Yoon visits Hyundai Motor's AI-powered factory in Singapore

SINGAPORE -- President Yoon Suk Yeol on Tuesday visited the highly automated Hyundai Motor Group Innovation Center Singapore, a car manufacturing facility powered by artificial intelligence and robots, on the sidelines of his state visit to the city-state. Yoon inspected the automated car manufacturing line that uses the "cell production" system in which a small team of human employees and robots is responsible for a specific assembly process. The factory operates 27 such cells. Accord

IndustryOct. 8, 2024

AliExpress Korea chief questioned on product safety at Assembly audit

AliExpress Korea CEO Ray Zhang expressed the company’s commitment to enhancing product safety during a parliamentary audit, where he faced criticism from South Korean lawmakers for the platform’s failure to stop the sale of hazardous products despite previous pledges to do so. The audit, led by the Trade, Industry, Energy, SMEs and Startups Committee on Monday, was convened to address growing concerns about unsafe products circulating on Chinese e-commerce platforms. These platforms,

CompaniesOct. 8, 2024

Banks, brokerages, insurers spent W2.4tr in entertainment expenses over last five years

South Korea’s financial sector, including banks, brokerage houses and insurers, spent a staggering 2.4 trillion won ($1.78 billion) on entertaining clients over the past five years, data showed Tuesday. From 2019 through the first half of this year, banks, brokerages and insurance companies spent 957.8 billion won, 1.13 trillion won and 308.5 billion won, respectively, on entertainment expenses, according to Financial Supervisory Service data submitted to Rep. Kim Hyun-jung of the main opp

EconomyOct. 8, 2024

US ambassador discusses battery supply chain at Posco Future M plant

Posco Future M CEO Yoo Byung-ok and US Ambassador to South Korea Philip Goldberg have discussed the importance of stabilizing supply chains as the Korean battery material and chemical producer struggles to cope with declining anode prices due to competition from China. According to Posco Future M on Tuesday, the US Ambassador visited the Korean company’s artificial graphite anode plant in Pohang, North Gyeongsang Province, the previous day. “Despite being the only alternative for sta

CompaniesOct. 8, 2024

Seoul shares end lower on weak earnings by Samsung, US losses

Seoul stocks finished lower Tuesday due to weaker-than-expected earnings results by Samsung Electronics and overnight US stock losses. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 0.61 percent, or 16.02 points, to 2,594.36. Trading volume was moderate at 313 million shares worth 8.98 trillion won ($6.65 billion), with losers outpacing gainers at 569 to 305. Institutions and foreign investors together sold a net 72 billion won, while retai

MarketOct. 8, 2024

[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth

Samsung Electronics Chairman Lee Jae-yong on Monday put an end to the long-standing rumor that the memory chip giant might spin off its lackluster foundry business, saying he is still “hungry” for growth. “We are hungry to grow (our) business, not interested in spinning (it) off,” the Samsung chief told Reuters upon his visit to the Philippines. Regarding the delayed operation of the company's new foundry plant currently under construction in Taylor, Texas, Lee said,

IndustryOct. 8, 2024

[Herald Interview] Dentlink eyes becoming 'next Invisalign’

Dentlink intends to become a household name in the burgeoning dental prosthetic market, matching the fame of Align Technology, the US company behind the Invisalign clear teeth straightener, said Kook Jin-hyeok, founder and CEO of Innovaid. Kook founded Innovaid in 2021 to offer Dentlink, a unique international service connecting Korean lab technicians with overseas dental practices. Through it, dental clinics around the world can order prostheses such as zirconia crowns and implant restorations

IndustryOct. 8, 2024

LG posts record sales in Q3; profits down on rising costs

LG Electronics on Tuesday expected its third-quarter sales to reach an all-time high of 22.17 trillion won ($16.5 billion), outpacing an earlier market consensus of 21.77 trillion won. But its operating profits during the same period were estimated to have plunged nearly 21 percent to 751.1 billion won from a year ago, largely due to rising logistics and marketing costs. The earnings guidance was far lower than market expectations. FnGuide, a local market intelligence firm, projected the compa

IndustryOct. 8, 2024

Samsung's chip head apologizes as Q3 earnings miss estimates

Samsung Electronics predicted Tuesday that its operating profit for the July-September period would miss market expectations due to a slow recovery in memory demand and the lackluster performance of High Bandwidth Memory chips used in artificial intelligence computing. Samsung's third-quarter operating profit is estimated to hit 9.1 trillion won ($6.76 billion), up 274.5 percent from a year ago, according to the company’s earnings guidance. The figure is lower than the 10.77 trillio

IndustryOct. 8, 2024

Yanolja enhances global travel data value chain

Korean travel platform operator Yanolja said Tuesday that it is ramping up global efforts to enhance its artificial intelligence-based travel solutions by securing extensive travel data. Its data solutions affiliate Yanolja Cloud Solution has recently relocated its headquarters to an information technology hub in Surat, India, to recruit local tech talent and advance its travel solutions. The decision comes as the Indian unit plays a key role in collecting travel data from numerous transactions

