KT, Hyundai E&C, Saudi’s STC team up for digital infrastructure

KT Corp. said Tuesday it will establish a digital infrastructure in Saudi Arabia together with Hyundai Engineering & Construction and Saudi Telecommunication Company (Saudi Telecom), in line with the kingdom’s aims to diversify its industry structure under Saudi Vision 2030. KT said that it signed a memorandum of understanding with Hyundai E&C and STC Group – the parent organization of Saudi Telecom -- in Riyadh on Monday during President Yoon Suk Yeol’s state visit to

Oct. 24, 2023

Samsung Biologics to offer solutions for Kurma Partners' portfolio firms

Samsung Biologics said Tuesday it inked a partnership with Kurma Partners, a French venture capital firm specializing in financing health care companies, to offer a variety of drug-related services to Kurma Partners' portfolio companies. Under the partnership, Samsung Biologics will provide biotech companies invested in by Kurma Partners with its customizable chemical, manufacturing and control solutions. Customizable CMC solutions refer to drugs-related services such as the development of

Oct. 24, 2023

[KH Explains] Samsung-SK rivalry heats up for future chips

Competition is heating up between South Korean chip rivals Samsung Electronics and SK hynix to take the lead in the Compute Express Link, or CXL, technology amid its ongoing High Bandwidth Memory chip supremacy war. Although the market is still at the nascent stage, the two global DRAM leaders are seeing CXL as a potential game changer. CXL is an open, industry-supported interconnect between processors and devices such as accelerators, memory buffers and smart devices. It is considered a key tec

Oct. 24, 2023

Hyundai looks to repeat late founder’s Mideast success with EVs, hydrogen

Hyundai Motor Group is venturing into the Middle East as it explores new business opportunities with cutting-edge technologies in the region, looking to recreate the pioneering legacy of Chung Ju-yung, Hyundai Group’s late founder. During President Yoon Suk Yeol's state visit to the Middle East, the South Korean conglomerate announced a series of agreements and contracts to set up a new manufacturing plant for electric vehicles and cooperate in the eco-friendly energy sector with effo

Oct. 24, 2023

Naver to build digital twin platform for Saudi cities

South Korean internet giant Naver said Tuesday it has secured a large-scale deal in Saudi Arabia to build a cloud-based digital twin platform for the kingdom’s futuristic smart city project. The deal signing ceremony was held in Saudi capital Riyadh on Monday upon President Yoon Suk Yeol’s state visit. Naver didn’t reveal the exact size of the deal, but the presidential office hinted that it could amount to $100 million. Under the agreement signed with Saudi Arabia’s Mini

Oct. 24, 2023

Coway ramps up environmental protection

South Korean home appliance maker Coway has been expanding its environmental campaigns to promote the culture of everyday environmental protection across the country. In a bid to promote clean water areas, in July it launched its second “Coway River Plogging Campaign,” which involves a combination of running and picking up litter along river and coastal areas, together with its customers and employees for about a month. The campaign saw a 41 percent surge in the number of participant

Oct. 24, 2023

Genesis BBQ opens 11th store in Vietnam

Korean fried chicken franchise Genesis BBQ said Wednesday that it had launched its 11th store in Vietnam, ramping up its expansion in Southeast Asia. The two-story outlet in Da Nang, a coastal city in central Vietnam, has a total floor area of 128 square meters. With its proximity to My Khe Beach, recognized in surveys as one of the world’s most beautiful beaches, the latest branch is ideally situated for attracting both locals and foreign visitors, the franchise added. Besides the franchi

Oct. 24, 2023

Seoul shares open higher as US Treasury yields slide

South Korean stocks opened higher Tuesday as US Treasury yields took a breather after soaring in the past few days. The benchmark Korea Composite Stock Price Index added 7.77 points, or 0.33 percent, to 2,364.79 in the first 15 minutes of trading. Overnight, Wall Street ended mixed as US Treasury yields dropped after hitting 5 percent and investors awaited earnings reports from tech giants, including Microsoft Corp., Alphabet Inc. and Amazon.com, later this week. In Seoul, market bellwether Sams

Oct. 24, 2023

S. Korea formally accepts WTO deal on fisheries subsidies

South Korea's industry ministry said Tuesday the government has formally accepted an agreement by the World Trade Organization aimed at banning subsidies for illegal fishing. The agreement centers on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry. Following South Korea's approval, the total number of WTO members that have formally endorsed the rule reached 51, taking up 46 pe

Oct. 24, 2023

Korean Air to retain Asiana workers after takeover: sources

Korean Air Co. has decided to retain workers of Asiana Airlines Inc. on condition that Asiana agrees to sell its cargo business to win antitrust approval from European Union regulators for the two carriers' merger, industry sources said Monday. According to the sources, Korean Air, the larger of South Korea's two full-service airlines, plans to seek approval for the decision to retain Asiana Airlines' workers at a company board meeting scheduled next Monday. The decision comes as

Oct. 23, 2023

Eugene Group wins bid to acquire news channel YTN

Eugene Group, a mid-sized South Korean conglomerate with businesses ranging from distribution to finance, has become the largest shareholder of local news channel YTN, according to industry sources on Monday. The group reportedly acquired a 30.95 percent stake in YTN for about 319.9 billion won ($236 million). The stake in question was previously owned by the state-run Korea Electric Power Corp.’s subsidiary Kepco KDN, an electric power grid service company, and the Korea Racing Authority.

