September 14, 2024

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EDITOR'S PICKS

• Markets 
  

  Finance chief vows tighter control on household debt

  Finance Minister Choi Sang-mok pledged Thursday to control rising household debt and thoroughly take care of the payment crisis involving e-commerce platforms Tmon and WeMakePrice. "The increase in mortgage loans, led by growing housing transactions since around June, has sparked the rise in household loans,” Choi said at a meeting of economy-related ministers held at the governmental complex in central Seoul. "The government will work to stably control the rising household de

• Tech 
  

  Nvidia CEO hints at possibility of fabbing GPUs at Samsung

  Nvidia CEO Jensen Huang raised the possibility of fabricating its cutting-edge graphic processing units at foundries other than Taiwan-based TSMC, making Samsung Electronics a likely alternative. At Goldman Sachs Communacopia and Technology Conference in San Francisco, California on Wednesday, Huang said he is willing to consider other companies to produce Nvidia's chips "if necessary," acknowledging the brewing geopolitical tension between Taiwan and China. "We use them (TSMC

• Companies 
  

  OB acquires Jeju Soju, eyes bigger presence abroad

  Korea’s largest beer maker Oriental Brewery is seeking to expand its presence in the global soju market amid the rising popularity of the nation’s traditional rice liquor around the world. According to the company, OB, owned by Belgian brewing giant Anheuser-Busch InBev, has decided to acquire Jeju Soju from Shinsegae Group’s liquor unit Shinsegae L&B. OB will take over the production site, equipment and underground water usage rights associated with Jeju Soju. Details, i

• Tech 
  

  Samsung’s yearly dilemma looms: Exynos vs. Snapdragon

  A seasonal dilemma looms over Samsung Electronics’ flagship Galaxy S phones: using more its own Exynos processors or sticking to rival Qualcomm’s Snapdragon chips. Samsung has poured considerable resources for years into equipping its most important smartphone lineup with its own chipset so that it could expand its presence not just in chip production but also in chip design, while reducing production costs. But industry sources say that the upcoming Galaxy S phones, tentatively

• Companies 
  

  HD Hyundai, Hanwha push zero-emissions agenda at Gastech 2024

  Shipbuilding rivals HD Hyundai and Hanwha Group are gearing up for Gastech 2024, the world’s largest energy sector exhibition, held from Tuesday to Sept. 20 in Houston. Attracting over 50,000 attendees and more than 800 companies, the event will spotlight the companies' eco-friendly shipbuilding and energy technologies. HD Hyundai will be represented by Vice Chairman Chung Ki-sun, along with a team from sales, R&D and engineering, to meet with business partners and corporate clients.

• Companies 
  

  Pulmuone launches frozen gimbap in China

  South Korean food giant Pulmuone said Thursday that it has become the first Korean food company to introduce frozen gimbap into the Chinese market by selling its products at a leading retailer there. Pulmuone’s Tuna Kimbap, sold in packs of three rolls, is now available at Sam's Club, which operates 49 stores in China. A full 136,000 units will be exported to China by September, with plans to export a total of 620,000 units annually, the company said. The product packaging brandishes the

• Markets 
  

  Posco Future M inks W1.8tr cathode supply deal

  Posco Future M said Thursday it has signed a 1.8 trillion won ($1.4 billion) deal to supply high-nickel cathode materials for electric vehicle batteries with a battery maker. The details of the agreement including the other signing party will not be disclosed until Dec. 31, when the two companies will finalize the terms and conditions, according to Posco Future M. “It is unusual to hold back the information on all the parties involved. But we agreed to respect the battery company’s

• Companies 
  

  Bentley Flying Spur hybrid makes global premiere in Korea

  Bentley Motors Korea has just unveiled the fourth-generation Flying Spur in South Korea, marking the global debut of this luxury sedan with an all-new hybrid system. After announcing the new Flying Spur on Tuesday, Bentley Motors Korea held an in-person media reveal on Wednesday at the Bentley Tower in Dongdaemun, Seoul. “South Korea is incredibly important to Bentley, and the Flying Spur has really resonated with customers here. In 2023, it became the first luxury sedan in its class to

