SK hynix secures $458m subsidy for US advanced chip packaging facility

SK hynix, the world’s second-largest memory chip maker, has finalized a deal with the US government to secure direct funding of up to $458 million for building its advanced chip packaging plant in the US, safeguarding the grant ahead of President-elect Donald Trump's second term. As the US Commerce Department finalizes chip grants for all four major chip manufacturers, including SK hynix, attention now shifts to when the crosstown rival Samsung Electronics will also complete the deal

Dec. 20, 2024

Taipei Fubon Bank to launch first office in Seoul

Taipei Fubon Bank, the banking arm of Taiwan's Fubon Financial Holding, is waiting to receive the final nod from the local authorities to launch its first office in Seoul. South Korea’s Financial Supervisory Service recently completed its review of the Taiwanese commercial bank’s office establishment application and forwarded its opinion to the Financial Services Commission, an FSS official confirmed Thursday. “Foreign banks can establish new offices through a reporting sy

Dec. 20, 2024

KB Kookmin Card obtains merger nod for Cambodian subsidiaries

KB Kookmin Card said Friday that it has received approval from Cambodia’s Ministry of Commerce to merge its two local subsidiaries -- auto finance firm KB Daehan Specialized Bank and leasing company i-Finance Leasing. Under the merger, iFL will be integrated into KDSB, with the new entity retaining the name KB Daehan Specialized Bank to leverage its brand recognition. “By merging our Cambodian subsidiaries, we have established a foundation for sustainable growth in the global market,

Dec. 20, 2024

Hyundai Motor Group donates W35b to help people in need

Hyundai Motor Group announced Friday that it contributed 35 billion won ($24 million) to the Community Chest of Korea for the charity organization’s annual fundraising campaign. “Hyundai Motor Group made the donation as supporting neighbors and solving diverse social problems by sharing is one of the important roles that companies should play,” Hyundai Motor Group President Chang Jae-hoon said in a statement. Along with Chang, Executive Vice President Hahn Suk-won and CCK Chair

Dec. 20, 2024

Global consortium with KHNP wins nuclear reactor refurbishment project in Romania

A global consortium that includes South Korea's state-run Korea Hydro & Nuclear Power Co. has won a project to refurbish an aging nuclear reactor at Romania's Cernavoda power plant, Seoul's industry ministry said Thursday. Under the project, worth around 2.8 trillion won ($1.93 billion), KHNP will jointly refurbish Cernavoda's unit 1 reactor with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare S.p.A., according to the Ministry of Trade, Industry and Ener

Dec. 19, 2024

Korean chipmakers weigh options as Kioxia goes public

Kioxia Holdings, the world’s third-largest NAND flash memory chip-maker, made its market debut this week, drawing much attention from Korean rivals amid the evolving competition in the chip market driven by the era of artificial intelligence. Kioxia debuted on the Tokyo Stock Exchange's Prime Market on Wednesday, closing its first trading day 10 percent higher than the offering price. Its market cap stood at 863 billion yen ($5.62 billion). The initial public offering is expected to p

Dec. 19, 2024

Will Shinsegae chief meet Trump at Mar-a-Lago?

Shinsegae Group Chairman Chung Yong-jin met with Donald Trump Jr., the eldest son of US President-elect Donald Trump, at the Mar-a-Lago resort in Florida this week, according to the Korean retail giant on Thursday. The meeting prompted immediate speculations, as Trump’s transition team is conducting much of the planning for the second presidency at the resort. Shinsegae downplayed the visit as Chung’s “personal trip,” saying the visit had been arranged months ago at the i

Dec. 19, 2024

Maker of buldak ramyeon to build first overseas factory in China

South Korean food manufacturer Samyang Foods is set to build its first overseas plant in China in a strategic move to bolster its global presence with its spicy Buldak ramyeon. In a regulatory filing Wednesday, the company unveiled plans for a 201.4 billion won ($139 million) manufacturing facility in Jiaxing, Zhejiang province. The six-line production plant is slated for completion in January 2027. The food company will invest 64.7 billion won to establish a subsidiary in Singapore by late 20

Dec. 19, 2024

HD Hyundai chairman donates W200m to alma mater

HD Hyundai Chairman Kwon Oh-gap has donated 200 million won ($138,000) to his alma mater, Hankuk University of Foreign Studies, to enhance its educational facilities and support scholarships, the company said Thursday. Of the total donation, 150 million won will be allocated to introduce the latest equipment and renovate deteriorating facilities, while 50 million won will fund four students' living stipends. “As an alumnus, I felt it was my duty to give back what I received from socie

Dec. 19, 2024

AmCham Korea appoints veteran diplomat as new senior adviser

The American Chamber of Commerce in Korea announced Thursday it has named Henry Haggard, a veteran diplomat, as its new US senior adviser. Haggard brings over 25 years of experience in international business and diplomacy, having served in the US State Department and the National Security Council under Presidents Donald Trump and Joe Biden. Notably, he served as political minister counselor at the US Embassy in Seoul and as director of energy diplomacy for Asia and the Middle East. “Haggar

