Affinity Equity to acquire rental car business from Lotte in W1.6tr deal

South Korean retail giant Lotte Group said Friday that it has picked Affinity Equity Partners, the Hong Kong-based private equity firm, as the preferred bidder to acquire its rental car business, Lotte Rental, in a 1.6 trillion won ($1.12 billion) deal. The deal involves a combined 56.2 percent stake in Lotte Rental owned by its hotel subsidiaries, Hotel Lotte and Busan Lotte Hotel. The latest deal comes amid growing concerns over a potential liquidity crisis at the nation’s sixth-larges

Dec. 6, 2024

HDC Group appoints financial experts as new leaders

South Korean construction giant HDC Group on Friday named Jung Kyung-koo, CEO of HDC, the group’s holding unit, as the new CEO of its flagship construction unit HDC Hyundai Development Company in its year-end leadership reshuffle. Jung, 59, is a financial specialist who majored in law at Seoul National University and started his career at Shinhan Investment Securities. At HDC, he has served in diverse leadership positions, including head of management planning and chief finance officer at

Dec. 6, 2024

Samsung C&T, Sweden’s Karnefull Next join hands to develop SMRs for data centers

Samsung C&T said Friday that it has signed a memorandum of understanding with Swedish small modular reactor developer Karnfull Next as part of efforts to advance its SMR business in Europe. A signing ceremony was held in Seoul on Thursday, attended by Karnfull Next CEO Christian Sjolander, South Korea's Trade Minister Jeong In-kyo and Samsung C&T CEO Oh Se-chul. Karnfull Next, a subsidiary of the private nuclear power company Karnfull Energi, specializes in SMR development. The agre

Dec. 6, 2024

SK Discovery gets finance expert as new CEO

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

Dec. 5, 2024

CJ CheilJedang ups nutrition ingredients business

South Korean food giant CJ CheilJedang said Thursday that it plans to boost its global nutritional ingredients business with enhanced product lineups. Under its “Three B” strategy, the company will outsource quality ingredients from partners (Borrow), invest in the firms and secure sales rights (Buy), and develop new materials on its own (Build). CJ recently launched BiomeNrich, a biotics brand with seven probiotics and postbiotics developed in collaboration with a domestic research

Dec. 5, 2024

Shinhan undertakes major reshuffle, replaces 9 CEOs

Shinhan Financial Group has embarked on a large-scale CEO reshuffle by recommending new candidates for the top positions of nine out of 13 affiliates on Thursday. Jung Sang-hyuk, the 60-year-old CEO of the group’s flagship lender Shinhan Bank, was reappointed for his second term, which will last two years. The personnel changes were focused on three pillars -- improving the organizational structure through high-intensity personnel reform, accelerating the implementation of a consistent f

Dec. 5, 2024

Directors Company completes acquisition of Bitnine

Directors Company, a South Korean advertising and branding company, announced Thursday that it has finalized the acquisition of Bitnine as part of its efforts to strengthen its generative AI business. The acquisition of the Kosdaq-listed database technology company was completed through a third-party allotment capital increase on Nov. 29, making Directors Company its largest shareholder. Following the deal, Chief Financial Officer of Directors Company Jegal Wan was appointed managing director of

Dec. 5, 2024

Celltrion starts production at new Songdo plant

South Korean biopharmaceutical firm Celltrion announced Thursday that its third plant in Songdo, Incheon, has officially commenced commercial production, following the completion of a performance qualification test. The five-story facility, spanning 22,300 square meters, was built between 2021 and 2023 with an investment of 270 billion won ($190 million). With a production capacity of 60,000 liters, the new plant boosts Celltrion’s total biopharmaceutical manufacturing capacity to 250,000

Dec. 5, 2024

Kakao shares jump on expectations of regulatory easing

Shares of Kakao Corp., one of South Korea’s top tech companies, jumped on Wednesday as political instability surrounding President Yoon Suk Yeol shook the nation. The stock surged 6.87 percent as of 11 a.m., trading at 45,900 won ($32.40), as investors appeared to bet on a potential easing of regulatory pressure on the company. Kakao shares had a rocky start, opening 1.75 percent lower at 42,200 won amid market uncertainty following President Yoon’s surprise declaration of emergency

Dec. 4, 2024

Korean stocks open lower after short-lived martial law declaration

South Korea’s financial markets tumbled on Wednesday following a night of political chaos, as President Yoon Suk Yeol briefly declared martial law only to withdraw the measure just hours later under pressure from lawmakers. The Kospi, South Korea’s main stock index, opened 1.8 percent lower at 2,454.68, a drop of 45.42 points. The tech-heavy Kosdaq also fell 1.8 percent, opening at 678.35. In currency trading, the South Korean won weakened significantly. The exchange rate surged to 1

Dec. 4, 2024

Korea’s largest labor union launches indefinite strike, calls for Yoon's resignation

