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  • Companies

    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation

    HWASEONG, Gyeonggi Province — Inside a dimly lit studio at Hyundai Motor Group’s Namyang R&D Center, a researcher sits in a carbon-fiber cockpit surrounded by a massive 270-degree curved screen. As he hits the accelerator, the simulated road rushes past, and the entire rig tilts and vibrates, mimicking subtle asphalt textures of a real test track. Building countless physical prototypes for every design iteration is no longer viable. Instead, Hyundai Motor relies on a high-performance driving simulator operating on a six-degrees-of-freedom (6DOF) motion system. The simulator translates linear and rotational movements — including roll and pitch — into an ultra-realistic driving experience. To achieve maximum fidelity, the carmaker scanned its Namyang proving grounds down to the millimeter, capturing specific slopes, speed bumps and surface roughness. To prevent massive rendering files from lagging, the company deployed a world-first "Terrain Server" system that streams topographical data in real time based on the virtual car’s location. The simulator is highly versatile. Researcher

    3 MIN READBy Lee Min-hyung
    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation
  • Companies

    SK bioscience, Gates Foundation to launch AI-driven vaccine platform

    1 MIN READBy Jhoo Dong-chan
    SK bioscience, Gates Foundation to launch AI-driven vaccine platform
  • Companies

    HD Hyundai Electric lands $720 mil. power deal with global Big Tech firm

    2 MIN READBy Lee Gyu-lee
    HD Hyundai Electric lands $720 mil. power deal with global Big Tech firm
  • Companies

    Olive Young to launch inaugural K-beauty festival in LA

    2 MIN READBy Jhoo Dong-chan
    Olive Young to launch inaugural K-beauty festival in LA
  • Companies

    Genesis BBQ debuts in India's chicken dining scene

    2 MIN READBy Ko Dong-hwan
    Genesis BBQ debuts in India's chicken dining scene
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Companies

US labor shortage seen as obstacle to Philly Shipyard normalization

Hanwha Ocean's recent invitation of domestic securities analysts to its Philly Shipyard has sparked both optimism and skepticism over the Korean shipbuilder's efforts to revive the money-losing facility in Philadelphia. While analysts anticipate Hanwha will benefit from a surge in orders driven by U.S. President Donald Trump's push to counter China's maritime rise by bolstering the American shipbuilding sector, they also questioned whether it will be feasible to secure enough labor in one of the world's highest-paying countries. Shinyoung Securities analyst Eom Kyung-ah pointed out that securing the workforce will be key for Hanwha to meet its goal of increasing Philly Shipyard's revenue to $4 billion by 2035 from $368 million in 2024 by expanding annual capacity to up to 10 vessels from the current 1 to 1.5. "In Korea, shipbuilders and their suppliers are concentrated in South Gyeongsang Province, making it easier for workers to transfer to rival companies," she said. "However, Philly Shipyard may have difficulty securing a sufficient workforce." Lee Han-gyeol, an analyst at Kiwoom Secu

May 26, 2025By Park Jae-hyuk
US labor shortage seen as obstacle to Philly Shipyard normalization
Banking & Finance

Financial group heads boost offshore investor relations efforts

Heads of Korea’s leading financial groups are rushing to fortify offshore investor relations (IR) efforts in a move to accelerate portfolio diversification and attract a strong inflow of foreign investments, market watchers said Monday. Propelling the collective move is the rapid saturation of the tightly regulated domestic market amid fierce competition. Also at play is a growing need to demonstrate strong commitment from the top decision maker, reinforced by increasing foreign stakes in financial entities’ shares, reaching up to 70 percent of the total. According to the financial industry, Woori Financial Group Chairman Yim Jong-yong is on a trip to Indonesia and Hong Kong through Friday. He plans to meet with overseas investors and will be briefed on the group’s global businesses. During the Hong Kong meeting, the chair will give presentations to major shareholders as well as global institutional investors. Central to his first solo IR activity is the group’s recent acquisition of Tongyang Life ABL Life, the much-drawn-out merger Woori needed to bolster the nonbanking business. T

