Latest news with #Korea-based
Hans India
2 days ago
- Business
- Hans India
Nara Lokesh meets Kush Tech CEO invites to set up D2M technology
Minister Nara Lokesh is set to introduce groundbreaking Direct to Mobile (D2M) technology to Andhra Pradesh after a productive meeting with Eric Shin, the father of D2M and CEO of the Korea-based Kush Tech Company. Following their discussions, Lokesh extended an invitation for the company to establish a manufacturing facility for feature phones and tablets in the state. The minister emphasised the importance of extending these services to remote villages, tribal communities, and hilly areas. To facilitate this, he assured that the government would offer essential space, permissions, and infrastructure through a streamlined single-window system, as well as comprehensive support. Lokesh expressed his commitment to liaising with the central government to obtain the necessary approvals for bringing D2M technology to India. D2M technology allows users to access live television, the internet, and make calls without the need for internet, WiFi, or SIM cards—potentially transforming lives for those in underserved regions. During the meeting, Eric Shin's team, which included Jung Hoon Kim, Sarin Suvarna, Shashi Doppalapudi, and Sagar Doddapaneni, presented a prototype of the feature phone and tablet powered by this innovative technology. Minister Lokesh praised Shin and his team for their work, stating that the availability of such devices could significantly improve the quality of life for the less privileged.
Korea Herald
4 days ago
- Politics
- Korea Herald
Former, sitting lawmakers raided in election interference probe
Special counsel looks into former first lady's alleged election interference, ties to Sambu stock manipulation case A special counsel team conducted multiple search and seizure operations Tuesday at offices and residences of main opposition People Power Party lawmakers as part of an investigation into alleged election interference involving political broker Myung Tae-kyun and former first lady Kim Keon Hee. Tuesday's raid by the special counsel team — led by Min Joong-ki to investigate multiple allegations concerning Kim — was conducted to look into allegations that the former first lady meddled in the then-ruling party's candidate nominations for the 2022 parliamentary by-elections. According to the special counsel team, investigators carried out a separate search and seizure of People Power Party Rep. Yoon Sang-hyun's office and home, along with the home of Kim Young-sun, a former five-term lawmaker of the conservative party, to secure documents and digital data related to the then-presidential couple's possible election interference. The election interference scandal centers on Myung, who is suspected of receiving about 90 million won ($65,800) from former lawmaker Kim on several occasions from 2022 to 2024. This was allegedly in exchange for Myung's help in securing her nomination on the party ticket ahead of the 2022 by-elections. The prosecution, which had investigated this case prior to the special counsel in 2024, previously revealed that Yoon Sang-hyun's name was brought up in a recorded call between Myung and then-President Yoon Suk Yeol, who said he would ask Rep. Yoon and the People Power Party to support Kim, since 'he (Rep. Yoon) is the party's nomination committee chair, after all.' Investigators also searched the home of former prosecutor Kim Sang-min to look into Myung's allegation that former first lady Kim Keon Hee attempted to offer a ministerial post or a position as the head of a state-run agency to Kim Young-sun if she would agree to help the former prosecutor win the 2024 general election in Uichang-gu of Changwon, South Gyeongsang Province, which is a district previously won by Kim Young-sun. Meanwhile, the special counsel team, also tasked with probing Kim Keon Hee-related allegations including stock price manipulation, summoned key executives of Eurasia Business Association and Sambu Construction on Tuesday to examine ties between Kim and organizations involved in Ukraine reconstruction projects in 2023. According to the special counsel, a former president of Eurasia Business Association — a Korea-based consulting agency that organized the Ukraine Recovery Conference in 2023 — appeared for questioning on how the conference was planned and whether there was any attempt to orchestrate a stock-price surge at a midsized South Korean construction firm. The investigators reportedly examined the association and its officials' connections to former Land Minister Won Hee-ryong, former CEO of Black Pearl Invest Lee Jong-ho and other Eurasia Business Association executives. This measure is interpreted as an effort to secure evidence proving the relationships among those involved in one set of allegations against Kim. The allegations center on a surge in Sambu's stock price. Shares skyrocketed within a three-month period amid market rumors that the company was set to take part in Ukraine reconstruction projects in 2023. The stock price surge allowed former and current owners and executives of the company to unload company shares and reap profits worth tens of billions of won. The Sambu case first caught public attention after a message from Lee sparked controversy in July 2024. The company had previously announced it had signed a memorandum of understanding for cooperation on Ukraine's postwar reconstruction efforts with multiple organizations, including the Eurasia Business Association, in 2022. Though the stock price showed no noticeable change at the time, the Democratic Party of Korea later argued that the company's trading volume and stock price surged after Lee posted a text message saying, 'Check Sambu tomorrow' in a group chat that reportedly involved high-ranking