Hyundai, KAIST work on self-driving sensors

Hyundai Motor Group’s automakers -- Hyundai Motor and Kia -- have joined forces with the Korea Advanced Institute of Science and Technology to establish a joint laboratory to develop the next generation of sensors for light detection and ranging, of lidar. According to their announcement Wednesday, the joint facility, the Hyundai Motor Group-KAIST Collaborative Research Laboratory for On-Chip Lidar based on silicon photonics, opened on the KAIST campus in Daejeon. The joint lab will focus

Feb. 21, 2024

LG Energy Solution, suppliers seek to create sustainable value for clients

South Korea’s top battery maker LG Energy Solution is committed to a management policy focused on sustainable growth with its partner firms, driven by a spirit of cooperation and mutual growth. The company said it aims to bolster the competitiveness of its suppliers, even amid management uncertainties while maintaining its leadership position in the market. Under the banner of mutual growth, the company has implemented support programs encompassing both short-term goals such as cost compet

Feb. 21, 2024

AliExpress steps up engagement with Korean food brands

Chinese e-commerce platform AliExpress is in talks with Dongwon F&B to introduce the Korean food company's products on its platform, increasing engagement with Korean brands to expand its presence here. According to industry sources on Wednesday, the Chinese company has been in contact with several food businesses here, including Dongwon F&B, the South Korean food company renowned for its canned tuna products. "At present, Dongwon F&B and AliExpress are in preliminary discu

Feb. 21, 2024

Mirae Asset Global X names Goldman veteran as new CEO

Mirae Asset Global Investments announced Wednesday that it has named Ryan O'Connor, the former global head of ETF products at Goldman Sachs, as the new CEO of its US-based exchange-traded fund subsidiary, Global X. The latest appointment comes after a thorough selection process within Global X's recent strategic repositioning following its acquisition by Mirae Asset Global Investments in 2018, the company added. Starting on April 8, the new head of Global X will be tasked with enhancin

Feb. 21, 2024

Exports fall 7.8% from Feb. 1-20; chip sales jump nearly 40%

South Korea's exports fell 7.8 percent on-year in the first 20 days of this month due mainly to weak demand from China and fewer working days, but sales of semiconductors soared nearly 40 percent, data showed Wednesday. Outbound shipments reached $30.72 billion in the Feb. 1-20 period, compared with $33.33 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 9.9 percent on-year to $2.36 billion. The number of working days c

Feb. 21, 2024

Seoul shares open higher despite US losses

South Korean stocks started higher Wednesday on foreign and institutional buying despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 11.49 points, or 0.43 percent, to 2,669.28 in the first 15 minutes of trading. Overnight, the U.S. stock market lost ground on investors' profit-taking ahead of the earnings release of artificial intelligence chip leader Nvidia. Nvidia is expected to release strong fourth-quarter results later Wednesday thanks to co

Feb. 21, 2024

[Photo News] Triple crown for Ioniq 5 N

The Ioniq 5 N, Hyundai Motor's high-performance electric vehicle, has won the Korea Automobile Journalists Association's 2024 Car of the Year award, the association announced Tuesday. On top of winning the highest overall award, the Ioniq 5 N also claimed the awards for EV of the Year and Performance of the Year as well. The Korean-made EV edged out the BMW New 5 Series, Kia EV9, Mercedes-Benz EQS and Genesis GV80 Coupe to take the top honor. KAJA comprises some 200 auto journalists

Feb. 20, 2024

Samsung chief's return to board pushed back as trial continues

More than a year has passed since Samsung Electronics Chairman Lee Jae-yong ascended to the company's top seat in 2022, but his board membership continues to hang in the balance amid an ongoing legal dispute. Samsung Electronics held a board of directors meeting Tuesday and fixed the date of the upcoming general shareholders meetings for March 20. During the meeting, the members also appointed Shin Je-yoon, former Financial Services Commission chairman, and Cho Hye-kyung, an applied artific

Feb. 20, 2024

Seoul shares close lower on profit-taking

South Korean stocks finished sharply lower Tuesday as investors locked in gains after a recent rally. The local currency also fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 22.47 points, or 0.84 percent, to close at 2,657.79, ending a two-day winning streak. On Monday, the index finished at 2,680.26, the highest closing price since May 31, 2022, when it was 2,685.9. Trade volume was heavy at 596.3 million shares worth 9.7 trillion won ($7.2 billion), with losers

Feb. 20, 2024

LG Innotek develops new camera module for self-driving cars

LG Innotek said Tuesday it has developed a cutting-edge direct-heating camera module designed for autonomous vehicles, which can quickly remove frost and snow from the lens. The latest module is an optimized version of the Advanced Driver Assistance Systems cameras, equipped with a heater to promote safe autonomous driving, especially during extremely cold weather conditions. An increasing number of automakers consider direct-heating cameras essential products for ensuring safe driving, as obstr

Feb. 20, 2024

[KH Explains] Will BYD redefine EV affordability in Korea?

