Taeyoung receives 96% of support from creditors for debt restructuring

Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, allowing the builder to postpone the repayment of its debts until April 11. Under the program, due diligence will be conducted to figure out the financial status of Taeyoung and its v

EconomyJan. 12, 2024

Creditors vote to allow troubled builder Taeyoung to move forward with debt restructuring

Creditors of debt-ridden Taeyoung Engineering & Construction Co. voted Thursday to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing (PF) loans. The state-run Korea Development Bank (KDB) and other creditors held a meeting earlier Thursday to vote on whether to all

EconomyJan. 11, 2024

[JPM 2024] Celltrion chief vows to set up W100tr fund via IPO

SAN FRANCISCO -- Korean biosimilar giant Celltrion's Founder and Chairman Seo Jung-jin on Wednesday pledged to establish a 100 trillion won ($75 billion) health care fund through the initial public offering of the holding firm of Celltrion Group, as soon as later this year or early 2025. Seo envisions the listing of Celltrion Holdings to harness the generated funds for future initiatives in the biopharmaceuticals sector. Seo holds a 98.5 percent stake in the firm. "With the forthcoming

IndustryJan. 11, 2024

Shinsegae’s Better Foods secures funding from Cleveland Avenue

Better Foods, Shinsegae Food's subsidiary specializing in plant-based products, said Thursday that it has secured investment from the US venture capital investment company, Cleveland Avenue. The exact amount of the deal was not disclosed immediately. Shinsegae Food established Better Foods in the US in 2022 in a bid to strengthen its global competitiveness in plant-based products, one of the retail giant's growth drivers. Cleveland Avenue is a venture capital firm established in 2015 b

CompaniesJan. 11, 2024

[CES 2024] HD Hyundai CEO vows innovations as ‘future builders’

LAS VEGAS -- HD Hyundai's Vice Chairman and CEO Chung Ki-sun declared on Wednesday the company's transition to a technology-driven construction solutions provider, revamping its traditional heavy industry roots, in a keynote speech at CES 2024. It was the first time that the head of a South Korean company that does not make electronics has delivered a keynote speech at the world's largest tech show. "Construction has always played a pivotal role in building the bedrock of the

IndustryJan. 11, 2024

[CES 2024] [From the Scene] Thrill rides at SK’s tech-savvy theme park

LAS VEGAS -- A Disney-like amusement park came to life at the Las Vegas Convention Center for the CES 2024, the world's largest annual tech show, which kicked off in Las Vegas on Tuesday. “SK Wonderland,” the name of SK Group’s pavilion, resembled a fairy-tale theme park, greeting visitors with a series of unique and colorful attractions operated by the energy-to-telecom conglomerate’s advanced technologies. In collaboration with SK’s seven affiliates, includin

TechnologyJan. 11, 2024

Samsung C&T builds world's 2nd-tallest building in Malaysia

Samsung C&T has completed the construction of a 118-story skyscraper in Malaysia, the second-tallest building in the world, the company said on Thursday. The construction and trading firm under Samsung Group held an opening ceremony on Wednesday for finishing Merdeka 118, a 679-meter complex building in the central area of Kuala Lumpur. “Samsung C&T has solidified its leading position in the high-rise construction sector through completing both the world’s first and second ta

IndustryJan. 11, 2024

Hana Bank to provide W356b in support for small businesses

Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana Bank has allocated 219.4 billion won for a cashback program on interest payments

EconomyJan. 11, 2024

BOK kicks off 2024 by keeping interest rate steady

The Bank of Korea maintained the key rate at 3.5 percent for the eighth consecutive session at its first rate-setting meeting of the year on Thursday, confirming its unwavering will to combat inflation. The monetary policy board of the central bank decided to hold the rate through a unanimous vote, keeping the rate steady for nearly a year since February 2023. Though potential fallout from project financing loans in the construction industry looms with Taeyoung Engineering & Construction fil

EconomyJan. 11, 2024

Seoul shares close nearly flat ahead of US inflation data

South Korean shares closed a tad lower Thursday, extending their losing streak to a seventh consecutive session as investors awaited important US inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.71 points, or 0.07 percent, to close at 2,540.27. Trade volume was moderate at 740 million shares worth 10.7 trillion won ($8.15 billion), with losers outnumbering gainers 439 to 438. The Kospi had opened in positive terrain, slightly e

MarketJan. 11, 2024

[CES 2024] Samsung Electro-Mechanics CEO pins high hopes on AI

LAS VEGAS -- Samsung Electro-Mechanics CEO Chang Duck-hyun unveiled the company's new vision centering on four key technology developments -- the mobility industry, robots, artificial intelligence and servers, as well as energy -- to respond to the development of future industries in advance. "The electronics industry is expected to quickly enter an era where humanoids incorporating AI are applied to daily life and industry beyond mobile and mobility platforms," Chang said at a

