Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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Korea added to key bond index
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Posco to relocate headquarters to Pohang
Posco Holdings, a unit of South Korean steel giant Posco Group, will relocate its Seoul headquarters to the industrial city of Pohang, North Gyeongsang Province, as the plan was approved at a shareholders meeting Friday. “We have decided to relocate the headquarters to coexist with the local community of Pohang, which enabled the growth of Posco,” Posco Group Chairman Choi Jeong-woo said. Pohang is home to the group’s key steel mills and other production facilities. While some
March 17, 2023
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Yoon calls for Korea-Japan cooperation on chips, batteries
South Korean President Yoon Suk Yeol called for close cooperation of businesses of South Korea and Japan, especially in cutting-edge fields of semiconductors and batteries, during a meeting of entrepreneurs of the two countries, Friday. The two biggest business groups of South Korea and Japan, Korean Federation of Industries and Japan Business Federation -- commonly known as Keidanren -- hosted the Korea-Japan Business Roundtable on the second day of Yoon's two-day visit to Tokyo. Yoon held
March 17, 2023
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KAI CEO denies sellout rumor
Korea Aerospace Industries will spend 4.5 trillion won ($3.5 billion) in research and development to achieve a quantum jump in the global aerospace industry, according to its CEO on Friday. “In the aerospace industry, you cannot survive if you are not looking ahead 40 to 50 years from now. From the perspective of a CEO, (spending money on) research and development drags down (short-term) performance because it cuts down revenue. But if we don’t (invest in R&D) now, KAI will not h
March 17, 2023
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HD Hyundai builds industrial alliance for carbon neutrality
South Korea’s HD Hyundai, the world’s largest shipbuilding group, said Friday it is forming the industry’s first alliance for carbon neutrality along with Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, the American Bureau of Shipping and the Korean Register of Shipping. On Thursday, the top three local shipbuilders and international ship classification organizations agreed to carry out a joint project tracking and standardizing their carbon footprint ba
March 17, 2023
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Economic slowdown persists on weak exports, biz sentiment: finance ministry
South Korea's finance ministry said Friday that Asia's No. 4 economy continues to experience an economic slowdown amid sluggish exports and weak business sentiment. "While the inflation has slowed recently, the recovery in domestic consumption has become moderate. With exports remaining sluggish and manufacturers' business sentiment contracting, the trend of an economic slowdown has continued," the Ministry of Economy and Finance said. It marked the second consecutive mo
March 17, 2023
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SpaceX sets up subsidiary in S. Korea for Starlink service
US space firm SpaceX has set up a subsidiary in Seoul to launch satellite internet services using Starlink here, industry sources said Thursday. SpaceX established Starlink Korea LLC on March 8, and Lauren Ashley Dreyer, SpaceX's senior director of Starlink business operations, has been appointed as representative, according to the sources. In January, the space firm owned by Elon Musk applied for business registration with the South Korean government, as it seeks to launch Starlink in the
March 16, 2023
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Hyundai Steel to sell Beijing unit after years of sluggish sales
Hyundai Steel, South Korea’s second-largest steelmaker, said Thursday that it would sell its Beijing unit, Hyundai Steel Beijing Process, after years of sluggish sales compounded by the shrunken market share of Hyundai Motor and Kia cars in China. Hyundai Steel will still keep its Tianjin unit for its business in China, the company added. "(Hyundai Steel) has completed signing a memorandum of understanding with a potential buyer for the Beijing plant. The company will soon engage in
March 16, 2023
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E1 pledges $100,000 in aid for earthquake victims in Turkey
South Korean eco-friendly energy company E1 announced Thursday that it will donate $100,000 to support earthquake victims in Turkey. Having already participated in LS Group’s Turkey relief fund in February, E1 said it has decided to make additional donations considering the severity of earthquake damage. E1 has communicated with BGN, an energy trading company in Turkey, for the selection of local donation sources, while the relief fund and supplies will be delivered to Turkey’s Disas
March 16, 2023
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Samsung ups stake in Rainbow Robotics
Samsung Electronics has purchased more shares in Rainbow Robotics, a local humanoid robotics company, in an apparent move to ramp up its presence in the burgeoning robotics market. In a regulatory filing on Wednesday, Rainbow Robotics reported its Chief Executive Officer Oh Jun-ho and other special interest groups sold their combined 4.8 percent stake in the company to Samsung for 27.8 billion won ($21.2 million). Adding to its 10.22 percent stake purchased in January, Samsung now owns a tota
March 16, 2023
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Eximbank, NuScale Power ink partnership for overseas SMR venture
The Export-Import Bank of Korea said Thursday it has signed a memorandum of understanding with NuScale Power, an Oregon-based nuclear power company, for financial cooperation aimed at expanding the reach of Korean companies in securing overseas orders. Eximbank Chairman Yoon Hee-sung met with NuScale Power CEO John L. Hopkins to sign the contract at NuScale’s office in Rockville, Maryland. NuScale Power, which specializes in small modular reactor, or SMR, technology, is a company in which
