SK hynix's DRAM market share rises, buoyed by HBM growth

SK hynix, the world’s No. 2 memory chipmaker, was the only company that elevated its market share in the soaring global DRAM market in the second quarter of this year, according to market tracker TrendForce Friday. In the April-June period, DRAM sales totaled $22.9 billion, a 24.8 percent jump from the previous quarter. Samsung Electronics, the world’s largest memory chipmaker, retained its No. 1 position with $9.8 billion in sales. But the company’s market share slightly decre

Aug. 16, 2024

NeuroBo Pharmaceuticals completes patient enrollment for phase 1 trial for antiobesity drug

NeuroBo Pharmaceuticals, the Nasdaq-listed biotech firm affiliated with South Korean drug maker DongA ST, announced Wednesday the company has completed patient enrollment for the first part of the phase 1 clinical trial for its antiobesity drug, dubbed DA-1726. DA-1726, designed to induce weight loss and glycemic control by simultaneously affecting GLP-1 and the glucagon receptor, is a drug candidate for treating obesity developed as an oxyntomodulin analog. In January, NeuroBo Pharmaceuticals

Aug. 16, 2024

Foreign investors lukewarm on Korea's Corporate Value-up program: Bank of America survey

Nearly 70 percent of foreign investors expect South Korea's government-led Corporate Value-up Program to have minimal or moderate impact on the capital market, according to a recent Bank of America survey. The survey, conducted earlier this month with around 200 Asian fund managers, revealed that 22 percent foresee "no significant impact" from the program, a 6 percent increase from July's results. Meanwhile, 44 percent anticipate a "moderately positive impact," whil

Aug. 16, 2024

Top financial regulators of Seoul, Tokyo to meet next month

The top financial regulators of South Korea and Japan are set to meet next month. Korea’s Financial Services Commission Chairman Kim Byoung-hwan is scheduled to meet with Hideki Ito, commissioner of Japan’s Financial Services Agency, in Tokyo in September, according to the FSC on Friday. This marks the first meeting between the newly appointed financial chiefs since both assumed their positions in July. The upcoming bilateral talks follow the revival of the regular meetings between K

Aug. 16, 2024

Korea sees panic selling in used EVs

A mass sell-off of EVs has begun in South Korea, following a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars and sparked proposals to restrict EVs' access to underground parking lots. Since the fire on Aug. 1, the market has been flooded with used EVs. K Car, Korea’s second-largest used car trading platform, reported an 184 percent increase in used EV listings in the first week of August compared to the final week of July. The Mercedes-Benz EQE series, w

Aug. 16, 2024

Seoul shares open sharply higher as US recession woes fade

South Korean stocks opened sharply higher Friday as major US data eased economic slowdown fears. The benchmark Korea Composite Stock Price Index (Kospi) rose 52.43 points, or 1.98 percent, to 2,696.93 in the first 15 minutes of trading. Overnight, major US indexes rallied as the latest retail sales data showed that shoppers are still driving the economy. The Dow Jones Industrial Average rose 1.4 percent, the S&P 500 increased 1.61 percent, and the tech-heavy Nasdaq composite soared 2.34 perc

Aug. 16, 2024

Chipmakers cut executive pay on lukewarm sales

Top executives of South Korean conglomerates witnessed ups and downs in their paychecks in the first half of the year, with the semiconductors industry suffering the most drastic cuts due to lukewarm earnings, according to their half-year salary reports Wednesday. Samsung Electronics and SK hynix, the nation’s top two chipmakers, are considered among the highest-paying companies here. But their top executives suffered 20 to 30 percent cuts in their compensation amid a global downturn in ch

Aug. 15, 2024

K-pop stocks struggle amid scandals, sluggish earnings

K-pop powerhouses are grappling with a loss of growth momentum, with Hybe taking the hardest hit amid ongoing scandals. Hybe, home to K-pop sensation BTS, saw its shares plunge 4.56 percent Wednesday, closing at 163,100 won ($120), the lowest since December 2022. This marked the fourth consecutive day of declines, with the stock down 11.2 percent since Aug. 8, despite a brief rally following better-than-expected second-quarter results. Hybe reported record second-quarter sales of 640.5 billion w

Aug. 15, 2024

Hyundai, Kia report zero EV fires from overcharging

Hyundai Motor and Kia on Thursday said there had been no fire incidents due to overcharging their electric vehicles as the automakers emphasized the safety of their battery management system, or BMS, in the wake of consecutive EV fires spreading fears across Korea. The companies dismissed the claims that point fingers at overcharging behind the reason for EV fires, explaining that the BMS closely monitors an EV’s charging status in real-time and works in conjunction with the charging contr