military officials and a former Presidential Security Service official, among others, on May 14, 2023. On May 16, the then-presidential couple met with Ukrainian first lady and presidential envoy Olena Zelenska in Seoul. The company gained attention as a Ukraine reconstruction-themed stock and hit the daily price ceiling after the former land minister and major shareholders of Sambu attended the Ukraine Recovery Conference on May 22. Sambu's stock price skyrocketed as the company announced it had signed multiple memorandums of understanding with local Polish governments during the conference and promoted the agreements through press releases. Having stayed below 2,000 won (about $1.50) until May, the stock price surged to 5,500 won by July, when Yoon and Kim visited Ukraine. The Democratic Party raised suspicions of stock manipulation and suggested that Kim could have been involved, citing her personal ties with Lee, who was suspected of another case of stock price manipulation with Deutsch Motors that the former first lady was also accused of taking part in. The minor opposition Rebuilding Korea Party meanwhile questioned how Sambu, which had virtually no experience in overseas business barring a single road construction project in Pakistan in 2021, was able to attend the Ukraine Recovery Conference with the land minister. When Sambu's CEO, former and current owners were previously accused of inflating the stock price in April this year, authorities did not file a complaint with the prosecution against the former first lady and Land Minister Won at the time, saying they had found no evidence they had done anything criminal. The special counsel team is scheduled to summon Lee Il-jun, chairperson of Sambu Construction, for questioning on Wednesday as it widens investigations in regard to the stock price manipulation case.
Korea Herald
5 days ago
- Business
- Korea Herald
Kim Keon Hee probe looks into alleged ties to Sambu stock manipulation case
The special counsel team tasked with investigating multiple allegations concerning former first lady Kim Keon Hee summoned key executives of Eurasia Business Association and Sambu Construction on Tuesday to probe ties between Kim and organizations involved in Ukraine reconstruction projects in 2023. According to the special counsel, a former president of Eurasia Business Association — a Korea-based consulting agency that organized the Ukraine Recovery Conference in 2023 — appeared for questioning on how the conference was planned and whether there was any attempt to orchestrate a stock-price surge at a midsized South Korean construction firm. The investigators also reportedly examined the association and its officials' connections to former Land Minister Won Hee-ryong, former CEO of Black Pearl Invest Lee Jong-ho and other Eurasia Business Association executives. This measure is interpreted as an effort to secure evidence proving the relationships among those involved in one set of allegations against Kim. The allegations center on a surge in Sambu's stock price. Shares skyrocketed within a three-month period amid market rumors that the company was set to take part in Ukraine reconstruction projects in 2023. The stock price surge allowed former and current owners and executives of the company to unload company shares and reap profits worth tens of billions of won. The Sambu case first caught public attention after a message from Lee sparked controversy in July 2024. The company had previously announced it signed a memorandum of understanding for cooperation on Ukraine's postwar reconstruction efforts with multiple organizations, including the Eurasia Business Association, in 2022. Though the stock price showed no noticeable change at the time, the Democratic Party of Korea later argued that the company's trading volume and stock price surged after Lee posted a text message saying, 'Check Sambu tomorrow' in a group chat that reportedly involved high-ranking military officials and a former Presidential Security Service official, among others, on May 14, 2023. On May 16, the then-presidential couple visited Ukraine to discuss reconstruction project with Ukrainian President Volodymyr Zelenskyy. The company gained attention as a Ukraine reconstruction-themed stock and hit the daily price ceiling after the former land minister and major shareholders of Sambu attended the Ukraine Recovery Conference on May 22. Sambu's stock price skyrocketed as the company announced it had signed multiple memorandums of understanding with local Polish governments during the conference and promoted the agreements through press releases. Having stayed below 2,000 won (currently about $1.50) until May, the stock price surged to 5,500 won by July, when Yoon and Kim visited Ukraine again for another summit. The Democratic Party raised suspicions of stock manipulation and suggested that Kim could have been involved, citing her personal ties with Lee, who was suspected of another case of stock price manipulation with Deutsch Motors that the former first lady is also accused of taking part in. The minor opposition Rebuilding Korea Party also questioned how Sambu, which had no experience in overseas business barring a single road construction project in Pakistan in 2021, was able to attend the Ukraine Recovery Conference with the land minister. When Sambu's CEO, former and current owners were previously accused of inflating the stock price in April this year, authorities did not file a complaint with the prosecution against the former first lady and Land Minister Won then, saying they had found no evidence they had done anything criminal. The special counsel team is scheduled to summon Lee Il-jun — chairperson of Sambu Construction, for questioning on Wednesday as it widens investigations in regard to the stock price manipulation case.