May 26, 2025By Lee Kyung-min
Financial group heads boost offshore investor relations efforts
Banking & Finance

Hanwha Life earns A1 rating from Moody’s on improved profitability

Moody’s has raised Hanwha Life Insurance’s credit rating from A2 to A1 and assigned a stable outlook, the insurer said Monday. In its rating rationale, the global credit rating agency said that Hanwha Life’s improved product mix and strengthened distribution capabilities — particularly through its general agency subsidiary — supported the upgrade. "The company’s minimal asset-liability duration gap will provide its regulatory solvency with strong resilience against interest rate risks amid declining interest rates," the agency noted, adding that it expects the firm to maintain solid capitalization and strong profitability over the next 12 to 18 months. This marks the latest in a series of upgrades for the insurer, following rating improvements in March by Korea’s three major credit rating agencies and an upgrade by global agency Fitch in May. "The credit rating upgrades by both domestic and global agencies, including Moody’s and Fitch, reflect growing recognition of our strong profitability and financial stability in the global market," a Hanwha Life official said.

May 26, 2025By Jun Ji-hye
Hanwha Life earns A1 rating from Moody’s on improved profitability
Banking & Finance

Toss named official partner for Harvard Business School experiential course

Toss said Monday that it has been selected as an official partner for Harvard Business School's global experiential learning program, "FIELD Global Capstone." The course is designed to enhance students' practical skills and teamwork in diverse, real-world settings, with over 900 students engaging simultaneously around the world. Toss was selected as one of the partner companies across 14 global cities. From May 12 to May 19, MBA students from Harvard Business School visited Toss’s headquarters in Seoul to conduct a weeklong research assignment. The focus of their study was mobile usability among millennials and older generations. In preparation, the students held several weeks of preliminary meetings with the Toss team to establish initial hypotheses and conduct user research. Toss's product managers, user experience designers and strategy leads working on senior-focused services helped them develop a stronger understanding of the company’s service design philosophy and business context. Based on this collaboration, the students refined their hypotheses through interviews with U.S.-b

May 26, 2025By Lee Yeon-woo
Toss named official partner for Harvard Business School experiential course
Companies

Clustering of shareholders' meetings persists despite gov't reform efforts

Despite government efforts to enhance shareholder value, the concentration of annual general meeting dates remains high, prompting calls for stronger incentives to address the issue, according to industry officials Monday. Spreading out annual general meetings allows more shareholders to attend and exercise their voting rights, thereby enhancing shareholder protection and contributing to greater corporate transparency. However, recent data shows that two-thirds of listed companies held their annual general meetings within a concentrated three-day period — even after the government introduced the Corporate Value-up initiative. According to the Korea Listed Companies Association and Kosdaq Listed Companies Association, 1,627 companies — or 66.7 percent — of the 2,440 listed companies with December fiscal year-ends held their annual general meetings on the three most common dates. These dates were March 26 (544 companies), March 28 (571 companies) and March 31 (512 companies). Although this marks a slight decrease from last year’s concentration level of 70.8 percent, it remains sign

May 26, 2025By Lee Yeon-woo
Clustering of shareholders' meetings persists despite gov't reform efforts
Banking & Finance

SC Korea launches ‘Wealth Saver’ account for faster asset growth

Standard Chartered (SC) Korea has launched a “Wealth Saver” account, a savings account that offers an annual interest rate of up to 2.8 percent, the lender said Monday. Subscribers to the account will receive an interest rate of between 1 percent and 2.8 percent, as determined by the balance of their Korean currency, foreign currency and funds account at the last business day of the month prior. The rate applied will depend on several conditions. The customers should have an increase of at least 10 million won ($7,330) compared to three months earlier. They should also have a combined balance of at least 20 million won in their Korean currency and foreign currency accounts. Of eligible customers, the maximum 2.8 percent interest will be given to those with an account balance of 1 billion won and over. The figure will be 2.6 percent for those with 300 million won and more and 2.4 percent for those with over 100 million won. Holders of under 100 million won in their account will be applied 1 percent. Those with less than 10 million won will be applied an interest rate of 0.1 percent. Howe

