South Korean companies experienced a significant boost in sales and profitability during the first quarter of the year, with a 13.5% increase in sales driven by strong performances in the semiconductor and transportation sectors.
South Korea has requested Azerbaijan's support for increased participation of Korean companies in infrastructure and development projects in the Caucasus nation. The request was made by Vice Foreign Minister Chung Eui-hae during a policy consultation meeting in Baku.
SK Telecom and Nvidia partner to build a gigawatt-scale AI cloud and AI factory in South Korea by 2027, leveraging Nvidia's DSX platform for end-to-end AI operations.
Twenty-four Chinese and South Korean enterprises, universities, and industry associations have established the Northeast Asia Embodied Intelligence Innovation Cooperation Alliance in Changchun, aiming to deepen international cooperation in embodied intelligence and create a hub for innovation and cross-border computing services.
Korean biotech firms CGBio, Handok, LegoChem Biosciences, Lotte Biologics, and Daewon Pharm announced progress in drug development, clinical trials, and international conferences. Highlights include CGBio's spine treatment strategy, Handok's hyperinsulinism drug trial results, LegoChem's partner's cancer drug receiving FDA rare disease designation, Lotte Biologics' participation in Bio USA, and Daewon Pharm's obesity drug pre-clinical results.
South Korean companies are facing mounting pressure from high interest rates, high exchange rates, and high oil prices, exacerbating financial burdens and hindering fundraising. Small and medium-sized enterprises (SMEs) are particularly vulnerable, with potential for industry-wide polarization.
South Korea's top companies saw operating profits surge 158.6% to $104 billion in Q1, with Samsung Electronics and SK hynix accounting for over 60% of the total.
The number of South Korean-listed companies with market capitalization exceeding 1 trillion won reached a record 405 this year, up from 377 on Feb 27 before U.S.-Israel strikes on Iran. The KOSPI closed at 6,690.9 points on Wednesday, its highest level ever, recovering from a 12% single-session drop.
Kbank, South Korea's internet-only bank, has signed a strategic partnership with Ripple to test blockchain-based overseas remittances. The agreement was signed by Kbank CEO Choi Woo-hyung and Ripple's Asia-Pacific managing director Fiona Murray at Kbank's Seoul headquarters. The partnership uses Ripple's global network to test whether remittances can be made faster, cheaper and more transparent. Companies are conducting phased technical verification, with the second phase digitally linking customer accounts and internal systems, including onchain transfers to the UAE and Thailand. The tie-up comes as South Korea prepares stablecoin regulations under the Digital Asset Basic Act.
South Korea's largest K-food export promotion fair, Buy Korean Food Plus, secured memorandums of understanding worth $27 million with foreign buyers, breaking previous records. The event in Seoul brought together 143 buyers from 45 countries and 280 Korean export firms. Deals include kimchi exports to the US and halal products to ASEAN. The agriculture ministry aims for a record $16 billion in food and agricultural exports this year, up from $13.62 billion last year.
