Samsung, SK’s investment blitz in US hit by soaring won-dollar rate

A sharp rise in the won-dollar exchange rate is deepening concerns among the nation’s top two chipmakers -- Samsung Electronics and SK hynix -- as they face snowballing financial burdens in their massive facility investments in the US. The Korean won has suffered price fluctuations following President Yoon Suk Yeol’s short-lived martial law declaration on Dec. 3. On Monday, the won soared to a two-year high of 1438.8 against the greenback. As of 3 p.m. Tuesday, the won-dollar rate re

Dec. 10, 2024

Hanjin Logistics shares market penetration strategies with e-commerce sellers

South Korean logistics company Hanjin Logistics said Tuesday that it has hosted its “Unboxing Day” event, aimed at sharing marketing strategies and insights to help e-commerce sellers enter the global market. The event, which attracted around 390 attendees, featured an awards ceremony, panel discussions and networking opportunities. Following last year's inaugural event, Hanjin continued to honor key clients with awards. In the “Heritage” category, four clients were

Dec. 10, 2024

Milwaukee Tools launches small yet powerful impact wrench

Milwaukee Tool Korea said Tuesday that it has launched a compact cordless impact wrench, powered by a 12-volt system. Founded in 1924 in Milwaukee, Wisconsin, the power tool maker has earned a reputation for producing durable, high-quality tools under the slogan, “Nothing But Heavy Duty.” The company expanded its global presence by establishing a Korean branch in 2022 and has since experienced steady growth here. Its new product, 12V Fuel Impact Wrench 1/2" III, delivers enhance

Dec. 10, 2024

[Photo News] JB Financial eyes new home in Seoul

JB Financial Group Chairman Kim Ki-hong speaks at a ground-breaking ceremony of the Jeonju, North Jeolla Province-based financial group’s new office in Seosomun, central Seoul, Monday. The new 19-story building, set for completion by 2027, is located on a 2,665 square-meter site and boasts 39,963 square meters of floor space. JB’s holding company and key affiliates plan to relocate to the new building. (JB Financial Group)

Dec. 10, 2024

Mirae Asset’s European ETF assets surpass $2b

Mirae Asset Global Investments announced Monday that its European exchange-traded fund assets under management have exceeded $2 billion, just four years after entering the market in late 2020. Global X EU, the ETF subsidiary of Mirae Asset, manages 42 ETF products across Europe as of Thursday. This year, the company achieved a remarkable growth rate of nearly 136 percent year-on-year, with AUM rising from $850 million to $2 billion. Europe is the world’s second-largest ETF market, followin

Dec. 9, 2024

Hanwha sets up financial AI center in San Francisco

The financial subsidiaries of Hanwha Group, South Korea’s seventh-largest conglomerate, have launched an artificial intelligence research center in San Francisco, the global hub for AI development. Hanwha AI Center, established by Hanwha Life in collaboration with Hanwha General Insurance and Hanwha Asset Management, officially opened last week at Hanwha Group’s San Francisco headquarters. The opening ceremony was attended by senior executives, including Hanwha Life Vice Chairman and

Dec. 9, 2024

Korea, Indonesia strengthen partnership in general insurance

The general insurance industries of South Korea and Indonesia are deepening their partnership. The General Insurance Association of Korea announced on Monday that it recently signed a memorandum of understanding with the General Insurance Association of Indonesia to strengthen exchanges and collaboration. The agreement outlines plans to support member companies' overseas expansion and collaborate on initiatives aimed at mutual growth in both countries' insurance sectors. The associatio

Dec. 9, 2024

Cheaper Chinese chips hamper profit outlook for Samsung, SK hynix

Chinese chipmakers are posing challenges for South Korean memory chip giants, flooding the global market with legacy chips at half the market price amid slowing demand. With the price of the older DRAM chips plunging more than 30 percent, market analysts lowered the earnings prospects for Samsung Electronics and SK hynix, the world's top two memory chip makers. According to DRAMeXchange on Monday, the spot price of 8 gigabyte DDR4 chips for computers fell to $1.35 in November, marking a 35.

Dec. 9, 2024

Global talent market expands as “professionals” eyes abroad

Global job mobility has emerged as a dominant trend in 2024, with an increasing number of professionals here seeking career opportunities abroad, data found Monday. According to data released by the professional search division of Manpower Korea, global recruitment sales accounted for over 10 percent of the division’s total revenue this year, a tenfold increase from 2022. The company noted that the global sales proportion was less than 1 percent just two years ago, highlighting a significa

Dec. 9, 2024

Samsung C&T, Hitachi Energy bolster ties on HVDC projects

Samsung C&T said Monday that it has signed a memorandum of understanding with Switzerland’s Hitachi Energy to strengthen collaboration and explore opportunities in the high-voltage direct current sector. HVDC is a method of converting alternating current generated at a power plant into high-voltage direct current for transmission. It is a key technology for long-distance, large-scale power transmission with low energy loss and high stability. Hitachi Energy -- the market leader in powe

