MG Non-Life Insurance's third attempt to find a new owner has failed amid concerns over its financial stability. Samjong KPMG, the lead advisor for the insurer's sale, conducted the final bidding on Friday, but no participants showed up, according to sources in the financial sector. Local private equity fund Dayli Partners and US-based JC Flowers were likely contenders, having participated in the preliminary bidding. However, neither showed up for the final round. Under current law, on

Following the mass global tech outage linked to Microsoft that disrupted critical public services and grounded planes, 10 companies affected in Korea have restored their operations or are on their way to recovery, said industry officials on Sunday. A faulty update from cybersecurity company CrowdStrike was released worldwide to Microsoft's Windows operating systems on Friday, resulting in “blue screen of death” crashes and systems being knocked offline in airports, hospitals and

Earlier this month, Cho Hyun-moon, the second son of late Hyosung Group Chairman Cho Suck-rai, held a surprise press conference to announce his intention to donate his entire inheritance, worth about 100 billion won ($72 million), to a public foundation. Cho, a former Hyosung executive, has remained estranged from the founding family since he was engaged in a high-profile succession battle with his brothers – Cho Hyun-joon, the eldest, and Cho Hyun-sang, the youngest, in 2014. Currently, t

South Korean independent renewable energy producer Brite Energy Partners said Sunday that it has secured a fresh investment worth 100 billion won ($72 million) from its largest shareholder BlackRock. This funding, provided through BlackRock’s climate infrastructure business, is the fourth investment since BlackRock first backed BEP in August 2021. With the new capital, BEP plans to expand its solar portfolio to over 1 gigawatt, widen its electric vehicle fast-charging network and secure ba

South Korea should work on establishing more artificial intelligence infrastructure to attract global tech firms, otherwise it could be in danger of AI dependence on other countries, said SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry. “Among the things that Korea must proactively do in its AI strategy is creating a lot of AI-related infrastructure, starting with AI data centers,” Chey told reporters during a press conference F

In saturated market, smartphone rivals enhance health care features as new growth drivers

SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar

Preorders for Samsung Electronics’ new foldable smartphones have topped 910,000 units in South Korea, a decline from 1.02 million preorders for their predecessors last year, according to the tech giant on Friday. Ahead of the official release of the Galaxy Z Flip6 and Fold6 on July 24, Samsung accepted preorders for the new phones for a week until Thursday in Korea. Despite a nearly 10 percent decline from last year, consumers in their 20s and 30s – Samsung’s target audience &n

South Korea's fashion scene is drawing increased interest from well-known global brands, particularly those targeting young women. Several overseas-based labels, such as Alo Yoga, On, Brandy Melville and Human Made, are slated to enter Korea's market. These brands have already garnered a loyal following among young Koreans, who previously relied on overseas purchases to access them. This influx is driven by a confluence of factors. A key driver is the perception that Korean celebriti

The American Chamber of Commerce in Korea announced Thursday that it had hosted a policy gathering with Ko Hak-soo, chairperson of the Personal Information Protection Commission, to explore strategies for privacy protection in the era of artificial intelligence. For a second consecutive year, Ko met with an AmCham delegation of global companies to discuss the commission’s strategic responses to AI technologies. Highlighting the PIPC’s policy agenda, aimed at fostering an AI era that

LG Electronics said Thursday it has set a goal of achieving over 1 trillion won ($724 million) in sales in the smart factory solutions business by 2030, by integrating artificial intelligence and digital transformation technologies as well as manufacturing and production data. “Despite it being the inaugural year of operation, substantial progress has already been made,” said Song Si-yong, a smart factory business division leader of LG PRI (Production Engineering Research Institute),

Keli McAlister, external affairs director at SK On-Ford joint battery venture, says Tennessee plant will be completed by 2nd half of 2025

Samsung Electronics said Thursday that it has acquired Oxford Semantic Technologies, a UK-based startup, to enhance the on-device AI integrated into its Galaxy series. According to the tech giant, the acquisition was formalized Tuesday, though the financial details have yet to be disclosed. The acquired firm, founded in 2017 by three professors from the University of Oxford, leads in knowledge graphs, a key technology for advancing and personalizing artificial intelligence. This technology, whic

South Korea is close to securing a landmark contract to build nuclear power plants in the Czech Republic in a deal valued at approximately $17.3 billion, with finalization expected by March 2025. On Thursday, Minister of Trade, Industry, and Energy Ahn Duk-geun held a press briefing to confirm the Czech government’s selection of Korea Hydro & Nuclear Power as the preferred bidder. "The Czech government announced last night that it has chosen KHNP as the preferred bidder for the

Daewoo Engineering & Construction has been chosen as the preferred bidder to build nuclear power plants in the Czech Republic, the company said Thursday. According to the Ministry of Trade, Industry and Energy earlier in the day, the Czech government has selected the state-run Korea Hydro & Nuclear Power as the preferred bidder to build four nuclear power units in the country. If the final contract is signed in March 2025, Daewoo E&C will be responsible for the construction. Daewoo E