Yahoo
23-06-2025
- Business
- Yahoo
Hyosung Transitioning Bio-Based Spandex Feedstock from Corn to Sugar
How sweet it is. Hyosung, the world's largest producer of spandex by market share, leaned into sustainable stretch with its bio-based spandex made from dent corn feedstock. Ever since, it has been aiming to increase the content of its regen™ BIO Spandex, and now, it's found a solution in sugar. More from Sourcing Journal Polartec® Alpha™ Celebrates 13 Years of Game-Changing Active Insulation The RAW Edition by US Denim Mills Brings Nature's Unfiltered Spirit to Life Sustainability Takes Pressure, Policies Says Kering Exec The sugarcane-based bio-BDO is part of Hyosung's plan to support the textile industry in reducing carbon emissions by moving to more circular business models. Last year, Hyosung partnered with sustainable materials leader, Geno, to start construction at its Vietnam plant to produce Bio-BDO derived from sugarcane, powered by Geno's proprietary BDO technology. For more than two decades, Geno has been developing and scaling technology to enable the production of sustainable materials derived from plant- or waste-based feedstocks instead of fossil fuels. The Korea-based fiber manufacturer cites three specifics for the sugarcane upgrade. 'First, sugarcane has a higher yield per hectare than corn. Second, sugarcane is more effective at sequestering carbon than corn. Third, sugarcane's byproduct, bagasse, can be used as a renewable energy source, further reducing its carbon footprint,' said Simon Whitmarsh-Knight, Hyosung's global sustainability director-textiles, adding that there is no compromise on durability and performance compared to corn, or even traditional spandex. There is no change in the characteristics or the bio-based content of the bio spandex itself, stressed Whitmarsh-Knight. The functionality and quality of the spandex remain consistent, allowing customers to enjoy the same high-performance product while benefiting from a renewable input material. Hyosung will be utilizing the bio-BDO facilities at its plant in Vietnam. The facility expects to start production in the first half of next year, with the potential of producing up to 50,000 tons of bio-BDO by the end of 2026. 'For the first time, the industry will have an integrated supply of bio-based spandex in one region, from raw material to fiber,' said Whitmarsh-Knight. 'This provides significant benefits to our customers such as faster speed to market, reduced development times and a more robust supply chain.' Having pioneered the use of sugarcane in spandex, Hyosung had the opportunity to develop a new value chain for this product, one also linked to traceability, transparency and certification. 'It was essential that we found a partner who had the practical knowledge, value chain connections and consulting expertise to help us build and track this new system,' said Whitmarsh-Knight. 'Having researched the market in depth, we decided that CZ (Czarnikow) offered the optimum balance of direct connections with farmers, logistical experience and sustainability know-how. In addition, their VIVE platform provides well-established structure and processes to trace the product from farm to manufacturing facility.' Hyosung's brand and retail partners have already reaped the benefits of adding regen™ BIO spandex to fabric blends with other bio-based fibers, not to mention using it as a renewable stretch engine with cotton and merino wool. Hyosung plans to transition existing customers and their value chains from its Gen 1 corn-based spandex to its Gen 2 sugarcane-based version starting next year. And since every brand takes a unique approach to sustainability according to their goals, Hyosung has expanded its bio Spandex offering to include various options for the yarn to be made with a higher content of renewable resources to include regen BIO + and regen BIO Max. Backed by third-party verified data and independent Life Cycle Assessments, regen™ BIO Max elastane delivers a 27 percent lower carbon footprint and 82 percent less ozone depletion than conventional spandex, marking a meaningful shift towards circular, regenerative materials. Making the transition even easier is the fact that the structure and ratio of bio-based content remain consistent even when switching the feedstock from corn to sugarcane. PANGAIA, the materials science company at the intersection of science, purpose and design, has successfully brought Hyosung's regen BIO spandex to commercial use and is on board for the sugarcane transition. Starting from Women's activewear, expanding to Men's, and now extending into their new 365 Seamless range with regen BIO Max, this continuous adoption highlights PANGAIA's deep understanding and trust in bio-based products as part of their innovative sustainability strategy. 