Chipmakers urged to leverage AI edge in tackling uncertainties

Donald Trump's second presidency is unsettling the chip industry globally, after the outspoken leader had publicly threatened during his campaign to cut subsidies for chipmakers and raise tariffs on foreign firms. South Korea, home to the world’s top two memory chip-makers, is no exception. Experts suggest that Korea should leverage its strengths in artificial intelligence chips and further bolster ties with the new US administration. One of the imminent concerns is the possibility of

IndustryNov. 7, 2024

Korea on alert over reshaped global economy during Trump's 2nd term

The export-reliant Korean economy is bracing for Donald Trump’s return to the White House, with the energy and high-tech sectors here expected to bear the brunt of the US policy shift centered on his trade protectionism and the rollback of Joe Biden's green energy push. Korea’s Finance Minister Choi Sang-mok said on Thursday he expected considerable changes in external economic conditions in the wake of President-elect Donald Trump's victory over Vice President Kamala Harri

EconomyNov. 7, 2024

Seoul shares close tad higher amid Trump policy uncertainties

South Korean stocks finished slightly higher to end a two-session losing streak Thursday as investors scurry to gauge the potential impact of the upcoming President-elect Donald Trump administration's policy on key sectors like semiconductors, EV batteries and shipbuilding. The Korean won edged down against the US dollar. After opening slightly lower, the benchmark Korea Composite Stock Price Index added 1.12 points, or 0.04 percent, to close at 2,564.63. Trade volume was moderate at 447 mi

MarketNov. 7, 2024

'Trump trade' shakes up markets

With Donald Trump winning the US presidential election, the “Trump trade” flowed into the South Korean stock market, with shares of defense and shipbuilding firms surging. The value of the local currency against the US dollar dropped to a two-year low. Shares of defense companies jumped, with investors anticipating robust earnings on the potential for escalated geopolitical risks. Furthermore, Korea could face renewed pressure to pay more in its defense cost-sharing arrangement with

MarketNov. 7, 2024

Korean auto, battery firms buckle up for second Trump term

Korean automakers and battery-makers now face the daunting task of coping with a second Donald Trump administration, as they try to prepare various measures to weather the storm of uncertainties expected from the next president of the United States. Throughout his election campaign, Trump has openly criticized the Joe Biden administration’s Inflation Reduction Act and its Advanced Manufacturing Production Credit that have given financial benefits to Korean companies in the electric vehicle

IndustryNov. 7, 2024

Hyundai Motor edges closer to global No. 2 carmaker in profit

Hyundai Motor Group has outpaced Volkswagen Group in the third-quarter profit, edging closer to claiming the world’s second-largest carmaker title this year for the first time. From June to September, Hyundai Motor Company, Kia and Genesis posted 69.4 trillion won ($49.7 billion) in sales revenue and 6.5 trillion won in operating profit. Volkswagen Group reported higher sales of 78.5 billion euros ($84.2 billion), but it fell behind in profit with 2.9 billion euros. This marks a significan

MobilityNov. 7, 2024

Coupang founder to sell $360m of stock

Coupang founder and CEO Bom Kim announced on Thursday plans to sell 15 million shares valued at some $360 million — his first sale since Coupang’s New York Stock Exchange debut on March 15, 2021. He also plans to donate an additional 2 million shares to charity. Kim currently owns 174,802,990 Class B shares and the shares he plans to sell represent almost 9.7 percent of the total holding. The Class B shares, exclusively owned by Kim, have 29 times the voting power of regular shares.

IndustryNov. 7, 2024

India’s vibrant economy ready to lure Korean investors, says ambassador

Deeper economic and commercial ties between India and South Korea could pave the way for mutual growth, India’s ambassador to South Korea said, highlighting the potential of India’s young, expanding consumer base and robust annual growth rate. “India’s economy continues to demonstrate resilience and growth, driven by forward-looking government policies,” India’s Ambassador to South Korea Amit Kumar said in his opening remarks at the Global Business Forum hoste

IndustryNov. 7, 2024

Tata Daewoo rebranded for EV shift

GUNSAN -- Tata Daewoo Commercial Vehicle Company, a well-established name in commercial trucks often seen on construction sites and in logistics operations across the globe, has rebranded itself as Tata Daewoo Mobility. Joining a broader industry trend, Tata Daewoo’s rebranding as a "mobility" company reflects its new mission to lead in eco-friendly transport through the development of electric and hybrid vehicles. During the 30th anniversary ceremony held at its headquarters in

MobilityNov. 7, 2024

LG Uplus eyes W3tr investment in AI by 2028

LG Uplus CEO Hwang Hyeon-sik said Thursday the company would invest up to 3 trillion won ($2.15 billion) in the telecom carrier's artificial intelligence business over the next four years. The announcement came as the CEO introduced the company's AI transformation strategy during a press briefing in Seoul. Hwang highlighted that the key behind the telecom carrier's AX strategy is customer-centered thinking and AI orchestration. “To grow as an AX company, it’s essenti

