Samsung Electronics, facing challenges from its smaller rivals, is expected to carry out a major personnel reshuffle later this year, according to industry sources Monday. The world’s largest maker of memory chips and smartphones has been battling growing competition at home and abroad. When it comes to artificial intelligence chips, for instance, it has been outpaced by its crosstown rival SK hynix, as it failed to secure an earlier edge. “Samsung’s losses in HBM and foundry a

The first round of the power struggle over the world’s largest zinc smelter, Korea Zinc, has wrapped up without a solid winner, the results of a tender offer launched by the company's management showed Monday. The dispute is expected to continue as both sides have failed to secure a majority stake in the company. The current management of Korea Zinc, represented by Chairman Choi Yun-beom, secured an additional 2.33 million shares in the company through a tender offer that closed Wedne

Line Man Wongnai tapping Korea's talent pool ahead of 2025 IPO

South Korean steel giant Posco Group said Monday that it has received the highest grade in the 2023 Shared Growth Index Evaluation for five consecutive years. Earlier this month, the 80th Korea Commission for Corporate Partnership released the win-win index for 218 large-sized companies. The index encourages shared growth within the industry by measuring large enterprises’ efforts to make room for small and medium-sized enterprises. Posco scored highly for its clear and fair transaction pr

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

SK Group Chairman Chey Tae-won, who doubles as chair of the Korea Chamber of Commerce and Industry, will preside over the Asia-Pacific Economic Cooperation Summit, the largest gathering of business leaders in the region which is to be held next year in Korea, the business lobby said Sunday, upon the launch of the preparatory committee of the upcoming event. The APEC CEO Summit will be held on the sidelines of the annual APEC Summit, where 21 heads of state and some 1,000 businesspeople join. Gye

Close partnership with local farmers ensures top quality of JungKwanJang red ginseng

Food companies increasingly turn to robotics for cost, operational efficiency

Woori Financial Group announced Friday its cumulative net profit stood at 2.65 trillion won ($1.9 billion), marking a 9.1 percent surge from the same period last year. The figure surpasses last year’s yearly earnings of 2.5 trillion won. The financial service provider posted 903 billion won net income in the third quarter, marking a 0.6 percent increase year-on-year. The figure is slightly higher than the market estimate of around 890 billion won. Cumulatively, the year-to-date net profit

Shinhan Financial Group, one of the country's top financial providers, posted lower-than-expected earnings for the July-September quarter, hit by the derivative fiasco from its brokerage arm. The financial group announced Friday that its net profit for the third quarter recorded 1.23 trillion won ($885 million), marking a 3.9 percent increase year-on-year. The figure, however, is slightly lower than the market forecast of around 1.3 trillion won. It also lost 186.9 billion won or 13.1 perce

Hanwha Group is seeking further cooperation with the US Navy, to build on ongoing projects. The group said on Friday that Hanwha Group Vice-president Kim Dong-kwan and US Pacific Fleet Cmdr. Admiral Stephen Koehler met at Hanwha Ocean’s Geoje site on the previous day and discussed ways for further cooperation. Kim and Koehler toured the Wally Schirra, a US Navy logistics support ship currently under maintenance, and discussed further cooperation on maintenance, repair and operations projec

More than 4 million fans gathered to watch a match featuring legendary soccer players hosted by Nexon, the game developer that published the FIFA Online series, the firm said Friday. For the Nexon Icons Match event, held at Seoul World Cup Stadium from Oct. 19-20, players were split into two teams -- former forwards played for FC Spear while defenders joined Shield UTD. A total of 64,210 fans attended the event, many of whom wore the players’ classic uniforms. The event drew an online view

South Korean gaming giant NCSoft said Friday it has decided to separate three of its intellectual properties and establish an independent game development studio system. This move is part of its efforts to strengthen its global competitiveness by adopting a multistudio system. In a bold move to accelerate change, NCSoft separated its in-house IP -- new game series -- into independent studios: TL, LLL and Tactan. The new system will allow each studio to maximize creativity and innovation in game

The Korean government is to tighten the monitoring of cross-border trading of virtual assets, including cryptocurrency, through a revised law set for enactment by the latter half of 2025. "The government will push for the revision of the Foreign Exchange Transactions Act related to virtual assets through discussions with relevant departments and legislation, with the aim to implement the changed measures within the latter half of next year,” Finance Minister Choi Sang-mok said at a pr