S. Korea makes positive assessment of $6.4 bln grants for Samsung Electronics

South Korea on Monday reacted positively to a US plan to award up to $6.4 billion in grants to support Samsung Electronics Co.'s chipmaking investment in central Texas, calling it a "favorable" result. The assessment came after Washington said it has reached a nonbinding preliminary agreement with Samsung to provide the grants under the CHIPS and Science Act to support the tech giant's expected investment of more than $40 billion, in the establishment of a "leading-edge

April 15, 2024

US confirms $6.4 billion chip subsidy for Samsung

The US government announced Monday that it will award up to $6.4 billion to Samsung Electronics for its chip fabrication facilities in Taylor, Texas. "The return of leading-edge chip manufacturing to America is a major new chapter in our semiconductor industry," said White House National Economic Adviser Lael Brainard in a press briefing. US Secretary of Commerce Gina Raimondo also revealed that the subsidy plan, coming under the US Chips Act, will support Samsung's two chip produ

April 15, 2024

Seoul shares close lower amid growing Middle East tension; won at 17-month low

South Korean stocks fell 0.42 percent Monday due to heightened geopolitical uncertainties in the Middle East following Iran's recent drone and missile attacks on Israel. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index plunged 11.39 points, or 0.42 percent, to close at 2,670.43, after falling as low as 2,641.16 at one point. Trade volume was moderate at 552 million shares worth 10.3 trillion won ($7.45 billion), with decliners outpacing gain

April 15, 2024

Hanlim, Kazakhstan partner on greenhouse gas reduction project

Hanlim Architecture Group said Saturday it was embarking on a joint collaboration with Kazakhstan's environmental group KMG and the city of Shymkent on a landfill greenhouse gas reduction project. The partnership went through a joint project agreement, which was marked by a visit to the landfill site in Shymkent, Kazakhstan, by KMG Chairman Choi Ik-jun, Hanlim Architecture Group Chairman Park Jin-sun, and other officials. During the site visit, Chairman Park detailed the project’s dev

April 15, 2024

Korea braces for blows from Middle East conflict

The heightened geopolitical tensions from Iran's attack on Israel have cast gloom on Korea as well, bringing down local shares and leading to currency depreciation. While the Korean won has been losing its value against the US greenback in recent days with weakened anticipation on the US Federal Reserve taking a pivot in its monetary policy any time soon, the escalated volatility has led to further depreciation. The won weakened against the dollar on Monday, with the exchange rate closing a

April 15, 2024

Greyd’s video platform helps Korean sellers go global

Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers. Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new ty

April 15, 2024

[Photo News] 23 years, and more

Incheon International Airport Corp. CEO Lee Hag-jae (third from left), Hana Financial Group Chairman Ham Young-joo (fourth from left) and Hana Bank CEO Lee Seung-lyul (third from right) pose for a picture at the opening ceremony of Hana Bank's relocated branch at Incheon Airport on Monday. Hana Bank stands as the only bank to have operated continuously for 23 years at the airport since its inauguration in 2001. (Hana Bank)

April 15, 2024

KAI inks W1tr eVTOL parts supply deal with Brazil's Eve

Korea Aerospace Industries announced Monday that it signed a contract with Eve Air Mobility to supply structural components for electric vertical take-off and landing aircraft. Eve, established by the Brazilian aerospace corporation Embraer, leads in urban air mobility industry with the largest customer base. With the undergoing development of electric vertical take-off and landing (eVTOL) aircraft, the company aims to put the first vehicles into service by 2026. Having previously supplied major

April 15, 2024

Samsung, LG showcase built-in lineup at Milan Design Week

Samsung Electronics and LG Electronics, the leading home appliance giants in Korea, are participating in this year’s Milan Design Week this week to showcase their new built-in appliances incorporating artificial intelligence and connectivity. Milan Design Week is one of the largest international design and furniture exhibitions, held in the city in northern Italy with the participation of some 2,300 companies. This year the event runs from Tuesday to Sunday. The tech giants have also set u

