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The Chinese national flag flies in front of a building in Beijing, China. /Kim Nam-hee |
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China detains 1st S. Korean national under revised anti-espionage law
A South Korean resident in China has been detained on espionage charges, marking the first arrest of a South Korean citizen since the revised anti-espionage law took effect in July last year. According to the South Korean Embassy in China, Mr. A, 50, was arrested on Dec. 18 in Hefei, Anhui Province, where he worked for a semiconductor company and lived with his family. Investigators from the Hefei National Security Bureau reportedly searched his home, detained him, and held him in confinement at a local hotel for over five months before transferring him to a detention center in May. His family claims he has been denied diabetes medication during custody.
An embassy official said, “We have been providing consular support to Mr. A and his family since we became aware of his detention in January.” Mr. A, who previously worked at Samsung Electronics, moved to China in 2016 and was employed at leading semiconductor firms, including ChangXin Memory Technologies (CXMT), before starting his own business. Chinese authorities allege he leaked semiconductor-related information to South Korea, though Mr. A denies these claims, asserting he had no access to sensitive technology.
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Samsung Electronics’ Q3 chip profit falls short of market expectations
Samsung Electronics’ semiconductor business posted a third-quarter operating profit of 3.8 trillion won ($2.8 billion), falling short of market expectations that had already been revised downward multiple times. Following the company’s preliminary earnings report earlier this month, analysts had projected the semiconductor division’s operating profit to be between 4 and 5 trillion won, yet the results were even lower than anticipated. Rival SK Hynix, meanwhile, reported a record operating profit of 7.3 trillion won for the same period.
Jun Young-hyun, head of Samsung’s chip division, issued a rare public apology following the preliminary earnings guidance on Oct. 8, stating, “We have caused concern with our performance falling short of market expectations,” and pledged to “turn this difficult situation into an opportunity for a new leap forward.”
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Korea Zinc Chairman Choi Yoon-beom speaks at a press conference regarding the management dispute with Young Poong and MBK Partners in Seoul on Oct. 2, 2024. /News1 |
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Korea Zinc announces capital increase amid management dispute
Korea Zinc, the world’s leading non-ferrous metal producer, has decided to issue new shares equal to approximately 18% of its total outstanding stock in a capital increase. If this capital increase is completed, Chairman Choi Yoon-beom’s stake is expected to surpass that of its rivals, Youngpoong and MBK Partners, amid ongoing disputes over management control. However, the Financial Supervisory Service is closely monitoring the situation, questioning the sudden timing of the issuance.
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Shinsegae Group officially splits Emart and department store
Shinsegae Group announced on Oct. 30 that Chung Yoo-kyung has been appointed chairman of Shinsegae Inc., formalizing the separation of its Emart and Shinsegae Department Store divisions. Chung’s promotion comes nine years after she was appointed head of Shinsegae Department Store in December 2015. Shinsegae Group Chairwoman Lee Myung-hee initially divided the group’s retail operations in 2011, assigning Emart to her son, Chung Yong-jin, and the department store business to her daughter, Chung Yoo-kyung.
Emart’s key affiliates include SSG.com, Gmarket, SCK Company (Starbucks Korea), Emart 24, Shinsegae Property (Starfield), Shinsegae Food, and Josun Hotels & Resorts. Shinsegae Inc. primarily manages the department store business and oversees subsidiaries such as Shinsegae Duty Free, Shinsegae International (fashion and beauty), Shinsegae Central City, Shinsegae Casa, and Shinsegae Live Shopping.
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N. Korea launches ICBM with record 86-minute flight over East Sea
North Korea test-launched an intercontinental ballistic missile (ICBM) off its east coast on Oct. 31, according to South Korea’s Joint Chiefs of Staff (JCS). “The military detected one ballistic missile launched toward the East Sea from the Pyongyang area around 7:10 a.m. today,” said the JCS, adding that the missile appears to have been a long-range missile fired at a steep angle.
In response, the South Korean military heightened its alert level and is maintaining full readiness, sharing intelligence closely with the United States and Japan. Japanese broadcaster NHK reported that Japan’s Defense Ministry said the missile was launched at around 7:11 a.m. and fell into the sea west of Okushiri Island, Hokkaido, at around 8:37 a.m., outside Japan’s exclusive economic zone. The missile flew for an unprecedented 86 minutes, longer than any ballistic missile North Korea has tested to date, according to the ministry.
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G-Dragon appears on tvN's You Quiz on the Block, which aired on Oct. 30, 2024. /Courtesy of tvN |
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G-Dragon returns with new single ‘Power’ after 7-year hiatus
South Korean singer G-Dragon released his new single “Power” on Oct. 31, marking his first solo release in seven years since his 2017 album “Kwon Ji-yong.” The hip-hop track combines an addictive beat with G-Dragon’s intense rap. Galaxy Corporation described the song’s lyrics as layered, inviting listeners to consider deeper meanings.
Appearing on tvN’s “You Quiz on the Block” the day before the release, G-Dragon introduced “Power” as a song about strength. “For me, strength is music,” he said, adding, “During my seven-year hiatus, I felt the immense influence of media. The song reflects a satirical take on media power and conveys a message of harmonizing different forms of strength.”
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Over 60% of S. Korean electronics firms face Q3 earnings shock
In the third quarter of this year, 11 of 18 major South Korean electronics companies, or 61%, posted “earnings shock” results, falling well below market expectations. Only three companies reported “earnings surprises,” exceeding forecasts. While discrepancies between company earnings and analyst predictions are common, it is unusual for a single sector to experience such widespread underperformance.
Experts attribute the slump in the electronics and semiconductor sectors to the “3C” factors: downturns among key clients, rising costs, and intensifying competition from China. The electronics sector, being heavily export-dependent, was particularly impacted. Industry insiders expect these issues to persist, leaving fourth-quarter performance uncertain.
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[The Chosun Daily]
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