Blockchain platform Kaia aims to become ‘Asia's gateway to Web3’

Blockchain network Kaia, formed through the merger of platforms launched by Korean tech giants Line and Kakao, announced Monday it hopes to serve as a gateway between Web2 and Web3 in Asia and beyond. The merger between Kakao's blockchain platform Klaytn Foundation, and Finschia Foundation under Naver's affiliate Line Tech Plus was completed under the name “Kaia” on Thursday. The two platforms' respective tokens will be integrated under the name "Kaia," which

Sept. 2, 2024

Would Samsung benefit from Intel exit from foundry race?

Facing its worst earnings crisis in its 56-year history, Intel is reportedly reconsidering its lackluster foundry business, where it has set the goal of beating Samsung Electronics to become the industry's No. 2 by 2030. For Samsung, which is seeking to carve out its share in the foundry market dominated by Taiwan-based TSMC, Intel's exit could be beneficial, removing a potential threat, according to experts here. On Sunday, Bloomberg reported that Intel, the world's leading chipm

Sept. 2, 2024

HIT Forum to shed light on new norm -- business diplomacy

Sharpening diplomatic skills is becoming an inevitable mission for Corporate Korea to give new traction to its export-oriented growth amid rising economic fragmentation. The unparalleled technology and unique cultural content that made-in-Korea products hold have led the country to be a trendsetter for Asia and beyond. This year, Korean companies faced new challenges and opportunities induced by major elections taking place around the world, coupled with growing protectionism and trade tension

Sept. 2, 2024

LG Electronics eyes IPO in India to spur growth

LG Electronics is mulling a stock debut in India, a burgeoning market where the Korean tech giant has made efforts to secure a firmer footing for almost two decades. In a recent interview with Bloomberg Television, LG Electronics CEO Cho Joo-wan hinted at the possibility of an initial public offering of the company’s Indian unit, saying the company is closely monitoring the Indian market to meet its sales target of 100 trillion won ($74.6 billion) by 2030. “(An IPO) is one of many op

Sept. 2, 2024

SK Ecoplant acquires SK Materials Airplus, eyes synergy in semiconductor business

Energy and environmental solutions provider SK Ecoplant announced Monday that it has officially incorporated energy supplier SK Materials Airplus as its subsidiary. During a special shareholders' meeting held at its headquarters in central Seoul, SK Ecoplant approved a comprehensive stock exchange agenda for SK Materials Airplus, which involves issuing new shares in exchange for the entire stake in SK Materials Airplus currently held by SK. SK Materials Airplus' long-term business mo

Sept. 2, 2024

Posco chief urges closer Korea-Australia ties

Posco Group Chairman Chang In-hwa, who also serves as the head of the Korea-Australia Business Council, emphasized the need to strengthen economic relations between South Korea and Australia, particularly in the areas of natural resources, eco-friendly materials and infrastructure. “South Korea and Australia have been collaborating to pioneer future green development, which includes advancing eco-friendly materials and infrastructure beyond traditional resource cooperation in minerals and

Sept. 2, 2024

Forum envisions closer Korea-Mongolia partnership

From rare minerals and smart city projects to cultural collaborations, South Korea and Mongolia have ample avenues to build mutually beneficial partnerships, leaders of the two countries stressed at a recent forum in Ulaanbaatar. At the Korea-Mongolia Vision Forum, held at the Novotel in the Mongolian capital on Aug. 27, 26 speakers from politics, business, civil society and academia engaged with an audience of about 250, exploring ways to enhance bilateral cooperation and promote private-sector

Sept. 1, 2024

Daewoo E&C chairman calls for enhanced Korea-Mongolia cooperation

Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Corp., expressed his hopes for the South Korean government to join in strengthening cooperation with Mongolia. “In Daewoo’s latest success in a bid for a nuclear power plant in the Czech Republic, the South Korean President and the Trade Minster were actively engaged on multiple occasions,” said Jung during a special networking event held in Ulaanbaatar, Mongolia, on Aug. 26. "I w

Sept. 1, 2024

LG Electronics sets up consortium for heat pump technology in China

LG Electronics said Sunday it has established a consortium in China to accelerate the development of the core technologies for next-generation heat pumps, adding to its research hubs in North America and Europe. Under the collaboration agreement, LG will be working with leading heating, ventilation and air conditioning (HVAC) researchers from Harbin Institute of Technology, Shanghai Jiao Tong University and Xian Jiaotong University, the company said. The company has been expanding its research a

Sept. 1, 2024

SK Speedmate launches as rebranded auto repair firm

SK Speedmate, an automotive maintenance company, announced Sunday its official launch after spinning off from SK Networks to become a top automotive aftermarket service provider in Korea. SK Networks decided to spin off the Speedmate division as part of its push to transition to an AI-centric company. The automotive maintenance business has been rebranded as SK Speedmate, and is now a full-owned subsidiary under the rental firm. SK owns 43.9 percent of SK Networks. “Utilizing our strong br

