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Hanwha Hotels to acquire Ourhome in W870b deal
Hanwha Hotels & Resorts announced on Tuesday that it has signed a stock purchase agreement to acquire a 59 percent stake in Ourhome, a leading Korean food catering company. In a regulatory filing, the company stated that it plans to acquire a 58.62 percent stake in Ourhome for 869.5 billion won ($598 million). Ourhome's market value is estimated at about 1.5 trillion won. This decision was made in a board meeting Tuesday morning in which discussions on the acquisition deal were finalized. The sh
Feb. 11, 2025 -
[Reporter’s Notebook] There's no winner in destructive fight
Prolonged dispute over control of Korea Zinc turns into game of chicken at cost of industrial competitiveness The fight for management control over Korea Zinc has been long, nasty and expensive -- more so than any party to the dispute could have imagined. Korea Zinc has been quietly expanding its market presence as a hidden champion -- the world's No. 1 non-ferrous metal smelting company, producing the largest quantities of four metals: zinc, lead, silver and indium. It also makes several rare m
Feb. 11, 2025 -
CJ CheilJedang ramps up K-food expansion as overseas sales reach nearly half of revenue
Korean food giant CJ CheilJedang's overseas food business revenue neared 50 percent of total sales last year, as the company expanded its K-food footprint beyond North America into Europe and other global markets. CJ CheilJedang announced Monday that its 2024 revenue, excluding CJ Logistics, dipped slightly by 0.1 percent to 17.87 trillion won ($12.29 billion). However, operating profit soared by 26 percent to 1.03 trillion won, fueled by robust overseas growth. The core food business saw a 0.8
Feb. 11, 2025 -
Work hour reform for chipmakers: R&D flexibility or worker exploitation?
Semiconductor act sparks clash over innovation, employee protections The government push to pass a highly anticipated law for the semiconductor industry, which includes a clause that would ease the national limit on work hours in the critical sector, remains in limbo, as the majority opposition party and labor unions strongly oppose the legislation, calling it “exploitative.” Amid the tense standoff between the ruling People Power Party and the main opposition Democratic Party over the clause ai
Feb. 11, 2025 -
S. Korea to promote industrial use of quantum technology
Local businesses and research and academic institutions will join hands to promote the industrial use of quantum technology, a fast-evolving technology that is expected to transform many industries, the industry ministry said Tuesday. An industrial forum of quantum experts from local enterprises, startups and academic and research institutions was held in Seoul as part of efforts to promote the development of the cutting-edge technology and its commercialization, according to the Ministry of Tra
Feb. 11, 2025 -
S. Korea to extend agriculture ODA programs to 50 countries by 2029: ministry
South Korea plans to expand its official development assistance to 50 nations by 2029, the agriculture ministry said Tuesday, a move partly aimed at strengthening the global competitiveness of the country's agri-food industry. The move comes as part of the government's five-year plan to bolster the country's international agriculture cooperation projects, according to the Ministry of Agriculture, Food and Rural Affairs. Under the plan, the government will extend ODA programs in the agriculture s
Feb. 11, 2025 -
S. Korea to invest W260b to develop advanced shipbuilding technologies
South Korea will invest 260 billion won ($179 million) to develop cutting-edge shipbuilding technologies this year as part of efforts to bolster the global competitiveness of its shipbuilding industry, the industry ministry said Tuesday. The proposed amount marks a 40 percent increase from the corresponding budget for 2024, according to the Ministry of Trade, Industry and Energy. Of the 260 billion won, the ministry will invest 170 billion won in developing technologies for creating eco-friendly
Feb. 11, 2025 -
Concerns raised over potential data leak to China via BYD cars in S. Korea
