Tesla Korea keeps mum about battery suppliers

Tesla, the biggest electric vehicle importer in Korea, is keeping mum about releasing the information about their cars’ battery makers despite the government’s recommendation to do so following a recent series of EV fires. After two EV fires -- one in a Mercedes EQE and the other in a Kia EV6 -- broke out earlier this month, the government on Tuesday decided to recommend domestic automakers and importers to disclose the information of their battery suppliers. Korean automakers Hyunda

Aug. 15, 2024

Samsung faces tougher SE Asia challenge from China

Samsung Electronics has retained its leading position in Southeast Asia’s major smartphone markets, but faces fiercer competition from Chinese rivals with cheaper pricing, according to an industry report Thursday. In the April-June period, Samsung held an 18 percent market share in five major countries -- Indonesia, the Philippines, Thailand, Vietnam and Malaysia -- according to the report by market tracker Canalys. The figure was down by 2 percentage points compared to a year ago, clo

Aug. 15, 2024

[Photo News] AI boost for Samsung sales

Samsung Electronics said Thursday its artificial intelligence-powered home appliances hit 1.5 million unit sales in the January-July period this year. The Bespoke AI Combo washer-dryer and the Bespoke AI Steam robot cleaner were the two top sellers driving up overall sales. (Samsung Electronics)

Aug. 15, 2024

[Photo News] OLED lights up Vietnam

Media art walls, featuring LG Electronics' latest OLED TVs, are displayed at a shopping center in Vietnam on Wednesday. The media art, themed on intelligence and freedom, is a creation by prominent Vietnamese artist group Fustic Studio. The exhibition comes as part of the Korean tech giant's premium marketing push in Southeast Asia. (LG Electronics)

Aug. 15, 2024

Korean brokerages to halt daytime trading of US stocks

Local securities firms that offer daytime trading of US stocks for South Korean investors are to tentatively suspend the service, following the order cancellation fiasco that happened earlier this month. A total of 19 brokerage houses, affected by the cancellation of orders by the US overnight trading platform operator Blue Ocean Technologies, are to temporarily suspend the service from Friday, according to the Korea Financial Investment Association. “Representing local securities firms,

Aug. 14, 2024

Korean apparel company Hansae sets sights on boosting American football

South Korean apparel manufacturer Hansae signed a memorandum of understanding with the Korea American Football Association to promote American football, a sport still unfamiliar to many in Korea, the company announced Wednesday. Hansae and KAFA officials convened at the apparel-maker's Seoul headquarters on Tuesday to sign the deal and discuss joint initiatives. Under the partnership, the groups plan to provide uniforms for Korea's national teams and sponsor an amateur football league.

Aug. 14, 2024

AmCham seminar offers insight on US work visa

The American Chamber of Commerce in Korea hosted a seminar on Wednesday at the IFC Forum in Yeouido, Seoul, offering an in-depth overview of the US work visa process. The event focused on providing essential information about US work visas, including the visa categories, their specific requirements and permitted business activities under each visa type. Experts from various fields also offered insights for corporations and individuals looking to expand into the US market, addressing challenges a

Aug. 14, 2024

Korean Air, L3Harris convene to advance aerial surveillance capabilities

South Korea's flag carrier Korean Air and US defense company L3Harris Technologies co-hosted an Industry Day event Tuesday to discuss ways to bolster aerial surveillance and monitoring capabilities. The gathering brought together executives and officials from over 30 domestic and international defense firms, including Israel Aerospace Industries, ELTA Systems and LIG Nex1 at the Air Force Hotel in Seoul. The event comes as the Korean Air Force looks to ramp up its surveillance and reconnais

Aug. 14, 2024

Seoul shares up for 4th day on hopes for rate cuts by Fed

South Korean stocks closed higher for the fourth consecutive session Wednesday as cooler-than-expected US producer price data soothed concerns and boosted investors' sentiment. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 23 points, or 0.88 percent, to close at 2,644.50. Trade volume was a little slim at 321.4 million shares worth 8.6 trillion won ($6.3 billion), with winners outnumbering losers 649 to 234. Foreigners purchased

Aug. 14, 2024

Merck boasts materials know-how at K-Display

Merck Korea, the Korean subsidiary of German science and technology juggernaut Merck, has showcased its materials intelligence with its participation at K-Display 2024, South Korea’s largest display exhibition. Merck enhances data interpretation and transmission by utilizing intelligence technologies, such as data processing and artificial intelligence, leading the advancement of the digital environment. It plays a crucial role in connecting users with data through display technologies. Un

Aug. 14, 2024

SK Square’s new CEO vows to up semiconductor investment

Han Myung-jin, the new chief executive officer of SK Group’s investment arm SK Square, took office Wednesday, pledging to build a more chip-central business portfolio. SK Square shareholders approved the appointment of Han during a meeting held in central Seoul on Wednesday, where he won 99.4 percent of the votes. Han officially took the post as the chief of SK Square at a board meeting, the company said. The inauguration comes more than a month after he was nominated to the post on July 3

Aug. 14, 2024

[KH Explains] Are China-made batteries being fairly criticized for Mercedes EV fires in Korea?

