Despite the global supply disruption due to a chip shortage and supply bottleneck, coupled with sanctions imposed by the United States, Huawei Technologies will continue to stay committed to its South Korean partners, executives of the Chinese tech giant in Seoul said Wednesday evening. “While there are still many uncertainties on the road ahead of us, Huawei will remain open and collaborative,” Karl Song, the vice president of Huawei in charge of corporate communications, in a prer

Jungheung Group said on Thursday it has signed a binding sales and purchase agreement contract with KDB Investment to acquire a controlling 50.75 percent stake in Daewoo Engineering & Construction. With the contract, Jungheung looks to complete the takeover of Korea’s sixth-largest construction company by Feb. 15 next year, following an antitrust review of the deal to be filed before year-end. The proposed acquisition price was not disclosed. The South Korean builder group with 9.2

Choi Yoon-ho, the chief financial officer of South Korean tech giant Samsung Electronics widely known to be close to its de facto leader Lee Jae-yong, was named Tuesday as the new chief executive officer of Samsung SDI, a Samsung affiliate dedicated to manufacturing batteries and display panel parts. The 58-year-old currently heads Samsung Electronics’ corporate management office, which encompasses its corporate finance, corporate strategy, human resources, corporate communications, globa

South Korean information technology service firm LG CNS said Tuesday that it had launched a virtual office service by teaming up with Japanese firm oVice, a move to capitalize on metaverse technology to address demand for pandemic-friendly remote work environments. LG CNS will play a role in migrating corporate clients’ work environment online, allowing the clients’ employees to do everyday tasks such as exchanging emails and receiving notifications or checking schedules. Employees

Samsung’s de facto leader Lee Jae-yong left for the United Arab Emirates on Monday at around 10 p.m. ahead of scheduled meetings in the Middle East region. Lee told reporters he would be returning to South Korea on Thursday, and did not elaborate on details about the trip. Lee’s visit to the Middle East comes more than two years after the vice chairman of Samsung Electronics’ February 2019 meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. A few months

Global X ETFs, an exchange-traded fund provider fully owned by South Korea-based asset manager Mirae Asset Global Investments, is making inroads into European stock markets by adding new products to its lineup. As of Monday, Global X was trading 12 ETFs in European stock markets. Among them, seven new themed ETFs started trading on the London Stock Exchange earlier in November. The seven new products allow ETF buyers to get exposure to a wider range of sectors, targeting robotics, cybersecuri

Samsung Electronics was recognized with a $110 billion Tower of Export at the 58th Trade Day in South Korea, in an unprecedented move among companies of Asia’s fourth-largest economy, data from the Ministry of Trade, Industry and Energy showed Monday. This comes as the Korean technology bellwether earned $113.2 billion from July 2020 to June this year from exports of semiconductor chips, consumer electronic goods and mobile handsets. This accounted for a fifth of the total exports of Kor

Samsung Electronics said Tuesday it rolled out an automotive semiconductor chip that delivers a fifth-generational network connectivity for in-vehicle infotainment services for the first time in the industry. The newly-launched telematics control unit for cars, Exynos Auto T5123, aims to provide essential information to a vehicle in real-time via high-speed download speeds of up to 5.1 gigabits per second. Samsung said the new auto chip will allow passengers to enjoy high-definition content st

Samsung Electronics is poised to employ a new personnel management system starting in 2022 that could foster young executives, in a move to lay the groundwork for a “New Samsung” era under Samsung’s de facto leader Lee Jae-yong, the South Korean tech giant said Monday. Under the new system, Samsung will abolish a set of requirements before an employee gets promoted to a certain level, such as a minimum term of service that lasts roughly eight to 10 years. Instead, excellent em

LG Energy Solution, the batteries unit of LG Group, has laid out a new $1.36 billion funding plan to drastically ramp up the capacity of its plant in the US state of Michigan in the next three years. In a regulatory filing Friday, parent company LG Chem said LG Energy Solution's Michigan arm will raise $681 million in fresh capital without rights to add new production facilities to the Michigan plant, while securing the remaining $681 million from local borrowing. The new funding aims t