• Markets 
  

  BIS raises alarm on Korea's surging household credit

  The Bank for International Settlements has cautioned that South Korea’s expanding private sector credit is beginning to weigh on economic growth, with further increases posing additional risks. The Switzerland-based consortium of central banks recently published a report indicating that while rising private sector credit can boost economic activity in emerging markets, exceeding certain levels may lead to growth deterioration. The report described a "U-shaped" relationship be

• Markets 
  

  KB bolsters ties with Cambodia

  KB Financial Group Chairman Yang Jong-hee met with Hun Sen, president of the Cambodian Senate, on Wednesday to discuss potential collaborations aimed at advancing financial development in Southeast Asia and enhancing KB’s presence in the region. The meeting was held at the Inspire Entertainment Resort in Incheon during Hun Sen’s visit to Korea for the 25th World Knowledge Forum, where he was a speaker. During their discussion, Yang and Hun Sen agreed to strengthen cooperation to

• Tech 
  

  Online retail continues rapid growth

  South Korea's consumer market increased by 33.3 percent from 2014 to 2023, with the annual growth in non-store retailing such as online markets outstripping that of large stores by tenfold. The consumer market for the country was 509.5 trillion won ($380.4 billion) in 2023, up from 382.3 trillion won in 2014, the Korea Chamber of Commerce and Industry's analysis based on Statistic Korea data showed Wednesday. The report looked at the total growth in the time period over various sectors -- non-

• Markets 
  

  Foreign investors dump Seoul shares

  Foreign investors are on a massive selling spree of South Korean stocks, dumping shares worth over 3 trillion won ($2.25 billion) on the benchmark Kospi this month, fueled by concerns that the US could be heading toward a recession. Overseas investors sold off shares worth 3.11 trillion won on the Kospi in the first seven trading days in September, continuing the sell-off stance from last month. In August alone, foreign investors dumped shares worth around 2.7 trillion won on the bourse, accord

• Companies 
  

  Nexon to split off Mintrocket, developer of 'Dave the Diver'

  Nexon on Wednesday announced its decision to split off Mintrocket, the South Korean game company's sub-brand known for its hit title, "Dave the Diver," in the effort to bolster its autonomy and create a more innovative environment for developing games. Mintrocket, which began as Nexon's sub-brand in 2022 under the motto of "creative and speedy development," came up with "Dave the Diver" -- a single-player, action-adventure game that requires players to control th

• Tech 
  

  Shinhan wears digital consultant hat for global peers

  South Korea’s Shinhan Bank said Wednesday that it has embarked on a new business venture to provide digital finance consulting services to global peers, with Japan’s Tokyo Kiraboshi Financial Group as its first client. “This digital finance consulting contract with Tokyo Kiraboshi Financial Group holds significance in that Shinhan Bank's digital competitiveness has been recognized on the global stage,” the lender said in a statement. Shinhan’s decision to enter th

• Companies 
  

  Tmon, WeMakePrice enter rehabilitation amid payment crisis

  Cash-strapped e-commerce platforms Tmon and WeMakePrice have managed to avoid bankruptcy by commencing the corporate rehabilitation process, which will enable the two companies to restructure their debts to over 100,000 creditors under the oversight of court-appointed custodians. The Seoul Rehabilitation Court approved on Tuesday to initiate rehabilitation procedures for Tmon and WeMakePrice, which have recently been mired in controversy due to delayed payments, stemming from a liquidity crisis

• Companies 
  

  Hanwha to add 600 jobs in hiring spree for global push

  Hanwha Group’s three affiliates -- Hanwha Aerospace, Hanwha Ocean and Hanwha Systems -- have set out to find the best talent to take the lead in global defense, aerospace and maritime into the future. According to Hanwha on Wednesday, the three firms plan to hire some 600 university graduates looking for their first jobs in the second half of this year, marking the biggest number of new employees for the three companies in either half of the year in at least over a decade. Hanwha Aerospa