Korea Zinc wins key endorsement from proxy advisers in fight with MBK

A handful of proxy advisory firms here and abroad have endorsed Korea Zinc’s proposal for an extraordinary general shareholders meeting next week, supporting the current leadership of the world’s largest zinc smelter amid its fierce takeover battle with the MBK Partners-Young Poong alliance. Most of the proposals by Korea Zinc's board have won the backing of Glass Lewis, a US-based leading global proxy advisory firm, and other Korean advisers, including Korea ESG Research Institute, Sustinvest a

Jan. 16, 2025

Korea Investment’s ESG rating gets upgrade on MSCI

Korea Investment Holdings, the company behind South Korea's leading brokerage house Korea Investment & Securities, earned an MSCI rating upgrade for its efforts to boost environmental, social and governance initiatives. MSCI ESG Ratings, a gauge provided by global index manager Morgan Stanley Capital International, evaluate a company's ESG performance against peers on a seven-notch scale, considering over 1,000 data points and 35 ESG Key Issues. Under such metric, the Korean finance firm was upg

Jan. 16, 2025

South Korean insurers hit by California wildfires

South Korean insurers are bracing for losses from the massive wildfire in Los Angeles, with DB Insurance and Korean Re bearing the largest impact, costing them approximately 90 billion won ($61.8 million). Industry sources indicate DB Insurance holds the largest exposure, with 37 active policies in the affected areas -- 34 home insurance contracts in Altadena and three small business insurance contracts in Palisades, the two regions hardest hit by the recent wildfire. A DB Insurance official sta

Jan. 16, 2025

BOK warns below 0.2% growth rate in martial law fallout

Central bank holds key rate at 3 percent to defend local currency South Korea’s growth rate in the fourth quarter of last year could have plunged below 0.2 percent, following the political turmoil caused by currently detained President Yoon Suk Yeol’s declaration of martial law, according to the central bank chief. “The fourth quarter of last year took a blow from the martial law situation,” Bank of Korea Gov. Rhee Chang-yong said following a meeting Thursday where the country's key rate was hel

Jan. 16, 2025

BYD debuts $20,000 EVs on Hyundai's home turf

In push for expansion, Chinese EV giant slashes Korean prices to less than half of what they charge in US or Europe China’s electric vehicle juggernaut BYD has made a daring entry to South Korea -- the home turf of its Asian rival, Hyundai Motor Group -- with a competitive pricing strategy aimed at winning over local drivers who remain hesitant to go electric. BYD’s first Korean launch features the Atto 3 electric SUV, which is offered in two variants, basic and upper trims, with prices set at 3

Jan. 16, 2025

Ultium Cells to secure graphite from North America from 2027

Ultium Cells, a joint venture between LG Energy Solution and General Motors, will secure synthetic graphite from North America, reducing its reliance on Chinese supplies, its Norwegian partner Vianode announced Wednesday. Vianode, a battery materials-maker, stated that it has signed a deal with GM to supply graphite produced at its planned plant in North America from 2027 to 2033. The strategic move aims to make GM’s electric vehicles eligible for tax credits under the US Inflation Reduction Act

Jan. 16, 2025

Samsung, IBM to provide emergency communications network in UK

Samsung Electronics announced Thursday that it will partner with IBM to provide a frontline emergency communications network in the UK. Samsung said it will provide its mission-critical solutions to support the UK government's Emergency Services Network. The project, overseen by the UK Home Office, aims to modernize communications for more than 300,000 first responders across the country, including police, firefighters and paramedics. Samsung will deliver advanced communication systems to ensure

Jan. 16, 2025

LG Display CEO pledges turnaround in 2025

Major flatscreen maker unveils 4th generation OLED panel for AI TVs LG Display CEO Jeong Cheol-dong pledged a turnaround in 2025, introducing the company's new business strategy dubbed "JUMP" on Thursday. In an unveiling event, the flatscreen maker also debuted a 4th generation organic light-emitting diodes panel which is the industry's first to achieve a maximum brightness as high as 4,000 nits. “Our goal for this year is to make it a year of bold leaps forward and meaningful advancements with

