Korea Zinc limits rival’s voting rights to fend off takeover

Culmulative voting system approved for March general meeting amid looming legal fight The current management of Korea Zinc tied the hands of takeover contender MBK-Young Poong, partially limiting the alliance's voting rights through a cross-shareholding structure. With its bid thwarted, MBK-Young Poong warned of legal action against the move. Korea Zinc hosted an extraordinary general shareholders' meeting on Thursday. It was the first shareholders' meeting to take place since late September, wh

Jan. 23, 2025

Hyundai Motor reports record sales, slower profits in 2024

Hyundai Motor Company fell short of achieving record-breaking performance last year, as profits declined for the first time in two years amid deepening uncertainties in the domestic economy and major automotive markets. According to the automaker’s earnings report on Thursday, the auto giant’s annual operating profit for 2024 dropped 5.9 percent to 14.2 trillion won ($9.9 billion) compared to 2023, while its sales revenue climbed 7.7 percent to 175.2 trillion won. Its profit margin also fell fro

Jan. 23, 2025

Korea’s growth slumps to 0.1% in Q4, 2% for 2024

South Korea’s economy limped to a 0.1 percent quarterly growth rate in the final quarter of 2024, bringing full-year growth to a disappointing 2 percent, according to the Bank of Korea on Thursday. The fourth-quarter gross domestic product growth, sharply downgraded from the central bank’s earlier forecast of 0.5 percent -- and even lower than the 0.2 percent projection made by BOK Gov. Rhee Chang-yong last week -- underscores the major economic challenges ahead for the country amid the continui

Jan. 23, 2025

LG Electronics logs record sales in 2024

LG Electronics said Thursday it logged its highest-ever annual revenue in 2024, driven by sustained growth in its flagship home appliances and automotive electronics businesses. Sales reached a record 87.73 trillion won ($61 billion) last year, up 6.6 percent from a year earlier and surpassing the 82.52 trillion won reported in 2022. Operating profits for the year, however, declined by 6.4 percent on-year to 3.42 trillion won. Net income also saw a sharp decrease of 48.6 percent on-year to 591.4

Jan. 23, 2025

Chaebol ramp up US lobbying with Samsung leading the pack

New US policies prompt aggressive lobbying by biggest players; Hanwha outpaces Hyundai in spending for first time South Korean conglomerates increased their spending on lobbying in the US last year, with Samsung leading the pack with nearly $7 million. The escalating lobbying activities in the world’s largest economy appear to be in response to changes in US policies, such as the CHIPS and Science Act and the Inflation Reduction Act, and in preparation for the new Trump administration. According

Jan. 23, 2025

Freezing Galaxy S25 price wasn't easy choice: Samsung mobile chief

Samsung Electronics’ mobile head Roh Tae-moon said the South Korean tech titan’s latest flagship smartphone lineup has initiated the “true beginning of the artificial intelligence phone era.” “The Galaxy S25 series, powered by multimodal AI capabilities, offers the most natural and seamless mobile experience ever, enabling users to interact with their devices as if conversing with a friend,” Roh said during a press conference held in San Jose, California, on Wednesday, following the Samsung Gala

Jan. 23, 2025

HD Hyundai leader discusses multi-fuel future at Davos

Executive Vice Chairman Chung Ki-sun highlights future of shipbuilding through digital technologies HD Hyundai Executive Vice Chairman Chung Ki-sun discussed plans for a multi-fuel future and ways to optimize the building and operation of software-defined ships at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, the Korean shipbuilder said Thursday. Attending the Davos Forum for the third consecutive year, Chung participated in the Oil & Gas Governors and Supply Chain & Transp

Jan. 23, 2025

DB Robotics partners with KOSPO, SK Shieldus to develop industrial safety robots

DB Robotics, South Korea’s only robotics company specializing in industrial safety and accident prevention, announced Thursday that it has signed a memorandum of understanding with Korea Southern Power Co. and SK Shieldus to develop and deploy specialized robots to enhance the nation’s power grid stability and workplace safety. The agreement focuses on developing and implementing robots designed to remove foreign materials from cooling water intakes and control high-voltage circuit breakers, the

