Samsung to buy back shares worth 10 trillion won to boost shareholder value

SEOUL, November 15 (AJP) - Samsung Electronics announced Friday it will buy back shares worth 10 trillion won (US$7.16 billion) to enhance shareholder value following a recent decline in its stock price. The repurchase will be carried out in installments over a one-year period, the Korean company said in a regulatory filing after a board meeting. The surprise announcement came a day after Samsung's shares fell below 50,000 won for the first time in four and a half years, am

November 15, 2024

Expo highlights growth, innovation of South Korean small firms

SEOUL, November 15 (AJP) - An event designed to highlight the growth and achievements of South Korean SMEs took place in the southeastern port city of Ulsan, the Korea Management Innovation Association for Small and Medium Businesses (MainBiz Association) said Friday. The two-day "2024 SME Technology and Management Innovation Expo," which began on Thursday, aimed to inspire innovation through awards for contributors, innovation-focused conferences, and presentations on gro

November 15, 2024

Samsung, LG win big at CES 2025

SEOUL, November 15 (AJP) - Samsung Electronics and LG Electronics received numerous innovation awards at CES 2025, one of the world’s largest electronics show, the Consumer Technology Association announced Thursday. Samsung secured 29 awards — 16 in video displays, four in home appliances, five in mobile devices, three in semiconductors and one for Harman International. They included four Best Innovation Awards. The company's C-Lab startups garnered an additional

November 15, 2024

Hyundai Motor names first foreign CEO

SEOUL, November 15 (AJP) - Hyundai Motor Co. appointed Jose Munoz as its new chief executive officer on Friday, marking the first time a foreign national has led South Korea's largest automaker since its establishment in 1967. Munoz, who joined Hyundai in 2019 as president of the North American operations, has been serving as the Global Chief Operating Officer. The Spanish-born executive's term will begin at the start of next year. He will succeed Chang Jae-hoon, who has

November 15, 2024

Korean firms face increased pressure from U.S. policy shifts

SEOUL, November 15 (AJP) - South Korean industries are growing increasingly anxious as U.S. policies, including the potential abolition of EV subsidies and re-designation of Korea as a currency manipulation watchlist country, threaten to intensify economic and trade pressures. The U.S. Department of the Treasury added seven countries -- China, Japan, Korea, Singapore, Taiwan, Vietnam and Germany -- to its semiannual list of currency manipulators under observation on Thursday, signal

November 15, 2024

Samsung Electronics plunges on Trump policies, AI chip woes

SEOUL, November 14 (AJP) - Samsung Electronics shares fell below 50,000 won ($38) for the first time in four and a half years on Thursday, amid concerns about its artificial intelligence chip business and uncertainties surrounding U.S. policies under a second Trump administration. The stock closed at 49,900 won, down 1.38 percent from the previous day, marking its lowest level since June 15, 2020. The plunge pushed the tech giant's market value to 297.89 trillion won. Foreign

November 14, 2024

Blockchain expert Michael Casey stresses need for building trust in digital assets

Michael Casey speaks during the Upbit D Conference held at the Shilla Hotel in Seoul on Nov. 14, 2024. AJP Han Jun-gu SEOUL, November 14 (AJP) - Michael Casey, chairman of the Decentralized AI Society (DAIS), emphasized the importance of establishing trust in digital assets on Thursday at a conference in Seoul. At the Upbit D Conference (UDC) 2024 held at a hotel in Seoul, Casey emphasized that a core issue in past financial crises was the breakdown of trust in institutions. He proposed

November 14, 2024

Young Poong, MBK file damages suit against Korea Zinc directors

SEOUL, November 14 (AJP) - Young Poong and MBK Partners have filed a lawsuit against Korea Zinc seeking about 700 billion won ($497.5 million) in damages for alleged financial mismanagement tied to an overpriced stock buyback and large public offering amid a battle over control of the world's largest smelter. According to legal sources on Thursday, Young Poong recently submitted a shareholder derivative lawsuit to the Seoul Central District Court, claiming Korea Zinc's direc

November 14, 2024

Korean shipbuilders vie for $13.9 billion U.S. naval maintenance market

SEOUL, November 14 (AJP) - South Korea's two largest shipbuilders, HD Hyundai Heavy Industries Co. and Hanwha Ocean Co., are intensifying competition for the U.S. Navy's maintenance, repair, and operations (MRO) contracts, valued at about US$13.9 billion annually. The development follows U.S. President-elect Donald Trump's recent emphasis on maritime cooperation with South Korea during his conversation with President Yoon Suk Yeol on Nov. 7. "We need to closely c

November 14, 2024

Korean firms show strong interest in foreign hiring, favoring Vietnamese workers

SEOUL, November 14 (AJP) - A survey of 557 South Korean companies by career platform Saramin and foreign recruitment service Comate revealed that 73.4 percent are willing to hire foreign workers, with Vietnamese nationals being the most preferred at 31.3 percent, followed by Central Asians at 20 percent and Filipinos at 18.6 percent. The hiring intention was highest among companies with 50-100 employees at 74.5 percent, while 84.2 percent of companies experiencing labor shortages ex

November 14, 2024