KT, LIG Nex1 to join hands to develop homegrown satellite technologies

KT Corp., a major South Korean telecommunications company, said Thursday it will join hands with defense firm LIG Co. Nex1 to develop propriety technologies for homegrown low Earth orbit satellites. The two companies signed a memorandum of understanding to jointly develop core technologies for LEO satellites, including a sixth generation satellite communications system and quantum cryptography, according to KT. KT said the initial agreement was made amid growing calls for the development of home

Jan. 9, 2025

S. Korea eyes to become top oyster exporter by 2030: oceans ministry

South Korea's oceans ministry on Thursday announced a plan for the country to become the world's top exporter of oysters by 2030, as part of efforts to diversify its trade portfolio. Under the vision, South Korea aims to export $160 million worth of oysters in 2030, significantly up from the $80 million recorded in 2023, according to the Ministry of Oceans and Fisheries. "Oysters are enjoyed by consumers around the globe, with the global market standing at $600 million as of 2022," the oceans mi

Jan. 9, 2025

Nvidia CEO says Samsung Electronics memory chip supplied to company's gaming GPU

Nvidia Corp. CEO Jensen Huang said Wednesday that Samsung Electronics Co.'s memory chips are featured in his company's latest graphics processing unit, correcting an earlier misstatement. "GeForce RTX 50 series features high speed GDDR7 memory manufactured by multiple partners, starting with Samsung," Huang said in a statement. The GeForce RTX 50 series, unveiled earlier this week at CES 2025, represents Nvidia's next generation of graphics cards for personal computers and laptops. During his ke

Jan. 9, 2025

SK hynix's HBM development speed surpasses Nvidia's requested supply pace: SK chairman

SK Group Chairman Chey Tae-won said Wednesday that SK hynix Inc.'s development speed of high bandwidth memory has now surpassed the supply pace requested by Nvidia Corp., signaling increased negotiating leverage with the artificial intelligence computing giant. "Until recently, SK hynix's HBM development pace lagged behind Nvidia's requirements, so they urged us for faster progress," Chey told reporters during a press conference at the Las Vegas Convention Center on the sidelines of the ongoing

Jan. 9, 2025

Woori Bank to open trading center in London

Korean lender Woori Bank announced Wednesday that it would open a trading center in London in June, aiming to adapt to changes in global financial markets and explore new revenue opportunities. The new London Trading Center will expand on the bank’s existing London FX Desk, established last July, to handle foreign exchange trading, investments in securities and derivatives as well as currency exchange and risk management services, the company said. To facilitate the project, the bank formed a de

Jan. 8, 2025

S-Oil CEO explores AI innovations at CES 2025

S-Oil CEO Anwar Al-Hejazi is currently visiting Las Vegas to attend CES 2025, the world’s largest tech show, which kicked off Tuesday. According to the Korean oil refiner on Wednesday, the CEO looked around several exhibition booths, including those of Samsung Electronics, Samsung SDS and Microsoft, accompanied by S-Oil President Ryu Yul and other executives. Samsung SDS, the IT solutions unit of Samsung Group, in particular, is a key partner of S-Oil in upgrading the firm’s enterprise resource

Jan. 8, 2025

Samsung ready for Trump's tariffs: CEO

Han Jong-hee shows confidence in tech giant's extensive global supply chain Korea Herald Correspondent LAS VEGAS -- As companies around the world scramble to assess the potential impact of the high-tariff policy pledged by US President-elect Donald Trump, Samsung Electronics is prepared to navigate the challenges thanks to its strong global supply chain management, the tech giant's CEO said Tuesday. By leveraging its diversified production channels and AI technologies, the company will be able t

Jan. 8, 2025

New Standard Chartered Korea CEO takes office, vowing to boost retail finance

The new chief executive officer of Standard Chartered Bank Korea officially began his three-year long tenure Wednesday, highlighting the expansion of retail finance as his primary focus, the company announced. Speaking at a new year's meeting at the company’s headquarters in Jung-gu, Seoul, CEO Lee Kwang-hee pledged to "revamp the bank’s retail banking business to align with global standards for asset management." He also vowed to make the bank more dynamic, empowering employees to advance with

