Asiana Airlines unions ramp up opposition to Korean Air merger

Unionized workers of Asiana Airlines reiterated Thursday their opposition to a merger with the nation’s largest air carrier Korean Air, expressing their intention to block further procedures by all means. Asiana Airlines' labor unions urged the air carrier's main creditor Korea Development Bank and the European Commission, the EU's antitrust regulator which gave conditional approval on the merger, to review the deal from the ground up. The possible future actions that Asiana

July 11, 2024

S. Korea appeals tribunal order to pay $32m to US hedge fund

South Korea has filed an appeal against a ruling by a Hague-based arbitration court ordering it to pay $32 million to a US hedge fund to compensate for its intervention in the merger of two Samsung affiliates in 2015, the Justice Ministry said Thursday. The appeal to the ruling by the Permanent Court of Arbitration follows the tribunal’s decision in April to side with Mason Capital Management, though the compensation ordered was much less than the $200 million the hedge fund had sought. Ma

July 11, 2024

LGE, Qualcomm chiefs meet to discuss AI partnership

LG Electronics Chief Executive Officer Cho Joo-wan met with Qualcomm CEO Cristiano Amon on Wednesday to discuss their ongoing collaboration on advanced technology, including on-device artificial intelligence and automotive electronics, according to industry sources. On the second day of his trip to Seoul, Amon met with Cho at the LG Electronics headquarters in Yeouido, Seoul. The two companies have been building a firm partnership over the past years, especially in the fields of audio products a

July 11, 2024

Samsung invests W72b in US fund for AI-driven biotech

Samsung C&T and its biotech subsidiaries Samsung Biologics and Samsung Bioepis, announced Thursday they would invest 72 billion won ($52 million) in a US fund focused on startups using AI-based new power drug development platform technologies. The investment will be made through the Samsung Life Science fund, created by the Samsung affiliates and managed by Samsung Venture Investment. The money will be invested in venture capital firm Flagship Pioneering's eighth fund, which has so far

July 11, 2024

Hanwha Qcells breaks ground on 267 MW solar project in Colorado

Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined proce

July 11, 2024

Korean builders association explores new opportunities in Vietnam

The Korea Housing Builders Association said Wednesday that its special delegation is visiting Vietnam this week to explore new opportunities in the Southeast Asian country where diverse development projects are underway to boost the vibrant economy. The delegation consists of 13 members, led by Chairman Jung Won-ju, who doubles as chairman of Daewoo Engineering & Construction. They departed for the seven-day trip on Saturday, during which they plan to meet with government and business leader

July 10, 2024

Korea Post joins efforts to revitalize international postal service

Korea Post announced Wednesday that it took part in the Kahala Posts Group CEO meeting held in Bangkok, Thailand, to tighten cooperation aimed at revitalizing international postal services. The Kahala Posts Group is an international alliance of leading postal services from the Asia-Pacific region. Established in 2002 by postal operators from six Asia-Pacific countries including South Korea, the unit has since expanded its membership to include European countries, now comprising a total of 10 mem

July 10, 2024

Texas governor vows full support for Samsung’s expansion in US

Texas Gov. Greg Abbott on Tuesday reiterated his full support for Samsung Electronics to secure a bigger footing in the US, upon his visit to the chip giant’s semiconductor manufacturing plant in Korea. Abbott visited Samsung’s semiconductor campus -- the world's largest semiconductor production facility -- in Pyeongtaek, Gyeonggi Province, as part of his Asian trip that includes South Korea, Taiwan and Japan. He arrived in Korea on Monday. The governor inspected the P1 line, gu

July 10, 2024

LG Chem vows humanitarian support for Indian victims of 2020 gas leak

LG Chem has pledged to increase humanitarian support for villagers affected by the 2020 gas leak accident at its Indian subsidiary LG Polymers. According to the company on Wednesday, its top executives, including Vice Chairman and CEO Shin Hak-cheol and Chief Financial Officer Cha Dong-seok, visited Andhra Pradesh, a southern coastal state of India, on Tuesday to meet with the state’s Chief Minister N. Chandrababu Naidu and local people. At the site, Shin expressed his deepest sympathy to

July 10, 2024

HD Hyundai Samho extends berthing capacity for new orders

HD Hyundai Samho, a shipbuilding division of HD Hyundai, said Wednesday it extended its vessel berthing facility to accommodate rising orders for high-value, eco-friendly ships. The company held a ceremony to celebrate the completion of its second dolphin quay earlier in the day at its shipyard in Yeongam-gun, South Jeolla Province. HD Hyundai Chairman Kwon Oh-gap and HD Hyundai Samho CEO Shin Hyun-dai joined the event, along with Mokpo Mayor Park Hong-ryul and Yeongam-gun's head, Woo Seu