Jan. 16, 2025

Samsung Biologics powers up ADC business with new facility, key partnerships

SAN FRANCISCO -- Samsung Biologics has made a major move into the antibody-drug conjugate market, announcing that its newly constructed 500-liter ADC-dedicated production facility will commence operations this February. Joseph Jeong, vice president of the ADC Development Team at Samsung Biologics, highlighted the rationale behind the expansion, emphasizing the company’s ability to leverage its established expertise in monoclonal antibody CDMO services to advance ADC therapeutics. "Samsung Biolog

Jan. 16, 2025

Telcos threatened by Samsung's new subscription service

South Korea’s major telecommunication companies are closely monitoring Samsung Electronics’ upcoming smartphone subscription service, AI Subscription Club, concerning its potential impact on the domestic handset distribution market. Samsung has been operating the service since last month to lease AI-powered home appliances, monitors and TVs. Starting next month, mobile devices will be added to the lineup, according to industry sources Thursday. AI Subscription Club allows customers to pay leasin

Jan. 16, 2025

[Photo News] Hankook Tire for racing

Hankook Tire & Technology announced a three-year partnership with the FIA World Rally Championship to become the sole tire supplier for every category during the racing competition's 2025 season. Through its partnership with the WRC, Hankook Tire now is one of only a few global tire brands to support two of the five major FIA world championships, including the FIA Formula E World Championship. This year's WRC will mark the first time for competing cars to be running on Hankook Tire products in i

Jan. 16, 2025

Kakao Bank showcases fintech innovations at leading AI conferences

Kakao Bank, a Korean internet-only bank affiliated with Kakao Group, said Thursday that its fintech lab has been showcasing its advancements in artificial intelligence at prestigious conferences like EMNLP and NeurIPS. EMNLP and NeurIPS are widely recognized as the most authoritative platforms in the fields of AI, natural language processing and machine learning. Each year, leading experts, companies and research institutes gather to share cutting-edge research and innovations. At the EMNLP Indu

Jan. 16, 2025

Doosan Skoda Power eyes IPO in Czech Republic

Doosan Enerbility subsidiary expected to serve as outpost for European nuclear power deals Doosan Skoda Power, the turbine subsidiary of Korean nuclear power plant builder Doosan Enerbility, is eyeing an initial public offering on the Prague stock exchange in the Czech Republic, as Doosan aims to score more overseas contracts amid rising demand for energy in Europe. Doosan Skoda Power held an intention-to-float, or ITF, meeting with local media and stakeholders of the related industry in Prague

Jan. 16, 2025

Hanmi Pharmaceutical steps up in global obesity drug race

SAN FRANCISCO ― Hanmi Pharmaceutical is poised to bring a new chapter to obesity treatment, a topic that has garnered significant attention at this year’s JP Morgan Healthcare Conference. Despite the spotlight on obesity drugs, industry concerns remain about potential side effects such as nausea, vomiting and overall muscle loss, which could lead to further complications for patients. Choi In-young, senior vice president and head of Hanmi Pharmaceutical's R&D Center, expressed confidence in the

Jan. 16, 2025

S. Korea's seafood exports rise 1.2% in 2024 on growing popularity of seaweed

South Korea's seafood exports moved up 1.2 percent from a year earlier in 2024, driven by the popularity of dried seaweed products, the oceans ministry said Thursday. Outbound shipments of seafood products came to $3.03 billion last year, up from $2.99 billion recorded in 2023, according to data compiled by the Ministry of Oceans and Fisheries. The growth was primarily led by exports of dried seaweed, known as "gim" in Korean, which surged 25.8 percent on-year to a record high of $997 million. E

Jan. 16, 2025