Qxpress to split from cash-strapped Qoo10

Singapore-based logistics company Qxpress is set to separate from its financially troubled parent, Qoo10 Group. According to the local investment industry Tuesday, private equity firms that have invested in Qxpress are reportedly gearing up to convert their holdings of exchangeable bonds and convertible bonds into common stock on a large scale, initiating the procedure to take over management control of the logistics subsidiary from Qoo10 to restore normal operations. Investments totaling approx

Aug. 20, 2024

LG Energy Solution targets 2028 for full rollout of cost-saving dry electrode process

LG Energy Solution said Tuesday that it is on track to complete a pilot line for its advanced dry electrode process at its Ochang Energy Plant by the end of this year, with the goal of scaling to full production by 2028. The dry electrode process is a cutting-edge method of making batteries that could transform the way they’re produced. Traditionally, most batteries are made using a wet process. This involves mixing active materials with organic solvents to create a slurry, which is then c

Aug. 20, 2024

Buyout firms build appetite for waste managers in Korea

Overseas private equity firms are increasingly eyeing to acquire a stake in waste management companies here, in an attempt to expand their footprint in the environmental sector. Swedish investment company EQT announced Friday that it is set to acquire the local plastic recycler KJ Environment and its affiliates through a stock purchase agreement. EQT is a Stockholm-based buyout firm with 246 billion euros ($272 billion) in total assets under management. The deal, reportedly worth around 1 trilli

Aug. 19, 2024

[KH Explains] Why Korean metro operators are selling station names

South Korea's subway operators are raising billions of won by selling station co-naming rights to corporations, allowing them to place their names alongside the well-known station names, to make up for substantial operating losses. Seoul Metro, the operator of Subway Line Nos. 1 through 9 within the capital, announced Aug. 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a biddin

Aug. 19, 2024

Samsung tops global TV sales, closely chased by Chinese rivals

While Samsung Electronics maintained its No. 1 position as a TV-maker in the first half of this year, Chinese rivals seem to be ramping up their game to close the gap. Market tracker Counterpoint Research said Monday that global TV shipments grew in the April-June period for the first time in four quarters, fueled by an Olympics spending spree. It reached 56 million units in the second quarter this year, up 3 percent on-year. Samsung took the largest share of 15 percent of total shipments, but i

Aug. 19, 2024

SK's top executives convene to discuss AI at Icheon Forum

SK Group kicked off its annual Icheon forum -- one of the biggest gatherings of its top executives -- in Seoul on Monday to explore strategies for expanding the artificial intelligence ecosystem and reinforcing the value of SK Management Systems, the group’s unique philosophy introduced by former SK Chairman Chey Jong-hyun about half a century ago. About 100 guests and speakers from both Korea and abroad, together with Chairman Chey Tae-won, Executive Vice Chairman Chey Jae-won and SK Supe

Aug. 19, 2024

Daewoong’s botulinum toxin debuts in Australia

Daewoong Pharmaceutical, South Korea’s leading drug maker, announced Monday the company officially launched its botulinum toxin, dubbed Nuceiva, in Australia in partnership with a Nasdaq-listed US company Evolus. Oceania is the fifth continent Daewoo Pharmaceutical has entered, after North America, South America, Europe and Asia, with its self-developed botulinum toxin. “Our market penetration into Australia will allow us to build on the momentum of expanding presence in the global m

Aug. 19, 2024

[Photo News] Korean Air spreads wings of charity

Employees from Korean Air and Delta Air Lines pose for a photo after a homebuilding project in Cheonan, South Chungcheong Province, Wednesday. In collaboration with Habitat for Humanity Korea, the initiative aims to provide much-needed housing for local families. A team of 33 employees from the two airlines worked together on various construction tasks, including brick-laying, roofing and carpentry. Korean Air’s partnership with Habitat for Humanity Korea dates back to 2001, initially fo

Aug. 19, 2024

Per-customer spending at duty-free shops hits 5-year low

The average purchase amount per customer at duty-free shops in South Korea has in the first seven months of this year reached the lowest level in five years, largely due to shifting trends among Chinese tourists and losing their appeal to domestic customers, data showed on Sunday. According to data compiled by the Korean Duty-Free Shop Association, total sales of domestic duty-free companies reached 7.39 trillion won ($5.45 billion) in the first half of the year, up 13.6 percent from 6.5 trillio

