Samsung Display to pay out dividends for 1st time

Samsung Display Co. said Thursday it will pay out dividends for the first time since its establishment in 2012, a move that will lead its parent company Samsung Electronics Co. to receive about 5.6 trillion won ($4.2 billion) in dividends. At a shareholders' meeting Tuesday, Samsung Display decided to deliver 25,400 won per share in dividends totaling 6.65 trillion won, the company said in a regulatory filing. Samsung Electronics is the top shareholder of Samsung Display with an 84.8 perc

March 21, 2024

NCSoft maps out co-CEO scheme to recover profits

NCSoft, a leading South Korean gaming firm traditionally led by its founder, Kim Taek-jin, as the sole CEO, mapped out its historic shift to a co-CEO structure, introducing Park Byung-moo as co-CEO to streamline operational efficiency and diversify its business portfolio amid significant financial difficulties. The two co-CEOs explained the dual-leadership strategy during a media briefing broadcast on NCSoft's official YouTube channel on Wednesday. Under this new arrangement, Kim will focus

March 20, 2024

Hanjin, Mongolia’s Tuushin ink logistics partnership

South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies

March 20, 2024

[Graphic News] Number of IPOs in S. Korea rises 17% in 2023

The number of initial public offerings rose from a year earlier in 2023 amid signs of easing economic woes, data showed. A total of 82 companies made their debuts on the main Korea Composite Stock Price Index and the tech-heavy Kosdaq markets last year, up from 70 companies going public in 2022, according to the data from the Financial Supervisory Service. However, the amount of funds raised from IPOs dropped sharply to 3.3 trillion won ($2.48 billion) from 15.6 trillion won over the cited p

March 18, 2024

AliExpress lures Korean food companies with hefty incentives

AliExpress, the Chinese e-commerce platform owned by Alibaba Group, has been reaching out to Korean food companies to diversify its product range and gain recognition among Korean consumers. Following South Korean food giant CJ CheilJedang early this month, a slew of Korean food companies are either entering or considering joining the Chinese platform. According to industry sources on Thursday, Dongwon F&B, known for its canned tuna products, and Samyang Foods, famous for its spicy Buldak ra

March 14, 2024

K-pop song revitalizes sales of traditional jelly

"Bam Yang Gang (chestnut jelly)" by K-pop singer Bibi has become a sensation in South Korea, not just topping music charts but also dramatically boosting sales of the traditional jelly, yanggaeng. According to industry data, from the song’s release on Feb. 13 till March 6, major convenience store chains in South Korea, including CU, GS25, Seven Eleven, and Emart24, reported an increase of up to 100 percent in sales of Haitai Confectionery's “Yeon Yanggaeng." Craft

March 13, 2024

Hanwha Ocean hints at entering drilling business

Hanwha Ocean, a South Korean manufacturer specializing in ships and LNG plants, has recently registered two trademarks for new entities, hinting at its expansion into maritime energy development, according to industry sources, Friday. The registration of these two trademarks -- Hanwha Drilling and Hanwha Haeun (the direct romanization of the Korean term for "shipping") -- indicates the company’s intention to broaden its scope from ship and maritime plant construction to maritime

March 8, 2024

Shinsegae’s 55-year-old heir promoted to chair

South Korean retail giant Shinsegae Group said Friday that it has promoted Chung Yong-jin, the 55-year-old son of the conglomerate’s Chair Lee Myung-hee, to chair with a mission to address the challenges in the country’s retail sector. "The increasingly competitive retail market is facing a wide variety of crisis factors, making 'strong leadership' even more necessary than in the past,” said Shinsegae in a statement released Friday. The promotion came 18 years af

March 8, 2024

3 Five Guys stores in Seoul rank in global top five for weekly sales

FG Korea, the South Korean operator of the US burger chain Five Guys, said Thursday that its three local stores have ranked in the top five among the burger chain's global branches in terms of weekly sales. At this year’s Five Guys Conference, a biennial event where the US burger chain shares business results with global operators, FG Korea won two awards -- the International Average Weekly Sales Award 2023 and the International Development Award 2023 -- in recognition of their sales

March 7, 2024

[Investor] Posco mulls LFP joint venture with Chinese firm

A top executive of Posco Holdings has hinted at a potential joint venture with a Chinese company for the production of lithium iron phosphate (LFP). Kim Jun-hyung, head of eco-friendly future materials at Posco, revealed the suggestion during a meeting with reporters at the company's booth at the Interbattery 2024 exhibition in Coex, southern Seoul, on Wednesday. Kim mentioned the strong presence of Chinese companies in the LFP sector, highlighting the historically good relationships that s

