[Photo News] AI-powered automotive cabin

LG Electronics said Monday it will unveil an advanced in-cabin sensing solution at the annual CES tech show, which kicks off in Las Vegas on Jan. 7. The sensors are designed to monitor a driver’s heart rate, gaze and head movements to offer cutting-edge mobility experience and prevent serious car accidents. Other artificial intelligence-based features include real-time translation of traffic signs and landmark detection. For the new solution, the Korean firm has teamed up with US chipmaker

Dec. 16, 2024

Micron reaches out to Korean talent in chip race against Samsung, SK

Amid intensifying competition to secure top talent in the critical semiconductor market, US-based Micron Technology is reaching out to Korean universities, offering students on-the-spot hiring opportunities and attractive benefits packages. In response, Korean chipmakers Samsung Electronics and SK hynix are also ramping up their efforts, forging partnerships with overseas universities and having their CEOs deliver speeches to appeal to young talent. Micron, the world’s third-largest DRAM m

Dec. 16, 2024

Hanwha Aerospace names its first global defense CEO

Hanwha Aerospace said Monday that it has named Michael Coulter, a former executive at Leonardo DRS, the Italian defense manufacturing firm, as its new global defense CEO. In the newly created position, Coulter will oversee the global defense businesses of Hanwha Aerospace and its subsidiaries such as Hanwha Ocean and Hanwha Systems. The new appointment comes as the Korean defense company has expanded its presence in global markets with key products, including the K9 self-propelled howitzer and a

Dec. 16, 2024

Hanjin chief vows to spur growth as global aviation giant

Hanjin Group Chairman and CEO Walter Cho pledged to "raise the global profile of Korean aviation" in his very first address to employees of both Korean Air and Asiana Airlines, following Thursday's official acquisition of Asiana Airlines as its subsidiary. In Monday's message which began with, "Dear Korean Air, Asiana Airlines and Hanjin Group colleagues," Cho emphasized the importance of becoming "one family" under Hanjin Group. "Korean Air and Asi

Dec. 16, 2024

JobKorea’s Klik hosts networking event for foreign job seekers

JobKorea's Klik, a job search service for foreigners, hosted a networking event in Seoul on Thursday. Some 300 participants from 60 countries joined the event to share information about job opportunities and daily life. Recruiters from domestic companies were also present to connect with attendees. To further enhance the experience, Klik employed survey data to match participants with similar academic backgrounds and career interests. Attendees were grouped into broad categories such as inf

Dec. 16, 2024

S. Korean chip exports face growing competition from China, Malaysia: KOTRA

South Korea's semiconductor exports face growing threats from China, Taiwan and Malaysia amid intensifying global competition in advanced industries, an industry report showed Monday. The report from the Korea Trade-Investment Promotion Agency, better known as KOTRA, on the export similarity index (ESI) for semiconductors showed China as being South Korea's top competitor in the sector, with an ESI score of 72.2 in the third quarter of the year. Taiwan's ESI with South Korea in se

Dec. 16, 2024

After impeachment vote, companies shift to tackling Trump-era challenges

South Korea’s parliament voted to impeach President Yoon Suk Yeol on Saturday, marking the culmination of over a week of intense political turmoil following Yoon’s botched attempt to impose martial law on Dec. 3. While the impeachment awaits a final ruling by the Constitutional Court, observers note that the National Assembly’s decision has alleviated some of the uncertainty that clouded the market in recent weeks. Korea’s major conglomerates are now turning their attenti

Dec. 15, 2024

'Bigger concern lies in Korea’s ties with US, China'

From the shocking declaration of martial law to Saturday's impeachment of President Yoon Suk Yeol, foreign companies doing business in Korea have been cautiously monitoring the unfolding political crisis over the past two weeks. Their primary concern, however, is not the domestic turmoil itself, but Korea's tricky positioning amid the ongoing US-China trade war, which is expected to intensify under Donald Trump’s second presidency. “We have not really discussed the impact o

Dec. 15, 2024

Woori Bank highlights efficiency, compliance in reshuffle

Woori Bank, a banking subsidiary of Woori Financial Group, on Thursday announced a major executive reshuffle, aiming to enhance efficiency and compliance. In the latest reshuffle, the company significantly reduced the number of vice presidents from 23 to 18. Nearly half of the vice presidents were changed as well. The company further said it deployed younger employees to head foreign subsidiaries in countries such as the US and Vietnam. While these positions were typically held by high-ranking e

Dec. 13, 2024

Hana Financial taps veteran salesman as new banking CEO

Hana Financial Group on Thursday named Lee Ho-seoung, CEO of its card unit, as the final candidate to lead Hana Bank in a major leadership reshuffle at its subsidiaries. The group announced that its CEO recommendation committee had finalized candidates for top posts at three key subsidiaries -- Hana Bank, Hana Card and Hana Securities -- focusing on candidates with expertise in internal controls and sales. “Amid heightened volatility and uncertainty in domestic and global financial markets