Jan. 23, 2025

[Photo News] APEC CEO Summit committee kicks off

SK Group Chairman Chey Tae-won (right, front), who doubles as head of Korea Chamber of Commerce and Industry, and Industry Minister Ahn Duk-geun (left, front) pose for a photo after unveiling a plaque during the kick-off ceremony for the promotion committee of the 2025 APEC CEO Summit held at the KCCI headquarters in Seoul on Thursday. This year's summit is set to be held in Gyeongju, North Gyeongsang Province, on Oct. 28-31. Under the theme of "Bridge, Business, Beyond," the summit will bring t

Jan. 23, 2025

Hanwha Life builds global partnerships at Davos

Hanwha Life Insurance announced Thursday that it has signed two key agreements at the World Economic Forum in Davos, Switzerland, to boost its global presence and drive innovation in artificial intelligence and financial technology. On Tuesday, Hanwha Life signed a memorandum of understanding with SBVA, formerly SoftBank Ventures Asia, a venture capital firm specializing in AI and ICT investments. The agreement was signed by Hanwha Life CEO Yeo Seung-joo, Chief Global Officer Kim Dong-won and SB

Jan. 23, 2025

Retail sales up 8.2% in 2024 on increased online, offline shopping

South Korea's retail sales rose 8.2 percent in 2024 from a year earlier as both offline and online platforms posted solid growth, the industry ministry said Thursday. The combined sales of 23 major offline and online retailers reached 179.1 trillion won ($124.6 billion) last year, compared with 166.8 trillion won in 2023, according to data compiled by the Ministry of Trade, Industry and Energy. Sales of offline retailers moved up 2 percent on-year, driven by convenience and department stores, al

Jan. 23, 2025

Govt. discusses measures to address new US EV policies with carmakers

South Korea will make efforts to avoid the potential fallout from US President Donald Trump's recently signed executive order calling for the possible termination of "unfair" subsidies on electric vehicles, the industry ministry said Thursday. "The government will continue to closely monitor trends in the US and communicate closely with businesses to create opportunities even amid challenges," a senior ministry official said during a meeting with representatives from carmakers. The meeting was o

Jan. 23, 2025

Biz lobby launches promotion committee for APEC CEO Summit

South Korea's business community on Thursday launched a promotion committee to support the government's preparations for the Asia-Pacific Economic Cooperation CEO Summit set to be held in the country this year. The Korea Chamber of Commerce & Industry said the committee, led by KCCI Chairman Chey Tae-won, will engage in efforts to invite key figures to the event, which is expected to host around 1,000 government and business officials from around the globe. "The APEC CEO Summit will offer a venu

Jan. 23, 2025

HD Korea Shipbuilding wins W3.72tr order for 12 LNG container ships

HD Korea Shipbuilding & Offshore Engineering Co. said Thursday it has secured a 3.72 trillion-won ($2.59 billion) order to build 12 liquefied natural gas container ships. The company said in a regulatory filing that the vessels were ordered by an unnamed European shipping company, though industry reports suggest the likely client is France's CMA CGM, one of the world's top three shipping companies. The ultra-large container ships, each with a capacity of 18,000 twenty-foot equivalent units, will

Jan. 23, 2025

Celltrion's autoimmune disease treatment hits 5 major European countries

Celltrion Inc.'s autoimmune disease treatment, SteQeyma, has been launched in five major European nations, the Korean company said Thursday. SteQeyma, an ustekinumab biosimilar treatment for multiple chronic inflammatory diseases, was released in France on Monday, following its launch in Italy and Spain earlier this month, according to Celltrion. Its France launch also follows its release in Britain last month and in Germany in November. The drug won the European Commission's approval in August

Jan. 23, 2025