its flagship Galaxy smartphones as "ajeossi" phones among teens and users in their 20s, with short films starring popular TV celebrities. An "ajeossi" is an older married man or an uncle in Korean, but in this context, it implies a sense of being "old" or "out of style." The world's largest smartphone maker by shipment said its short film series, “S24 Hours Movie Series,” starring a
April 9, 2024
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Samsung to receive over $6b subsidy from US: report
Samsung Electronics is set to receive between $6 billion and $7 billion in grants from the US government next week as the Korean chipmaker looks to bolster its US production, Reuters reported Monday. According to the report citing anonymous sources, the subsidy from the Biden administration will be used for the construction of four semiconductor facilities in Taylor, Texas. The subsidy-impacted facilities are a $17 billion chipmaking plant Samsung announced in 2021, another chip factory, an adva
April 9, 2024