Samsung C&T, Sweden’s Karnefull Next join hands to develop SMRs for data centers

Samsung C&T said Friday that it has signed a memorandum of understanding with Swedish small modular reactor developer Karnfull Next as part of efforts to advance its SMR business in Europe. A signing ceremony was held in Seoul on Thursday, attended by Karnfull Next CEO Christian Sjolander, South Korea's Trade Minister Jeong In-kyo and Samsung C&T CEO Oh Se-chul. Karnfull Next, a subsidiary of the private nuclear power company Karnfull Energi, specializes in SMR development. The agre

CompaniesDec. 6, 2024

LG CNS eyes Kospi debut in February

South Korean IT solutions provider LG CNS said Friday it has submitted a prospectus to the financial authorities to officially begin the public offering process, aiming for a listing on the country’s main bourse Kospi in February. The company plans to issue 19.38 million shares in the upcoming IPO. The target offering price is between 53,700 won and 61,900 won ($37.88-$43.44) a share, with the estimated market capitalization expected at up to 6 trillion won. LG CNS will conduct a book-buil

IndustryDec. 6, 2024

Korean markets tumble amid impeachment talks

South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape. As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed. Investor sentiment appeared mixed. Retail and foreign investor

MarketDec. 6, 2024

Posco Future M secures US-compliant lithium supply for EV batteries

Posco Future M has locked in a deal to source lithium hydroxide from within its corporate structure, in a move that avoids problems stemming from US Foreign Entity of Concern restrictions. The company said Friday it had signed an agreement to purchase 20,000 tons of lithium hydroxide from Posco Pilbara Lithium Solution, its affiliate, enough to produce cathode materials for around 460,000 electric vehicles. Cathode materials are a key component in lithium-ion batteries, which power most EVs. Thi

MobilityDec. 6, 2024

Top economic officials say market 'largely stabilized' following martial law debacle

Top economic and financial authorities said Friday that the financial and foreign exchange markets have "largely stabilized" following the brief imposition of emergency martial law earlier this week. Such assessment was made during an emergency meeting to evaluate the potential impact of President Yoon Suk Yeol's declaration of martial law late Tuesday, which was reversed within hours by the National Assembly. Friday's meeting was attended by Finance Minister Choi Sang-mok, t

EconomyDec. 6, 2024

S. Korea logs current account surplus for 6th month in October

South Korea reported a current account surplus for the sixth consecutive month in October, driven by strong sales of semiconductors and cars, central bank data showed Friday. The country's current account surplus reached $9.78 billion in October, following a $10.94 billion surplus the previous month, according to preliminary data compiled by the Bank of Korea. The country has recorded a current account surplus since May, and the accumulated surplus for the first 10 months of the year has mo

EconomyDec. 6, 2024

Seoul shares open higher; impeachment vote result eyed

Seoul shares opened higher Friday on auto and energy gains, with investors eyeing the planned parliamentary vote for President Yoon Suk Yeol's impeachment over his botched declaration of martial law earlier this week. The benchmark Korea Composite Stock Price Index rose 13.68 points, or 0.56 percent, to 2,455.53 in the first 15 minutes of trading. On Tuesday night, Yoon abruptly declared martial law, accusing the main opposition party of paralyzing the government with impeachment motions an

MarketDec. 6, 2024

Citibank Korea hosts annual seminar on digital finance

Citibank Korea on Thursday hosted the Korea Digital Leaders Summit 2024 to explore the future of the digital market and support companies’ global expansions. The event gathered executives from Korea’s digital firms across industries such as e-commerce, gaming, tourism and finance. Key speakers included officials from Krafton, Silicon2, KOTRA and Smilegate Investment who delivered presentations on their insights into current market trends. Kim Jin-wook, chief economist at Citibank Kor

IndustryDec. 5, 2024

SK Discovery gets finance expert as new CEO

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

CompaniesDec. 5, 2024

Seoul shares down for 2nd day as impeachment vote looms over Yoon's botched martial law

Seoul shares closed lower for a second straight session on Wednesday as President Yoon Suk Yeol faces an impeachment vote this weekend following his botched declaration of martial law. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 22.15 points, or 0.90 percent, to close at 2,441.85. Trade volume was moderate at 502.49 million shares worth 9.29 trillion won ($6.56 billion), with losers far outpacing winners 724 to 175. Foreigners sold a net 319.19

MarketDec. 5, 2024

SK enhances leadership for chip, US teams

SK Group, the country's second-largest conglomerate, carried out a relatively modest year-end reshuffle Thursday, focusing largely on organizational restructuring to boost core competence under the three key themes, technology, field expertise and global presence. With the goal to enhance its US presence, the conglomerate appointed a former chief of the US Trade Representative to oversee government relations at SK Americas. The group also sought for restructuring of SK hynix, its lucrative