Dec. 13, 2024

IMM Consortium completes acquisition of Ecobit for W2.07t

IMM Private Equity and IMM Investment Consortium announced Friday the completion of their acquisition of Ecobit, South Korea’s largest waste management company, as part of their strategy to lead the sustainable waste management industry. The 2.07 trillion won ($1.4 billion) deal was finalized in August through a share purchase agreement with TY Holdings, the holding company of Taeyoung Group, and global investment firm Kohlberg Kravis Roberts, securing for IMM Consortium full ownership of

Dec. 13, 2024

Mastern sells Center Point Gangnam to F&F for W351.9b

Mastern Investment Management, a South Korean real estate investment firm, announced Friday that it has finalized the sale of Center Point Gangnam, a newly built office tower near Gangnam Station in Seoul, to local fashion giant F&F for 351.9 billion won ($246 million). Center Point Gangnam features six basement levels and 14 above-ground floors, spanning a total floor area of 27,000 square meters. According to Mastern, its modern design is tailored to maximize space efficiency, giving it a

Dec. 13, 2024

Posco Future M secures manufacturing tech for graphite electrodes

Posco Future M, the materials unit of Posco Group, said Thursday it has completed production technology for graphite electrodes, which are an essential material in steelmaking that Korea has solely relied on imports for so far. The carbon-based electrodes are used in melting metal scraps or refining them during the steelmaking process in an electric furnace, as they are inserted into the furnace and produce heat via an electric current. Larger poles with higher electrode density increase electri

Dec. 12, 2024

Diverging exec shakeups: Samsung backs veterans; Hyundai rings changes

Year-end executive reshuffles often serve as a barometer of a company’s present challenges and future ambitions. This year, Samsung Electronics and Hyundai Motor Group, two of South Korea's leading chaebol, unveiled contrasting leadership strategies to navigate the challenges of 2025. Observers note that Samsung opted for minimal changes, retaining many familiar faces, while automaker Hyundai embraced change, including the appointment of its first foreign CEO. Samsung: Uncertain t

Dec. 12, 2024

Telecom carriers brace for traffic surge ahead of impeachment vote

Korea’s network and mobile service providers have stepped up their emergency preparedness ahead of Saturday’s impeachment vote against President Yoon Suk Yeol, according to industry sources Thursday. The top three telecom carriers -- SK Telecom, KT Corp. and LG Uplus -- are taking measures to prevent service malfunctions, including increasing network capacity in areas where large crowds are expected to gather for rallies in Seoul. During the first impeachment vote on Dec. 7, massiv

Dec. 12, 2024

SPC chair cleared of tax evasion

SPC Group Chairman Hur Young-in has been cleared of tax evasion charges in a second trial involving controversial stock trading among group affiliates. The Supreme Court ruled on Thursday, declaring Chair Hur not guilty. Former SPC Group President Cho Sang-ho and current SPC CEO Hwang Jae-bok, who were co-defendants in the case, were also acquitted. Hur faced allegations of selling Mildawon stocks, another SPC company producing flour, at lower prices to SPC Samlip in December 2012. The stocks

Dec. 12, 2024

SK Bioscience approved for Japanese encephalitis vaccine trial in Australia

SK Bioscience announced Thursday that it has received approval from Australia’s Human Research Ethics Committee to start Phase 1/2 clinical trials for GBP560, an mRNA-based vaccine candidate targeting Japanese encephalitis, a mosquito-borne disease that can cause severe neurological complications. The vaccine is part of the 100 Days Mission, an initiative by the Coalition for Epidemic Preparedness Innovations seeking to enable the world to produce a vaccine within 100 days of the outbreak

Dec. 12, 2024

Daewoong launches joint research for monthly anti-obesity drug

Daewoong Pharmaceutical announced Thursday that it has partnered with TionLab Therapeutics, Daehan New Pharm and Dalim Biotech to jointly develop a long-acting obesity treatment with a four-week injection interval. The semaglutide-based drug is designed to enhance drug release and durability. Daewoong and its partners will collaborate on non-clinical and clinical trials, drug development, and the regulatory approval processes. Daewoong will integrate TionLab Therapeutics’ long-acting drug

Dec. 12, 2024

Korean 'coffee mix' enjoys rare uptick in sales

Before the Americano became a staple of Korean coffee culture, instant coffee defined the daily caffeine ritual in South Korea. Known here as "coffee mix," these single-serve sachets containing a blend of coffee granules, creamer and sugar, offer an affordable caffeine fix at home and in the workplace. After a decade of decline, these budget-friendly coffee products are seeing a surge in popularity among locals and foreign visitors. Dongsuh Foods, a Korean food and beverage manufacture

Dec. 12, 2024

LG CNS rating outlook upgraded ahead of IPO

Korean IT solutions provider LG CNS said Wednesday that it has received an upgraded credit rating outlook from the nation’s top three rating agencies. Korea Ratings, Korea Investors Service and Nice Investors Service have upgraded LG CNS’ rating outlook from AA- stable to AA- positive over the past week. This is the first time since 2009 that the company’s credit rating outlook has been upgraded. The company said its new orders, sales performance, financial stability and compet

Dec. 11, 2024