Most Popular
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[Latest Updates] Impeachment vote scrapped
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Ruling party leader stands firm on suspending Yoon from his position
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South Korean military says will not obey another martial law
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President Yoon Suk Yeol says will entrust state affairs to ruling party
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Motion to impeach Yoon Suk Yeol scrapped
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Why did martial law troops go to National Election Commission?
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Rights group claims proof of 2nd martial law declaration
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Bill to investigate Kim Keon Hee fails to pass
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[Breaking] Majority of ruling party lawmakers exit after vote on first lady probe
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Nobel Prize winner Han Kang expresses shock over martial law news
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Alibaba to launch B2B platform exclusively for Korean sellers
Chinese e-commerce giant Alibaba.com, owned by Alibaba Group, said Monday that it will launch an online platform to help Korean sellers expand into global online markets. The new platform, called the South Korea Pavilion, will be available starting Aug. 8 and will focus on business-to-business transactions, according to the company. "Despite the abundance of talented sellers in Korea across various fields such as food, cosmetics and auto parts, many still struggle to expand their online sal
July 22, 2024
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[Photo News] New engine on display
Hanwha Aerospace said Monday that it will unveil the prototype of a 15,000-pound-thrust-class turbofan engine for the first time at this year's Farnborough International Airshow taking place in the United Kingdom throughout this week. The engine will power South Korea's KF-21 fighter jets and uncrewed combat aircraft in the future. Along with Hanwha Aerospace's latest development, Hanwha Systems will exhibit its active electronically scanned array, or AESA, radars for different ty
July 22, 2024
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Merger boosts SK On’s bid for turnaround
SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar
July 19, 2024
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Daewoo E&C chosen to construct Czech nuclear plants
Daewoo Engineering & Construction has been chosen as the preferred bidder to build nuclear power plants in the Czech Republic, the company said Thursday. According to the Ministry of Trade, Industry and Energy earlier in the day, the Czech government has selected the state-run Korea Hydro & Nuclear Power as the preferred bidder to build four nuclear power units in the country. If the final contract is signed in March 2025, Daewoo E&C will be responsible for the construction. Daewoo E
July 18, 2024
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SK Innovation shuffles affiliates to cope with EV slump, lead future energy sector
SK Innovation on Thursday vowed to create synergy and lead the global energy sector through the realignment of its affiliates by merging itself with SK E&S and amalgamating battery-maker SK On with SK Trading International and SK Enterm. “We decided the merger with SK E&S to lay the groundwork for the growth of future energy businesses and push for a bold, structural innovation,” said Park Sang-kyu, CEO of SK Innovation, in a press conference at the SK Seorin Building in Seou
July 18, 2024
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[KH Explains] Doosan's merger plan fuels investor clash
Doosan Group’s recently announced governance restructuring plan has divided investors, raising questions about its viability. Central to the plan, unveiled on July 11, is the proposal to make Doosan Bobcat a wholly-owned subsidiary of Doosan Robotics, which has sparked debate over the fairness of the merger ratio based on the stock prices of both companies. Doosan Bobcat, a significant revenue generator for the group, stands at the heart of this controversy. Shareholders of Bobcat are conc
July 17, 2024
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Proptech startup DNK eyes expansion into Japan
DNK, a Seoul-based property management solution provider, formerly known as Dongnae, said Tuesday it has launched its fully redesigned property management system that enhances convenience for asset managers through centralized operational services. Currently managing over 15,000 units in the Korean market, the system now offers advanced features such as tenant tax reporting tools and banking virtual account integration. It supports English and Korean. Additionally, DNK disclosed its intention to
July 16, 2024
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LG Electronics sets up HVAC tech lab in Frankfurt
LG Electronics said Monday it has opened a new research lab in Frankfurt, Germany dedicated to developing its heating, ventilation and air conditioning (HVAC) technologies, with a focus on providing practical air solutions for the European market. The Frankfurt facility, covering around 1,000 square meters, is the third of its kind, following branches in Changwon, Korea and Atlanta, the US. Its primary focus is to develop high-quality HVAC technologies for residential, commercial and industrial
July 15, 2024
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[Business Diplomacy] Lessons from IRA: Hyundai Motor bolsters government relations in US
