Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Lotte, LG in talks to sell petrochemicals plants
Korean petrochemicals firms are downsizing their businesses as they are grappling with lower demand and higher supply of products from China, according to industry sources Thursday. Lotte Chemical, South Korea’s leading petrochemicals company, has reportedly embarked on the process of selling its Malaysian unit Lotte Chemical Titan Holdings. In addition, its domestic rival LG Chem is said to be in talks with Kuwait Petroleum Corp. to sell a stake in its naphtha cracking center in Yeosu, So
March 7, 2024
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Seoul court bans former SK hynix chip researcher from working for US rival
In the wake of heated competition for chip supremacy, a Seoul court has stepped in to block a former chip researcher involved in chip design at SK hynix from working for US-based rival Micron Technology, alleging possible technology leaks. According to industry sources on Thursday, Seoul Central District Court granted permission to an injunction request filed by SK hynix late last month to prevent the former researcher from working for another company, and ordered the executive to pay 10 milli
March 7, 2024
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HD Hyundai Heavy Industries opens Manila office to foray into Southeast Asia
South Korean shipbuilding giant HD Hyundai Heavy Industries is seeking to continue its expansion into the burgeoning warship market in Southeast Asia as it opens a regional base in the Philippines. The company said Thursday it recently held the opening ceremony of its engineering office in Bonifacio Global City, Manila. The event was attended by HD HHI’s Naval and Special Ship Business unit chief Joo Won-ho and Philippine Deputy Minister of Undersecretary for Acquisition and Resource Manag
March 7, 2024
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Air Premia, Air Incheon strong contenders for Asiana’s cargo arm
Close competition is predicted among the four domestic low-cost carriers vying for the acquisition of Asiana Airlines' cargo division, with Air Premia and Air Incheon emerging as the prime contenders, according to industry sources on Thursday. Financial services firm UBS, which is overseeing the sale of Asiana Airlines' cargo division, recently selected four LCCs -- Jeju Air, Eastar Jet, Air Premia and Air Incheon -- as shortlisted candidates for the acquisition. The decision follows t
March 7, 2024
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AmCham holds policy talks with FTC chief
Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea. “The Fair Trade Commission will strive to establish a fair market economy system that serves as the basis for economic stability and market innovation,” Han said, citing deepening inflation and high interest rates as continued economic difficu
March 7, 2024
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Eximbank, US energy department join hands on supply chain resilience
The state-run Export-Import Bank of Korea said Thursday that it has inked a memorandum of understanding with the US Department of Energy to bolster their partnership in supporting the Korea-US supply chain and sustainable energy projects between the two nations. This marks the first time Eximbank has entered into such a partnership agreement with a US government agency, underscoring the growing ties and shared interests between the two nations in the realms of sustainable development and clean e
March 7, 2024
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Hyundai E&C seeks to join UK SMR project
Hyundai Engineering & Construction announced Wednesday that the company signed business agreements with US energy equipment supplier Holtec International, and with UK construction firms Balfour Beatty and Mott MacDonald, in a bid to join the UK government’s small modular reactor project. The UK government plans to expand nuclear energy capacity to 24 gigawatts by 2050, through building a fleet of SMRs. Holtec is one of the six developers that have been shortlisted to win the project. Holte
March 7, 2024
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NH Bank cracks down on W11b internal failure
A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total amount of the financial products the accused employee had handled at the related department between March 2019 until November last year. According to an official from the bank, a 1.2 billion won d
March 6, 2024
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Korean firms eye chances in net zero, global market: ChatGPT report
The global transition to net zero will be a boon for companies in renewable energy and secondary batteries, while supply chain restructuring will challenge Korean chipmakers, according to data analysis released Wednesday by the Korea Chamber of Commerce and Industry. The business group released a report on opportunities and risk factors that Korean firms expected this year by analyzing 2024 management messages from the top 100 listed companies using ChatGPT. The opportunity factors for Korean
March 6, 2024
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[Contribution] The buck stops with all of us, not women
By Judy Hsu This year, for International Women’s Day, the United Nations has called for countries around the world to “Invest in Women: Accelerate Progress”. This crucial call underlines the need to address the deficit in gender equality measures as economies continue to grow. The call also emphasizes the imperative of prioritizing women’s economic empowerment because a stark reality persists: There continues to be a wide economic disparity between men and women in ma
March 6, 2024
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Samsung may build Google’s next Tensor chip: sources
