[Business Diplomacy] Korea becomes popular destination for US governors

South Korea seems to have been a popular destination for US state governors. This year alone, four governors leading the US industrial heartlands of the Midwest and the South visited Korea to meet with corporate partners and attract new investors. “We're very excited about the relationship that we have built with Korea and Korean companies and we want it to grow,” Kentucky Gov. Andy Beshear said upon his first visit to Korea in July. “If there are ways that we can improve

July 24, 2024

Payment delays prompt exodus from Tmon, Wemakeprice

Sellers are leaving Tmon and Wemakeprice, the online shopping platforms owned by Singapore-based e-commerce giant Qoo10, due to delays in payment reportedly caused by liquidity issues, according to industry sources, Wednesday. Major retailers like Lotte Shopping, GS Retail and Hyundai Department Store suspended sales on Tmon and Wemakeprice earlier this week, citing a failures in getting paid by the two platforms. Similarly, travel agencies including Hana Tour, Modetour and Yellow Balloon Tour a

July 24, 2024

Samsung Biologics' H1 earnings hit W2tr for first time

Leading global contract development and manufacturing organization Samsung Biologics announced Wednesday that its earnings for the first half of this year reached an all-time high, surpassing 2 trillion won ($1.5 billion). According to its financial results for the first half of this year, the company reported consolidated revenue of 2.1 trillion won and an operating profit of 655.8 billion won, reflecting on-year increases of 33 percent and 47 percent, respectively. In the second quarter, conso

July 24, 2024

2nd generation of owner families at mid-level conglomerates owns 33.5% of shares

An analysis of 81 conglomerates categorized as "middle market enterprises" showed Wednesday that the second generation of owner families owns a total of 33.5 percent of company shares. Corporate tracker CEO Score analyzed the shareholding structure of companies with 2 trillion won ($1.44 billion) or more in assets, and found that the combined value of shares held by owner families' second generations came to 13.39 trillion won as of July 15. The second generation in the report r

July 24, 2024

Zyx Technology, Eomji House team up for interior design innovation

South Korean design software developer Zyx Technology said Wednesday that it signed a memorandum of understanding with Eomji House, an interior architecture and design firm, to foster mutual exchange and cooperation. Zyx Technology and Eomji House will collaborate on developing and refining new technologies. They will also plan innovation in the large business-to-business interior market and enhance their competitiveness through each other's technological resources. Under the partnership wi

July 24, 2024

Shareholder activism in Korea ‘partial success’: SquareWell

While shareholder activism is yet to take full hold in South Korea with only a handful of initiatives making it past the vote, activist investors seem to have gained traction here in recent years. According to London-based shareholder advisory SquareWell Partners' recent report, Korean firms are increasingly being targeted by activist investors, with the number soaring from nine in 2020 to 71 in 2023. Still, many of the recent activist campaigns have failed to win a majority of shareholder

July 24, 2024

Seoul shares close lower on tech, auto losses

Seoul shares closed lower Wednesday as most tech stocks and autos finished in negative terrain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 15.58 points, or 0.56 percent, to close at 2,758.71. Trade volume was moderate at 458.6 million shares worth 10.9 trillion won ($7.87 billion) with losers outnumbering gainer 489 to 368. Foreigners offloaded a net 271.7 billion won worth of local shares, while institutions and retail investors n

July 24, 2024

LG Chem’s US partner starts phase 2 trial on rare obesity drug

LG Chem announced on Wednesday that Rhythm Pharmaceuticals, which had acquired the global license for LB54640 -- a new oral drug for a rare form of obesity developed by LG Chem -- has begun giving doses to the first participants in a phase 2 clinical trial. For the phase 2 trial, Rhythm Pharmaceuticals recruited 28 patients aged 12 and older with hypothalamic obesity -- a condition caused by congenital or acquired damage to hypothalamic function, resulting in difficulties in appetite control. Th

July 24, 2024

Genesis to sponsor New York's Met through new art initiatives

Hyundai Motor Group’s premium auto brand Genesis on Wednesday announced a five-year partnership with the Metropolitan Museum of Art in New York to provide various inspirational experiences for global audiences visiting the museum. The partnership marks the beginning of Genesis Art Initiatives, established to celebrate art as an authentic experience to discover truly meaningful and valuable aspects of life. Genesis will support the Met’s annual contemporary art commission series for t

July 24, 2024

[KH Explains] $17b too low? Korea’s Czech nuclear bid faces profitability questions

The South Korean government recently celebrated a significant milestone: The state-run Korea Hydro & Nuclear Power was chosen as the preferred bidder for a nuclear power project in the Czech Republic valued at 24 trillion won ($17.3 billion). It is being hailed as a “remarkable achievement after 15 years” by the government, reminiscent of a $20 billion nuclear plant deal in the United Arab Emirates in 2009. However, not everyone shares the government’s enthusiasm. Some expe

