Daewoo E&C builds good management-labor relationship

Daewoo Engineering & Construction and its labor union have joined hands in the effort to create positive, amicable workplace culture for all workers and break through market challenges together. According to the South Korean builder on Tuesday, the management and union reached an agreement earlier this month to reform the company's personnel management systems. The plan includes simplifying the ranking system and upgrading personnel evaluation and wage schemes. They also completed this

CompaniesAug. 20, 2024

Seoul shares open sharply higher on Wall Street gains

South Korean stocks opened sharply higher on Tuesday on overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index shot up 26.07 points, or 0.97 percent, to 2,700.43 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.58 percent higher, with the S&P 500 advancing 0.97 percent. The tech-heavy Nasdaq composite finished 1.39 percent higher as well. The Wall Street gains were powered by eased concerns about a potential recession in the Un

MarketAug. 20, 2024

Buyout firms build appetite for waste managers in Korea

Overseas private equity firms are increasingly eyeing to acquire a stake in waste management companies here, in an attempt to expand their footprint in the environmental sector. Swedish investment company EQT announced Friday that it is set to acquire the local plastic recycler KJ Environment and its affiliates through a stock purchase agreement. EQT is a Stockholm-based buyout firm with 246 billion euros ($272 billion) in total assets under management. The deal, reportedly worth around 1 trilli

IndustryAug. 19, 2024

[KH Explains] Why Korean metro operators are selling station names

South Korea's subway operators are raising billions of won by selling station co-naming rights to corporations, allowing them to place their names alongside the well-known station names, to make up for substantial operating losses. Seoul Metro, the operator of Subway Line Nos. 1 through 9 within the capital, announced Aug. 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a biddin

IndustryAug. 19, 2024

Honeywell taps strategy expert to lead Korean office

Honeywell, a multinational integrated operating conglomerate, on Monday announced that it has appointed Dean Park as the head of its Korean office as it looks to bolster growth here. According to Honeywell, Park will oversee the delivery of tailored products and solutions designed to meet the local needs of Korea’s key industries that align with the three megatrends -- automation, the future of aviation and energy transition -- shaping Honeywell’s portfolio. The new Korea chief will

CompaniesAug. 19, 2024

Samsung tops global TV sales, closely chased by Chinese rivals

While Samsung Electronics maintained its No. 1 position as a TV-maker in the first half of this year, Chinese rivals seem to be ramping up their game to close the gap. Market tracker Counterpoint Research said Monday that global TV shipments grew in the April-June period for the first time in four quarters, fueled by an Olympics spending spree. It reached 56 million units in the second quarter this year, up 3 percent on-year. Samsung took the largest share of 15 percent of total shipments, but i

IndustryAug. 19, 2024

SK's top executives convene to discuss AI at Icheon Forum

SK Group kicked off its annual Icheon forum -- one of the biggest gatherings of its top executives -- in Seoul on Monday to explore strategies for expanding the artificial intelligence ecosystem and reinforcing the value of SK Management Systems, the group’s unique philosophy introduced by former SK Chairman Chey Jong-hyun about half a century ago. About 100 guests and speakers from both Korea and abroad, together with Chairman Chey Tae-won, Executive Vice Chairman Chey Jae-won and SK Supe

IndustryAug. 19, 2024

Bankers better paid than Samsung, Hyundai Motor workers

The average earnings of bankers at South Korea's four major banks in the first half of this year amounted to 60.5 million won ($45,300), surpassing the pay at some of the country's largest companies. According to recent public disclosures reported by the banks to the Financial Supervisory Service, Hana Bank led the pack, offering 67 million won on average to its employees over the first six months. KB Kookmin Bank and Woori Bank followed at 60 million won each, while Shinhan Bank provi

EconomyAug. 19, 2024

Ford halts Quebec battery plant project with SK, EcoPro

Construction of a cathode material plant in Becancour, Quebec -- a joint venture between Korea’s EcoPro BM, SK On, and US automaker Ford -- has been halted for the second time this year, amid growing uncertainty surrounding Ford’s electric vehicle strategy. The plant's construction began in August last year and was initially paused in April this year due to issues with selecting a contractor and finalizing the facility’s design. At the time, Francois Legault, the Premier o

MobilityAug. 19, 2024

Celltrion eyes top 5 drug maker by 2030

South Korean biopharmaceutical firm Celltrion Pharm unveiled Monday a new vision to become one of South Korea’s top five pharmaceutical companies by 2023. Under Vision 2030, Celltrion Pharm said the company aims to make a quantum leap by enhancing its core business strengths and implementing differentiated growth strategies across its manufacturing, research and sales divisions. Celltrion plans to boost production at its Cheongju plant, which holds Good Manufacturing Practice certification