Aug. 15, 2024

Tesla Korea keeps mum about battery suppliers

Tesla, the biggest electric vehicle importer in Korea, is keeping mum about releasing the information about their cars’ battery makers despite the government’s recommendation to do so following a recent series of EV fires. After two EV fires -- one in a Mercedes EQE and the other in a Kia EV6 -- broke out earlier this month, the government on Tuesday decided to recommend domestic automakers and importers to disclose the information of their battery suppliers. Korean automakers Hyunda

Aug. 15, 2024

Samsung faces tougher SE Asia challenge from China

Samsung Electronics has retained its leading position in Southeast Asia’s major smartphone markets, but faces fiercer competition from Chinese rivals with cheaper pricing, according to an industry report Thursday. In the April-June period, Samsung held an 18 percent market share in five major countries -- Indonesia, the Philippines, Thailand, Vietnam and Malaysia -- according to the report by market tracker Canalys. The figure was down by 2 percentage points compared to a year ago, clo

Aug. 15, 2024

[Photo News] AI boost for Samsung sales

Samsung Electronics said Thursday its artificial intelligence-powered home appliances hit 1.5 million unit sales in the January-July period this year. The Bespoke AI Combo washer-dryer and the Bespoke AI Steam robot cleaner were the two top sellers driving up overall sales. (Samsung Electronics)

Aug. 15, 2024

[Photo News] OLED lights up Vietnam

Media art walls, featuring LG Electronics' latest OLED TVs, are displayed at a shopping center in Vietnam on Wednesday. The media art, themed on intelligence and freedom, is a creation by prominent Vietnamese artist group Fustic Studio. The exhibition comes as part of the Korean tech giant's premium marketing push in Southeast Asia. (LG Electronics)

Aug. 15, 2024

Korean brokerages to halt daytime trading of US stocks

Local securities firms that offer daytime trading of US stocks for South Korean investors are to tentatively suspend the service, following the order cancellation fiasco that happened earlier this month. A total of 19 brokerage houses, affected by the cancellation of orders by the US overnight trading platform operator Blue Ocean Technologies, are to temporarily suspend the service from Friday, according to the Korea Financial Investment Association. “Representing local securities firms,

Aug. 14, 2024

Korean apparel company Hansae sets sights on boosting American football

South Korean apparel manufacturer Hansae signed a memorandum of understanding with the Korea American Football Association to promote American football, a sport still unfamiliar to many in Korea, the company announced Wednesday. Hansae and KAFA officials convened at the apparel-maker's Seoul headquarters on Tuesday to sign the deal and discuss joint initiatives. Under the partnership, the groups plan to provide uniforms for Korea's national teams and sponsor an amateur football league.

Aug. 14, 2024

AmCham seminar offers insight on US work visa

The American Chamber of Commerce in Korea hosted a seminar on Wednesday at the IFC Forum in Yeouido, Seoul, offering an in-depth overview of the US work visa process. The event focused on providing essential information about US work visas, including the visa categories, their specific requirements and permitted business activities under each visa type. Experts from various fields also offered insights for corporations and individuals looking to expand into the US market, addressing challenges a

Aug. 14, 2024

Korean Air, L3Harris convene to advance aerial surveillance capabilities

South Korea's flag carrier Korean Air and US defense company L3Harris Technologies co-hosted an Industry Day event Tuesday to discuss ways to bolster aerial surveillance and monitoring capabilities. The gathering brought together executives and officials from over 30 domestic and international defense firms, including Israel Aerospace Industries, ELTA Systems and LIG Nex1 at the Air Force Hotel in Seoul. The event comes as the Korean Air Force looks to ramp up its surveillance and reconnais

Aug. 14, 2024

Seoul shares up for 4th day on hopes for rate cuts by Fed

South Korean stocks closed higher for the fourth consecutive session Wednesday as cooler-than-expected US producer price data soothed concerns and boosted investors' sentiment. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 23 points, or 0.88 percent, to close at 2,644.50. Trade volume was a little slim at 321.4 million shares worth 8.6 trillion won ($6.3 billion), with winners outnumbering losers 649 to 234. Foreigners purchased

Aug. 14, 2024

Merck boasts materials know-how at K-Display

Merck Korea, the Korean subsidiary of German science and technology juggernaut Merck, has showcased its materials intelligence with its participation at K-Display 2024, South Korea’s largest display exhibition. Merck enhances data interpretation and transmission by utilizing intelligence technologies, such as data processing and artificial intelligence, leading the advancement of the digital environment. It plays a crucial role in connecting users with data through display technologies. Un

Aug. 14, 2024

SK Square’s new CEO vows to up semiconductor investment

Han Myung-jin, the new chief executive officer of SK Group’s investment arm SK Square, took office Wednesday, pledging to build a more chip-central business portfolio. SK Square shareholders approved the appointment of Han during a meeting held in central Seoul on Wednesday, where he won 99.4 percent of the votes. Han officially took the post as the chief of SK Square at a board meeting, the company said. The inauguration comes more than a month after he was nominated to the post on July 3

Aug. 14, 2024