“Our Mercedes-Benz customers are upset, and some are canceling their EV reservations. They’re saying, ‘How can you use cheap Chinese batteries in a luxury car?’ They’re angry because they feel betrayed,” said a manager at a Mercedes-Benz dealership in Korea. This backlash stems from the revelation that the battery in a Mercedes electric vehicle that led to a major fire in an Incheon apartment underground parking lot on Aug. 1 was made by Farasis Energy, a rela

Aug. 14, 2024

[Hello India] Korean investors flock to India's booming stock market

More South Korean investors are eyeing lucrative opportunities in the booming Indian market with its equity funds yielding more returns than those comprising US and Japanese stocks. In June, India’s total stock market value reached the $5 trillion milestone, making it one of the world’s biggest markets, following those of the US, China, Japan and Hong Kong. With remaining hurdles in foreign direct investment regarding registration and taxation, local retail investors are choosing to

Aug. 14, 2024

[Hello India] Korean firms seek to indulge India's K-food craving

South Korea has seen a rise in food exports to India in recent years, capitalizing on the growing popularity of Korean culture and foods, which also aligns with the efforts of Korean food companies to expand their presence there, drawn to the country's large population and growth in income levels. According to data compiled by the Korea Agro-Fisheries & Food Trade Corp., or aT, Korean food exports to India -- including agricultural produce, food additives, convenience foods, and both al

Aug. 14, 2024

Samsung, LG unveil new OLED tech to widen gap with Chinese runner-ups

The nation's top two display-makers, Samsung Display and LG Display, unveiled Wednesday their latest cutting-edge organic light-emitting diode display technologies involving artificial intelligence and new form factors, in an apparent move to widen the gap with their Chinese runner-ups. At the K-Display Industry trade show taking place in Seoul this week, Korea Display Industry Association Chairman Choi Joo-sun underscored how Korean display-makers will keep ahead of Chinese rivals in the c

Aug. 14, 2024

Hanjin Logistics sets up Singapore branch

Hanjin Logistics Corp., an affiliate of Korean airline-to-logistics conglomerate Hanjin Group, said Wednesday that it set up a branch in Singapore as part of its plan to develop a network within the ASEAN member countries. This branch marks a strategic move to elevate the firm's status in the Asian logistics market, aiming to solidify its foothold in the ASEAN region. "Since Singapore is a geopolitically critical hub, establishing our branch there is a vital step in boosting our compet

Aug. 14, 2024

[Photo News] Home repairing for patriots

Daewoo Construction & Engineering employees join a house repair project for descendants of the nation’s independence fighters in Cheonan, South Chungcheong Province, Tuesday. In partnership with Korea Habitat, the builder has completed a total of 21 housing projects since 2021. (Daewoo E&C)

Aug. 14, 2024

[Photo News] Advancing Indonesia's digital education

Kakao Bank CEO Yun Ho-young (far right) and employees pose for a picture at the company headquarters in Pangyo, Gyeonggi Province, Tuesday before heading to Indonesia for volunteer work. A team of 15 employees will spend a week in Mauk, Indonesia, helping to improve the region's digital education environment and engaging in construction projects to better the living conditions of children of underprivileged families. (Kakao Bank)

Aug. 14, 2024

Job additions rise over 100,000 for first time in 3 months

South Korea added more than 100,000 jobs for the first time in three months in July, but jobs in the construction sector fell by the most in 11 years amid a slowdown in the industry, data showed Wednesday. The number of employed people came to 28.86 million last month, up 172,000 from a year earlier, according to the data compiled by Statistics Korea. It marked the first time in three months that the monthly job additions bounced back to over 100,000. In June, 96,000 jobs were added on-year afte

Aug. 14, 2024

South Korea opens export of heat-treated chicken products to Britain

The government announced Tuesday the opening of exports for heat-treated chicken products, including frozen chicken, dumplings and the ginseng chicken soup known as samgyetang to Britain. This strategic initiative marks a pivotal entry into the British market following the successful negotiation of an export sanitary and quarantine agreement for such products with the European Union (EU) in December of the previous year. Bolstered by a robust strategic partnership established during the South Ko

Aug. 14, 2024