South Korea’s most powerful labor union, the Korean Confederation of Trade Unions, has declared an indefinite general strike, demanding the immediate resignation of President Yoon Suk Yeol. The announcement comes in response to Yoon's declaration of martial law late last night, a move the union has fiercely criticized as unconstitutional and undemocratic. The strike was announced early Wednesday morning during a press conference by the KCTU’s leadership. The union framed its act

Dec. 4, 2024

7 in 10 Korean firms say no investment plans next year

Seven out of 10 Korean conglomerates do not have or have not yet established investment plans for next year due to increasing uncertainty such as expanding geopolitical risks and heightened trade protectionism, a survey by a leading business lobbying group showed on Tuesday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that the majority of large companies are reluctant to

Dec. 3, 2024

Koramco, BGO join bidding for GIC's Seoul Finance Center

At least three asset management firms joined the race to purchase the Seoul Finance Center, a landmark office building in central Seoul, in a deal that could be worth up to 1.5 trillion won ($1.07 billion). Singaporean sovereign wealth fund GIC opened bids for the sale of the 30-story building with the deal’s financial advisor CBRE Korea on Monday. Two Korean investors -- Koramco Reits & Trust and Koramco Asset Management -- separately participated in the bid. US-based real estate in

Dec. 3, 2024

Lotte Biologics hires pharma veteran as new CEO

Lotte Biologics said Monday that it has hired James Park, former sales chief at Samsung Biologics and CEO of GC Cell, as its new CEO. Park, a 58-year-old industry veteran, holds a bachelor’s degree in chemical engineering from the University of California, Davis, and a master’s degree in industrial engineering from Columbia University. He has held various leadership roles at global pharmaceutical companies, including Merck and Bristol Myers Squibb, where he oversaw drug development a

Dec. 2, 2024

Celltrion files for phase 3 trial of new cancer biosimilar in US

South Korean biopharmaceutical firm Celltrion said Monday it has submitted an investigational new drug application to the US Food and Drug Administration for a Phase 3 clinical trial of CT-P44, its new biosimilar candidate referencing Darzalex. Darzalex, a targeted cancer therapy, inhibits the growth of myeloma cells by binding to specific surface proteins. The Phase 3 trial will evaluate the pharmacokinetics, efficacy and safety of CT-P44 compared to Darzalex in 486 patients with relapsed or re

Dec. 2, 2024

Samsung Biologics promotes global sales chief after record orders

Samsung Biologics has promoted Kevin Sharp, head of its New Jersey office leading global sales, to executive vice president, largely buoyed by the company's record contract manufacturing orders secured this year. In a management reshuffle Friday, the company promoted Sharp and five other executives to recognize their contribution to Samsung Biologics' larger global market presence. Sharp joined the company in 2017 after 10 years at GlaxoSmithKline in the US, where he served as a pro

Dec. 2, 2024

Samsung Biologics launches charity program to support children

Samsung Biologics has introduced a new charity program designed to assist children in need, in cooperation with neighboring restaurants and retail stores, as part of its ongoing efforts to enhance corporate social responsibility. According to the company, the launch ceremony took place Monday at the company’s headquarters in Songdo, Incheon. The event was attended by Rep. Jung Il-young of the Democratic Party of Korea, John Rim, CEO of Samsung Biologics, Park Jae-sung, head of the company&

Dec. 2, 2024

[From the Scene] At this Starbucks, you need ID

GIMPO, Gyeonggi Province -- South Koreans can now sip their Starbucks while taking in the rarest of views -- the shadowy realm of a forbidden land, North Korea. At a just-opened store, with seating for around 40 patrons, the glass walls frame panoramic vistas of Kaepung-gun and Songaksan in the North Korean city of Kaesong. It is located within the Jogang Observatory in the South Korean border city of Gimpo, part of the 154-meter-high Aegibong Peace Ecopark. This vantage point lies just 1.4 kilo

Nov. 29, 2024

Posco Group builds 2nd lithium hydroxide plant in Korea

South Korean steel giant Posco Group said Friday it has completed the construction of the second lithium hydroxide plant in Korea, which will drive up domestic production of this key material used in secondary batteries. The new facility, operated by Posco Pilbara Lithium Solutions, a joint venture, is located at the Yulchon Industrial Complex in Gwangyang, South Jeolla Province. It is the second of its kind after the first plant was constructed in November 2023. Each plant can produce 21,500 to

Nov. 29, 2024

Nexon partly loses MapleStory loot box lawsuit

The Supreme Court has ruled in favor of a gamer who filed a lawsuit against Korean game developer Nexon for deceptively promoting the percentage of a loot box item in MapleStory, the mega-hit online game. The nation’s top court confirmed Thursday the appeals court ruling that ordered Nexon to give back 5 percent of the money a gamer surnamed Kim had spent on loot box items in the role-playing game Maple Story. It is the first time a court has sided with a gamer in a legal battle over in-ga

Nov. 29, 2024