Concerns over government involvement in financial industry persist

South Korean steel giant Posco has set up a task force to overcome economic difficulties. Vice Chairman Kim Hak-dong will spearhead the task force, according to industry sources, Thursday. The task force is expected to focus on reducing costs spent on procuring raw materials, increasing profitability and maximizing business liquidity on the backdrop of difficulties in the global economy. In an ...

Agreement marks 1st collaboration between solar giant, ICT behemoth for clean energy

South Korean IT solutions provider Samsung SDS logged a record sales of 17.2 trillion won ($14 billion) in 2022 that was driven by an expansion in its cloud business, the firm said Thursday. In a regulatory filing, the company said its annual sales in 2022 saw a growth of 26 percent when compared to the previous year. It also posted an operating profit of 916.1 billion won. In the fourth quarte...

The Ministry of SMEs and Startups said Thursday it is ramping up efforts to facilitate the global expansion of small- and mid-sized firms by bolstering distribution and logistics support in overseas markets. The new plans were briefed during an emergency meeting of economy-related ministers earlier in the day. The ministry’s ultimate goal is raising the export contribution of SMEs from last yea...

Celltrion Healthcare, the marketing unit of South Korean drug developer Celltrion, announced Thursday that it has expanded its product portfolio with the recent launch of its cancer-fighting biosimilar Vegzelma in Japan. Vegzelma is a biosimilar referencing Bevacizumab, which is sold under the brand name Avastin. In September of last year, the drug received sales approval from the Japanese Minis...

Samsung Electronics said Thursday that it has won the ISO 22301 certification, a global recognition for crisis preparedness at its chip-manufacturing complex in Hwaseong, Gyeonggi Province. The ISO certification, awarded by the British Standards Institution, is the international standard for business continuity management system or BCMS, representing the highest level of commitment to business c...

South Korean telecommunications giant KT Corp. said Thursday it has signed a partnership deal with the Mongolian government to secure a stable supply of some 80 kinds of mineral resources, including rare earth elements. KT CEO Ku Hyeon-mo signed the memorandum of understanding on mineral resources with Ganbaatar Jambal, Mongolia's Mining and Heavy Industry Minister, in Ulaanbaatar on the sidelin...

South Korean telecom giant SK Telecom’s artificial intelligence-powered Barista Robot blends and pours a cup of coffee for a customer. Jointly developed by Doosan Robotics, the robot can make around 20 kinds of coffee, cool ades and other beverages. SKT has made upgrades to the robot to create custom coffee blends and close plastic cup lids. A surveillance camera is also attached to oversee unman...

Samsung Electronics on Thursday rolled out this year’s new air conditioner lineup, including more energy-efficient models in light of rising energy bills. Starting this year, the company’s patented “windless” cooling, a high-end feature that gently and quietly disperses air through micro air holes, will be adopted in all air conditioner models.

Posco Chemical Co., a major South Korean producer of secondary battery materials, said Thursday it has obtained government approval for the export of its technologies related to producing cathodes, a key component used in electric vehicle cells. The decision was made earlier this month by the private-public committee handling industrial technology protection under the Ministry of Trade, Industry...

Local banks urged to shape up amid push for global expansion

South Korean chipmaker SK hynix said Wednesday it has developed the world’s fastest mobile DRAM chips that have already been delivered to customers. The new product, named Lower Power Data Rate 5 Turbo, or LPDDR5T, operates at a data rate of 9.6 gigabits per second, 13 percent faster than the previous generation the company rolled out last November. According to the world's second-largest memor...

The Korea Pharmaceutical and Bio-pharma Manufacturers Association on Friday sent a written opinion to the US government, in which the business lobby raised concerns over the Biden administration's executive order aimed at bolstering domestic production of biotechnology and biomanufacturing products. "The US should not take discriminatory measures against its allies,” the association said in a st...

Korean battery makers now have upper hand in negotiations with global automakers, industry sources say