'The ongoing use of bio-based materials by such a pioneering brand demonstrates that the bio story resonates strongly with consumers,' said Whitmarsh-Knight. 'It is clear evidence that our product is growing within both the fashion industry and sustainability movement.' How each brand messages this material to their end consumers will ultimately depend on their respective communication strategy, but Whitmarsh-Knight feels sugarcane has the potential to resonate well with consumers interested in bio-based materials. 'That said, since bio-based spandex is still relatively new in the market, it may be more important at this stage to first help consumers understand the broader shift from fossil fuels to renewable resources. Once that foundation is established, brands will be better positioned to evolve their storytelling with more nuanced details about the specific feedstocks being used,' he said. Beyond textiles, Hyosung also plans to also use its bio-BDO in footwear, packaging and automotive, so moving this to bio-BDO will represent a significant saving in carbon emissions across multiple industries. To learn more about Hyosung's textile materials, click here.
Yahoo
04-06-2025
- Business
- Yahoo
Materion expands chip materials production to South Korea
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Engineered materials maker Materion is expanding its global semiconductor production with the purchase of a manufacturing facility in South Korea, the Ohio-based company said May 29. The investment, expected to close within 90 days, would strengthen Materion's position as a leading supplier of tantalum products used in semiconductor chips for high-performance computing and artificial intelligence applications. Tantalum is a rare earth metal that is highly corrosion-resistant. Materion said it agreed to buy manufacturing assets from Korea-based manufacturer Konasol, including a newly constructed facility for producing deposition materials such as disc-shaped sputtering targets. 'The acquisition strengthens our footprint in Asia to support and service global Tier I semiconductor customers and expands our position as a leading global supplier of deposition materials,' Jugal Vijayvargiya, Materion's president and CEO, said in a statement. Even as international companies pledge to invest in the United States to avoid increased costs related to tariffs, some U.S. firms are looking at Asia for closer proximity to rare earth metals. The U.S. is largely dependent on China for rare earth imports. Uli Blankenstein, vice president of strategy and execution for Materion's electronic materials division, said in an email that the acquisition would improve the company's proximity to customers in the Asia Pacific region, such as semiconductor manufacturers, and add new operational capabilities. 'Together these things can only improve our connection with customers in the region,' Blankenstein wrote. If the deal closes, Blankenstein said eight Konasol employees will join Materion. Financial terms and factory details were not disclosed. Materion, founded in 1931 as Brush Beryllium Company with a focus on mining and metals, has transformed into a supplier of advanced materials to the semiconductor, industrial, energy and automotive sectors. The company has partnered with NASA and the Idaho National Lab on research and development projects, as well as Kairo Power to advance clean energy. Materion operates roughly 25 manufacturing sites around the world, according to its website. About half of its footprint is in the United States, with the remaining sites in Europe and Asia. The latest deal with Konasol would expand Materion's capacity into South Korea for the first time. The company's electronic materials division, which includes electric vehicle battery and deposition materials, grew to $335 million in sales in 2023, according to an investor presentation. That marked an increase from $196 million in 2020, driven in part by advancements in AI and 5G connectivity. Materion generated net sales of $1.7 billion in 2024, according to its annual report. The company saw net income of $5.9 million for the period, down from $95.7 million, citing challenging market factors. Recommended Reading TSMC to invest $100B in US manufacturing Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