Sept. 1, 2024

S-Oil powers Korean Air flight with local eco-friendly fuel

S-Oil will begin supplying domestically produced sustainable aviation fuel to Korean Air’s flights between Incheon International Airport and Tokyo’s Haneda Airport once a week, the company said Sunday, becoming the first refiner in South Korea to provide SAF for regular international passenger flights departing from a local airport. The first SAF-fueled flight took off last Friday, celebrated at a ceremony attended by key figures such as Minister of Trade, Industry and Energy Ahn Duk

Sept. 1, 2024

HD Hyundai Oilbank ramps up R&D efforts for green growth

HD Hyundai Oilbank, one of the nation’s top refiners, is ramping up research and development efforts to spur growth as a sustainable energy company. Based on its business know-how accumulated in its core refinery and petrochemical businesses, the company is making a strategic shift to boost its new growth drivers, including eco-friendly chemicals, materials and energy infrastructure. Back in 2011, HD Hyundai Oilbank established a central technology institute by integrating R&D teams na

Aug. 30, 2024

[Photo News] Incheon Airport takes off with green fuel

Incheon International Airport Corporation held a commemorative event Friday to mark the commencement of commercial operations of sustainable aviation fuel at its second passenger terminal. The event, attended by government officials, aviation industry leaders and representatives from oil refineries, was led by the Trade Ministry and Transport Ministry. Lee Hag-jae (right), president and CEO of Incheon International Airport Corp., emphasized the company's commitment to demonstrating "ec

Aug. 30, 2024

Samsung-TSMC foundry rivalry renewed in German market

The top two global semiconductor foundries -- Samsung Electronics and Taiwan Semiconductor Manufacturing Co. -- are competing in the automotive semiconductor market in Germany, where major car manufacturers are located. Despite the recent contraction of the automotive semiconductor market due to a decline in demand for electric vehicles, the two companies’ efforts to prepare for future market demand seem actively underway. Samsung’s foundry division is set to hold a forum in Munich,

Aug. 30, 2024

HDC stocks rally on credit rating upgrade, upbeat earnings

South Korean real estate developer and builder Hyundai Development Company said Friday that it has seen an almost 90 percent surge in its share prices on upbeat earnings and positive credit ratings this year. As of Aug. 26, the stock price closed at 26,700 won ($20), an 87.9 percent growth from the beginning of this year. During the same period, the benchmark Kospi fell 5.44 percent. Among the nation’s top 10 construction companies, the growth rate was the highest. Amid the recent rally of

Aug. 30, 2024

HiteJinro sponsors leading UK music fest, boosts soju presence in Europe

South Korea's top soju maker HiteJinro is intensifying its efforts to penetrate the European market, where soju is rapidly gaining popularity and increasingly integrated into local cultural activities. The company announced on Friday that it served as an official sponsor for this year's All Points East, a prominent music festival in the UK held at London's Victoria Park, from Aug. 16 to 25. First held in 2018, APE features world-class musicians and attracts over 200,000 attendees

Aug. 30, 2024

KFCC puts aside W1.4tr for risk management in H1

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, also known as Saemaul Geumgo, announced Friday it has set aside 1.4 trillion won ($1.05 billion) in reserve in the first half of 2024 to ensure the financial stability of the credit union. The allowance for bad debts, also called a bad debt reserve, is a provision made in a company’s accounts in recognition of debts that cannot be collected. Allocating the reserve leads to a loss

Aug. 30, 2024

[Photo News] Hanjin's 'Dook'n Dook'n' brings Hallyu to Vietnam

To boost the global competitiveness of Korea's small business owners, the Small Enterprise & Market Service, the Korea Commission for Corporate Partnership and Hanjin Logistics held a launch ceremony on Thursday for Dook'n Dook'n, an offline store in Hanoi, Vietnam, showcasing Hallyu products. The event was attended by Oh Young-joo (center left), minister of SMEs and startups, SEMAS Chairman Park Sung-hyo (center right), Emily Cho (third from right), president of Hanjin Logist

Aug. 30, 2024

Nokia denies report about mobile unit sales talks with Samsung

Finnish telecom equipment maker Nokia on Friday denied a report that it is in talks with Samsung Electronics or any other potential bidders to sell its mobile network business. “Nokia has nothing to announce in relation to the speculations published in an article today, and no related insider project exists,” the company said in a statement, referring to a Bloomberg report earlier in the day. “Nokia is committed to the success of its mobile networks business, a highly strategic

Aug. 30, 2024

LG Display starts production of advanced OLED displays for gaming

LG Display said Thursday it has kicked off mass production of its 27-inch 480Hz Quad HD gaming OLED panel that boasts the industry’s highest refresh rate and fastest response time, targeting the high-end gaming market. The new panel is made to show the best performance in key criteria for gaming displays, which are refresh rate, images displayed per second and response time in displaying graphic card signals, LG said. “We will create differentiated customer value and secure leadershi

Aug. 29, 2024