Hanjin inks partnership with DHL to boost logistics competitiveness

Hanjin Logistics Corporation said Friday it has signed a strategic partnership agreement with DHL Supply Chain Korea, to strengthen collaboration in logistics operations and expand its network in South Korea. The agreement will focus on key industries, including pharmaceutical, semiconductor, consumer goods, automotive and eco-friendly logistics, the company said. Through the partnership, the two companies plan to jointly target new customers, improve logistics efficiency for existing clients, a

IndustryNov. 22, 2024

Hanwha Ocean drops police complaint against HD Hyundai in destroyer contract bid

Hanwha Ocean said Friday it withdrew its police complaint against rival HD Hyundai concerning the bidding process for the 8 trillion won ($5.7 billion) next-generation Korean destroyer (KDDX) project. In March this year, the shipbuilder filed a complaint requesting an investigation into HD Hyundai executives’ involvement in leaking Hanwha Ocean’s confidential materials related to the KDDX bid, hosted by the Defense Acquisition Program Administration, in 2013. Nine HD Hyundai employee

IndustryNov. 22, 2024

OpenAI in talks with Samsung to power AI features, report says

OpenAI, the creator of ChatGPT, has reportedly engaged in discussions with Samsung Electronics to integrate artificial intelligence capabilities into Samsung’s electronic devices, according to a report Friday. This move could position OpenAI as a potential challenger to Google, the leading player in the browser and search markets. The discussions were said to mirror a recent agreement between OpenAI and Apple, where OpenAI’s technology powers Apple Intelligence features on new device

TechnologyNov. 22, 2024

AmCham seminar discusses US-Korea trade outlook for Trump’s 2nd term

The American Chamber of Commerce in Korea hosted a seminar Wednesday in Seoul, partnering with local law firm Kim & Chang to explore key trade and tariff policy changes expected under a second Trump administration. The session, which drew attendance from local companies seeking to navigate the evolving US-Korea economic relationship, focused on anticipated shifts in US trade policy and their implications for Korean businesses. "Given President Trump’s campaign promises and his fir

IndustryNov. 22, 2024

Seoul shares rise nearly 1% to top 2,500 on foreign buying

South Korean stocks rose nearly 1 percent to top 2,500 points Friday as foreign investors returned to net buyers for the first time in 11 sessions. The local currency fell to surpass 1,400 won against the US dollar. The benchmark Korea Composite Stock Price Index gained 20.61 points, or 0.83 percent, to close at 2,501.24. It is the first time that the main index topped the 2,500-point threshold since it ended at 2,531.66 on Nov. 11. Trade volume was moderate at 534.9 million shares worth 7.8 tri

MarketNov. 22, 2024

Kia EV9 GT marks world debut at LA Motor Show

Hyundai Motor Group’s subsidiary Kia showcased the EV9 GT, the high-performance version of its large electric sport utility vehicle, at the Los Angeles Auto Show on Thursday. “The EV9 GT boasts the charm of the three-row EV9 and adds driving excitement for car enthusiasts,” stated Steven Center, chief operating officer and executive vice president of Kia America. Since its debut last year, the Kia EV9 has been given the acclaimed title of 2024 North American Utility Vehicle of

MobilityNov. 22, 2024

Celltrion’s Prolia, Xgeva biosimilars receive approval in Korea

South Korean biosimilar giant Celltrion announced Friday that its biosimilars, Stoboclo and Osenvelt, have been approved by the Ministry of Food and Drug Safety. The two biosimilars, referencing Amgen’s Prolia and Xgeva, respectively, are the first denosumab biosimilars to be approved in Korea. Prolia is used to treat osteoporosis in postmenopausal women and increase bone density in men, while Xgeva is prescribed to prevent skeletal-related complications in cancer patients with bone metast

IndustryNov. 22, 2024

LG Innotek invests W376b for Vietnam facility

LG Innotek said Friday it would invest 375.9 billion won ($268.3 million) in a facility in Vietnam to respond to new models in the optical solutions business and enhance its competitiveness. The investment period will extend until Dec. 31. of the following year. The new investment is part of the company’s previously announced plan to invest 1.3 trillion won in expanding its production subsidiary in Hai Phong, Vietnam. The Vietnam production facility primarily manufactures camera modules. T

