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[Photo News] KB Financial tops value-up push
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Korea Herald
3 days ago
- Korea Herald
Police raid Korea Exchange in connection with alleged irregularity of BTS agency chairman
Police have raided the Korea Exchange, South Korea's stock market operator, as part of an investigation into allegations of irregularity involving the chairman of Hybe, the K-pop agency behind boy band BTS, according to sources Thursday. Investigators at the Seoul Metropolitan Police Agency raided the offices of the KRX in Yeouido, western Seoul, on Monday to search and secure evidence related to the K-pop agency's stock market debut in 2020, the sources said. The raid was carried out in connection with an investigation over allegations that Hybe Chairman Bang Si-hyuk had intentionally misled investors ahead of the company's stock market debut in 2020. The Hybe founder has been under investigation over suspicion that he had sought to list the agency while misleading investors that there were no plans for its public offering. The Financial Supervisory Service, which is also investigating the case, summoned Bang late last month to question him on alleged irregularities in Hybe's stock market debut. (Yonhap)
Korea Herald
5 days ago
- Korea Herald
Japan shipyard merger challenges Korea's role in US naval projects
The recently announced merger of Japan's two largest shipbuilders, Imabari Shipbuilding and Japan Marine United Corporation, is expected to have a limited impact on their Korean rivals but signals growing competition for contracts with the US Navy. Experts say the widening gap stems from Japan's long-standing decline in shipbuilding, which cannot be fixed by size alone. Still, Japan's renewed push is raising concerns that Korea's bargaining power may weaken, given Tokyo's established ties in servicing US Navy vessels. Gap far from closed Imabari, Japan's largest shipbuilder, announced on Thursday that it will increase its stake in JMU from 30 percent to 60 percent, turning the country's second-largest shipbuilder into a subsidiary. 'Imabari Shipbuilding and JMU will leverage each other's strengths to compete with China and Korea, and will also make efforts to develop the Japanese shipbuilding industry by making quicker and more comprehensive judgments in terms of management,' the company said in a press release. If completed, the merger would create a company responsible for roughly half of Japan's shipbuilding output, which totaled 4.8 million compensated gross tons in 2024, bringing it close to Hanwha Ocean's output of 2.8 million CGT. However, experts say Japan's shipbuilding struggles stem not from the industry's size but from a long-term lack of investment dating back to its 1988 restructuring. 'Japan has strong basic technology, but shipbuilders have lagged in facility investment and faced workforce shortages,' said Yang Jong-seo, a researcher at the Overseas Economic Research Institute under the Export-Import Bank of Korea. 'The country lost many skilled technology personnel in the late 1980s and closed numerous naval engineering departments in universities, leaving little momentum to restore its industrial competitiveness.' Industry sources also cite Japanese shipbuilders' limited recent experience with high-value vessels, such as liquefied natural gas carriers — an area where Korean shipbuilders have established expertise. According to SK Securities, Imabari last delivered LNG carriers in 2018, and JMU in 2019, while Korean shipbuilders secured 68 orders in 2024 alone. This gap, driven partly by a shortage of skilled personnel, would make clients hesitant to place orders with Japanese firms lacking proven expertise in complex ship types, sources say. A challenge to Korea's efforts toward US Navy collaboration Japan's renewed push in shipbuilding, however, is raising concerns that Korea's position may weaken in bidding for US Navy projects, given Japan's long-standing involvement in US Navy maintenance and repair work. This comes as the US seeks greater collaboration with South Korea and Japan — its top shipbuilding partners outside China — to strengthen its naval capabilities in response to growing maritime challenges from China. 'The rapid progress of the merger between Japan's two leading shipbuilders shows that Japan is putting everything on the line to collaborate with the US on maintenance, repair and overhaul,' said Choi Ki-il, professor of military studies at Sangji University. 'It seems Japan is hoping for a revival of its shipbuilding industry by anticipating demand for new US warships and MRO.' Korean shipbuilders have been actively seeking to participate in the US' efforts to strengthen its maritime presence. Korea's largest shipmaker, HD Hyundai, is expanding its network to US-based shipyards and academic institutions, while Hanwha is acquiring US shipyards experienced in US Navy vessel construction. However, Korea needs to build trust with the US through simpler maintenance work, a factor crucial in projects involving US national security, said the Federation of Korean Industries, Korea's main business lobby. Last year, Hanwha secured Korea's first US Navy maintenance contracts for the Wally Schirra, a logistics vessel, and the Yukon, a replenishment oiler. In contrast, Japanese companies and personnel have been involved in MRO projects for the US Navy for over 70 years, primarily supporting the US Seventh Fleet. Experts say Japan will push ahead with shipbuilding restructuring to leverage its expertise as a strategic asset, especially in tariff negotiations with the US. Additionally, JMU's specialization in warships is expected to strengthen Japan's position, raising concerns about Korea's role in the US Navy's expansion efforts. 'I expect strong competition to emerge between Korea and Japan in the future military ship MRO market,' said Choi. 'It will be difficult for individual companies to deal with it alone. The government and shipbuilders must work together to develop a multifaceted strategy.'
Korea Herald
6 days ago
- Korea Herald
Hyundai Steel accelerates zero carbon emission efforts
Hyundai Steel is driving its efforts to reduce carbon emissions in the steel and construction industries, under its commitment to achieving carbon neutrality by 2050. According to the company, it hosted the '3rd Symposium on Steel Byproduct Utilization for Construction Material Technology' on June 20 in Seoul. The event aimed to share ways to use steel byproducts as construction materials and to strengthen cooperation between Hyundai Steel and other related organizations. This initiative also addresses the increasing demand for carbon reduction and resource circulation across industries. The symposium attracted over 100 experts from academia and industries, including officials and experts from Hyundai Steel, the Korea Iron & Steel Association, Hyundai Construction, SsangYong C&E and the Road Traffic Research Institute of Korea Expressway Corporation. Participants reviewed the changes in the methods for using steel byproducts in the steel and construction sectors, shared case studies of technology development and explored strategies for collaboration. Notably, Hyundai Steel presented strategies for harnessing slag generated from carbon-reduction processes in steel manufacturing. 'Using steel byproducts can contribute to reducing carbon in construction technology and advancing the construction industry,' stated Kim Yong-hee, head of the process research center at Hyundai Steel. 'We aim to drive practical technology commercialization and policy improvement through collaboration among industry, academia and research fields.'
