SK hynix Inc, South Korea's key memory chip maker, said Thursday it has closed the first phase of the transaction to acquire Intel's NAND and solid-state drive (SSD) business, and will name the newly established subsidiary Solidigm. The announcement came eight days after it received the merger clearance from China's State Administration for Market Regulation, the last remaining major regulatory hurdle for its $9 billion acquisition of Intel's SSD business and the Dalian NAND flash manufacturin

Industry Dec. 30, 2021

South Korean shares opened a tad higher Thursday as investors snapped up tech blue-chip bargains following a drop in the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.31 points, or 0.14 percent, to 2,997.60 in the first 15 minutes of trading. Tech and bio shares led the overall gains. Market bellwether Samsung Electronics rose 0.63 percent, and No. 2 chipmaker SK hynix spiked 3.15 percent. But auto, steel and chemicals were in negative terrain to keep the r

Market Dec. 30, 2021

North Korea had high-profile discussions on key policy issues for 2022 during a year-end plenary session of the Workers' Party, with senior officials, including those in charge of inter-Korean relations and foreign affairs in attendance, according to its state media Thursday. The North convened a third day of the 4th Plenary Meeting of the party's 8th Central Committee on Wednesday, during which "sectional workshops" continued from the previous day to "map out plans according to

North Korea Dec. 30, 2021

The United States declined to directly comment on any progress made on a draft for an end to the Korean War declaration professed by the South Korean foreign minister on Wednesday, only saying the US remains committed to dialogue with North Korea. South Korean Foreign Minister Chung Eui-yong on Wednesday (Seoul time) said South Korea and the US have already reached a de facto agreement on the draft of a declaration to formally end the Korean War. A state department spokesperson offered no dire

Politics Dec. 30, 2021

South Korea's industrial output increased by the most in 17 months in November in the latest sign that economic recovery momentum has been extended despite the pandemic, data showed Thursday. Industrial output grew 3.2 percent in November from the previous month, a turnaround from a 1.9 percent on-month fall in October, according to the data compiled by Statistics Korea. It marked the largest on-month gain since June 2020, when industrial output went up 3.9 percent. The rebound came after ind

Economy Dec. 30, 2021

The Ministry of Science and ICT said Wednesday it will open up public Wi-Fi networks in case of network outages to help citizens gain access to basic telecommunication services. The decision came two months after KT Corp., a major South Korean telecom operator, suffered a nationwide network outage of services due to a routing error in the process of upgrading its equipment. The outage crippled businesses, including schools, restaurants and other facilities, for over an hour on Oct. 25. The go

Technology Dec. 29, 2021

Ruling party presidential candidate Lee Jae-myung unveiled a set of campaign pledges on welfare on Wednesday, promising to improve the quality of life for South Koreans to the 15th best among the member nations of the Organization for Economic Cooperation and Development (OECD). Under the pledges, the Democratic Party nominee said he will increase the coverage age of child allowance to 15 and reinforce sickness benefits, while expanding benefits of the national pension fund. Lee also said he

Politics Dec. 29, 2021

Seoul shares closed lower Wednesday on ex-dividend date and profit-taking amid lingering concerns over the economic implications of the omicron strain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.95 points, or 0.89 percent, to 2,993.29 points. Trading volume was moderate at about 536.6 million shares worth some 10.8 trillion won (about $9 billion), with decliners outnumbering gainers 439 to 438. Institutions and foreigners sol

Market Dec. 29, 2021

The ruling Democratic Party and the government agreed Wednesday on the need to extend the current virus curbs and allocate funds for the purchase of a fourth shot of vaccines, a DP spokesperson said. The two sides reached the consensus during a meeting on the COVID-19 response, noting that key indicators, such as the operation of ICUs and the numbers of critically ill COVID-19 patients and deaths, have yet to improve, Rep. Shin Hyun-young said in a press briefing. The party asked, however, tha

Politics Dec. 29, 2021

President Moon Jae-in pledged Wednesday to step up efforts to give students with disabilities equal rights to education so as to help them better integrate into society. Moon made the remarks at a ground-breaking ceremony of the nation's first vocational school affiliated with a state-run university for students with disabilities in Gongju, 160 kilometers south of Seoul. "We must have equal opportunity and anyone can equally contribute to society," Moon said. "Students with dis

Politics Dec. 29, 2021

South Korea conducted regular military drills to strengthen the defense of its easternmost islets of Dokdo last week, an informed source said Wednesday, amid lingering tensions caused by Japan's persistent claims to the East Sea outcroppings. The country's military staged the drills to ensure their readiness to fend off potential foreign infiltrations to the rocky outcroppings, the source said without elaborating on the exact date and the size of the participating troops. "(The military)

Defense Dec. 29, 2021

The loosening of a device to anchor a helium tank of the Nuri space rocket was found to have caused the early shutdown of the rocket's third-stage engine, leading to a mission failure, the science ministry said Wednesday. In October, South Korea launched the country's first homegrown space rocket, also called the KSLV-II. It flew to a target altitude of 700 kilometers, but failed to put the dummy satellite into orbit as its third-stage engine burned out 46 seconds earlier than expected. The g

Technology Dec. 29, 2021

South Korea's terms of trade hit a near nine-year low in November as import costs rose at a much faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- came to 88.27 last month, down 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The November tally represented the lowest level since March 2013. The figure is calculated by dividing the index for expor

Economy Dec. 29, 2021

South Korea's corporate capital spending is expected to expand nearly 4 percent in 2022 on a recovery in manufacturing activity and private consumption, a poll showed Wednesday. The survey of 3,700 big, midsize and small companies, taken by the state-run Korea Development Bank (KDB), showed their combined facility investments will likely reach 186 trillion won ($158 billion) next year, up 3.6 percent from this year. "The country's corporate capital spending is likely to keep growing in th

Economy Dec. 29, 2021

LG Chem Ltd., South Korea's leading electric vehicle battery maker, will invest 475.4 billion won ($400 million) in cathode materials plant, the trade ministry said Wednesday. LG Chem will set up LG Battery Core Material to produce 60,000 tons a year of cathode materials and create 187 jobs for three years, the Ministry of Trade, Industry and Energy said in a statement. The company plans to begin construction of the plant in Gumi, 260 kilometers south of Seoul, next month with an aim to produc

Industry Dec. 29, 2021