Dec. 9, 2024

Krafton launches tech lab to nurture programming talent

Krafton, the South Korean gaming giant behind the popular title PUBG: Battlegrounds, announced Monday the launch of the Krafton Jungle Game Tech Lab, aimed at fostering game programmers as part of its corporate social responsibility efforts. The Game Tech Lab’s curriculum will emphasize key values such as immersion, self-directed learning and team-based collaboration, the company said. Participants will engage in an intensive, 24-week program designed to build expertise in areas including

Dec. 9, 2024

Celltrion secures Canada's approval for Xolair biosimilar Omlyclo

South Korean biopharmaceutical firm Celltrion said Monday that it has received approval from Health Canada for Omlyclo, its omalizumab biosimilar referencing Xolair, designed to treat allergic asthma and chronic spontaneous urticaria. Celltrion has obtained approval for the full range of indications covered by the original drug, including allergic asthma, chronic rhinosinusitis with nasal polyps and chronic idiopathic urticaria. The company supported its application with a global phase 3 clinica

Dec. 9, 2024

LG Innotek to unveil future mobility tech at CES

LG Innotek said Monday it will showcase innovative future mobility components and new technologies at the annual CES tech show, which kicks off in Las Vegas on Jan. 7. At the world’s largest tech show, the company will unveil 41 future mobility components, covering sensing, communication, lighting and control technologies, with 15 key products displayed in a future vehicle mockup as the showroom’s centerpiece. “We aim to utilize CES as an opportunity to secure new business pros

Dec. 9, 2024

Tourism, retail sectors already feeling pinch from political turmoil

South Korea’s tourism and retail sectors face repercussions from the escalating political turmoil, with major economies issuing heightened alerts for travelers following President Yoon Suk Yeol’s short-lived martial law declaration last week. Starting Wednesday, several countries, including the US, the UK, Japan and Australia, have announced travel alerts, advising their citizens to avoid crowded areas and remain vigilant while staying in Korea. The seemingly heightened concerns cont

Dec. 9, 2024

Korea’s defense stocks tumble amid fallout of Yoon's folly

The stock prices of Korean defense firms have been battered in recent days, as concerns grow that the fallout of President Yoon Suk Yeol’s martial law declaration could harm the outlook for the country’s defense industry. Shares of Hanwha Aerospace closed at 298,000 won ($209) on Friday, down about 12 percent from Tuesday's close. Yoon declared martial law on Tuesday night, prompting the National Assembly to pass the motion to dismiss the martial law decree early Wednesday. Shar

Dec. 8, 2024

LG Electronics readies for $1.8b Indian IPO

South Korean home appliances giant LG Electronics is aiming to cement its presence in India, going for an initial public offering in the country, where the firm is a leader in the premium TV and air conditioner market. On Friday, the company’s Indian arm filed for an IPO with the Securities and Exchange Board of India, a draft red herring prospectus from the company showed. LG Electronics, the parent company that fully owns the Indian entity, will sell 101.8 million shares, accounting for

Dec. 8, 2024

[Photo News] Hana Bank forex contest

Hana Bank, a major commercial lender in South Korea, held the final round of its 19th annual foreign exchange contest on Friday, aimed at enhancing employee expertise in the forex field. The event capped a seven-month journey that began with a record 8,000 participants in the preliminary round. In the picture, Hana Bank CEO Lee Seung-lyul (second row, fifth from left) poses with executives and the top 10 finalists at the bank’s Myeongdong headquarters in Seoul on Friday. (Hana Bank)

Dec. 8, 2024

Yoon's signature industrial policies at risk

South Korea’s political crisis, triggered by President Yoon Suk Yeol's short-lived martial law declaration, is casting doubt on several of his administration's cornerstone industrial projects and the country’s ability to navigate trade challenges. The initiatives facing increased uncertainty include a multibillion-dollar nuclear power deal in the Czech Republic and the Donghae deepwater gas field development. The instability comes at a critical moment for South Korea, as sh

Dec. 8, 2024

[Photo news] Deeply divided nation

Mass rallies are held in two symbolic Seoul districts, Yeouido and Gwanghwamun, minutes before a parliamentary vote on the impeachment of President Yoon Suk Yeol, offering sharply contrasting views of South Korea.

Dec. 7, 2024

Network failures occur amid impeachment rallies in Seoul

Network failures and service disruptions occurred in key areas of Yeouido and Gwanghwamun in Seoul on Saturday, as thousands of citizens filled the streets ahead of the impeachment vote for the embattled President Yoon Suk Yeol. “I could not send any messages on KakaoTalk or Telegram when I reached the front of the National Assembly. My connection was restored when I moved farther away from the Assembly,” a protester said. Media outlets seeking to livestream the rally in front of the

Dec. 7, 2024