[Photo News] Aged to perfection

(From left) Frantz Hotton, CEO and president of Pernod Ricard Korea, Sandy Hyslop; Ballantine’s master blender; and Miguel Pascual, marketing director of Pernod Ricard Korea, pose during the launching event of Ballantine’s 40 Year Old Masterclass Collection – The Waiting, the latest release from the iconic Scotch whisky brand, in Seoul on Wednesday. (Pernod Ricard Korea)

IndustryNov. 27, 2024

Seoul shares close lower on US tariff uncertainties

South Korean stocks closed lower Wednesday as investors offloaded semiconductor shares amid concerns that the incoming US administration may scrap subsidies for chipmakers. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 17.3 points, or 0.69 percent, to close at 2,503.06. Trade volume was moderate at 406.3 million shares worth 8.4 trillion won (US$6 billion), with losers outnumbering winners 516 to 372. Major tech shares lost ground after a sen

MarketNov. 27, 2024

Samsung shakes up management, commits to reviving chip business

Samsung Electronics, the world's leading smartphone and memory chip maker, announced a management reshuffle on Wednesday, replacing the top brass at its sluggish chipmaking business division. While retaining the company's three vice chairs for management stability, the company replaced the foundry business chief and created two new positions to enhance operational efficiency. "The company sought to overcome uncertain internal and external business challenges and aim for a new brea

IndustryNov. 27, 2024

Move over, X. Korea’s skies are turning blue

Bluesky, the decentralized social media platform making waves globally, has reached a milestone this month — 20 million users worldwide. And South Korea is riding this wave, too. According to Mobile Index, the rising platform’s Korean monthly active users reached 595,588 in October, marking a staggering 1,147.69 percent increase from September. Though these numbers are still modest compared to X’s 6 million and Threads' 4 million Korean monthly active users, the momentum i

TechnologyNov. 27, 2024

Samsung reveals new leadership in foundry push

Samsung Electronics on Wednesday replaced its foundry business head in its year-end leadership reshuffle and created the new president-level position of chief technology officer in an apparent move to breathe fresh air into its sluggish foundry business. The tech giant promoted Han Jin-man, executive vice president and head of Device Solutions America, to president and head of its foundry business. After joining Samsung in January 1989, Han has held various roles, including leading DRAM and flas

IndustryNov. 27, 2024

HD Hyundai delivers next-generation Aegis destroyer to Korean Navy

HD Hyundai Heavy Industries announced Wednesday the delivery of Jeongjo the Great, an 8,200-metric-ton Aegis destroyer, during a ceremony at its headquarters in Ulsan, some 310 kilometers southeast of Seoul. Government representatives from seven countries, including Poland, Peru and the United States, attended the event. Delegates also toured the latest frigate Chungnam, which is set to be delivered to the Republic of Korea Navy next month. Poland and Peru are emerging as potential clients for t

IndustryNov. 27, 2024

Hyosung Heavy Industries hits W10tr in circuit breaker production

Hyosung Heavy Industries said Wednesday that it has become the first in the domestic industry to surpass 10 trillion won (about $7 billion) cumulative production value for circuit breakers. The company held a ceremony Tuesday at its Changwon plant in South Gyeongsang Province to mark the achievement. Around 400 Hyosung officials attended, including CEO Woo Tae-hee, Kwon Ki-Yeoung, head of circuit breaker division, and Kim Jin-ho, manager of the Changwon plant. Hyosung started producing circuit b

CompaniesNov. 27, 2024

[Photo News] French alliance

The Grand Koleos E-Tech Hybrid, Renault Korea's latest sports utility vehicle, has been selected as the official vehicle of the Embassy of France in Korea, the French auto brand announced Wednesday. The hybrid SUV has seen a surge in sales as the model sold 5,385 vehicles in October to take up around a 30 percent market share here. Philippe Bertoux, French Ambassador to Korea, said that the vehicle, which is produced at Renault Korea's Busan plant, demonstrates the highest level that b

MobilityNov. 27, 2024

Hyundai Motor pledges $484m to ramp up output in Malaysia

Hyundai Motor has decided to invest $484 million in Malaysia to expand local production there as the Korean automaker looks to ramp up its presence in the burgeoning Southeast Asian market. According to Hyundai Motor on Wednesday, the automaker will make the investment over five years starting next year to upgrade its complete knock-down -- or CKD -- plant in Kulim in cooperation with local partner Inokom. The CKD plant expansion will mark Hyundai Motor’s largest investment in Malaysia yet

MobilityNov. 27, 2024

[From the Scene] Inside K-food-themed CU convenience store in Myeong-dong

Located in the bustling shopping district of Myeong-dong, central Seoul, a newly opened CU convenience store offers a curated selection of popular K-foods -- snacks, drinks and ready-to-eat meals -- primarily aimed at attracting international tourists interested in Korean culture. BGF Retail, the operator of CU convenience stores, introduced this branch, on Nov. 20, as the fourth in its series of themed stores. The new store builds on previous "library" themes focused on ramyeon, sna