July 24, 2024

KIAT to support tech firms with regulatory sandbox

Korea Institute for Advancement of Technology is collaborating with the Ministry of Trade, Industry and Energy to bolster financial and direct investment support for companies approved under their collaborative regulatory sandbox. On Wednesday, KIAT hosted the first Investor Relations Day event for companies joining the regulatory sandbox initiative in Seoul. The event featured business presentations and one-on-one funding consultations. The regulatory sandbox permits the government to temporari

July 24, 2024

Amorepacific tops beauty sales during Amazon Prime Day

South Korean beauty giant Amorepacific said Wednesday that several of its brands topped sales during Amazon Prime Day, the global online retailer's largest shopping event. Amazon Prime Day is an exclusive annual event for its Prime members that took place on July 16 and 17 this year. Amorepacific’s key brands, including Cosrx, Laneige and Aestura, joined the event this year. In the beauty and personal care category, the Advanced Snail 96 Mucin Power Essence, Cosrx's flagship prod

July 24, 2024

[Photo News] Hana champions Paralympics heroes

Hana Financial Group Chairman Ham Young-joo (right) shakes hands with members of the South Korean Paralympics badminton team at the KPC Icheon National Training Center in Icheon, Gyeonggi Province, Tuesday. Ham visited the center to show support and deliver an encouragement fund for the athletes participating in the upcoming 2024 Summer Paralympics in Paris. (Hana Financial Group)

July 24, 2024

Seoul shares open lower on Wall Street losses

South Korean shares opened lower Wednesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) shed 12.28 points, or 0.44 percent, to 2,762.01 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average lost 57.35 points, or 0.14 percent, to close at 40,358.09, with the Nasdaq slipping 10.22 points, or 0.06 percent, to 17,997.35. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics lost 1.67 percent, with No.

July 24, 2024

[Graphic News] S. Korea’s food exports up 5.2% in H1

South Korea’s exports of food and related goods rose 5.2 percent on-year in the first half of 2024, data showed, led by the popularity of instant noodles and processed rice products. Outbound shipments of the food segment known as “K-Food Plus” reached $6.21 billion, compared with $5.9 billion posted a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. K-Food Plus encompasses a diverse range of food products and related items, from fresh and proce

July 24, 2024

Talks between Samsung Electronics and striking workers end without agreement

Samsung Electronics and its largest labor union resumed wage talks Tuesday but failed to reach an agreement, informed sources said. The ninth round of talks was represented by Son Woo-mok, head of the National Samsung Electronics Union, and Kim Hyeong-ro, the company's vice president, according to the source. It was the first wage talks between the two sides since the NSEU declared a full-scale strike July 8. They held a preparatory meeting last week to discuss schedules for the talks. The

July 23, 2024

Seomjae to debut AI-powered math program at CES 2025

Seomjae, a Seoul-based education solutions developer, is set to launch officially its AI Retrieval-Augmented Generation model-based mathematics learning program at the Consumer Electronics Show in Las Vegas next January. In preparation for the launch, Seomjae announced on Tuesday that it completed gathering beta testers for the program. The beta test, starting on July 29 and lasting about a month, will involve 50 students from Seoul, Ulsan, and Boston. The program, developed over two years by a

July 23, 2024

[Herald Interview] Investing in cows: how it works, where it's headed

In Korea, there's a saying that farmers raise a cow to send their children to college, reflecting the long-standing value of cattle. Once exclusive to farmers, livestock has recently become an investment option for the public, allowing individuals to invest without the burden of managing a farm. Bankcow, a fractional investment platform, recently achieved a milestone by completing Korea's first public offering of securities backed by live assets — 100 Korean beef cattle. Despite

July 23, 2024

Hanlim teams up with Vietnam's CONINCO for enhanced construction management

Hanlim Architecture Group announced Tuesday that it signed a memorandum of understanding with CONINCO, a Vietnamese construction supervision company, to reinforce strategic partnerships and create new opportunities for construction management services in Vietnam and beyond. Hanlim Architecture Group Chairman Park Jin-sun, CONINCO General Director Phan Ngoc Cuong and company officials attended the signing ceremony held at the headquarters of CONINCO on July 16. Representatives from both sides dis

July 23, 2024

K-water, Naver to set up water management platform for Saudi Arabia

Korea Water Resources Corp., or K-water, is officially set to commence a water management platform in Saudi Arabia jointly with Korean internet giant Naver, for the next five years, the state-run water management agency said Tuesday. The project was announced in a statement by Naver and Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing. This official agreement builds on a partnership initially established between Naver and K-water earlier this month, aiming to penetrate t

July 23, 2024