Samsung Electronics' foundry division is expected to get a boost as Google reportedly plans to build its new Tensor G4 chipset based on Samsung’s latest Exynos 2400 blueprint, according to industry sources on Wednesday. Google's new Pixel 9 smartphone is set to launch in the latter half of this year, and it is highly anticipated to incorporate the upcoming Tensor G4 chipset. SamMobile and other industry sources predict Samsung Foundry to produce Google's new chipset leveragi
March 6, 2024
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[Photo News] Empowering women
From left: American Chamber of Commerce in Korea Chairman and CEO James Kim, US Embassy in Korea deputy chief of mission Joy M. Sakurai, Citibank Korea CEO Yoo Myung-soon, P&G Korea General Manager Lee Chee-young and Christina Ahn, client partner of Korn Ferry, attend a panel discussion during an International Women’s Day luncheon hosted by AmCham Korea in Seoul on Wednesday. During the event, business leaders shared their unique personal career journeys and delved into strategies fo
March 6, 2024
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LG, LS join hands for smart factory leadership
LG Electronics and LS Electric have teamed up to enhance their smart factory leadership and foray into overseas markets together, the companies said Wednesday. Their strategic alliance, formalized through a memorandum of understanding signed Tuesday, aims to leverage the combined technological prowess and market influence of both entities to forge advancements in the smart factory sector, including digital solutions, automation, and energy efficiency. LS Electric is set to contribute its core te
March 6, 2024
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Dong-A Otsuka pledges ‘zero plastic’ on 45th anniversary
Korean beverage maker Dong-A Otsuka on Tuesday announced its “zero plastic” goal, renewing its commitment to sustainable management on the company's 45th anniversary. Under the new goal, the company aims to increase the use of sustainable plastic by 50 percent by 2030 and complete a 100 percent transition to sustainable plastic by 2050. As part of its efforts, the company will start adopting eco-friendly PET (polyethylene terephthalate) this year and reduce the use of plastic ma
March 6, 2024
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[Investor] Cheonsuman Bay region emerges as stronghold of future air mobility industry
Hyundai Motor Group and South Chungcheong Province have joined hands to lead the advanced air mobility (AAM) industry in the province. In a strategic move toward innovating the transportation sector, the province concluded a business agreement with the automotive group to foster the AAM-related industry in Cheonsuman Bay B District in Seosan, provincial government officials said. South Chungcheong Gov. Kim Tae-heum and Hyundai Motor Group executives attended the signing ceremony held at the prov
March 5, 2024
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Naver to debut new OS for robots at Saudi tech show
Korean internet giant Naver said Tuesday that it is debuting the world’s first web platform-enabled operating system for robots, called “Arc mind,” at this week’s LEAP 2024, a tech trade show held in Saudi Arabia. The company said the new platform combines the web platform technology of Naver Cloud’s Whale and the robotics software technology of Naver Labs. "Team Naver has continuously expanded its tech portfolio from web platform to robotics software by develo
March 5, 2024
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[From the Scene] The Hyundai Seoul turns Yeouido into young shoppers' mecca
Just a few years ago, the streets of Yeouido, Seoul's main finance and investment banking district normally full of white-collar workers during weekdays, were quiet during weekends. But now, the high-profile opening of The Hyundai Seoul, the largest retail mall in Korea's capital, has reinvigorated the area, making it a shopping mecca for those in their 20s and 30s in only three years. “I can see more people, particularly younger people, coming to this office district in Yeouido
March 5, 2024
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Korea's GNI rebounds on stable won
South Korea’s gross national income per capita rebounded to over $33,000 in 2023, marking a 2.6 percent rise on-year, while the national economy grew by 1.4 percent, preliminary data from the Bank of Korea showed Tuesday. The GNI per capita, a measure of the amount of money earned per person in a nation, stood at $33,745 last year, advancing by 2.6 percent from $32,886 in 2022. The figure, drawn up by dividing national income in a year by population, helps evaluate the standard of living.
March 5, 2024
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[KH Explains] Warship rivals at loggerheads
The dispute between South Korea’s two major shipbuilders -- Hanwha Ocean and HD Hyundai Heavy Industries, housed under Hanwha Ocean and HD Hyundai Heavy Industries, respectively -- is escalating, with Hanwha taking legal action. Hanwha Ocean on Monday filed a complaint with the National Office of Investigation to probe into the case of HD Hyundai Heavy Industries’ nine employees who were convicted of collecting military secrets and leaking them, asking the authorities to uncover info
March 5, 2024
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Abu Dhabi welcomes Korean touch in boosting creative economy
ABU DHABI, United Arab Emirates – A fleet of chartered busses lined up to drop off Chinese tourists at the entrance of the Louvre Abu Dhabi, the Arab franchise of the famous French museum – a rare scene in the capital of the United Arab Emirates where most of the visitors come from India, Saudi Arabia, the US, and the UK. Located on a 24,000 square-meter site within the city’s Saadiyat Cultural District, the museum, known for its enormous metallic silver canopy, is a testament
March 5, 2024