March 7, 2024

Samyang to ramp up ramyeon production for US exports

Korean food manufacturer Samyang Foods on Wednesday held a groundbreaking ceremony for its new plant in Milyang, South Gyeongsang Province, as the company aims to capitalize on the growing global popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The new plant, set to be completed by 2025, will have an annual production capacity of 560 million units. With the addition of the new plant, the company's combined production capacity will surge to 2.36 billion

March 6, 2024

[Photo News] Woori Bank in Hanoi Koreatown

Woori Bank said Tuesday that it has recently opened a new branch office in the My Dinh district of Vietnam's capital Hanoi, as part of service expansion for Korean customers living abroad. Located in the residential district that is home to many Koreans, the new office will also provide digital banking services for small business owners, such as a real-time alert system for point-of-sale transactions. (Woori Bank)

March 5, 2024

[Photo News] First recycled tires for EVs

Hankook Tire & Technology on Tuesday unveiled its iON tire brand specifically designed for electric vehicles. The tire utilizes recycled PET (plastic polyethylene terephthalate) in partnership with local materials firms Hyosung Advanced Materials and SK Chemical. This is the first time in Korea that chemically-recycled PET has been used in tires for the mass market. (Hankook Tire & Technology)

March 5, 2024

Hanwha Foodtech acquires robot-powered Stellar Pizza

Hanwha Foodtech has acquired the US-based robot pizza brand, Stellar Pizza, as part of its efforts to drive technological innovation in the food service industry. In January, Hanwha Foodtech signed a memorandum of understanding with Serve Automation, the parent company of Stellar Pizza, for a transfer of assets. Contractual documents for the acquisition were finalized Thursday. The acquisition was facilitated by Hanwha Foodtech Global, the US subsidiary of Hanwha Foodtech, the company said Monda

March 4, 2024

Chanel boutique shuts down in protest of Gucci pop-up

French luxury fashion house Chanel has closed its boutique within a Seoul department store, citing operational disruptions caused by Italian rival Gucci. "Chanel has decided to close its boutique in the Galleria Department Store Luxury Hall starting Wednesday due to the department store's plan to set up a pop-up store, which adversely affects our store's visibility and operational environment," said Chanel in a statement released Thursday. According to industry sources, the s

Feb. 29, 2024

[Investor] SK hynix targets 280,000won stock price in 3 years, CEO says

SK hynix CEO Kwak Noh-jung outlined the company's ambitious goal of reaching a stock price of 280,000 won (about $210) within the next three years during a recent in-house meeting. The projected value represents nearly a twofold increase from the current stock price and is seen as a strong statement of confidence in the future prospects of the semiconductor market. This announcement was delivered directly by CEO Kwak to executives and staff members at the communication event conducted on Tu

Feb. 29, 2024

[Investor] S-Oil stays atop Korea's most admired companies

S-Oil, one of major refineries in South Korea, has once again secured the top position in the highly esteemed "2024 Korea's Most Admired Companies" survey, marking the sixth consecutive year for its inclusion among the top 30 business groups. S-Oil was also named as the top company in the oil refining industry for eight consecutive years, company officials said Wednesday. This recognition, bestowed by KMAC, a leading industrial consulting group in Korea, in its annual evaluation,

Feb. 29, 2024

Woori, UAE’s Mubadala seek to bolster ties

South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities. Woori Venture Partners, the venture capital unit of the Korean conglomerate, and Mubadala Capital, the asset management subsidiary of Mubadala, signed a memorandum of understanding for their strategic cooperation in Abu Dh

Feb. 28, 2024

CJ’s Tous Les Jours seeks bigger footing in Indonesia

CJ Foodville, the operator of the bakery chain Tous Les Jours and a subsidiary of South Korean conglomerate CJ Group, said Wednesday its bakery stores in Indonesia have surpassed 60 in number, with a recent addition in Bandung, located southeast of the capital Jakarta. Having entered the Indonesian market in 2011, CJ Foodville initially focused on opening branches around the capital city. However, the company has been recently diversifying its focus to include major cities, including Tangerang,

Feb. 28, 2024

[Investor] Hyundai Motor’s innovation and competition acclaimed

Hyundai Motor Group’s trailblazing electric vehicles have earned rave reviews and charted a path to success under the leadership of Chair Chung Euisun. CNBC, the premier economic news broadcaster in the United States, aired a special feature on Sunday focusing on the factors propelling the Korean carmaker to become the 3rd-largest contender in the global finished vehicle market. The feature emphasized the company's commitment to innovation and technological excellence as pivotal to it

Feb. 28, 2024