Jan. 8, 2025

LG expects record-high sales in 2024

LG Electronics said Wednesday it expected to set record-high annual sales for 2024, overcoming a challenging environment marked by sluggish demand and heightened external uncertainties. LG estimated that its sales reached 87.74 trillion won ($60.3 billion) last year, up 6.7 percent from a year earlier. This marks a new all-time high, surpassing the 82.52 trillion won reported in 2022. However, operating profit for the year declined by 6.1 percent on-year to 3.43 trillion won. Data for net income

Jan. 8, 2025

Hyundai Motor set to launch new asset management unit

Hyundai Alternative to become auto giant‘s fifth financial subsidiary South Korean auto giant Hyundai Motor Group is launching an asset management subsidiary, Hyundai Alternative. According to industry sources on Wednesday, Hyundai Card and Hyundai Commercial — respectively the group’s consumer and commercial financing units — have contributed a combined 3 billion won ($2.06 million) for the establishment of Hyundai Alternative. A recent Hyundai Card disclosure revealed that on Dec. 26, the card

Jan. 8, 2025

KB Financial chief reassures global investors on value boost

Chief of KB Financial Group, a major financial service provider based in South Korea, promised to continue the push to boost the firm’s market value to global investors, KB Financial announced Wednesday. According to the firm, KB Financial Chairman Yang Jong-hee sent a letter to foreign investors on Monday as part of efforts to ramp up its global communication. “With the escalated volatility in interest rates and foreign exchange rates due to the difficulties surrounding Korea, shareholders' con

Jan. 8, 2025

Celltrion to unveil novel drug roadmap at JP Morgan Healthcare Conference

Korean biosimilar giant Celltrion announced on Wednesday that it will present its vision and strategy for novel drug development at the 43rd JP Morgan Healthcare Conference next week. The event, recognized as the world’s largest healthcare investment symposium, is set to take place Monday through Thursday in San Francisco, California. Over 8,000 participants and 550 biotech companies have reportedly been registered for the four-day event. Celltrion Group Founder and Chairman Seo Jung-jin, along

Jan. 8, 2025

Shinsegae, SPC chiefs to attend Trump's inauguration

Korean business leaders will be among the attendees at US President-elect Donald Trump's inauguration ceremony at the US Capitol in Washington, DC, on Jan. 20. According to industry sources Wednesday, Shinsegae Group Chairman Chung Yong-jin will attend both the ceremony and the inaugural ball, where President-elect Trump and his wife Melania Trump are expected to be present. Chung has emerged as one of the most prominent Korean business figures attending the ceremony due to his close relationshi

Jan. 8, 2025

Huang says Samsung HBM requires redesign to meet Nvidia's needs

Nvidia founder to meet SK chief Chey Tae-won during CES 2025 Korea Herald Correspondent LAS VEGAS -- Nvidia founder and CEO Jensen Huang said Tuesday that Samsung Electronics needs to redesign its high bandwidth memory chips when asked why his company is taking time to adopt its HBM products, but was optimistic the Korean company would succeed. "They have to engineer a new one (HBM), a new design. But they could do it, and they are working very fast," Huang said during a Q&A session held on the

Jan. 8, 2025

Krafton, Nvidia unveil AI-powered game charater at CES

Korean gaming giant Krafton, best known as the company behind PUBG: Battlegrounds, unveiled its new artificial intelligence-powered interactive game character developed in collaboration with US chip giant Nvidia, Tuesday at CES 2025 in Las Vegas. The new technology, called "Co-Playable Character," analyzes players' actions to engage in dynamic conversations and interactions, allowing a more immersive and realistic gaming experience. This compares to conventional nonplayer characters in games tha

Jan. 7, 2025