Government approves plan for world’s largest chip complex in Yongin

Samsung to spend up to W360tr, with first fab set to be operational by 2030 The Korean government has designated a chip cluster in Yongin, Gyeonggi Province, as a national industrial complex, three months ahead of its original schedule, to create the world’s largest chip manufacturing hub by 2030, the Land Ministry said Thursday. Cutting the time for site selection and designation of the industrial complex reflects the government’s commitment to accelerating administrative procedures and ensurin

Dec. 26, 2024

Line Pay Taiwan takes big leap with $1b IPO

Line Pay Taiwan Limited, the top mobile payment service provider in Taiwan, has redefined how mobile users and merchants interact with digital finance, helping to usher in the future of mobile payments. The successful initial public offering on the Taiwan Stock Exchange on Dec. 5 is the latest achievement for the company, which has consistently reached major milestones that set it apart from competitors. Since launching in August 2015, Line Pay Taiwan has grown dramatically, with more than 12.7

Dec. 26, 2024

Celltrion Herzuma tops Japan's anticancer biosimilar market

Celltrion announced Thursday that its breast and gastric cancer treatment Herzuma (trastuzumab biosimilar), achieved a 74 percent market share in Japan, Asia's key pharmaceutical market, as of November. Since overtaking the original product in market share during the second quarter of 2021, Herzuma has held the top position for three consecutive years, and is now further distancing itself from competitors. Herzuma’s success stems from its strong product competitiveness, highlighted by its 2019 a

Dec. 26, 2024

aT, Ourhome join hands to bring K-food to global catering markets

The state-run Korea Agro-Fisheries & Food Trade Corp., also known as aT, announced Thursday that it has signed a memorandum of understanding with Korean food service giant Ourhome to expand the global presence of Korean cuisine and support domestic agriculture. The partnership, supported by the Ministry of Agriculture, Food and Rural Affairs, aims to introduce Korean dishes to institutional catering menus worldwide. It also seeks to secure export opportunities for small and medium-sized Korean f

Dec. 26, 2024

SKC's copper foil plant secures $133m subsidy in Poland

SK Nexilis, a copper foil arm of the Korean chemical manufacturer SKC, will receive a subsidy of about $133 million from the Polish government as part of the European Union's efforts to support the industrial transition to a net-zero economy, SKC announced Thursday. The subsidy, finalized under the Temporary Crisis and Transition Framework program, aims to support companies involved in the low-carbon industry in the EU. SK Nexilis became eligible for the subsidy as it prepares to produce copper

Dec. 26, 2024

Paris Baguette opens new stores in Vancouver

South Korean bakery giant SPC Group announced Thursday the opening of its ninth and tenth Paris Baguette franchise stores in Vancouver, marking another step in its Canadian expansion. Following successful debuts in major cities like Toronto and Calgary, the new branches aim to strengthen the brand’s foothold in North America. The Coquitlam location, the first to open, sold approximately 4,500 cakes and pastries on its opening day with nearly a hundred customers queuing. The franchise stores in V

Dec. 26, 2024

Govt. pledges support for SMEs, including establishment of hotline

South Korea's top economic policymaker vowed Thursday to provide active government support for small and medium-sized enterprises amid a prolonged economic slowdown, including the establishment of a hotline to address their concerns. The online platform aims to enable swift responses to their needs, address challenges arising from declining domestic demand and the overall market downturn, and provide prompt assistance, the finance ministry said. "We will continuously collect feedback from the fi

Dec. 26, 2024

Govt. designates Yongin chip cluster as national industrial complex

The South Korean government designated a semiconductor cluster in Yongin, located on the southern outskirts of Seoul, as a national industrial complex, aiming to create one of the country's biggest chip manufacturing hubs by 2030, the land ministry said Thursday. According to the ministry, the plan for the Yongin national industrial park was approved three months ahead of schedule to expedite the overall process, reflecting the government's commitment to accelerating administrative procedures an

Dec. 26, 2024

[Best Brand] Building brand power

Brand power is a measure of a brand's strength and reputation in the market and is often determined by three key factors: meaningfulness, difference and salience. It can be defined as the ability of a brand to influence consumer behavior and create a strong emotional connection with its target consumers. Merely offering good-quality products can no longer attract customers. Consumer trust and loyalty are hard to come by, but once earned they are a company’s most valuable assets. Every year since

Dec. 26, 2024

Samsung Heavy wins W742b ethane carrier order in Asia

Samsung Heavy Industries Co., the world's third-largest shipbuilder by orders, said Thursday it has received a 742 billion-won ($508 million) order to build two very large ethane carriers for an Asian shipper by 2027. The South Korean shipbuilder did not offer further details of the deal, including the name of the shipper. With the latest order, Samsung Heavy has obtained $7.3 billion worth of orders so far this year, which account for 75 percent of its annual order target of $9.7 billion. The c

Dec. 26, 2024

Amid shakeup, SK seals ties with Hahn & Co.

Chip-to-energy conglomerate sells off key units to private equity firm as part of restructuring As SK Group doubles down on a full-fledged restructuring of its businesses ranging from semiconductors to energy, the major South Korean conglomerate continues to sell off units to private equity company Hahn & Co., announcing two deals this week. SK Enpulse, a semiconductor part and equipment maker under SKC, decided to separate some of its semiconductor part business and sell its chemical mechanical

Dec. 25, 2024

Amorepacific shifts focus back to China, targets high-end consumers

The Chinese market may be too big to lose for Amorepacific. The Korean cosmetics giant is now refocusing its efforts on high-spending consumers in China through its premium products, trying to restore the foothold it enjoyed before it was affected by geopolitical issues between the two countries. The renewed focus is reinforced by Amorepacific's steadfast participation in the China International Import Expo for seven consecutive years, including last month. The company's consistent presence at t

Dec. 25, 2024

[Photo News] Travel with Hana

Dec. 25, 2024

Hanwha Solution scores $1.45b US loan for solar power

Hanwha QCells, the solar power division of Hanwha Solution, said Wednesday it was approved for a $1.45 billion loan from the US Department of Energy to fund its construction of the largest solar panel production base in North America. The loan is included in the government’s Advanced Technology Vehicles Manufacturing Loan Program, which offers low-cost funding to companies developing clean-energy projects at an interest rate equivalent to the US 10-year Treasury bond, currently around 4 percent.

Dec. 25, 2024

Air Incheon names new CEO ahead of Asiana cargo merger

Korea's only dedicated cargo airline Air Incheon is preparing to launch a unified operation next July following its acquisition of Asiana Airlines' cargo division with Kim Kwan-sik appointed CEO to lead the effort. According to aviation officials on Tuesday, Kim, Air Incheon's former senior vice president and chief financial officer, is a seasoned financial expert with extensive experience in finance and accounting within the Kumho Asiana Group. He assumed his new role on Dec. 11. Kim graduated

Dec. 24, 2024