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Oct 13, 2026
SK earthon, a Korean oil exploration and production (E&P) company, said Tuesday oil production has recently begun at an offshore field in Vietnam where it holds a stake. U.S.-based Murphy Oil Corp., the operator of Block 15-1/05, began production at the Lac Da Vang field in the Cuu Long Basin late last month, SK earthon said in a press release. SK earthon holds a 25 percent stake in the block, having invested in the project in 2007. Murphy Oil and Vietnam's state-run PetroVietnam Exploration Production Corp. (PVEP) hold 40 percent and 35 percent stakes, respectively. The block is estimated to contain total oil reserves of 60 million barrels, with production expected to reach up to 25,000 barrels per day when the project is fully developed, the company said. "We will continue to expand its oil exploration and development activities in Vietnam to secure a stable energy supply amid rising geopolitical tensions and supply chain disruptions," a company official said. SK earthon has been expanding its E&P operations in China and Southeast Asia to help improve the profitability of its parent com
LS Electric said Tuesday it has signed a 185.3 billion-won ($138.7 million) contract with global power solutions provider Bloom Energy to supply switchgear and distribution transformers. With the latest deal, the Korean electrical equipment maker's cumulative orders from Bloom Energy have exceeded $500 million since April last year. Under the contract, LS Electric will supply power equipment for a fuel cell-based on-site power generation project at a major U.S. technology company's data center in Pennsylvania. The Korean company plans to deliver 38-kilovolt (kV) high-voltage switchgear and distribution transformers between April and July 2027.
HD Hyundai and Siemens Digital Industries Software opened a joint center in Busan on Tuesday as part of their efforts to accelerate digital transformation in the shipbuilding industry. HD Korea Shipbuilding & Offshore Engineering, HD Hyundai’s shipbuilding intermediate holding company, held an opening ceremony for the Global Marine Center, attended by key officials from both companies, including CEO Kim Hyung-kwan and Siemens Digital Industries Software Chief Revenue Officer Robert Jones. The center will house about 50 professionals from both companies specializing in ship design, production, artificial intelligence (AI) platforms and product lifecycle management. It will serve as a key hub for combining HD Hyundai’s shipbuilding expertise with Siemens’ digital engineering technology. The two companies signed an agreement in July to work together on establishing a next-generation marine platform, a project that aims to connect all aspects of shipbuilding, from design, production and supply chain management to quality control and maintenance with AI and digital technology. The cente
A Seoul-based AI startup has joined a prestigious New York City commercialization program, opening a rare doorway to test its products with American companies and court global investors. NextPayments was the only Korean company among 14 startups selected for NYC AI Nexus, a program organized by the New York City Economic Development Corp., from more than 200 applicants worldwide, the Seoul Metropolitan Government said Tuesday. Beginning in November, NextPayments plans to conduct pilot projects with local companies, focusing on retail and food service, to test its technology and assess demand in the U.S. market. The company develops AI platforms that integrate data from offline businesses, including orders, payments, products, staffing, logistics and customer behavior, into a unified system. Through the yearlong program, selected startups receive local office space, strategic advice, introductions to potential business partners, help with proof-of-concept projects, expert consultations and assistance in attracting investment. The New York City Economic Development Corp. plans to select as
The Korea Asset Management Corporation (KAMCO) is expanding its cooperation with Asian financial authorities, drawing on nearly three decades of experience managing nonperforming loans (NPL) to help countries strengthen their financial systems, the state-run agency said Monday. Vietnam offers a clear example of that approach. In April, KAMCO signed a consulting agreement worth around $400,000 with the Asian Development Bank to help establish a legal framework for asset-backed securities (ABS) in the country. Over the next 25 months, the agency is set to assess Vietnam’s financial and legal environment, recommend regulatory improvements and help develop guidelines for issuing ABS. The project will also include training programs to strengthen local expertise. KAMCO is working to improve the infrastructure for actual transactions as well. In a consortium with Shinhan DS, it is undertaking a 2.5 billion won ($1.86 million) project to upgrade the Vietnam Asset Management Company’s online platform for NPL trading. The agency is also extending its work beyond individual markets through a br
Jinju, South Gyeongsang Province, will host the 2026 Jinju International Forum on Entrepreneurship from Oct. 18 to 20, bringing together United Nations officials, global business leaders and scholars to discuss entrepreneurship amid geopolitical tensions, supply chain disruptions and intensifying artificial intelligence (AI) competition. The Jinju K-Entrepreneurship Foundation said Tuesday that the forum will explore how businesses, governments and local communities can turn these challenges into opportunities for innovation and shared prosperity. Under the theme “An Era of Global Uncertainty and Digital Transformation: What Is the Role of Entrepreneurship?” the three-day forum will examine how entrepreneurship can foster innovation and shared prosperity. A key session will bring together former U.N. Economic and Social Council presidents Nestor Osorio and Martin Sajdik, former Argentine ambassador to the U.N. Martin Moritan and U.N. Assistant Secretary-General for Economic Development Navid Hanif. They will discuss opportunities and inequalities arising from AI, the sustainable deve
Shinhan Financial Group has officially launched Shinhan Financial Group Indonesia, becoming the first Korean financial group to establish a local financial holding company in the Southeast Asian country, the company said Tuesday. The launch ceremony was held in Jakarta on Monday, attended by Shinhan Financial Group Chairman Jin Ok-dong and local financial authorities. The new structure places Shinhan Indonesia Bank at the center of the group's Indonesian operations, with the bank taking on the additional role of a holding company overseeing its local card and securities businesses. The restructuring follows the Indonesian government's announcement requiring financial groups to establish holding companies in December 2024. Shinhan began reorganizing its local governance structure in response to the requirement and received approval from Indonesian financial authorities in September 2025. The transition was completed on Sept. 16 following the transfer of stakes in the group's local affiliates, according to the company. Under the new structure, Shinhan Indonesia Bank acquired additional stak
Shinhan Financial Group Inc., a major banking group, has decided to take over a midsize non-life insurer for 693 billion won ($518 million) to diversify its business portfolio, industry sources said Tuesday. Shinhan Financial's board of directors approved the acquisition of a 77.04 percent stake in Lotte Insurance, from private equity firm JKL Partners, and then the banking group plans to buy the remaining 22.96 percent depending on regulatory approval.