CompaniesNov. 27, 2024

Hyundai Motor to launch EV charging subscription service in Indonesia

Hyundai Motor Co. announced Wednesday that it will launch an electric vehicle (EV) charging subscription service for its customers in Indonesia this week. Beginning Thursday, subscribers will gain access to 518 chargers at 288 charging stations operated by Hyundai and its EV partner companies across Indonesia. The service, available through Hyundai's smartphone app, offers subscription plans of 50 kilowatt-hours (kWh), 100 kWh, and 250 kWh. Additional charging can be purchased once users ex

MobilityNov. 27, 2024

S. Korean firms reviewing measures in response to Trump's tariff threat on Mexico-made goods

South Korean companies with manufacturing bases in Mexico are reviewing countermeasures in response to US President-elect Donald Trump's plan to impose a 25 percent tariff on imports from Mexico at the start of his second term. Trump announced on social media Monday that he plans to issue an executive order to levy tariffs on goods made in Mexico and Canada on his first day in office, as part of his campaign to incentivize firms to relocate production to the United States. Mexico has long b

EconomyNov. 27, 2024

Samsung Electronics announces new leadership to ensure future competitiveness in chips business

Samsung Electronics Co. announced its new leadership Wednesday, focusing on the semiconductor business in an apparent move to enhance its future competitiveness in the field. Jun Young-hyun, vice chairman and head of the device solutions division, was named CEO and will also lead the memory business and Samsung Advanced Institute of Technology, the company said in a press release. To bolster technological competitiveness, the new CEO will directly manage the memory business unit. Han Jin-man, f

IndustryNov. 27, 2024

Seoul shares open lower on tech slump

South Korean stocks opened lower Wednesday, led by chipmakers, amid uncertainties surrounding the US semiconductor policy under the new Donald Trump administration. The benchmark Kospi fell 6.59 points, or 0.26 percent, to 2,513.77 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.28 percent to a new record, and the tech-heavy Nasdaq composite added 0.63 percent. The S&P 500 increased 0.57 percent to a fresh high. Market players worry that the incoming Tr

MarketNov. 27, 2024

[India Forum] Herald joins hands with India's FISME to empower SMEs

NEW DELHI -- Herald Media Group has inked an agreement with India's largest organization of micro, small and medium enterprises to promote the exchange and cooperation of Indian and Korean SMEs. Herald Media Group CEO Choi Jin-young and Sandeep Kishore Jain, the president of the Federation of Indian Micro and Small & Medium Enterprises, signed a memorandum of understanding during a business roundtable at Yashobhoomi, a convention and exhibition center in Dwarka, Delhi, on Friday. The

EconomyNov. 26, 2024

[India Forum] KoINDEX offers glimpse into Korea's commitment to India

NEW DELHI -- Indian employees at Korean conglomerates, including LG Electronics, Hyundai Motors and Orion, enthusiastically showcased their new technology and latest products at an industrial exhibition commemorating the 51st anniversary of diplomatic ties between Korea and India. KoINDEX, with G-FAIR 2024, gathered more than 600 exhibitors with over 3,000 booths from India and Korea to create new business opportunities at the Yashobhoomi convention center in Delhi, India, from Nov. 21-23. LG El

EconomyNov. 26, 2024

[India Forum] Creating synergy with local development know-how

NEW DELHI -- Going beyond its home turf, Korean builder Daewoo Engineering & Construction is looking for further expansion in overseas markets and India’s residential property market presents a growth opportunity to achieve its goal. “Daewoo E&C expects our entry into the Indian real estate market to be an excellent opportunity to open up greater possibilities for both countries,” Han Seung, the chief global business officer at Daewoo E&C said during the India-Kor

CompaniesNov. 26, 2024

[India Forum] Kintex hopes to become growth platform in India

NEW DELHI -- Kintex, the operator of the convention center of the same name in Korea, hopes to function as a platform for Korean companies aspiring to forage into the burgeoning Indian market. Kintex, short for the Korea International Exhibition Center, operates a convention center under the same name in Goyang, Gyeonggi Province. It is the largest convention facility in Korea with a 108,483 square meters of space for exhibitions. In 2018, the operator received a permit to operate India’s

IndustryNov. 26, 2024

[India Forum] Daewoo E&C vows to build Koreatown in Haryana

GURUGRAM, India -- Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Media Group, expressed his hopes to establish India’s first Koreatown, the hub of Korean culture and commerce, in a meeting with high-profile Indian government officials. On Thursday, Jung met with Nayab Singh Saini, the chief minister of Haryana, to discuss the bilateral partnership between Korea and India. Haryana, a state in north-central India, surrounds Delhi on three sides

IndustryNov. 26, 2024

[India Forum] Tapping into young, growing population

NEW DELHI, India -- Korea’s leading asset manager Mirae Asset Global Investments has been rapidly expanding its presence in the Indian market, riding on the country’s strong “appetite for Korean businesses.” Recognizing the country’s growth potential, the company was the first of its peers to enter the Indian market, setting up an office in Mumbai in 2006. “When Mirae Asset came to India, it was a 100 percent foreign-owned equity,” Shrinivas Khanolkar, h

IndustryNov. 26, 2024