March 16, 2023
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APR raises W8b in pre-IPO funding
South Korean beauty tech conglomerate APR announced Thursday that it has attracted 8 billion won ($6.1 million) through a pre-initial public offering, which is to be mainly funneled into its beauty device business. NH-Soo Investment Capital’s Innovation Growth M&A Investment Association, SJ Partners and IBK Industrial Bank of Korea participated in the pre-IPO investments, based on its recognized corporate value of 700 billion won. APR has several brands encompassing street fashion and
March 16, 2023
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Korea, Japan biz groups to create future partnership fund
The two biggest business groups from South Korea and Japan will establish two future partnership funds as the two countries’ economic sectors try to mend ties and strengthen cooperation, according to officials Thursday. Kim Byong-joon, acting chief of the Korean Federation of Industries, and Masakazu Tokura, chairman of the Japan Business Federation, commonly known as Keidanren, announced the joint declaration at Keidanren's office in Tokyo. The announcement was made on the occasion o
March 16, 2023
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SK Inc. seeks bigger footing in Southeast Asia’s car-sharing market
SK Inc., the investment arm of SK Group, said Thursday it will divest all of its 2.98 percent stake in Turo, the San Francisco-based car-sharing company, as it is looking to cement its leadership in the fast-growing mobility market in Southeast Asia. SK will sell its stake in Turo to Swiss-based venture capital firm G Squared, an existing shareholder, for $67.5 million. The transaction is expected to be completed in the first half of this year, company officials said. “We are pleased to co
March 16, 2023
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7 companies to recall over 8,800 vehicles over faulty parts
Hyundai Motor Co., BMW and five other companies will voluntarily recall over 8,800 vehicles to fix faulty components, the transport ministry said Thursday. The seven firms, which also include Mercedes-Benz Korea, Jaguar-Land Rover Korea, GM Asia-Pacific regional headquarters, Suzuki and Bike Korea, are recalling 8,875 units of 27 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The recalls are due to software problems with the electronic steering system i
March 16, 2023
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Posco pledges W4b to compensate wartime forced labor victims
Posco, the country's leading steelmaker, said Wednesday the company will donate 4 billion won ($3 million) to a state-led fund to compensate the victims of forced labor during Japan’s colonial rule of Korea. The 4 billion won is part of the 10 billion won it pledged to contribute to the public fund in 2012. Earlier this month, the Foreign Ministry announced it would collect “voluntary” donations from local companies to the Foundation for Victims of Forced Mobilization, an
March 15, 2023
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LG Innotek CEO wins Gold Tower award
LG Innotek CEO Jeong Cheol-dong received the Gold Tower Order of Industrial Service Merit, the highest honor in the field awarded by the South Korean government, at the annual Trade Day ceremony Wednesday for his notable contribution to the national economy. Jeong was honored for his part in strengthening the competitiveness of the national industry by securing proprietary technologies in materials and parts, developing new technologies, leading process innovation and localizing equipment over t
March 15, 2023
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Fundamentals in focus as Samsung CEO signals continued investment
SUWON, Gyeonggi Province -- While forecasting a grim business outlook amid a global economic downturn, Samsung Electronics Vice Chairman Han Jong-hee vowed to overcome difficulties by focusing on the "fundamentals" and to maintain investment, during this year's annual shareholders meeting Wednesday. “We expect this year to be more difficult than ever, as management uncertainties surrounding the company would continue. But even in these situations, we were able to overcome
March 15, 2023
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Korea Ginseng Corp. opens R&D center in US
Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Wednesday it set up a research and development center in California in a bid to continue its development of Korean ginseng customized for the US market and ramp up its sales overseas. KGC said with the new R&D center it plans to research ways to improve the functions of its flagship red ginseng products sold in the US -- including boosting the products' capability to improve consumers' immunity, reduce fati
March 15, 2023
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Hyundai Elevator joins bid for smart city project in Indonesia
Hyundai Elevator said Wednesday it is joining a government-led consortium to participate in bidding to win a megacity project in Indonesia, which ranges from construction to mobility and smart city solutions. The consortium, named One Team Korea, is led by Land, Infrastructure and Transport Minister Won Hee-ryong, with a total of 22 companies joining across industries. As part of the team, Hyundai Elevator said it has joined hands with its sister firm Hyundai Movex in a bid to offer its elevator
March 15, 2023
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HanmiGlobal secures new housing deal for Saudi project
South Korean construction management firm HanmiGlobal announced Wednesday that it has signed a new project management deal to oversee the construction of some 20,000 housing units for workers for Saudi Arabia’s Neom City project. The latest deal comes following another deal it struck for building 50,000 homes in the workers’ residential complex in November last year. The combined size of the two deals is worth about 15 billion won ($11.5 million), with the 70,000 homes set to be buil
March 15, 2023