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Bank branches, ATMs shrink as digital banking grows
SEOUL, November 26 (AJP) - South Korea's banking landscape is undergoing a significant transformation, with a sharp decline in both physical branches and automated teller machines (ATMs). According to the Financial Supervisory Service (FSS), Tuesday, the country lost 1,189 bank branches over the past five years, leaving 5,690 operational as of last month. Additionally, the number of ATMs dwindled by 9,307 during the same period, reaching 27,157. The closure of branches and
November 26, 2024
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Hyundai, Toyota chiefs meet to discuss hydrogen collaboration
SEOUL, November 25 (AJP) - The leaders of South Korea's largest automaker Hyundai Motor Co. and Japan's Toyota Motor Corp. met for the second time in a month to discuss potential cooperation in hydrogen vehicle technology, marking a significant shift in the relationship between the world's first and third-largest automakers. Hyundai Motor Group Chairman Chung Eui-sun and Toyota Chairman Akio Toyoda convened at the final round of 2024 World Rally Championship held in Toyo
November 25, 2024
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First Korean-style industrial complex will open in northern Viet Nam
SEOUL, November 25 (AJP) - South Korea has completed its first Korean-style industrial complex in northern Viet Nam, covering about 1.43 million square meters. The complex will serve as an export hub for Korean firms. The project was developed through a joint venture, with South Korean entities, including Korea Land and Housing Corporation (LH) and Korea Overseas Infrastructure and Urban Development Corporation (KIND), holding a 75 percent stake, and Viet Nam's TDH EcoLand hol
November 25, 2024
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LG Innotek to spend $270 million to boost production lines in Viet Nam
SEOUL, November 22 (AJP) - South Korea's LG Innotek, the supplier of camera modules to Apple iPhones, announced on Thursday it will make 375.9 billion won (US$270 million) additional investment in Viet Nam. This is part of a plan the company unveiled last year to invest 1.3 trillion won to expand its production subsidiary in Hai Phong. The Hai Phong production subsidiary mainly manufactures camera modules, and the additional production lines are scheduled for completion in
November 22, 2024
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SK Hynix begins mass production of world's first 321-layer NAND memory
SEOUL, November 21 (AJP) - SK Hynix announced on Thursday it has started mass production of the industry's first 321-layer 1-terabit Triple Level Cell (TLC) 4D NAND flash memory, with plans to supply the product to customers in the first half of 2025. The development is expected to consolidate the firm's position as a key player in the AI memory market. It is well-positioned to capitalize on the growing demand for AI memory solutions with its strong focus on HBM, coupled w
November 21, 2024
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Samsung Electronics, SK Hynix in talks with Biden administration to finalize semiconductor subsidies
SEOUL, November 21 (AJP) - The Biden administration is speeding up the disbursement of subsidies under the CHIPS Act to finish them within his term, with attention on the upcoming approval of subsidies for Samsung Electronics and SK Hynix, Korean conglomerates that committed to invest in the U.S. Concerns that President-elect Donald Trump, who has criticized the CHIPS Act several times, may attempt to neutralize the law after his inauguration in January have prompted these expedi
November 21, 2024
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Hyundai Motor's first foreign CEO is strategic choice in bracing for Trump presidency
SEOUL, November 21 (AJP) - Hyundai Motor Company has named Jose Munoz as its new CEO, a move widely interpreted as a strategic response to the potential implications of a second Trump presidency in the United States. Munoz, who joined Hyundai in 2019 as President and Global COO, has a proven track record of success in North America. Under his leadership, Hyundai's market share in the region rose from 3.9% to 5.6% between 2018 and 2023. The company credits him with strengthenin
November 21, 2024
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KCCI to work with Singaporean institute to fight carbon emissions
SEOUL, November 20 (AJP) - South Korea’s Korea Chamber of Commerce and Industry (KCCI) has joined forces with Singapore’s non-profit Asia Carbon Institute (ACI) to strengthen the voluntary carbon market (VCM) in Asia, a region responsible for approximately 60% of global carbon emissions. The VCM is a market where entities not subject to mandatory emissions reduction targets, such as companies, local governments, and individuals, can voluntarily participate in carbon re
November 20, 2024
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SK Hynix VP stresses adaptability to market shifts in HBM development
SEOUL, November 20 (AJP) - SK Hynix Executive Vice President Choi Woo-jin, head of the company’s Package & Test (P&T) division, emphasized the importance of technological preparedness and adaptability to market shifts. “Understanding market conditions and customer needs quickly is fundamental, and it’s important to consistently prepare technology that can support this,” Choi said in an interview published on the company’s newsroom on Tuesday.
November 20, 2024
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Kumho Tire to invest more in Viet Nam
SEOUL, November 20 (AJP) - South Korea's Kumho Tire is reviewing the possibility of expanding its factory in southern Vietnam next year, nearly three years after initiating the second phase of expansion in 2021. With this new expansion, the Korean tire manufacturer aims to increase the factory's annual production capacity to 17 million units or more by the first half of 2026, a 36 percent increase from the current capacity. According to authorities in Binh Duong Provinc
November 20, 2024