IndustryNov. 7, 2024

aT wins top consumer award for cost reductions, price transparency

The Korea Agro-Fisheries & Food Trade Corp., known as aT, announced on Thursday that it has been recognized by the Korea Consumer Association for its excellence in consumer-friendly administration. aT, a government agency responsible for promoting the trade, export and marketing of Korean foods and beverages worldwide, received this year's Korea Consumer Award for its initiatives aimed at reducing costs for consumers. These initiatives include a discount program for domestically produce

CompaniesNov. 7, 2024

Lotte Biologics runs internship program open to all

South Korean contract development and manufacturing organization Lotte Biologics said Thursday that it offers job opportunities without specific qualification requirements in its year-round internship program. The Open Innovation Internship is open to anyone, regardless of gender, nationality, age, educational background or career history. The internship duration can be tailored to suit the needs of both the company and the participants. When Lotte Biologic needs new interns, it reviews profiles

IndustryNov. 7, 2024

[Photo News] 80 years of Kia

An exhibition reflecting on Kia's 80-year heritage, "From Moments to Movement" kicked off Thursday at its brand store in southern Seoul. The exhibition features iconic Kia historical car models, including the Sportage sport utility vehicle and Pride compact vehicle, alongside its latest innovations like the EV9 and EV3 electric vehicles. (Kia)

MobilityNov. 7, 2024

Seoul shares open weak after Trump's victory

South Korean stocks opened lower Thursday on concerns over a shift in US trade and economic policies following former US President Donald Trump's comeback. The benchmark Korea Composite Stock Price Index lost 8.27 points, or 0.32 percent, to 2,555.24 in the first 15 minutes of trading. Overnight, major US indexes closed at record highs after Trump won the 2024 US presidential election as investors expected lower taxes and deregulation. The Dow Jones Industrial Average jumped 3.5 percent, an

MarketNov. 7, 2024

S. Korea logs current account surplus for 5th month in September

South Korea racked up a current account surplus for the fifth consecutive month in September, driven by robust exports, central bank data showed Thursday. The country's current account surplus reached $11.12 billion in September, marking a surplus for the fifth consecutive month following a $6.5 billion surplus in August, according to data compiled by the Bank of Korea. The country's goods account racked up a $10.67 billion surplus in September following a $6.52 billion surplus the mon

EconomyNov. 7, 2024

South Korean trade authorities prepare trade shifts after Trump's victory

South Korean trade authorities on Wednesday began discussing strategies in response to potential US trade policies under Donald Trump's second term as president. The Ministry of Trade, Industry and Energy said it convened an emergency meeting to review potential policy responses centered around Trump's campaign pledges. The ministry has been closely monitoring and analyzing the possible impacts of the US election outcome on major industries, including semiconductors, automobiles, batte

IndustryNov. 6, 2024

South Korean won tumbles after Trump wins US presidential election

The South Korean currency fell sharply against the US dollar during intra-day trading Wednesday after Donald Trump won the US presidential election. The South Korean won was trading at 1,400.5 won to the dollar as of 8:20 p.m., marking the first time to surpass the 1,400 won threshold since April 16. The won opened at 1,374 won at 9 a.m., up 4.6 won from the previous session. But the won-dollar rate reversed course in the morning, with the US dollar strengthening on news that Trump held an advan

EconomyNov. 6, 2024

South Korean biz community hopes for stronger Korea-US cooperation

South Korea's major business organizations on Wednesday joined in congratulating Donald Trump on his victory in the US presidential election, urging him to strengthen Seoul-Washington cooperation. The Korean Chamber of Commerce and Industry congratulated Trump on his election victory, emphasizing that the Korea-US trade and economic partnership is anchored in a strong security alliance. The KCCI expressed hope for continued bilateral relations under the incoming Trump administration, adding

IndustryNov. 6, 2024

South Korean industries likely to revisit US investment plans after Trump win

With former US President Donald Trump's successful reelection to the White House, South Korean industries with major investments in America may be expected to realign their US business strategies amid an anticipated shift in Washington's economic and trade policies. Many in the South Korean business community forecast a second Trump administration to pursue strong protectionist trade policies centered on American interests. In particular, industries here are closely watching the poss

IndustryNov. 6, 2024

LG wins top patent award for AR navigation tech

LG Electronics received the top recognition from the country’s patent agency for its advanced vehicle augmented reality technology used to guide drivers on complex and unfamiliar roads on Wednesday. At this year’s Patent Technology Awards hosted by the Korean Intellectual Property Office, LG Electronics has been chosen as the winner of the grand prize, the King Sejong Award, for its patent on vehicle AR-based navigation. “We expect our AR solutions will innovate driving experie

IndustryNov. 6, 2024