April 15, 2024

Burger King reveals New Whopper following buzz marketing campaign

The fast-food chain Burger King unveiled the New Whopper, a revamped version of its signature item on Monday, one week after announcing the discontinuation of sales of the original Whopper. According to an announcement on the fast-food chain's Korean website Monday, the reinvention was focused on intensifying the smokey flavor in the burger patties. Compared with the original Whopper, the new version has a thicker patty to enhance its juiciness and texture, along with additional salt and pe

April 15, 2024

BMW purchases over $4.7b Korea-made parts in 2023

BMW Group Korea said on Monday that in 2023, BMW Group’s global spending on parts sourced from Korean suppliers totaled approximately 6.53 trillion won ($4.72 billion), surpassing its own sales figures within the country for that year. The global group’s procurement from Korean suppliers increased by 25 percent compared to 2022, and even exceeded the Korean branch’s sales revenue, which was around 6.10 trillion won last year. Major contributors to this supply chain include dome

April 15, 2024

LG Uplus chief woos AI talent in Silicon Valley

LG Uplus CEO Hwang Hyeon-sik traveled to Silicon Valley and hosted a special event to lure young talents in the field of artificial intelligence, the telecom carrier said Monday. Hwang hosted the “2024 LG Uplus AI Visionaries Summit" at the Four Seasons Hotel Silicon Valley in San Francisco on Saturday. Invited were some 10 doctoral candidates and master's students in key AI fields such as natural language processing, large language model and vision from major US universities, in

April 15, 2024

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

Hyundai Mobis to test fully autonomous driving in Incheon

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it will begin conducting test rides of level 4 autonomous driving in Incheon this month to accelerate the commercialization of self-driving vehicles. The Society of Automotive Engineers categorizes autonomous driving in six levels, ranging from 0 to 5. Level 4 autonomous driving requires the vehicle to perform the majority of driving tasks independently. The auto parts maker signed a memorandum of understanding

April 15, 2024

[KH Explains] How should Korea adjust its trade defenses against Chinese EVs?

Korea, home of the world’s third-largest automaker, Hyundai Motor Group, finds itself at a critical juncture as the rise of Chinese-made electric vehicles in the domestic market poses a complex challenge: how to protect national interests while embracing the inevitable shift toward electrification. Unlike the United States and the European Union, which perceive Chinese EVs as a grave security threat, experts argue Korea should adopt a more nuanced regulatory strategy. This involves refinin

April 15, 2024

Financial regulator seeks support to help S. Korean member join IASB

The deputy chief of South Korea's financial regulator on Monday sought the support of Andreas Barckow, chief of the International Accounting Standard Board, for the country's efforts to secure a spot on the international board. Kim So-young, vice chairman of the Financial Services Commission, made the request in a meeting in Seoul. The IASB chief is on a visit to South Korea to take part in the International Forum of Accounting Standard Setters, set to be held Wednesday through Frida

April 15, 2024

S. Korea to extend fuel tax cut through June amid Middle East tensions

The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption of diesel and liquefied petroleum gas, which were supposed to expire at the end of this month. The government began implementing a fuel tax cut scheme in 2021 and has extended it eight times so far, with t

April 15, 2024

Seoul shares open sharply lower on Iran's attack against Israel

South Korean stocks started sharply lower Monday amid growing geopolitical instability in the Middle East sparked by Iran's missile and drone strikes against Israel. The benchmark Korea Composite Stock Price Index dropped 33.9 points, or 1.26 percent, to 2,647.92 in the first 15 minutes of trading. Iran conducted the attack Saturday in retaliation for Israel's airstrike on Iran's diplomatic complex in Syria earlier this month. Tech shares opened bearish, with Samsung Electronics f

April 15, 2024

S. Korea ups guard against economic impact from Middle East conflict

The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The meeting followed Iran's launch of drones and missiles into Israel early Sunday, apparently in

April 14, 2024

[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