Lexus Korea has launched its first all-electric ES sedan, expanding the luxury carmaker’s electrification strategy beyond its established hybrid lineup, as it moves to strengthen its position in the increasingly competitive electric vehicle (EV) market, the company said Tuesday. The eighth-generation All-New ES lineup comprises the ES 350e and ES 500e EVs alongside the ES 350h hybrid, offering customers a choice between fully electric and hybrid powertrains. The launch carries strategic significance for Lexus, which has built its reputation in Korea largely on hybrid vehicles. While the Japanese luxury brand is well established in the premium hybrid sedan segment, it has been a latecomer to the all-electric market. “EVs are not a sudden move for Lexus Korea,” Lexus Korea CEO Manabu Konoyama told reporters during a media event. “Rather, they represent the next step, built on the experience and expertise we have accumulated through our hybrid vehicles.” The ES 350e, the entry-level electric model, starts at 71.6 million won ($53,500) and offers a driving range of 478 kilometers on
Concerns are growing that the technological gap between China's CXMT and Korean memory makers Samsung Electronics and SK hynix in DRAM technology has already narrowed, after the Chinese company unveiled plans to launch server memory product by the end of this year featuring a next-generation memory cell architecture that remains only on the technology road maps of the two Korean chipmakers. According to South China Morning Post and other Chinese media outlets, CXMT President Cao Kanyu said the company plans to roll out a new server DDR5 based featuring the new architecture during an industrial event in Shanghai on Saturday. The new architecture uses a design called 4F square, which reduces the space occupied by each memory cell. F refers to the minimum line width that a given DRAM manufacturing process can draw. In current processes such as 1a, 1b and 1c, F is just over 10 nanometers. 4F square means each cell occupies an area equivalent to four times F squared. The current industry standard is 6F square, meaning the new technology could theoretically reduce the area occupied by each me
MetLife Korea relocated its headquarters from Gangnam District in southern Seoul to the central part of the capital, the insurer said Tuesday. MetLife Asia Regional President Lyndon Oliver, MetLife Korea CEO Song Young-rok and other executives and employees marked the opening of the new office at a commemorative ceremony, Oct. 6. The move to Jongno District brings teams that had previously been spread across different floors into a more integrated workspace, with the aim of improving communication and collaboration across the life insurer’s departments and speeding up efficient decision-making. Built around the concept of “MetLife Village,” the company said its office incorporates several traditional Korean design elements, including “giwa” (curved roof tiles) and “obangsaek” (five colors associated with the cardinal directions). “The new office marks an important milestone in our more than 30 years of serving customers in Korea and underscores our long-term commitment to this market,” Oliver said. “By bringing our teams together in a more connected environment, we ar
Kakao showcased an artificial intelligence (AI) assistant, Kanana Space, for KakaoTalk on Tuesday, outlining plans to turn its flagship messenger into an interface for managing messages, schedules and shopping across its service ecosystem. “Over the past 15 years, Kakao has connected people with everyday life and bridged online and offline experiences with the goal of connecting everything in the world,” the company’s CEO Chung Shin-a said during its annual if(Kakao)26 conference at Kakao AI Campus in Yongin, Gyeonggi Province. “We now aim to take the connections we have built to a new level.” The service, which is slated to begin a closed beta test in December, can be accessed from anywhere in KakaoTalk by swiping the screen with two fingers. Users can interact with it through voice or text to retrieve information from conversations, organize unread messages, manage schedules and adjust app settings. Kanana Space is designed to go beyond answering questions by using context from users’ past interactions to complete tasks. In a demonstration, the assistant identified work-rel
