Kolmar wins trade secret case against Intercos

South Korea’s leading cosmetics original design manufacturer Kolmar Korea said Wednesday it recently won a lawsuit against Intercos Korea, the Korean subsidiary of Italian cosmetic firm Intercos that was accused of transferring trade secrets of Kolmar’s sun care technology. On Oct. 18, the Suwon District Court imposed a 5 million won ($3,700) fine on Intercos Korea for violating the trade secret protection law. The ruling was finalized after the company chose not to appeal. The all

IndustryNov. 13, 2024

Will Samsung team up with foundry rival TSMC?

Samsung Electronics, the tech giant known for its independence as a manufacturer, made a surprise announcement last month hinting it may outsource a key component of its cutting-edge artificial intelligence chips to its Taiwanese rival TSMC. Experts say this comes as the world's largest memory chip maker faces mounting pressure from its global competitors in the increasingly crucial AI chip sector, a headwind that has directly contributed to Samsung's earnings slowdown. “We are c

IndustryNov. 13, 2024

Amorepacific unveils bold growth goals

South Korean cosmetics giant Amorepacific has unveiled its new global business strategy, aiming to strengthen its position as a leader in the beauty industry amid the rising influence of Korean culture. At its 2024 Investor Day event in Seoul on Tuesday, CEO Kim Seung-hwan and North America regional headquarters CEO Giovanni Valentini presented the plan to around 80 institutional investors and analysts, emphasizing growth opportunities across both advanced and emerging markets. “As Korean

CompaniesNov. 13, 2024

AmCham CEO Servers’ Night sets fundraising record

The American Chamber of Commerce in Korea announced Wednesday that it has hosted the 17th fundraising event for student scholarships together with its charity arm, Partners for the Future Foundation. The AmCham CEO Servers’ Night was held at the Conrad Seoul Hotel, bringing together 35 CEOs and C-level executives from AmCham member companies. After being trained by hotel staff, the top executives personally served wine and dinner to 430 guests to show their appreciation. “It is truly

IndustryNov. 13, 2024

S. Korea to proactively address Trump-related uncertainties, upgrade FTAs

South Korea will proactively address changes in the global trade environment ahead of the launch of the new US administration, while upgrading existing trade pacts with key partners to maintain upward momentum in exports, the industry ministry said Wednesday. The Ministry of Trade, Industry and Energy made the announcement in a report marking the start of the second half of the Yoon Suk Yeol administration, unveiling plans to sustain export growth, which has continued for 13 straight months thro

EconomyNov. 13, 2024

Import prices jump by most in 6 months on oil prices, strong dollar

South Korea's import prices rose by the largest margin in six months in October due to rising global oil prices and the weak Korean currency, central bank data showed Tuesday. The import price index advanced 2.2 percent last month from a month earlier, snapping two months of drops, according to the preliminary data from the Bank of Korea. The figure marked the highest on-month increase since April when the prices jumped 3.8 percent. From a year earlier, import prices fell 2.5 percent foll

EconomyNov. 13, 2024

Seoul shares open lower amid woes over weak won, Trump policies

South Korean stocks opened bearish Wednesday amid a continued slide of the Korean won and uncertainties surrounding the new Trump administration's policies. The Korean won continued to slide against the US dollar, hovering above the psychologically important level of 1,400 won. The benchmark Korea Composite Stock Price Index fell 11.46 points, or 0.46 percent, to 2,471.11 in the first 15 minutes of trading. In Seoul, top tech giant Samsung Electronics fell 1.7 percent, while No. 2 chipmaker

MarketNov. 13, 2024

Won hits 2-year low, Kospi crashes past 2,500

The Korean won and the local bourse dipped to their weakest levels in months, as Donald Trump’s victory in the US presidential election fueled concerns on the outlook of the export-reliant South Korean economy. The Korean won closed its daytime trading against the US dollar at 1,403.5 won, marking an 8.8 won depreciation from the previous trading day. It was the first time in two years for the won-dollar currency exchange rate to close at over 1,400 won. After the daytime closing, the won

MarketNov. 12, 2024

Japan’s JSR to produce advanced chip materials in Korea

Japan’s JSR Corporation, the world's top photoresist manufacturer, kicked off construction of its first semiconductor photoresist factory in Cheongju, North Chungcheong Province, on Tuesday. The new plant, being built under its Korean unit JSR Micro Korea, is set to become operational in 2026 and start supplying its advanced photoresist metal oxide resist (MOR) to Korean chipmakers, including Samsung Electronics and SK hynix. MOR has been rising as a cutting-edge alternative to low-qu

IndustryNov. 12, 2024

Seoul shares dip to over 3-month low amid 'Trump trade,' won at 2-yr low

South Korean shares dipped to the lowest in over three months on Tuesday, as investors remained concerned due to the sliding Korean won and US policy uncertainties under the incoming Trump administration. The local currency sharply fell against the US dollar, closing above 1,400 won for the first time in two years. The benchmark Korea Composite Stock Price Index lost 49.09 points, or 1.94 percent, to close at 2,482.57, the lowest since Aug. 5, when the corresponding figure was 2,441.55. Trade vo