Oct. 23, 2023

Mirae Asset seeks generational change in leadership reshuffle

Mirae Asset Financial Group announced a massive reshuffle at the executive level on Monday, signaling a generational shift in leadership as its founding members are to step down. Mirae Asset Securities CEO and Chairman Choi Hyun-man, the group’s No. 2 man, will leave the firm 26 years after he co-founded the group together with Group Chairman Park Hyeon-joo back in 1997. Having served top posts at key affiliates, Choi was named the chairman of the brokerage firm in December 2021. Along wit

Oct. 23, 2023

Seoul shares down for 3rd day amid geopolitical tension, high US bond yields

South Korean stocks closed sharply lower for the third consecutive day Monday as investors' risk-off sentiment escalated amid geopolitical uncertainties and high US bond yields. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.98 points, or 0.76 percent, to close at 2,357.02. Trading volume was slim at 387.7 million shares worth 6.9 trillion won ($5.1 billion), with decliners beating gainers 593 to 283. "With no specific upward mome

Oct. 23, 2023

Hyundai partners with Saudi firms to build hydrogen mobility ecosystem

Hyundai Motor Company said Monday that it is set to launch a hydrogen mobility ecosystem in Saudi Arabia, in step with the kingdom's pivot away from its traditional oil-centric economy. Upon President Yoon Suk Yeol's state visit to the Middle East, the Korean carmaker signed a memorandum of understanding on Sunday in Riyadh with three entities -- Air Products Qudra, a joint venture between Sau Air Products and Qudra Energy; SAPTCO, a Saudi public bus company; and the Korea Automotive T

Oct. 23, 2023

AmCham delegation to visit Washington this week

The American Chamber of Commerce in Korea said Monday its delegation will travel to Washington this week to meet with key US government officials and lawmakers. The three-day trip to the United States starting Tuesday is part of the annual business-promotion program it calls “Doorknock.” The delegation will meet with officials of the Joe Biden administration as well as members of the US Congress to share insights about US-South Korea economic ties. The AmCham Korea delegation is expe

Oct. 23, 2023

Paris Baguette to expand into Middle East, Africa

South Korean bakery giant SPC Group's flagship bakery chain Paris Baguette will make its first inroad into the Middle Eastern and African market as a part of its efforts to tap into the global halal food market worth some $2 trillion in value, said SPC Group, Monday. SPC Group said it signed a memorandum of understanding with a United Arab Emirates-based conglomerate Galadari Brothers Group on Sunday to establish a joint venture by 2024. Galadari Brothers Group currently operates businesses

Oct. 23, 2023

Hyundai Motor to build 1st car plant in Saudi Arabia, leading 46 Korea-Saudi deals

Hyundai Motor Group announced Monday it has entered into a joint venture agreement with Saudi Arabia's Public Investment Fund (PIF) to construct its first-ever automobile assembly plant in Saudi Arabia and expand its presence in the Middle Eastern market. This announcement came as part of a broader initiative that saw 46 memorandums of understanding and joint partnerships signed between South Korean companies and Saudi Arabian counterparts during President Yoon Suk Yeol's state visit t

Oct. 23, 2023

Samsung, Hyundai ink first EV battery deal

Samsung SDI said Monday it has clinched a deal to supply electric vehicle batteries for Hyundai Motor Group – the first battery partnership between the two chaebol groups. Under the deal, Samsung SDI will supply prismatic batteries produced at its Hungary plant for Hyundai EVs made in Europe for seven years, from 2026 through 2032. Although the exact size of the deal was not disclosed immediately, industry sources predict that Samsung SDI could supply batteries to power up to 500,000 high-

Oct. 23, 2023

Hyundai Elevator wins Good Design Award 2023

Hyundai Elevator said Monday that its smart floor indicator has won Japan’s Good Design Award 2023, one of the four major international design awards. Launched last November, PI-DD is a smart floor indicator that purifies and sterilizes the air inside the elevator. The display device, sterilizer and air filter are all hidden behind the stainless metal perforated sheet that naturally matches the interior design of the elevator. The device draws in contaminated air through holes in the hidde

Oct. 23, 2023

GS Group, SNU to run incubator program for startups

South Korean energy-to-retail conglomerate GS Group announced Monday that it is searching for startups and future entrepreneurs to join its incubator program it runs with Seoul National University. “The GS Challenges with SNU” is a joint program with Seoul Techno Holdings, which supports the commercialization of SNU's in-school technology. It provides local startups the opportunities to meet diverse actors outside the business for solutions. Startups with less than five years of

Oct. 23, 2023