July 10, 2024

Baskin Robbins to debut AI-infused tropical flavor

SPC Group, the Korean operator of Baskin Robbins, said Wednesday that it is set to launch a new ice cream flavor co-developed by Google’s artificial intelligence model Gemini. The new flavor, named Tropical Summer Play, is Baskin Robbins’ first attempt globally to use AI to create an ice cream flavor. The Korean operator said the attempt comes as part of its business initiative to integrate AI and big data analytics into the food industry. “Through this project, we have confirm

July 10, 2024

[Photo News] Hana supports Olympic athletes

Hana Financial Group announced Wednesday that it has provided an encouragement fund to support the South Korean national team participating in the 2024 Paris Olympics. The fund will be used to support the training of 144 athletes competing in the 33rd Summer Olympics, set to take place in France from July 26 to Aug. 11. From left, Korean Sport & Olympic Committee President Lee Kee-heung, Hana Financial Group Vice Chairman Lee Eun-hyung and Jeong Gang-sun, chef de mission for South Korea fo

July 10, 2024

[Photo News] Cambridge students at SK Telecom

Cambridge University MBA students experience SK Telecom’s artificial intelligence technology at the telecom carrier’s exhibition hall T.um in Seoul on Tuesday. Some 40 students and faculty members of the UK school visited the company to learn about its AI strategy and global cooperation under the Global Telco AI Alliance. (SK Telecom)

July 10, 2024

Kakao's legal risk intensifies over alleged stock manipulation

Kim Beom-su, the founder of tech giant Kakao Corp., the operator of South Korea's top mobile messenger, was summoned by prosecutors Tuesday to address allegations of stock price manipulation related to Kakao's acquisition of K-pop megacorp SM Entertainment last year. The Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office called in Kim earlier in the day and said it was investigating him for alleged violations of the Financial Investment Services

July 9, 2024

Samsung wins first order for cutting-edge 2 nm turnkey chip solution

Samsung Electronics announced Tuesday it has bagged the first order for its new turnkey semiconductor solutions using the cutting-edge 2-nanometer foundry process from a leading artificial intelligence company in Japan. Holding the Samsung Foundry Forum and Samsung Advanced Foundry Ecosystem Forum in Seoul, the chip giant also unveiled its foundry strategy for its advanced Gate-All Around transistor architecture to support the local logic chip industry, as well as the latest AI solutions. Having

July 9, 2024

GS Entec commits W300b to offshore wind power business

GS Group's energy equipment manufacturing arm GS Entec announced Tuesday it plans to invest 300 billion won ($217 million) to transform its offshore wind power structures. The investment includes 214 billion won for the introduction of automated facilities to produce offshore wind power substructures and 86 billion won for the construction of additional buildings over the next two years. Established in 1988, GS Entec originally focused on chemical and oil refining plants. Since 2020, aligni

July 9, 2024

Posco International completes LNG terminal project in Gwangyang

Posco International announced Tuesday the comprehensive completion of its first LNG Terminal in Gwangyang, South Jeolla Province. The construction of the Gwangyang LNG Terminal, comprising six storage tanks, was a major infrastructure project that took nearly 20 years and cost 1.04 trillion won ($755 million). Posco International undertook this project with the aim of creating a stable LNG storage infrastructure based on the company's comprehensive LNG value chain. With its completion, the

July 9, 2024

Hanwha to debut Five Guys in Japan next year

FG Korea, the South Korean operator of US burger chain brand Five Guys, will open its store in Japan in the second half of next year, with plans to launch over 20 locations across the nation within seven years. FG Korea announced on Tuesday that it signed a memorandum of understanding with Five Guys International last month to facilitate Five Guys' entry into the Japanese market. Five Guys was introduced to Korea by Kim Dong-sun, head of Hanwha Galleria strategic management and the third so

July 9, 2024

Hana Financial to nurture fintech talents for digital innovation

Hana Financial Group kicked off its financial technology talent nurturing program, “Hana Digital Power On,” Monday, aiming to strengthen digital innovation in the finance sector. Marking its third year, the program seeks to train young talents to develop tech solutions for the financial industry. This year, the finance service provider has put forward the slogan of "Keep Calm and Hana Digital Power On" to encourage program participants. Financial Supervisory Service Gov. Le

July 8, 2024

Samsung, SK bet big on glass substrates for AI chips

South Korea's top two conglomerates Samsung Electronics and SK Group are speeding up efforts to secure an early edge in glass substrates, a "game-changer" in chipmaking that could drastically boost the data capacity and speed of semiconductors in the era of artificial intelligence. Their leaders recently visited their respective business sites producing glass substrates, renewing their commitment to the burgeoning area that is highly likely to overcome the limits of conventional p

July 8, 2024