MBK accused of misusing confidential reports in hostile takeover bid of Korea Zinc

MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio

Dec. 3, 2024

AmCham hosts seminar on 'K-healthcare' strategies

The American Chamber of Commerce in Korea hosted a seminar in Seoul on Tuesday to discuss strategies for creating a patient-centered health care ecosystem and fostering medical innovation between Korea and the US. Now in its 15th year, the annual seminar brought together over 150 participants, including government officials, industry leaders and patient advocacy groups, to discuss building a patient-centered “K-Healthcare” environment through public-private collaboration and Korea-US

Dec. 3, 2024

LG CNS to bring smart building tech to the US

LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value. The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects. Under the partnership, the three firms plan to jointly promote smart

Dec. 3, 2024

LG Energy Solution, GM to jointly develop prismatic battery cells

South Korean battery maker LG Energy Solution Ltd. said Tuesday it has signed a deal with General Motors Co. to develop prismatic battery cells. Under the agreement, the companies will jointly develop prismatic battery cell technology and affiliated battery materials or "chemistries." Once developed, the prismatic battery cells will power GM's future electric vehicles (EVs), LGES said in a statement. Prismatic battery cells feature a flat, rectangular shape with a rigid enclosure,

Dec. 3, 2024

US unveils new package of chip export controls against China

The United States on Monday announced a new semiconductor export control package against China, including curbs on high-end chips for artificial intelligence that are likely to affect the South Korean industry. The Commerce Department's Bureau of Industry and Security unveiled the package on the Federal Register, including restrictions on exports of high bandwidth memory (HBM) chips. Two South Korean firms -- Samsung Electronics Co. and SK hynix -- and Micron Technology lead the global HBM

Dec. 3, 2024

POSCO labor union takes step closer to launching first-ever strike

Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said. Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives. If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968. "We still have

Dec. 2, 2024

LG CNS gets preliminary nod for market debut

LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic. Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia's fourt

Dec. 2, 2024

Dunamu’s Viver launches global transaction platform for luxury watches

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

Dec. 2, 2024

Global startup accelerators flock to Seoul for Foster Bridge summit

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Dec. 2, 2024

K-fashion platform Ably secures W100b funding from Alibaba

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

Dec. 2, 2024

LG makes big push to export chillers for AI data centers

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Dec. 2, 2024

Hyundai Hillstate Deungchon starts sales of apartments

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b

Dec. 2, 2024

Weave Living to launch flagship serviced apartments in Seoul

Rental accommodation provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, as serviced apartments, in particular, caters to resid

Dec. 2, 2024

Hyundai Rotem wins $60m defense contract in Peru

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo

Dec. 2, 2024

Rebellions, Sapeon merge to create Korea's first AI chip unicorn

Artificial intelligence startup Rebellions said Monday that it has completed a merger with Sapeon Korea, SK Telecom’s AI chip subsidiary, to officially form Korea’s first AI chip unicorn under the unified name Rebellions. The merger was finalized about six months after the plan was announced in June. Rebellions has valued the merged entity at around 1.3 trillion won ($929 million), based on the agreed merger ratio of 1:2.4 for Sapeon Korea and Rebellions, respectively. The merged ent

Dec. 2, 2024

Woori Bank boosts internal verification at overseas branches

Woori Bank is enhancing its internal controls by implementing a fingerprint authentication system in the software used at its international branches, the lender said Sunday. Woori Bank is the first Korean commercial bank to adopt this technology for its overseas operations. The system uses advanced encryption to securely manage data through fingerprint verification, allowing employees to access the bank's computerized system and perform tasks. This innovation is aimed at preventing financ

Dec. 1, 2024

Rising cacao costs cited for driving up S. Korea's chocolate snack prices

South Korea's major confectionery companies have decided to raise the prices of their popular chocolate snacks on the back of soaring cacao prices, driven by climate change. Orion announced a 10.6 percent average price increase for 13 products starting Sunday. The price of its popular products like Choco Songyi and Bichobi will rise by as much as 20 percent. Orion also said it would temporarily suspend the supply of its chocolate bar, To You, instead of applying an unavoidable price increas

Dec. 1, 2024

[Photo News] Art takes off at Incheon Airport

Incheon International Airport unveiled a large-scale art project on Saturday, as part of its fourth-phase expansion completion, transforming Terminal 2 into a vibrant cultural hub. Featuring 18 art pavilions spread across 8,000 square meters, travelers can enjoy a fusion of Korean traditions and art from across the world as they walk through and spend time at the terminal. Some highlights from the permanent exhibition include Chae Byungrok’s "Good Luck & Colorful Wishes" an

Dec. 1, 2024

FSS chief intensifies probe into Young Poong for accounting flaws

South Korea’s top financial regulator is intensifying its investigation into Young Poong amid growing concerns over the company’s environmental violations and potential improper collusion with private equity firm MBK Partners, as tensions rise in its continuing dispute with Korea Zinc. Lee Bok-hyun, head of the Financial Supervisory Service, said Thursday that the agency had launched a probe into Young Poong after uncovering accounting irregularities, including unrecognized impairmen

Dec. 1, 2024

Samsung challenges LG in home appliance subscription market

Samsung Electronics has entered a new round of competition with LG Electronics in the home appliance subscription services market by launching its own service centered on artificial intelligence products. Samsung announced Sunday the introduction of its AI subscription club service, which is available at the tech giant’s offline store nationwide and official online store. This service allows consumers to pay a monthly subscription fee to use home appliances for a certain period. By subsc

Dec. 1, 2024