Dec. 19, 2024

KT&G’s global strategy paying off in Asia

KT&G, South Korea's largest tobacco company, is a leading export powerhouse, capturing a growing market share in East and Central Asia, with its conventional cigarette portfolio leading the charge. The firm’s overseas sales achieved an all-time high of 419 billion won ($291 million) in the third quarter this year, marking a 30.5 percent on-year increase. Now almost half of its cigarette sales come from overseas markets. Appealing to local preferences KT&G's internatio

Dec. 19, 2024

Korean Air fined for exceeding passenger wait time limit during takeoff prep

The transport ministry said Thursday it has imposed fines on Korean Air Co., Delta Air Lines Inc. and Air Astana JSC for violating South Korea's aviation laws during operations. Korean Air, South Korea's leading carrier, was fined 25 million won ($17,221) for keeping passengers on board for four hours and eight minutes while the aircraft was on the runway during takeoff preparations on its Incheon-Delhi flight on July 23. By law, aircraft with passengers on board cannot remain still on

Dec. 19, 2024

KDI School professor ranked world's top 2% of social scientists

The KDI School of Public Policy and Management said Thursday that its public administration professor, Kim Soon-hee, has been ranked among the world’s top 2 percent of social scientists in the Elsevier-Stanford University list for the second consecutive year. Affiliated with the Korea Development Institute, the KDI School is a government-run graduate school based in Sejong. Kim joined the School in 2014 after serving as a professor at Maxwell School of Citizenship and Public Affairs, Syrac

Dec. 19, 2024

KMI opens joint medical checkup center in Mongolia

Korea Medical Institute announced Wednesday that it has opened its first overseas medical check-up center, Family Medical Center with KMI, in Ulaanbaatar, Mongolia. Located at the E-Mart Bayangol branch, the facility is a joint project between KMI and Mongolia’s Family Medical Center, aiming to improve access to health screenings for Mongolians while introducing advanced Korean medical services, KMI said. The center offers a range of services, including national health screenings, corporat

Dec. 18, 2024

Hanwha Ocean's fixed platfrom achieves early oil production

Hanwha Ocean, a shipbuilding unit of Korea’s Hanwha Group, announced Wednesday that its offshore oil platform began to produce crude oil two weeks before the expected date in Qatar. The fixed platform first saw oil spring out on Sunday in the Al-Shaheen oil field, one of the world's biggest offshore oil fields located 80 kilometers northeast off the coast of Qatari capital, Doha. It has been five months since the facility left Hanwha Ocean’s shipbuilding yard in Okpo, Geoje, Sou

Dec. 18, 2024

Incheon Airport projects most ever travelers next year

Incheon International Airport Corp. announced Wednesday that passenger traffic and operational performance this year have rebounded to prepandemic levels, with the upcoming year projected to set highest-ever records for both international passenger numbers and total revenue. For next year, international passenger traffic is forecast at 73.03 million, with revenue anticipated to hit 2.9 trillion won ($2 billion), according to the corporation. In line with the anticipated record-breaking traffic,

Dec. 18, 2024

Daewoo E&C's new CEO pledges to navigate uncertain times

Kim Bo-hyun, the new CEO of Daewoo Engineering & Construction, pledged to steer the company's growth through uncertain economic conditions during his inauguration ceremony, the company said Wednesday. "We should come together to build a robust company amid the challenges faced by the construction industry," Kim said in his inaugural speech at the ceremony, held at the company's Seoul headquarters Tuesday. The new leader's strategy centers on creating a stable work

Dec. 18, 2024

LG Electronics CEO says working on strategic 'playbook' to navigate uncertainties in 2025

LG Electronics CEO Cho Joo-wan urged employees on Wednesday to embrace a mindset of "preparing for the worst and hoping for the best" to navigate a new year marked by uncertainties. During the year-end talk with employees, dubbed "CEO Fun Talk," Cho shared detailed insights into anticipated changes in the global business environment for 2025, amid intensifying global competition and supply chain issues. "A crisis is a combination of risk and opportunity. In times of cris

Dec. 18, 2024

Samsung to present AI-driven appliances at CES 2025

Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat

Dec. 18, 2024

Dongsuh enriches communities through music and literature

Korean food and beverage manufacturer Dongsuh Foods said Wednesday that it is expanding efforts to give back to local communities through cultural initiatives in music and literature. Since 2008, Dongsuh Foods has hosted the Dongsuh Coffee Classic, an annual free concert series aimed at fostering cultural development and community engagement. Touring cities nationwide, the event partners with local orchestras and musicians, attracting over 18,000 attendees to date, according to Dongsuh. This yea

Dec. 18, 2024