Samsung Electronics said Sunday that it ranked No. 1 in the premium home cinema projector market in the United States, a year after the electronics giant entered the market with its flagship The Premiere lineup. Samsung Electronics’ high-end projectors priced at $3,000 or more accounted for 27.8 percent of the US market by sales from January to October, the company said, citing an estimate from US market intelligence firm NPD Group. In particular, Samsung’s focus on ultrashort th

A $17 billion investment to build Samsung Electronics’ second fabrication plant in the US will open a “new chapter” and contribute to stabilizing the global chip supply chain, the South Korean tech giant said Wednesday as it made an official announcement of the plan. The new foundry will enable production of chips equipped with cutting-edge technologies suitable for fifth-generation networks, high-performance computing and artificial intelligence, Samsung said. &ldqu

South Korean tech giant Samsung Electronics is looking to add a second site for its foundry semiconductor chip manufacturing plant in Texas, according to reports Tuesday. Texas Gov. Greg Abbott is scheduled to make an “economic announcement” concerning Samsung Electronics’ plan to build a new chip plant in Williamson County, near the city of Taylor, Texas, which will involve $17 billion of capital expenditure, Wall Street Journal reported. A Samsung Electronics spokesperson s

Shares of South Korean semiconductor firms rose sharply Monday over market prospects on recovery of memory chip price on intensifying global race to adopt metaverse technology. Memory chips are a critical component in the metaverse, in which users interact with each other in digital worlds, which could offset the bearish forecast for memory chip prices.　 Samsung Electronics -- the tech giant with interests in semiconductors, electronic devices and handsets -- surged 5.2 percent Monday. Another

Although private debt has grown in profile as an investment option, South Korean investors are reluctant to adopt strategies that capitalize on debt mispricing, saying they prefer a conservative portfolio that protects investors against losses. Instead, they are looking to increase safety of investment with a focus on diversification and recession-proof sectors. “We will continue to invest in defensive sectors and construct a well-diversified portfolio, as we prefer an all-weather strat

Private fund house MBK Partners said Wednesday it had reached a final close for its second flagship fund at $1.8 billion to invest under a “special situations” strategy. The East Asia-focused opportunistic fund, named MBK Partners SSF II, is estimated to be the largest special situations fund managed by an Asia-based investment firm since 2019, according to market intelligence service firm Preqin. Special situations refer to an investment strategy in which a fund manager bets on a

South Korean insurer Kyobo Life Insurance plans to go public on the Korea Exchange by 2022, a process stalled due to a shareholder feud over the past few years, the company said Wednesday. The initial public offering will lay the groundwork for the company to turn into a financial group with a holding company structure to offer a wider range of financial services other than insurance, setting aside its yearslong battle against minority shareholders, according to the company. The life insurer,

The Korea Exchange, the sole stock market operator of Korea, placed gaming company NCSoft under an investment caution on Tuesday, a day after an unnamed individual investor was disclosed to have sold 530,000 shares, or a 2.4 percent stake, in the company. The news came as a surprise to market watchers, as the same day trader was seen buying over 703,000 shares and sold 211,000 shares on Thursday -- when NCSoft shares hit the price ceiling at 786,000 won ($666.50) apiece from the previous closi

Standard Chartered Bank Korea saw its quarterly net profit jump 87.2 times on-year to 79.4 billion won ($67.3 million) on a decrease in its future bad debts, filings showed Monday. The surge is attributable to a shrink in provision for credit losses -- an indicator of a financial institution’s future bad debt -- during the third quarter, as well as the increased interest income, according to filings submitted to the Financial Supervisory Service Monday. Notably, the provision for credi

South Korean commercial real estate services startup Rsquare said Monday it has raised $72 million in series C funding from private equity firm STIC Investments. The proceeds will be used to enhance its property technology that powers its real estate services, strengthen its foothold in the Vietnamese market with a new business launched in June, expand its presence in other Southeast Asian countries including Singapore and Indonesia and hire new talents. STIC Investments is the sole investor