MarketNov. 12, 2024

Trump sours K-food outlook in US

After years of record exports, especially to the US, Korea’s food industry is now keen to gauge the impact of Donald Trump’s second presidency. The outspoken leader declared during this campaign that he could impose blanket tariffs of 10 to 20 percent on all US imports, raising concerns for Korea’s key export items such as computer chips and cars. But it is often overlooked that the US remains the largest export destination for Korea’s agricultural and seafood products. I

IndustryNov. 12, 2024

Bitcoin hits record in Korea, even without ‘kimchi premium’

The price of the world’s biggest cryptocurrency bitcoin has surpassed 120 million won ($85,500) at local exchanges for the first time, on the back of a recent rally sparked by Donald Trump’s return to the White House. As of 5 p.m. Tuesday, bitcoin traded at 127 million won on Upbit, the nation’s largest crypto exchange. The cryptocurrency fluctuated at a similar level on other major local exchanges, including Bithumb. The surge comes shortly after the crypto hit the 110 million

MarketNov. 12, 2024

Toss Securities names new CEO for US subsidiary

Toss Securities said Tuesday it has named Richard Hagen, a digital finance veteran, as the new CEO of its US subsidiary, TSA Financial. Under Hagen’s leadership, the company said, TSA Financial will initiate the regulatory process to expand its presence in the US brokerage market. In August, Toss Securities established two US subsidiaries: Toss Securities Americas and TSA Financial. The latter, in particular, aims to manage the firm’s broker-dealer business operations. Hagen brings o

CompaniesNov. 12, 2024

[Photo News] Canada navy visits Hyundai shipyard

CANADA NAVY VISITS HYUNDAI SHIPYARD Canada’s top naval officer, Vice-Admiral Angus Topshee (center), visited HD Hyundai Heavy Industries' Ulsan headquarters Tuesday as Canada ramps up efforts to strengthen its submarine fleet. Canada’s new Canadian Patrol Submarine Project envisions acquiring up to a dozen 3,000-ton submarines, and Hyundai’s advanced shipyard facilities are being closely considered as a potential partner. During his visit, Topshee toured Hyundai’s pr

IndustryNov. 12, 2024

KEF chief, Japanese ambassador vow to bolster economic ties

Member companies of the Korea Enterprises Federation met with Japanese Ambassador Koichi Mizushima on Tuesday to explore opportunities for deepening economic cooperation, as South Korea and Japan approach the 60th anniversary of normalized diplomatic relations next year. The business roundtable, held at the Westin Josun Seoul, brought together top Korean business figures and Japanese representatives to discuss future-oriented strategies for bilateral collaboration. In his opening remarks, KEF Ch

IndustryNov. 12, 2024

Hyundai to launch AI-powered EV in China next year

Hyundai Motor, in collaboration with Chinese partner Haomo, will launch its first Chinese-market-dedicated electric vehicle equipped with generative artificial intelligence technology next year. “We are working to load the software of Haomo, a local autonomous driving software firm, onto the EV, which will be released in the Chinese market next year,” said a Hyundai Motor official. “The level of autonomous driving is somewhere between 2 and 2.5.” With a scale of autonomou

MobilityNov. 12, 2024

Boston Dynamics robot dog joins Trump’s security detail

Spot, the four-legged robotics dog developed by Boston Dynamics, a subsidiary under Hyundai Motor Group, has reportedly joined the security detail for US President-elect Donald Trump. The $75,000 mechanical canine, bearing a cautionary tag that reads “Do not pet,” was seen patrolling the grounds of Trump’s Mar-a-Lago residence in Palm Beach, Florida. News reports said that the remote-controlled dog is with the US Secret Service. “We do not have specific details on Boston

MobilityNov. 12, 2024

Hyundai’s Atlas robot takes the spotlight as Tesla's Optimus stumbles

Hyundai-owned Boston Dynamics has been making headlines with the latest developments in its humanoid robot, Atlas. In recent promotional videos, the all-electric version of Atlas is shown performing complex tasks in a simulated factory environment, suggesting that the company may be closer than ever to deploying humanoid robots in industrial settings. This unveiling comes about a month after Tesla demonstrated its own humanoid robot, Optimus, at the company's "We, Robot" event, wh

MobilityNov. 12, 2024

LG, Tenstorrent to bolster AI chip partnership

LG Electronics Chief Executive Officer Cho Joo-wan recently met with Jim Keller, CEO of US-based AI chip startup Tenstorrent, to discuss expanding their partnership in the AI chip sector, the Korean tech giant said Tuesday. During their meeting in Seoul earlier this month, the two top executives explored potential collaborations in next-generation AI semiconductors and applications for home appliances, smart home solutions, mobility and server processors. Chiplet technology, or small and modular

TechnologyNov. 12, 2024

Samsung Electronics to expand chip packaging facilities for HBM

Samsung Electronics Co. will expand its semiconductor package facilities in South Chungcheong Province to boost production of high bandwidth memory chips, company officials said Tuesday. Under a memorandum of understanding with the provincial government, Samsung Electronics will convert an underused liquid crystal display plant owned by Samsung Display Co. in Cheonan, some 85 kilometers south of Seoul, into a semiconductor fabrication plant, according to the officials. The new facilities, expect

IndustryNov. 12, 2024