Amid pressure building over a series of safety accidents at Hyundai Development Co.’s large-scale construction sites in Gwangju, the builder’s chief is likely to make a public address this week, according to insiders Sunday. A week has passed since an accident at HDC’s 39-story apartment building site in Hwajung-dong in Gwangju, with five people still missing. But HDC Chairman Chung Mong-gyu has...

A record high of nearly 3 million vehicles were recalled in South Korea last year for the replacement of faulty parts and other repairs, government data showed Sunday. According to the data provided by the land ministry, around 2.93 million cars of a total of 2,443 models -- both foreign and domestic -- were recalled in 2021, the largest annual number ever since the recall system was first intro...

LG Energy Solution finds a way with 'peanut butter-jelly' tech

Daewoo Shipbuilding & Marine Engineering is in search of a new owner again after a merger plan with its larger rival Hyundai Heavy Industries failed due to an EU veto on monopoly concerns. The European Commission announced Thursday its prohibition for the merger, claiming that the deal could reduce competition in the global LNG carrier market amid soaring energy prices. Back in 2019, Hyundai He...

Celltrion’s COVID-19 antibody treatment Regkirona has received temporary approval in Switzerland, the Korean biopharmaceutical company said Friday. Celltrion submitted the results from its global third-phase clinical trial and all clinical data on virus variants including the delta variant, according to the company. Swissmedic, which is responsible for the authorization and supervision of thera...

South Korean materials producer Solus Advanced Materials said Friday it has won incentives worth 24 million euros ($27.5 million) from the Hungarian government for facility expansion in the Central European country. The funds will be granted in cash by 2023. The firm said the funds will be used for the expansion of its plant No. 2 in Hungary that manufactures copper foil for batteries used in el...

South Korean electric vehicle battery giant LG Energy Solution and Japanese automaker Honda are in talks to form a joint venture in the US in a rare partnership between Korean and Japanese companies, according to industry sources Friday. The two companies are reportedly in the early stage of discussions to set up a 4 trillion-won ($3.3 billion) EV battery factory in the US with an annual product...

Samsung Electronics Co.'s all-new portable projector, unveiled at the Consumer Electronics Show (CES) last week, has gotten off to a good start, as preorders were sold out at home and abroad, the company said Friday. The new product, The Freestyle, is a light, portable screen and entertainment device, especially aimed at Generation Z and millennials, with no separate screen required and the crad...

SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US biotech startup specializing in making alternative leather. SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release. Myco...

The South Korean government said Thursday that a decision by the European Union to block the merger between the two local shipbuilders – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – may have a limited impact, citing a recovery in global ship orders. “The industry is seeing much better conditions than in 2019 and we will continue searching for the right ‘civilian’ opera...

Korea’s IT giant Kakao said Thursday it will ban CEOs and executives representing its subsidiaries from selling company shares shortly after their market debuts in an apparent move to quell public criticism over their management ethics. According to Kakao’s Corporate Alignment Center, the new control tower that oversees Kakao affiliates, CEOs and executives will be prohibited from exercising st...

South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions. The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 b...

South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday. The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government ...

Korean CMO mulls building more labs overseas, open to M&A opportunities

Tech-savvy candidates preferred by businesses wanting to accelerate pandemic-triggered digitalization, says Manpower Korea