IndustryNov. 22, 2024

Insurance firms' lending down sharply in Q3

Loans extended by insurance companies in South Korea decreased sharply in the third quarter from a year earlier amid high interest rates and tightened lending rules, data showed Friday. Insurers' outstanding loans reached 266.9 trillion won ($191.4 billion) as of the end of September, down 6.4 trillion won from a year earlier, according to data from the Financial Supervisory Service. The figure also marks a 0.5 trillion-won decline from three months earlier. The on-year decrease was attri

EconomyNov. 22, 2024

S. Korea to enhance cooperation with Mexico to remove biz uncertainties over Trump

South Korean Trade Minister Cheong In-kyo said Friday the government will establish cooperative channels with Mexico in an effort to minimize uncertainties for businesses stemming from expected policy changes by the Donald Trump administration. Cheong made the remarks during a Seoul meeting with companies operating in Mexico, including Kia Corp., Hyundai Mobis Co., and LG Innotek Co., to assess the impact of Trump's return on businesses and the broader economy, according to the Ministry o

IndustryNov. 22, 2024

S. Korean steelmakers call for thorough scenario-based strategies for Trump policy

South Korean steelmakers on Friday called for establishing a joint consultative body with the government to devise strategies for expected policy changes by the Donald Trump administration, the industry ministry said. Officials from major steelmakers, including Posco and Hyundai Steel, made the call during a meeting with Industry Minister Ahn Duk-geun in Seoul, where they discussed potential impacts of new policy measures by the upcoming US government and their responses, according to the Mini

EconomyNov. 22, 2024

Seoul shares start higher on Wall Street gains

South Korean stocks opened higher Friday, tracking overnight gains on Wall Street. The benchmark Kospi added 18.82 points, or 0.76 percent, to 2,499.45 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 1.06 percent, and the tech-heavy Nasdaq composite gained 0.03 percent. In Seoul, major shares started in positive territory. Chip giant SK hynix rose 1.9 percent, and leading battery maker LG Energy Solution advanced 1.87 percent. Top carmaker Hyundai climbed 0.2

MarketNov. 22, 2024

LG chooses stability in leadership reshuffle amid uncertainties

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad. Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties. Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts. LG Uplus, the telecom uni

IndustryNov. 21, 2024

Paper firms fined W30b for colluding on newsprint prices

South Korea’s antitrust watchdog has fined three paper manufacturers a total of 30.5 billion won ($21.8 million) for colluding to raise newsprint prices. According to the Korea Fair Trade Commission on Thursday, Jeonju Paper, Daehan Paper and Paper Korea engaged in price-fixing by twice raising prices by 60,000 won per ton, in 2021 and 2022. The companies also pressured local newspaper companies that resisted the price hikes by reducing their supply of newsprint. The three companies are do

IndustryNov. 21, 2024

Mercedes-Benz Korea helps startups expand globally

Mercedes-Benz Korea announced Thursday that it invited nine promising Korean startups to its headquarters in Stuttgart, Germany, earlier this month as part of its efforts to foster global growth opportunities for innovative companies. The five-day program, held in collaboration with the Korea University Research and Business Foundation, Sejong, ran from Nov. 11 to Nov. 15. The selected startups toured Mercedes-Benz’s Sindelfingen plant and the Mercedes-Benz Museum to learn about the automa

CompaniesNov. 21, 2024

Seoul shares end 3-day rise; won snaps 5-day rise

South Korean stocks fell slightly Thursday to end their three-day winning streak as major shares ended in mixed territory. The local currency fell against the US dollar for the first time in six sessions. The benchmark Korea Composite Stock Price Index lost 1.66 points, or 0.07 percent, to close at 2,480.63. The main index had been rising since Monday. Trade volume was moderate at 440.4 million shares worth 8.1 trillion won ($5.8 billion), with decliners beating gainers 477 to 392. Foreigners du

MarketNov. 21, 2024

Now is no time to add pressure on businesses: top executives

The top executives of 16 major Korean conglomerates, including Samsung, SK, Hyundai Motor and LG, on Thursday issued a rare joint statement opposing the proposed revision to the Commercial Act, which aims to increase the duties of corporate board members. “The proposed revision will lead to excessive litigation and potential attacks from overseas speculative investors, thereby hindering the normal management activities of board members,” the business leaders said. “This will ob

IndustryNov. 21, 2024