Seoul, July 7 (IANS) South Korea’s bourse operator on Tuesday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) after the index tumbled sharply.Program trading for the KOSPI was suspended for five minutes at around 10:23 am, according to the Korea Exchange (KRX), reports Yonhap News Agency.The KOSPI came under heavy selling pressure as investors locked in profits after Samsung Electronics Co. released its preliminary second-quarter earnings estimate.Local …
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Seoul, July 6 (IANS) President Lee Jae Myung on Monday called for the prompt execution of the government-led large-scale chip cluster and AI investment projects by expediting administrative procedures, including streamlining environmental impact reviews.The president made the call at a meeting with senior government officials and top executives of leading chipmakers — Samsung Electronics Co. and SK hynix Inc. — to discuss follow-up measures for the investment projects, reports Yonhap news agen…
Seoul, June 29 (IANS) South Korea plans to develop a new semiconductor production base in the country’s southwestern region through 800 trillion won ($517.9 billion) in corporate investments that will create four memory chip fabrication plants, Industry Minister Kim Jung-kwan said on Monday.Kim unveiled the investment plan to transform the Gwangju and Jeolla regions into the nation’s second major semiconductor cluster, alongside the existing hub in the Seoul metropolitan area, during a national …
Seoul, June 28 (IANS) Unionised workers of Samsung Biologics on Sunday voted in favour of a motion to leave a group-wide labor coalition representing workers across Samsung affiliates.A motion to change the union’s organisation structure, with the aim to leave the Samsung Group United Union, was passed following a five-day vote, which ran since Wednesday, reports Yonhap news agency.Of the 4,005 members with voting rights, 2,479 participated and 96.5 percent voted in favour of the move, according…
Seoul, June 24 (IANS) The presidential policy chief said on Wednesday that the advent of a new artificial intelligence (AI) era requires new state infrastructure, calling for aggressive investment to bolster the country’s potential growth trajectory in AI.Kim Yong-beom, presidential chief of staff for policy, made the point at a discussion hosted by the Kwanhun Club, a senior journalists’ association, amid a stock market boom in South Korea driven by record profits and stock gains by AI-related …
Seoul, June 14 (IANS) South Korea’s exports of information and communication technology (ICT) products posted the highest monthly figure on record in May, driven by demand for semiconductors and other products related to the artificial intelligence (AI) ecosystem, data showed on Sunday.Outbound ICT shipments reached US$47.79 billion last month, a surge of 128.9 percent from $20.88 billion a year earlier, according to the data from the Ministry of Science and ICT, reports Yonhap news agency.This …
Seoul, June 8 (IANS) Nvidia and SK hynix said on Monday they have entered into a multi-year technology partnership to advance next-generation memory technologies for artificial intelligence (AI) factories.”We made a very significant and long-term partnership with SK,” Nvidia Chief Executive Officer (CEO) Jensen Huang told reporters at the SK Group headquarters in Seoul.Huang said the two companies will jointly develop technology road maps and deepen their collaboration beyond traditional memory …
Seoul, June 7 (IANS) More stocks listed on the benchmark Korea Composite Stock Price Index (KOSPI) have declined than advanced in recent weeks despite the market rally, the bourse operator said on Sunday, suggesting that investment is increasingly concentrated in a handful of heavyweight semiconductor stocks.According to the Korea Exchange (KRX), an average of 210 KOSPI-listed stocks advanced, while 586 declined and the remainder were unchanged during the two-week period from May 26 through Frid…
Seoul, May 31 (IANS) Foreign selling of South Korean stocks listed on the benchmark Korea Composite Stock Price Index (KOSPI) reached a record high in May, while foreign investors poured a record amount into the tech-heavy KOSDAQ market, data showed on Sunday.Offshore investors sold a net 44.71 trillion won (US$29.66 billion) worth of local stocks in May, surpassing the previous record of 35.74 trillion won in net selling set in March, according to data from the Korea Exchange (KRX), reports Yon…
Seoul, May 27 (IANS) A labour union at Kakao, the operator of South Korea’s popular messenger service, and the company’s management began a second round of mediation with the Gyeonggi Regional Labor Relations Commission on Wednesday, industry sources said.The mediation procedures came after the two sides failed to narrow differences in the first round of wage talks held May 18, according to sources, reports Yonhap news agency.If the regional labour office decides to suspend the mediation, unioni…