Wealth in Singapore: HNW Investors, Future Investment Initiatives, Countermeasures of Economic Impact 2018

The investment and incubation firm Roadrunner Venture Studios will unveil a new quantum lab Tuesday in Albuquerque as New Mexico looks to bolster the U.S.’s position in the global race for quantum computing. The Roadrunner Quantum Lab will open as part of the state's $450 million commitment to quantum development. Those behind the project say...

Officials newly elected in June's local elections reported average assets of 1.35 billion won ($996,500), according to Government Ethics Committee data released Tuesday. The committee disclosed the personal assets of 1,259 individuals, including 563 local governors, mayors, councilors and education chiefs elected in the June elections. The others are 586 people who retired from elected offices and 110 appointed public officials. The average assets of the newly elected people amounted to 1.35 billion won per person. The heads of large local governments averaged 1.99 billion won per person in assets while small local government heads declared an average 1.69 billion won of wealth. Among the heads of small local governments, Bonghwa County Mayor Choi Gi-young reported the largest assets at 34.9 billion won, while Yoon Yu-jin, a member of the Seoul Metropolitan Council, topped the wealth list among newly elected members of large local councils with 15.64 billion won, according to the data.

Korea’s largest fashion shopping platform Musinsa is currently under investigation by the Seoul Regional Tax Office over CEO Cho Man-ho’s alleged appropriation of corporate funds for his real estate investment spinoff firm, Lapel. The investigation, which began last month, is being led by Investigation Bureau 4. Unlike other offices that primarily handle regular tax audits, Bureau 4 is known for conducting special investigations that can begin without prior notice and, in serious cases, develop into tax offense investigations, potentially exposing the targets to criminal complaints and significant business risks. The Bureau 4 investigation began while the Fair Trade Commission (FTC) was still investigating Musinsa in a separate case, which concluded earlier this month. The antitrust watchdog looked into whether Musinsa prevented some partner brands from selling through other retail channels in order to secure exclusive sales of their products. The investigation, which began in August 2024, ended with the FTC concluding that the arrangements were part of normal business or marketing

President Lee Jae Myung on Tuesday called for a thorough investigation into a mine blast that injured three South Korean soldiers inside the Demilitarized Zone (DMZ) last week, saying he will take necessary measures in line with the results. Lee made the remark during a Cabinet meeting at Cheong Wa Dae, a day after the military announced preliminary findings that the explosion likely had been caused by North Korean mines. "The military authorities must transparently reveal the truth behind the case by carrying out a swift and thorough investigation in close cooperation with the U.N. Command (UNC)," he said. "In accordance with that truth, we will take necessary measures." The explosion occurred last Monday during an operation to clear a path for a joint inspection by the South Korean military and the UNC to verify Seoul's suspicions that Pyongyang illegally buried land mines across the border in violation of the armistice that halted the 1950-53 Korean War. Lee had wished the injured troops a swift recovery in a message on his social media account shortly after the incident but it marked

Cheong Wa Dae on Tuesday rejected allegations that the timing of the military's inspection of a mine blast site was tied to President Lee Jae Myung's remarks on sanctions relief for North Korea ahead of last week's U.N. General Assembly. The main opposition People Power Party has accused the government of delaying an inspection of the site due to concerns Lee's call for sanctions relief would be undermined in the event North Korea is found responsible for the mine blast that injured three South Korean soldiers inside the Demilitarized Zone last week. The military on Monday announced preliminary findings that the explosion was highly likely to have been caused by illegally planted North Korean mines. "The Joint Chiefs of Staff and the U.N. Command planned and decided (on the timing of the inspection) purely based on a military judgment in consideration of the suggestions of field commanders," a presidential official said. "The military's on-site inspection regarding the mine accident has nothing to do with the president's U.N. speech." Lee had said in an interview with The New York Times

Samsung Electronics and five of its affiliates will invest $1 billion in Helix Digital Infrastructure, an artificial intelligence (AI) infrastructure firm established by global investment firm KKR, as part of their efforts to strengthen their foothold in the broader data center ecosystem. Samsung Group said Tuesday that Samsung Electronics, Samsung C&T, Samsung SDS, Samsung SDI, Samsung Life Insurance and Samsung Fire & Marine Insurance will invest in Helix. Samsung Electronics will contribute $500 million, with the other affiliates investing the remaining $500 million. Helix was established in June as an AI infrastructure company providing integrated services across hyperscale data center development and operation, power generation, power transmission and distribution infrastructure, fiber-optic networks and other network infrastructure. It is led by CEO Adam Selipsky, former CEO of Amazon Web Services. The Samsung affiliates will join KKR, the Kuwait Investment Authority, Nvidia and U.S. power company Vistra as founding investors in Helix. The companies did not disclose details of thei