This article is the fifth installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. Hyundai Motor Group has been exerting all-out efforts into strengthening its government relations capabilities in the United States after the Korean auto conglomerate got caught off-guard by the impact of the Joe Biden administration’s In
July 15, 2024
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LS Cable vows stern measures against Taihan
LS Cable & System pledged Monday to take every legal action possible against Taihan Cable & Solution if the latter’s alleged theft of the former’s technologies is found true, labeling Taihan’s maneuver as a clear crime. The police have recently opened a probe into Taihan over the suspected violation of the Unfair Competition Prevention and Trade Secret Protection Act. Last month, the police initially suspected Gaun Architects & Engineers of leaking technologies it o
July 15, 2024
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Hyundai Motor union secures wage deal without strike for 6th consecutive year
Hyundai Motor Company's labor and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company's history. The union said Saturday its members have voted to accept a tentative wage deal reached earlier in the week. Under the agreement, Hyundai will increase workers' basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of
July 13, 2024
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Coupang denies speculations of buying Homeplus Express
South Korean e-commerce giant Coupang said Friday it is not considering acquiring a part of Homeplus, a supermarket chain grappling with poor performance in recent years. The announcement was made in response to local media reports suggesting that Coupang plans to acquire Homeplus Express from MBK Partners, the private equity fund that owns Homeplus. Homeplus' supermarket business comes in two types: Homeplus, a large discount store, and Homeplus Express, a smaller hypermarket. Homeplus o
July 12, 2024
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Doosan Group realigns business structure to maximize synergy
South Korean conglomerate Doosan Group has decided to shake up its business structure to focus on clean energy and smart machine sectors to maximize synergy between it’s affiliates. According to Doosan’s regulatory filing Thursday, Doosan Bobcat, a compact equipment and industrial vehicle builder, will undergo a spin-off merger process to become a 100 percent-owned subsidiary of Doosan Robotics. Doosan Enerbility, which currently owns a 46 percent stake in Doosan Bobcat, will split i
July 12, 2024
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Starbucks Korea vows to donate W1b for cultural preservation
Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi Eung
July 11, 2024
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HD Hyundai gets green light to bid for US warship maintenance projects
HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of
July 11, 2024
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McDonald’s unveils new Taste of Korea items
McDonald's Korea has introduced new items under its "Taste of Korea" lineup -- including a cheeseburger and a chicken muffin featuring locally sourced peppers -- highlighting its commitment to collaborating with rural areas across the country. In its fourth edition since 2021, this year’s Taste of Korea lineup focuses on peppers produced in Jinju, South Gyeongsang Province, in the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin. “McDonald’s
July 11, 2024
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Hyundai Rotem renews K2 supply consortium with Poland
Hyundai Rotem has renewed a consortium agreement with Poland's state armament group PGZ to carry out the production and delivery of K2PL, the Polish variant of Hyundai Rotem's K2 Black Panther tank, the Korean company said Wednesday. The renewed contract has laid out the foundation for the two sides to engage in accelerating talks for a second K2 tank contract. According to Hyundai Rotem, the previous consortium, which began its term in March last year, reached its expiration date last
July 10, 2024
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LS invests $681m to build largest submarine cable plant in US
LS Cable & System on Wednesday announced its plan to invest $681 million to build the largest submarine cable manufacturing plant in the United States. According to the announcement, the new facility will be in Chesapeake, Virginia. LS GreenLink USA, a US subsidiary of LS Cable & System, will break ground for the plant next year. The facility is expected to begin operations by 2027 and create over 330 jobs. The site will include a 200-meter-tall submarine cable manufacturing building, wh
July 10, 2024
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Hanwha Aerospace inks W1.4tr arms deal with Romania
Hanwha Aerospace has secured a 1.4 trillion won ($1 billion) arms contract with Romania to export 54 units of the K9 self-propelled howitzer and 36 units of the K10 ammunition resupply vehicle, the Korean defense firm said Wednesday. According to Hanwha Aerospace, the delivery of the arms machinery will begin in 2027 in phases. The company said it beat out the competing bidders from the North Atlantic Treaty Organization such as Germany's PzH2000 and Turkey's Firtina to secure the cont
July 10, 2024
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Hyundai Motor, Oxford establish Foresight Center
Hyundai Motor Group and the University of Oxford in the UK have established a joint Foresight Center to explore the former's long-term strategies and visions together, the Korean auto conglomerate said Tuesday. "The automotive industry is undergoing a paradigm shift and significant changes in business environments, leading to unprecedented uncertainty," said Kim Gyun, head of Hyundai Motor Group Business Intelligence Institute. "In such times, it is crucial for companies to m
July 9, 2024