Justice Minister nominee Rep. Kim Seung-won is facing scrutiny over his ties to Genencell, a biotech company whose COVID-19 treatment claims were factors in a Financial Supervisory Service investigation into alleged stock-price manipulation. Kim is accused of passing on a request to drug authorities to approve clinical trials for a Genencell drug in October 2021. It is also alleged that the subsequent approval was used in stock price manipulation. An FSS report obtained by lawmakers yesterday su

SK hynix is in talks with Intel over a potential agreement to manufacture memory chips in the US for the first time, Reuters reported Wednesday, citing multiple sources familiar with the discussions. One option would involve SK hynix leasing part of Intel’s long-delayed semiconductor complex in Ohio. Another could see the Korean chipmaker form a venture with Intel and major cloud companies seeking stable memory supplies, according to the report. The discussions remain exploratory, with no decisi

Seoul stocks snapped their four-day losing streak to close sharply higher as investors went bargain hunting for major tech shares and semiconductors. The Korean won fell against the US dollar. After opening slightly lower, the benchmark Korea Composite Stock Price Index closed up 90.71 points, or 1.37 percent, to 6,717.97. Trade volume was light at 197.7 million shares worth 15.9 trillion won ($11.6 billion). Losers outnumbered winners 576 to 303. Institutional investors were net buyers scooping

South Korea has allowed foreign financial institutions to settle won payments directly overseas, marking a step toward making the currency more widely used on a global scale, the Finance Ministry said Wednesday. Under the new framework, existing registered foreign institutions will be able to obtain an additional license as Registered Foreign Institutions for KRW Business, or RFI-Ks for short. With the license, foreign financial institutions will be able to open omnibus accounts with domestic ba

Samsung Electronics has spent seven years developing the Galaxy Z Fold from an experimental device into one of the world’s best-known foldable smartphones. Next month, for the first time, it will face an iPhone built around the same book-style idea and priced almost directly against it in the US. Apple surprised the market last week by setting the 256-gigabyte iPhone Duo at $1,999, well below prelaunch estimates of around $2,500. Samsung’s Galaxy Z Fold8 launched at $1,899.99. That leaves only a

Musinsa Beauty’s first stand-alone store generated more than 250 million won ($183,000) in sales during its first three days, the fashion platform operator said. Musinsa Beauty Hongdae, which opened Friday in Seoul, spans 1,322 square meters across three levels. Its two above-ground floors carry makeup, fragrances, skincare, hair and body products, and men’s grooming items. The basement houses Beauty Onnuri Pharmacy, which offers pharmacist consultations alongside high-performance beauty product

Daewoo Engineering & Construction will cooperate with Turkmenistan to modernize a 250-kilometer section of the Karakum Canal as the Korean builder looks to expand its presence in the latter's various industrial sectors Representatives from the firm and Turkemenistan's State Committee for Water Management signed a memorandum of understanding for the project during the Korea-Turkmenistan Business Forum held at Lotte Hotel Seoul the previous day, Daewoo E&C said Wednesday. The MOU lays the groundwo

Samsung Electronics has co-led a 200 million euro ($231 million) funding round for Dutch startup Euclyd, backing a new chip architecture designed to cut the cost and energy consumption of artificial intelligence inference. Euclyd CEO Bernardo Kastrup told CNBC that Samsung participated in the Series A round alongside Somerset Capital Partners, Innovation Industries and the Scaleup Europe Fund, managed by EQT. Kastrup said Samsung could offer more than capital, pointing to its expertise in memory

BGF Retail, operator of convenience store chain CU, held a completion ceremony Wednesday for its 260 billion won ($191 million) logistics center in Busan, which it says is the largest facility of its kind in Korea’s convenience store industry. BGF Group Chairman Hong Seok-jo and BGF Retail Vice Chairman Hong Jung-guk attended the ceremony, along with Busan Mayor Jeon Jae-soo and other company and local government officials. The center occupies a 47,187-square-meter site in the Busan Internationa

HD Construction Equipment has secured an order for 45 Develon excavators for a major railway expansion project in Hong Kong, the company said Wednesday. The order comprises seven 53-ton excavators and 38 midsize and large models weighing between 14 and 36 tons. The machines will be deployed for MTR Corp.’s Tung Chung Line extension, which involves adding about 1.2 kilometers of track and building new station facilities. The project is being carried out on reclaimed coastal land with relatively w

Woori Bank said Wednesday that its NOL World Card, a prepaid card for foreign visitors, surpassed 10,000 issuances just three months after its launch. Developed with travel platform operator NOL Universe and fintech company Kona I, the card allows visitors to exchange currency, add funds, withdraw cash and make payments in Korea without opening a local bank account. Customers can collect the card at Woori Bank counters at Incheon Airport upon arrival. Related services are also available at the b

The Export-Import Bank of Korea said Wednesday it discussed expanding economic cooperation with Uzbek President Shavkat Mirziyoyev during his visit to Seoul for the inaugural Korea-Central Asia Summit. Korea Eximbank Chairman and CEO Hwang Ki-yeon met Mirziyoyev on Tuesday following the Korea-Uzbekistan Business Round Table, held on the sidelines of the summit. Hwang described the gathering as an opportunity to deepen bilateral economic ties. Uzbekistan is pursuing major development projects in

The Korea Food Industry Cluster Promotion Agency has signed an agreement with Kazakhstan’s Shin-Line Group to support the development of a food industry cluster in Kazakhstan and expand cooperation between food companies in the two countries. The memorandum of understanding was signed at the Four Seasons Hotel in Seoul on Tuesday by the agency's Chairman Kim Deok-ho and Shin-Line Group Chairman Andrei Shin, the South Korean agency said. The agreement follows discussions held during the Korea-Kaz

Kang Ho-dong, chairman of South Korea’s National Agricultural Cooperative Federation, has been reelected president of the International Cooperative Agricultural Organization, the federation said Tuesday. Kang secured a new four-year term at the ICAO General Assembly held in Panama City, Panama, on Tuesday. His reelection also returns him to the board of the International Cooperative Alliance, the global body representing cooperatives across industries. The ICAO, established in 1951 as the ICA’s

Seoul stocks opened almost flat Thursday as investors sat on the sidelines ahead of the latest rate decision from the US central bank and mounting external uncertainties, including rising oil prices. After opening a tad lower, the benchmark Korea Composite Stock Price Index was up 0.69 point, or 0.01 percent, to 6,627.95 points, as of 9:15 a.m. Overnight, stocks on Wall Street closed lower, as investors took a cautious stance over rising oil prices. The S&P 500 closed down 0.45 percent, and the