Korea's overseas direct investment rose 32.3 percent in the second quarter of 2026 from a year earlier, data showed Tuesday, led by the financial and communication sectors. Overseas direct investment by Korea totaled $20.52 billion in the April-June period, up from $15.5 billion from the same three month period in 2025, according to the Ministry of Finance and Economy. The figure has posted on-year growth since the third quarter of 2025. By sector, overseas investment in the financial and insurance industry jumped 33.4 percent to $10.48 billion. The finance ministry attributed the increase to Korean businesses' efforts to diversify their global portfolios. Overseas direct investment in manufacturing rose 3.2 percent on-year to $3.57 billion. Investment in the information and communication sector more than tripled to $2.73 billion, the data showed. By destination, investment in the United States rose 53.6 percent to $8.86 billion, followed by Japan at $2.46 billion, sharply up from $300 million a year earlier. Investment in Luxembourg rose 14.2 percent to $1.59 billion, the latest findings sh

The chief of Korea's antitrust watchdog said Tuesday he will work to "restore justice" after a local court recently cleared the way for the agency to resume its stalled probe into U.S.-listed e-commerce giant Coupang Inc. Ju Biung-ghi, head of the Fair Trade Commission (FTC), made the remarks during an interview with local radio broadcaster CBS, signaling the agency's intention to resume its investigation. Last month, Coupang refused to cooperate with the watchdog's on-site probe into allegations the company had shifted the costs of discounts onto its suppliers and asked a court to suspend the inspection. The court initially granted a temporary suspension of the FTC's on-site inspection but eventually rejected Coupang's request to halt the probe last week. "(Coupang) deals with various vendors, and the company could be subject to regulatory action if it has imposed unfavorable terms on them," Ju said. "It is a relief the judge handling the case ruled in favor of the public interest, including the rights of the economically vulnerable and hundreds of thousands of small merchants," he added

Jeonbuk National University is providing customized artificial intelligence (AI) training for Lotte Energy Materials to support its digital transformation and strengthen employees’ AI capabilities. The university said Monday that its Regional Innovation System and Education (RISE) Project Group has been conducting a four-session AI training program for employees at the company’s plant in Iksan, North Jeolla Province, from Sept. 11 to Oct. 13. The program is designed to improve employees’ ability to use AI in the workplace. Lotte Energy Materials is one of the largest companies with operations in the province. The company, a subsidiary of Lotte Group, produces copper foil for rechargeable batteries. “This training is an example of cooperation among regional government, industry and academia in which the university’s expertise is closely aligned with the needs of the region and industry,” said Jang Tae-il, director of the university’s RISE Project Group. “Building on our cooperation with Lotte Energy Materials, we will further develop specific plans for industry-academia-res

In a nation where academic pressure intensifies sharply as children grow older, a groundbreaking multiyear study is revealing how the physical and mental health of teenagers deteriorates over time. As students trade play for cram schools, public health officials are uncovering the long-term toll of childhood in one of the world's most competitive societies. The Korea Disease Control and Prevention Agency released raw data Tuesday from its sixth annual Youth Health Panel Survey. The initiative tracks a single cohort of 5,051 students who entered the study in 2019 as sixth-graders through their high school graduation in 2028. The latest dataset follows 4,141 of these students — an 82 percent retention rate — through their second year of high school in 2024. The 2024 dataset introduces 29 core health indicators spanning five major domains: diet, physical activity, tobacco use, alcohol consumption and general illness. Crucially, the survey added specific metrics measuring screen addiction and high-caffeine energy drink consumption, capturing how teenagers cope with grueling academic sch

Celltrion will use one of the world's largest pharmaceutical trade shows next month to seek partners in new drug development, contract manufacturing and supply chains, the Korean biopharmaceutical company said Tuesday. The company will take part in CPHI Worldwide, which runs Oct. 6-8 in Milan. Now in its 37th year, the event covers pharmaceutical manufacturing, supply chains and contract development and manufacturing. More than 60,000 industry professionals from about 2,400 companies in some 170 countries are expected to attend. Celltrion, best known for biosimilars — lower-cost versions of biologic drugs whose patents have expired — said it will look for partners in oncology, obesity and metabolic diseases, and autoimmune diseases. The company said its new drug research in these areas has recently begun producing results. It described the effort as part of its push to become a global developer of new drugs. As demand for its main products grows, the company also plans to strengthen existing partnerships with overseas raw material suppliers and contract manufacturers. It will look f

Samsung Electronics said Tuesday that the number of customers for its foundry business could grow roughly fourfold by 2029 compared to 2017. "The number of customers has increased about threefold from when the foundry business was first established as an independent unit in 2017," Noh Mi-jung, a senior vice president at Samsung's foundry business, said during Korea Premium Week 2026. "We expect the customer number to grow about fourfold by 2029," she said. Samsung's foundry business plans to diversify its portfolio, which is currently focused on mobile products, toward artificial intelligence (AI) and high-performance computing (HPC). HPC accounted for just 5 percent of the foundry business in 2017 but has since risen to 28 percent. The company expects the share to reach 66 percent by 2029. "By 2029, we expect HPC customers to account for more than half of our customer base, while HPC will also account for well over half of our sales," the executive said. Samsung aims to begin mass production of its third-generation 2-nanometer process in 2028, followed by mass production of its 1.4-nanome