Even those unfamiliar with the world's largest electric vehicle maker BYD Auto may have noticed their commercial electric buses that have been navigating city streets in Korea since 2017. Now the Chinese automaker, known for its exceptional affordability, is reportedly entering the broader consumer Korean EV market in the latter half of this year by introducing the Dolphin hatchback, Atto 3 compact crossover, and Seal midsize sedan electric vehicles. They are currently undergoing a performance e

Feb. 20, 2024

Korean Air to finalize Asiana cargo biz sale by October

Flag carrier Korean Air, having recently secured conditional approval from the European Union's antitrust regulator for its merger with Asiana Airlines, is mandated to initiate the sale of Asiana Airlines' cargo division as part of the conditions for approval. According to sources in the investment banking and aviation sectors, Switzerland-based financial services firm UBS, tasked with selling Asiana Airlines' cargo division, has recently disseminated prospectuses and nondisclosur

Feb. 20, 2024

SK Telecom, NTT Docomo unveil white paper on vRAN

SK Telecom said Tuesday that it has jointly released a technical white paper with Japan's No. 1 mobile operator, NTT Docomo, for the adoption of the virtualized Radio Access Network. The joint white paper, titled “Key Considerations for vRAN,” marks two years of cooperation on the metaverse, mobile network infrastructure and media business since the two companies signed a memorandum of understanding in November 2022. VRAN, a technology that incorporates various network functions

Feb. 20, 2024

Starbucks Korea supports over 400 employees in pursuing higher education

Starbucks Korea on Tuesday said more than 400 employees have successfully attained their bachelor's degrees through a tuition assistance program in collaboration with Hanyang Cyber University. In the fall of 2016, Starbucks Korea signed a partnership with Hanyang Cyber University, under which the specialty coffee chain pledged to cover the tuition fees for employees pursuing their first bachelor's degree. Employees are given the freedom to choose their majors independent of their work

Feb. 20, 2024

[Photo News] Galaxy experience space in Barcelona

Samsung Electronics has opened a brand experience space at the Plaza de Catalunya in Barcelona, Spain, ahead of the upcoming MWC Barcelona 2024, the telecom industry's largest annual gathering, which kicks off Monday next week. Visitors can experience the tech giant’s latest flagship smartphone, the Galaxy S24 series, alongside diverse Galaxy AI features, until Feb. 29. (Samsung Electronics)

Feb. 20, 2024

Naver Webtoon eyes Nasdaq listing in June

South Korean internet giant Naver is pushing to have its online comics operator Webtoon Entertainment go public on the US Nasdaq as early as June, according to a recent Bloomberg report. Webtoon Entertainment is the head office for the online comics business Naver Webtoon, and has been based in Los Angeles since May 2020. The firm, with a 71.2 percent stake owned by Naver, manages the overall online comics operations and the content platform business. While there has been talk that the online co

Feb. 20, 2024

Seoul shares open lower on profit-taking

South Korean stocks started lower Tuesday as investors hunted for profits following a recent rally. The benchmark Korea Composite Stock Price Index retreated 9.74 points, or 0.36 percent, to 2,670.52 in the first 15 minutes of trading. The main bourse soared more than 1 percent Friday and Monday on the back of strong foreign buying. Market heavyweights traded in negative territory across the board. No. 1 memory chipmaker Samsung Electronics fell 0.41 percent, and leading battery maker LG Energy

Feb. 20, 2024

8 in 10 builders struggle to pay back debt interest

Eight out of ten construction firms here said they are experiencing difficulties in paying debt interest, according to a local survey released on Monday. According to the Federation of Korean Industries' survey involving 102 construction companies among the top 500 construction firms, 76.4 percent of the respondents said they are experiencing difficulties paying debt interest with their operating profit. Only 17.7 percent said they can cover debt interest with their profits. “Not only

Feb. 19, 2024

Samsung’s foldable display boasts US military-grade durability

Samsung Display on Monday said its foldable panel for smartphones has passed the US military’s material durability test, proving its strength in withstanding the harsh conditions of operational and combat zones. According to the display maker, its 7-inch foldable panel used in the latest foldable smartphones passed the MIL-STD 810G test, which is the US Department of Defense's military standard. First developed as a certification for equipment and materials for military applications,

Feb. 19, 2024

Coupang, Yuhan join labor policy-focused business lobby

E-commerce giant Coupang and pharmaceutical firm Yuhan Corp. are set to join the Korea Enterprises Federation, a business lobby representing over 4,000 businesses here, according to industry sources on Monday. Some 10 firms, including Coupang, have submitted membership applications to the group, which are subject to approval from board directors and existing members at a meeting slated for Wednesday. Coupang’s decision came after three years of deliberation since its parent company, Coupan

Feb. 19, 2024