CompaniesAug. 19, 2024

Daewoong’s botulinum toxin debuts in Australia

Daewoong Pharmaceutical, South Korea’s leading drug maker, announced Monday the company officially launched its botulinum toxin, dubbed Nuceiva, in Australia in partnership with a Nasdaq-listed US company Evolus. Oceania is the fifth continent Daewoo Pharmaceutical has entered, after North America, South America, Europe and Asia, with its self-developed botulinum toxin. “Our market penetration into Australia will allow us to build on the momentum of expanding presence in the global m

IndustryAug. 19, 2024

[Photo News] Korean Air spreads wings of charity

Employees from Korean Air and Delta Air Lines pose for a photo after a homebuilding project in Cheonan, South Chungcheong Province, Wednesday. In collaboration with Habitat for Humanity Korea, the initiative aims to provide much-needed housing for local families. A team of 33 employees from the two airlines worked together on various construction tasks, including brick-laying, roofing and carpentry. Korean Air’s partnership with Habitat for Humanity Korea dates back to 2001, initially fo

IndustryAug. 19, 2024

Seoul shares open nearly flat on profit taking

South Korean stocks opened nearly flat on Monday as investors cashed in profits following recent gains amid the eased fears of a potential recession in the United States. The benchmark Korea Composite Stock Price Index (Kospi) edged down 0.58 points, or 0.02 percent, to 2,696.65 in the first 15 minutes of trading. South Korean stocks tumbled by the most on record to a near nine-month low on Aug. 5 amid intensifying fears over a US economic slowdown, crashing 8.77 percent to close at 2,441.55. Se

MarketAug. 19, 2024

More young Koreans give up on finding a job

The number of young people not in education, employment or training was the highest last month for any July on record, revealing South Korea’s deepening troubles in the labor market. The number of NEET Koreans between the age of 15 and 29 who were not actively seeking work stood at 443,000 in July, up 42,000 on-year, according to data from Statistics Korea. The figure had stayed below 300,000 between 2013 and 2017, before surpassing it in 2018. It peaked at 441,000 in 2020 amid the COVID-1

EconomyAug. 18, 2024

Hyundai AutoEver leads security infrastructures projects in Africa

Hyundai AutoEver, Hyundai Motor Group’s software subsidiary, has scored a series of orders to build public security infrastructures in developing African nations: Angola and Mozambique. According to information and communications technology industry sources on Sunday, Hyundai AutoEver signed an 89 billion won ($65.7 million) contract with Angola for a security enhancement project in June this year. For the project, Hyundai AutoEver will set up a system similar to the Korean National Police

CompaniesAug. 18, 2024

Hybrid vehicles report fewest fire incidents: data

Statistics from the National Fire Agency showed Sunday that hybrid vehicles reported the fewest fire incidents over the last five years, as fears related to battery-electric vehicles spread across Korea following the recent EV fires that occurred earlier this month. According to the fire authority’s fire incident status by vehicle type, there were 131 fire cases among hybrid vehicles, which are powered by both an internal combustion engine and an electric motor. As the accumulated number o

MobilityAug. 18, 2024

Per-customer spending at duty-free shops hits 5-year low

The average purchase amount per customer at duty-free shops in South Korea has in the first seven months of this year reached the lowest level in five years, largely due to shifting trends among Chinese tourists and losing their appeal to domestic customers, data showed on Sunday. According to data compiled by the Korean Duty-Free Shop Association, total sales of domestic duty-free companies reached 7.39 trillion won ($5.45 billion) in the first half of the year, up 13.6 percent from 6.5 trillio

IndustryAug. 18, 2024

SK hynix sales more than double in China, US in H1

SK hynix witnessed its sales in China and the US more than double to contribute to an overall growth in revenue in the first half of this year, according to the company’s half-year report Sunday. The world’s second-largest memory chip maker said it logged a total of 28.8 trillion won ($21.26 billion) in sales in the January-June period this year, marking a significant recovery from the 12.3 trillion won the company achieved in the same time last year. In this year's record, 55.4

IndustryAug. 18, 2024

Rebellions, Sapeon Korea merge to challenge Nvidia

Artificial intelligence startup Rebellions and Sapeon Korea officially signed a merger, signaling the birth of the country's first AI unicorn, SK Telecom, Sapeon Korea’s parent company, said Sunday. Rebellions, a fabless chip designer valued at 900 billion won ($664 million), and Sapeon Korea, the AI chip supplier for data centers valued at 550 billion won, have joined hands to carve out a spot in the global AI chip market that is currently dominated by US-based graphic processing uni

IndustryAug. 18, 2024

[Contribution] Boosting trade through digital innovation, global cooperation

By Lee Seong-woo Vice president, Korea Chamber of Commerce and Industry "I'll keep changing it for you." This tagline from a global shopping website's free return policy ad recently stirred up controversy here. Despite receiving a warning from the government for its misleading ad, the e-commerce platform managed to climb to second place among the country's most popular shopping apps. But this surge in overseas direct purchases is not all rosy -- it in fact comes

IndustryAug. 18, 2024