IndustryOct. 8, 2024

LG Energy Solution wins 10-year battery supply deal from Mercedes

LG Energy Solution has secured a major long-term contract to supply electric vehicle batteries to a key affiliate of Mercedes-Benz. The deal, announced Tuesday, primarily targets North America and other key markets, although the exact regions were not specified. Under the terms of the agreement, LG will provide 50.5 gigawatt-hours of EV batteries over 10 years, starting in 2028. While financial details of the deal remain undisclosed, industry analysts believe it likely reaches billions of dollar

MobilityOct. 8, 2024

Korea launches antidumping probe into Chinese steel

Following the US and EU’s efforts to curb the flow of "underpriced" Chinese steel, South Korea has launched an anti-dumping probe into imports of Chinese-made heavy steel plates. The Korea Trade Commission under the Ministry of Trade, Industry and Energy announced on Friday that it initiated an investigation against the Chinese steel suppliers, including Shagang Group. The steel products in question, sheets 6 millimeters thick or more, are primarily used in shipbuilding. After a

IndustryOct. 8, 2024

SK Bioscience acquires $3m stake in US biotech firm

South Korean biotech firm SK Bioscience said Tuesday it has invested $3 million in the US-based biotech firm Fina Biosolutions to acquire a stake in the company as part of the company’s broader strategy to secure next-generation vaccine technologies and enhance its global competitiveness in the vaccine market. Founded in 2006, Fina Biosolutions specializes in conjugate vaccines widely used in vaccines to prevent illnesses such as pneumonia, meningococcal disease and typhoid. The company is

IndustryOct. 8, 2024

Hyundai reportedly begins EV production at Georgia plant

Hyundai Motor Group has reportedly begun early-stage production of electric vehicles at its new Hyundai Motor Group Metaplant America facility, located near Savannah, Georgia. According to a report on Saturday by the Atlanta Journal-Constitution, a major local newspaper in Georgia, Hyundai commenced production at the facility earlier last week. The company also reportedly held a private event on Thursday for employees to mark this achievement. The official completion ceremony for the plant is st

MobilityOct. 8, 2024

S. Korea logs current account surplus for 4th month in August

South Korea racked up a current account surplus for the fourth consecutive month in August, driven by robust exports, central bank data showed Tuesday. The country's current account surplus reached $6.6 billion in August, marking a surplus for the fourth consecutive month, according to data compiled by the Bank of Korea. The August surplus was smaller than the previous month's $8.97 billion. The country's goods account racked up a $6.59 billion surplus in August following an $8.33

EconomyOct. 8, 2024

Seoul shares open lower over weak Samsung earnings, US losses

Seoul stocks opened lower Tuesday following weaker-than-expected tentative earnings results from Samsung Electronics and overnight US stock losses. The benchmark Korea Composite Stock Price Index dropped 0.55 percent, or 14.28 points, to 2,596.10 in the first 15 minutes of trading. Ahead of the trading session, Samsung Electronics estimated its third-quarter operating profit to reach 9.1 trillion won, apparently failing to meet market expectations due to the lukewarm performance of its flagship

MarketOct. 8, 2024

Prosecutors raid home of Namyang Dairy's ex-chairperson over alleged embezzlement

Prosecutors on Monday raided the residence of Namyang Dairy Products Co.'s former chairperson and the company's headquarters as part of an ongoing investigation into embezzlement allegations. Investigators from the Seoul Central District Prosecutors Office raided more than 10 locations, including former Chairman Hong Won-sik's home. In August, the company filed a complaint against Hong and three other former company officials, accusing them of allegedly embezzling company funds of

Social AffairsOct. 7, 2024

Seoul shares rise over 1.5 % on US jobs data; won sharply down

Seoul stocks finished over 1.5 percent higher Monday, bolstered by US employment data, and modest gains in chip and battery shares. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index moved up 1.58 percent, or 40.67 points, to 2,610.38. Trading volume was moderate at 336 million shares worth 10.2 trillion won ($7.57 billion), with gainers outpacing losers at 618 to 259. Institutions and foreign investors together bought a net 98 billion won, whi

MarketOct. 7, 2024

Diverse fitness offerings at Wellness Seoul 2024

Laughter and cheers from parents filled the air during the Balance Bike Race With Yamaha Motor, part of the inaugural Wellness Seoul 2024 held at Sebitseom Banpo along the Han River in southern Seoul on Sunday. The event, designed for children aged 3 to 5, allowed them to race on pedal-less bicycles, helping them develop balance and enjoy the thrill of riding on two wheels before transitioning to traditional bikes. On the other side, teenagers had the opportunity of minibike riding. Big smiles

IndustryOct. 7, 2024

Seoulites celebrate coexistence at Wellness Seoul 2024

In celebration of the health, mindfulness, and well-being of global citizens, Herald Media Group hosted Wellness Seoul 2024 on Sunday, a day-long festival held by the Han River in southern Seoul. Despite the cloudy weather, more than 10,000 participants filled the main venue and surrounding area all day long. Under the shared vision of "Creating A Life Of Wellness," the opening ceremony featured Seoul Mayor Oh Se-hoon, Olympic marathon gold medalist Lee Bong-ju, Daewoo E&C Chairman

IndustryOct. 7, 2024