Major business lobby groups on Monday urged the National Assembly to swiftly approve a corporate tax reduction bill that the Yoon Suk-yeol administration introduced in July to help local businesses better respond to widespread fears of an economic recession on time. The nation’s six business groups, led by the Korea Chamber of Commerce and Industry, released a joint statement contending that the...

Hyundai Glovis is entering the fast-growing recycling market for used electric vehicle batteries by developing a renewable energy complex and power grid models in Shinan-gun, South Jeolla Province, the company said Monday. Joining hands with Korea Hydro & Nuclear Power, Sinan County Office and LS Electric, the company will set up energy storage systems using used batteries next year to help the ...

South Korea's defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha began inspection on DSME last month, but had extended the original four-week long period to six weeks, citing its need to t...

South Korea's leading kimchi maker Daesang said Monday it signed an agreement with a Polish food company to establish a joint venture to sell kimchi in Europe. Named "Daesang ChPN Europe," the joint venture will be 76 percent owned by Daesang and 24 percent owned by Charsznickie Pola Natury (ChPN), a Polish food product distributor. The new entity will be launched in January, next year. With th...

Naver Corp. on Monday reported its third-quarter net income of 231.6 billion won ($163.2 million), down 28.2 percent from a year earlier. The company said in a regulatory filing that it posted 330.2 billion won in operating profit for the quarter, compared with 349.8 billion won a year ago. Sales rose 19.1 percent to 2.05 trillion won. The earnings fell behind market expectations. The average e...

‘Winter shutdowns’ from January to March due to safety checks, not default concern, Merlin says

South Korean power solutions producer LS Electric said Friday that a Thai delegation, led by Ambassador to Korea Witchu Vejajiva, recently visited its smart factory in Cheongju, North Chungcheong Province, and discussed ways to bolster business cooperation. During the visit on Thursday, the ambassador was accompanied by Nithi Patarachoke, president of Siam Cement Group, Thailand’s second-largest...

Robots' penetration into the market depends on services that cater to 'human desires,' says KIRIA chief

The Ministry of SMEs and Startups said Friday that it will expand its funding for venture capitals’ investment in startups to a total of 8 trillion won ($5.6 billion) by 2026 to spur startups’ growth. “Battered by inflation, high interest rates and a strong US dollar, investments into Korean startups are slowing down,” said SMEs and Startups Minister Lee Young. “The country needs a more dynamic ...

Millie’s Library, one of South Korea’s largest e-book subscription platforms, said Friday it will make its stock debut on the tech-heavy secondary bourse Kosdaq later this month, despite the unfavorable market sentiment. “This is the time to invest in growth. We aim to grow into a multicontent platform based on reading,” Seo Young-taek, CEO of Millie’s Library, said during a press conference hel...

South Korea plans to provide a wide array of support to local shippers and venture companies to add vitality to the weak investment sentiment amid the looming global recession, the finance minister said Friday. "Recently, external and internal uncertainties have been rising due to the growing concerns over a global slump and expanding volatility in the financial market," Finance Minister Choo Ky...

Korea ranked 8th in growth potential, knowledge of professionals, according to CPhI survey

'Most of our startups are service, platform providers, not hard-tech companies': SMEs minister

Women still a fraction of CEOs at big firms

Posco International said Tuesday that it clinched a partnership with Dutch hyperloop technology provider Hardt, with an aim to seek business opportunities in the global market for ultra high-speed, eco-friendly transportation system. Under the agreement, Posco International will work on securing a smooth supply of Posco-manufactured steel materials for hyperloop facilities in Europe, and work fu...