IndustryDec. 5, 2024

'Value-up' gone up in smoke? Political crisis deepens 'Korea discount'

South Korea’s stock market was already on fragile ground before President Yoon Suk Yeol’s unexpected martial law declaration further undermined the government’s yearlong push to boost corporate value. Foreign investors sold a net 200 billion won ($141 million) on the benchmark Kospi within the first two hours of Thursday’s trading, extending the 400 billion won offloaded the previous day after the six-hour martial law announcement. As of 3 p.m., foreign investors had dump

EconomyDec. 5, 2024

Railway workers launch strike to call for wage hikes

The 20,000-member Korean Railway Workers' Union launched an indefinite strike Thursday, calling for wage and bonus hikes. This marks the first railway strike in 15 months, following one in September last year. The strike impacts Subway Line Nos. 1, 3 and 4, express KTX trains, and regular Saemaeul and Mugunghwa trains, all operated by Korea Railroad Corp. It is reported that negotiations between the union and the railway operator on Wednesday ended without agreement. However, the union stat

IndustryDec. 5, 2024

CJ CheilJedang ups nutrition ingredients business

South Korean food giant CJ CheilJedang said Thursday that it plans to boost its global nutritional ingredients business with enhanced product lineups. Under its “Three B” strategy, the company will outsource quality ingredients from partners (Borrow), invest in the firms and secure sales rights (Buy), and develop new materials on its own (Build). CJ recently launched BiomeNrich, a biotics brand with seven probiotics and postbiotics developed in collaboration with a domestic research

CompaniesDec. 5, 2024

Entry into motor sports ‘natural evolution for Genesis’

Hyundai Motor’s premium brand Genesis has officially announced its entrance into motor sports by launching its team Genesis Magma Racing and a prototype of its racing car, pinpointing the brand’s broader vision to redefine luxury. Laying out a fresh vision for the future of the brand’s high-performance motor sports cars, Genesis unveiled the GMR-001 Hypercar, a high-performance prototype that dons its design philosophy of athletic elegance during the world premiere held at the

MobilityDec. 5, 2024

Shinhan undertakes major reshuffle, replaces 9 CEOs

Shinhan Financial Group has embarked on a large-scale CEO reshuffle by recommending new candidates for the top positions of nine out of 13 affiliates on Thursday. Jung Sang-hyuk, the 60-year-old CEO of the group’s flagship lender Shinhan Bank, was reappointed for his second term, which will last two years. The personnel changes were focused on three pillars -- improving the organizational structure through high-intensity personnel reform, accelerating the implementation of a consistent f

CompaniesDec. 5, 2024

Incheon Airport tightens shoe screening for travelers

Starting Thursday, passengers departing through Incheon International Airport wearing shoes with heels taller than 3.5 centimeters will be required to remove their shoes during the security screening process. Previously, such a rule was only enforced in "suspicious" cases, but the updated regulation now applies it uniformly. The enhanced shoe screening measures are being implemented at both Terminal 1 and Terminal 2 and apply to all passengers using the cylindrical security scanners. &

IndustryDec. 5, 2024

Directors Company completes acquisition of Bitnine

Directors Company, a South Korean advertising and branding company, announced Thursday that it has finalized the acquisition of Bitnine as part of its efforts to strengthen its generative AI business. The acquisition of the Kosdaq-listed database technology company was completed through a third-party allotment capital increase on Nov. 29, making Directors Company its largest shareholder. Following the deal, Chief Financial Officer of Directors Company Jegal Wan was appointed managing director of

CompaniesDec. 5, 2024

Hyundai Motor hints at largest-ever shareholder returns

Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by proceeds from its recent initial public offering in India. The automaker’s actions are part of an ambitious strategy led by Executive Chairman Chung Euisun to share the rewards of Hyundai’s rapid global growth more directly with investors. Backing promises with action Just three months after announcing a plan to buy back and partially retire 4 trillion won worth of its own shares

MobilityDec. 5, 2024

Celltrion starts production at new Songdo plant

South Korean biopharmaceutical firm Celltrion announced Thursday that its third plant in Songdo, Incheon, has officially commenced commercial production, following the completion of a performance qualification test. The five-story facility, spanning 22,300 square meters, was built between 2021 and 2023 with an investment of 270 billion won ($190 million). With a production capacity of 60,000 liters, the new plant boosts Celltrion’s total biopharmaceutical manufacturing capacity to 250,000

CompaniesDec. 5, 2024