With the recent entry by China's BYD Co. into South Korea's passenger electric vehicle market, concerns have been raised over potential personal data leaks to China through the vehicles manufactured by the company, industry observers said Tuesday. The security risks of private data leaks to China emerged following BYD's official entry into the South Korean passenger vehicle market last month. BYD's first model launched here, the Atto 3, is equipped with connected car features, such as over-the-a
Feb. 11, 2025 -
Trump formally announces 25% tariff on steel, aluminum imports
US President Donald Trump announced plans Monday to impose 25 percent tariffs on all steel and aluminum imports coming into the United States "without exceptions or exemptions," raising concerns over its ramifications on South Korean and other exporters. Trump signed two proclamations regarding the sweeping tariffs, while affirming a plan to announce "reciprocal" tariffs "over the next two days" -- duties on US imports designed to match tariff rates that other countries impose on US exports. Dur
Feb. 11, 2025 -
Kyobo Life chief repurchases 5.3% stake from Affirma Capital
Kyobo Life Insurance Chair Shin Chang-jae is repurchasing a 5.33 percent stake in the insurer from Affirma Capital, raising hopes that ongoing legal battles with other financial investors could also be resolved soon. Seoul-based private equity firm Affirma agreed Friday to sell its stake in Kyobo Life for 216.2 billion won ($148.8 million), or 198,000 won per share, according to industry reports. The price matches Kyobo Life’s 2023 repurchase of a 2 percent treasury stake from employees and Gold
Feb. 10, 2025 -
ISTE enhances corporate clientele ahead of Kosdaq listing
Chip manufacturing equipment supplier ISTE announced Monday it has expanded its client base with a new deal, ahead of its Kosdaq market debut slated for Wednesday. ISTE specializes in cleaning equipment for wafer carriers and supplies its products to chip giants such as SK hynix, Samsung Electronics and SK Siltron. According to the announcement, ISTE secured a deal to provide its product to an outsourced semiconductor assembly and test company with headquarters in the US. The latest deal shows h
Feb. 10, 2025 -
Korean steelmakers on edge as Trump unveils 25% tariff plan
With US tariffs looming, Korea’s steel and aluminum industries face uncertainty amid trade tensions and global competition US President Donald Trump's unexpected announcement of a 25 percent tariff on all imported steel and aluminum has sent shockwaves through Korea’s steel industry. With North America accounting for over 10 percent of Korea’s steel exports and domestic producers already struggling with weak performance, industry experts predict that the economic impact could be significant. “An
Feb. 10, 2025 -
Hanwha Precision Machinery renames itself Hanwha Semitech
Hanwha Precision Machinery, a Korean industrial solutions provider, has rebranded as Hanwha Semitech to underscore its commitment to chip production machines and solutions. The company, affiliated with Hanwha Group’s security solutions division Hanwha Vision, unveiled the new name Monday. Hanwha Semitech said its rebranding aims to enhance global competitiveness and align itself with its long-term vision by sharpening its focus on the core business. The company, which became independent from Han
Feb. 10, 2025 -
LG Energy Solution to oversee bidding process at Korea’s largest wind farm
LG Energy Solution said Monday it was selected to operate renewable energy bidding services at an offshore wind farm in Jeju Island, as it seeks to diversify its business portfolio amid the electric vehicle market slowdown. Under the state-run Korea Power Exchange’s renewable energy bidding system, the battery manufacturer will oversee the operations of the nation’s offshore wind power plant projects hosted at the Hallim Offshore Wind Farm. With an annual capacity of 100 megawatts, the Jeju wind
Feb. 10, 2025 -
Korea sees sharp rise in management disputes, SMEs most affected
KCCI suggests lawmakers halt discussions on Commercial Act revision over shareholder dispute concerns South Korea has been witnessing a rise in management control battles, with the number of disputes reaching the highest in five years last year, according to a report released Monday by the Korea Chamber of Commerce and Industry. In 2024, 87 publicly traded companies filed a total of 315 cases related to corporate control lawsuits, according to the KCCI’s report, which analyzed regulatory filings
Feb. 10, 2025