May 26, 2025By Lee Kyung-min
SC Korea launches ‘Wealth Saver’ account for faster asset growth
Companies

Volkswagen Atlas family SUV arrives in Korea

Volkswagen Group Korea CEO Till Scheer poses with the three-row midsize SUV, the Atlas, at its launch event in Incheon, Monday. The head of the German carmaker's local subsidiary said the vehicle will be a game changer in Korea's large SUV market. The vehicle, introduced for the first time to the Korean market, features strong performance with a maximum output of 273 horsepower. Its price starts from 67.7 million won ($49,700). Yonhap

May 26, 2025By Lee Min-hyung
Volkswagen Atlas family SUV arrives in Korea
Companies

Samsung Biologics secures over $3.6 bil. in orders so far this year

Samsung Biologics has hit the 5 trillion won ($3.67 billion) mark in its cumulative orders so far this year after adding 440.5 billion won of new contracts to its contract manufacturing backlog, the biotech firm said Monday. In its regulatory filing, Samsung Biologics said it signed two contracts with drugmakers in Europe and Asia, worth 242 billion won and 198.5 billion won, respectively. The contract manufacturing deals will last until the end of 2030 and 2033, respectively, and Samsung Biologics did not reveal further details, citing confidentiality agreements. With the latest contracts, the company has secured four new contracts worth 3.25 trillion won across the United States, Asia and Europe so far this year, which account for approximately 60 percent of its total orders of 5.4 trillion won that it secured in 2024. Samsung Biologics said the 5 trillion won mark reflects its solid growth and expansion in the global biopharmaceutical industry. Currently, Samsung Biologics' clients include 17 out of the world's top 20 drugmakers, securing orders worth $18.2 billion since its foundation

May 26, 2025By Nam Hyun-woo
Samsung Biologics secures over $3.6 bil. in orders so far this year
Companies

Mercedes-Benz Korea supports future talent, startups for local auto industry

Mercedes-Benz Korea is deepening efforts for sustainable growth of the local automotive industry by supporting future talent and startups here, the carmaker said Monday. The importance of nurturing auto specialists is growing rapidly as the industry undergoes rapid technological innovation. In response, the local subsidiary of the German automaker is widening its contribution to the industry through a range of academic-industry cooperation programs for young talent and startups. For instance, the carmaker operates the Mercedes-Benz Mobile Academy, which was launched in 2014 by the company’s Corporate Social Responsibility Committee. More than 2,400 university students majoring in automotive-related fields have completed the program, gaining exposure to the brand’s advanced technologies and global educational expertise. Those who display outstanding performance in the academy are given opportunities to experience cutting-edge production facilities and technology of the luxury automaker. In July 2024, the carmaker selected a group of students for a special tour of the German headquarte

May 26, 2025By Lee Min-hyung
Mercedes-Benz Korea supports future talent, startups for local auto industry
Companies

Korea’s top defense players unite in Busan

A biennial international maritime defense exhibition is returning to Busan, with all major local defense companies set to showcase their latest technologies. The four-day International Maritime Defense Industry Exhibition (MADEX), running from Wednesday to Saturday at the Busan Exhibition and Convention Center, comes at a time when Korea is expanding its presence in the global arms market following a series of high-profile defense export deals. This year’s edition carries extra weight as Hyundai Rotem joins for the first time, completing the “big 5” lineup alongside Hanwha Aerospace, Hanwha Systems, Korea Aerospace Industries (KAI) and LIG Nex1. The nation’s top two shipbuilders — HD Hyundai Heavy Industries and Hanwha Ocean — will also be present. Both companies have recently attracted significant interest from the U.S. government for potential bilateral cooperation to enhance American naval capabilities. According to the organization committee, more than 200 defense companies from 14 countries will flock to the southeastern port city. Hanwha Aerospace and Hanwha Systems will

May 26, 2025By Nam Hyun-woo
Korea’s top defense players unite in Busan
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