Aug. 18, 2024

SK hynix sales more than double in China, US in H1

SK hynix witnessed its sales in China and the US more than double to contribute to an overall growth in revenue in the first half of this year, according to the company’s half-year report Sunday. The world’s second-largest memory chip maker said it logged a total of 28.8 trillion won ($21.26 billion) in sales in the January-June period this year, marking a significant recovery from the 12.3 trillion won the company achieved in the same time last year. In this year's record, 55.4

Aug. 18, 2024

Rebellions, Sapeon Korea merge to challenge Nvidia

Artificial intelligence startup Rebellions and Sapeon Korea officially signed a merger, signaling the birth of the country's first AI unicorn, SK Telecom, Sapeon Korea’s parent company, said Sunday. Rebellions, a fabless chip designer valued at 900 billion won ($664 million), and Sapeon Korea, the AI chip supplier for data centers valued at 550 billion won, have joined hands to carve out a spot in the global AI chip market that is currently dominated by US-based graphic processing uni

Aug. 18, 2024

[Contribution] Boosting trade through digital innovation, global cooperation

By Lee Seong-woo Vice president, Korea Chamber of Commerce and Industry "I'll keep changing it for you." This tagline from a global shopping website's free return policy ad recently stirred up controversy here. Despite receiving a warning from the government for its misleading ad, the e-commerce platform managed to climb to second place among the country's most popular shopping apps. But this surge in overseas direct purchases is not all rosy -- it in fact comes

Aug. 18, 2024

SK Networks to invest $30m in SBVA’s AI-focused fund

SK Networks said Friday it will commit $30 million in a $130 million fund formed by SBVA to invest in artificial intelligence startups. It is the second-largest investment among fund participants. The SBVA-led fund -- Alpha Intelligence Fund -- plans to focus on investing in promising early-stage startups in the AI, robotics and deep tech fields. SK Networks, a general trading affiliate of SK Group, which announced its vision as an AI company this year, plans to go beyond fund investment and bus

Aug. 18, 2024

Shinhan opens new Vietnam headquarters

South Korea’s Shinhan Financial Group has opened its new Vietnam headquarters in Ho Chi Minh City’s Thu Thiem financial district, bringing its subsidiaries together under one roof, the company said Sunday. On Thursday, Shinhan’s five Vietnamese subsidiaries — Shinhan Bank, Shinhan Finance, Shinhan Life, Shinhan Securities and Shinhan DS — relocated to The Mett Building, a landmark in the new urban area of Thu Thiem. The opening ceremony was attended by key executive

Aug. 18, 2024

Fila Holdings continues growth in Q2, boosted by US golf unit Acushnet

South Korean sports apparel firm Fila Holdings reported a jump in second-quarter profits, driven by robust performance from its golf equipment subsidiary and strong brand momentum abroad. According to its recent earnings report Friday, its revenue rose 2.5 percent year-on-year to 1.18 trillion won ($887 million) in the April-June period. Its operating profit surged 52.4 percent to 140.15 billion won. Its US subsidiary, Acushnet, in particular, reported 937.77 billion won in sales, driving up the

Aug. 16, 2024

Celltrion scraps merger plan after investor backlash

Celltrion Group on Friday ditched its planned merger of the two units Celltrion and Celltrion Pharm after months of fierce resistance from shareholders. The two companies announced that they would focus on their core operations and work on creating synergy within their respective firms. The decision comes after a series of evaluations conducted by a special review committee set up by their boards of directors, external studies by accounting firms and shareholder surveys. "We established the

Aug. 16, 2024

Namyang Dairy vows transparency under new ownership

Namyang Dairy Products, one of South Korea's largest dairy companies, is embarking on a major overhaul under new ownership to shed its scandal-ridden past. On Friday, the company’s newly appointed board of directors announced a series of reform measures aimed at rebuilding the company’s reputation and regaining consumer trust. "We're establishing guidelines for law-abiding business practices to prevent illegal activities," said Lee Sang-wook, Namyang's chief compliance dire

Aug. 16, 2024

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

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