TechnologyJan. 11, 2024

[CES 2024] LG to double spending for growth

LAS VEGAS -- LG Electronics CEO Cho Joo-wan said Wednesday that the tech giant will spend about 10 trillion won ($7.6 billion) in annual investment, more than double 2023's spending, to maximize its future growth engines despite lingering uncertainties in the macroeconomic circumstances. “We’re committed to maximizing future growth by expanding investment, mainly focusing on key businesses with high-growth and high-profit such as electronics, heating, ventilation and air conditi

TechnologyJan. 11, 2024

[CES 2024] SK On chief hints IPO plan on track

LAS VEGAS/SEOUL -- Chey Jae-won, executive vice chairman of SK Group and SK On CEO, on Wednesday vowed to accelerate plans for the battery maker's market debut at the CES 2024 tech show being held in Las Vegas this week. “It’s hard to predict (the exact timeline for the initial public offering) because we have to consider market conditions and prepare (for the IPO process),” said Chey to the press. “But we’ll push forward (the schedule) as soon as possible when

MobilityJan. 11, 2024

[JPM 2024] Kakao Healthcare's AI diabetes solution to hit Japan, US markets

SAN FRANCISCO -- Kakao Healthcare, the digital health care unit under Korea's platform giant Kakao, revealed its aspirations to launch the AI-based blood sugar management service, PASTA, in Japan later this year, and the US by the end of next year, the company's CEO Hwang Hee said at the JPMorgan Healthcare Conference Tuesday. PASTA, developed in collaboration with global companies Dexcom, Novo Nordisk and iSense, is a blood sugar management service utilizing a continuous glucose monit

IndustryJan. 11, 2024

[CES 2024] Doosan chief highlights business synergy with AI

Doosan Group Chairman Park Jeong-won underscored the importance of applying artificial intelligence technology to other business areas as he toured CES 2024 in Las Vegas on Wednesday. “We are closely looking at how far the advancement of AI has come and how it could change the traditional manufacturing industry,” said Park. “We will look for the ties between AI technology and our business and seek business opportunities.” The Doosan chief along with the group’s mana

IndustryJan. 11, 2024

[CES 2024] Kia to produce EVs for Uber

Kia will collaborate with Uber to develop purpose-built vehicles tailored to fit the needs of the car-sharing service provider to expand the automaker’s PBV business, the South Korean carmaker said as the two sides announced their partnership at the CES 2024 in Las Vegas on Wednesday. According to the announcement, the Uber-customized PBV will be developed on the basis of PV5, Kia’s first PBV slated for mass production in 2025. The PV5, which will be the first model to be assembled o

MobilityJan. 11, 2024

[JPM 2024] Yuhan Corp. to launch two novel therapies in three years

SAN FRANCISCO -- Yuhan Corp. plans to bring at least two novel drugs, which may include an oncology treatment, to the global market by 2026, with an ambitious vision to become one of the world's top 50 pharmaceutical companies, it said at the J.P. Morgan Healthcare Conference' Asia-Pacific track presentation session Tuesday. "Yuhan covers multiple fields in the realm of biopharmaceuticals, from discovering, manufacturing, to sales and marketing, and currently possess 29 innovative

IndustryJan. 11, 2024

New trade minister vows to address supply chain risks for chips, batteries

South Korea's new trade minister said Thursday he will make efforts to address supply chain risks of the country's key export goods, including chips and batteries. "Major countries are competitively announcing trade policies with a focus on fostering and protecting their industries amid looming protectionism around the globe," Trade Minister Cheong In-kyo said. "Along with the lingering competition between the US and China, there are many factors that disrupt the supply

MarketJan. 11, 2024

Creditors of troubled builder Taeyoung set to decide on debt restructuring

Creditors of debt-ridden Taeyoung Engineering & Construction Co. were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing loans. The state-run Korea Development Bank, the builder's main creditor, will receive documen

IndustryJan. 11, 2024

Seoul shares open nearly flat ahead of BOK rate decision

South Korean shares opened nearly flat Thursday as the country's central bank was set to hold a rate setting meeting later in the day. The benchmark Korea Composite Stock Price Index added 1.16 points, or 0.05 percent, to 2,543.14 in the first 15 minutes of trading. The Bank of Korea was scheduled to hold its monetary policy meeting later in the day, where it was widely expected to keep its key rate frozen for the eighth consecutive time. Investors are also awaiting the release of the US in

MarketJan. 11, 2024