At the 47th regular shareholders’ meeting held on March 28, Ssangyong Engineering & Construction announced that it achieved a profitability turnaround in 2023 as it approved the financial statements for the year.In the 2023 fiscal year, the company achieved sales of 1.44 trillion won (US$1.06 billio
Naver Team announced on March 5 that it signed a partnership with Aramco Digital, a subsidiary of Saudi Aramco, to foster digital innovation in the Middle East and North Africa (MENA) region, including Saudi Arabia.Through this agreement, both parties aim to establish a sovereign cloud and super app
KT announced its vision to transform into an AICT company, combining its telecommunications capabilities with IT and AI, at MWC 2024, marking the start of its full-fledged leap into becoming a leading enterprise in global AI and ICT.At the recently concluded MWC 2024, KT received high praise for sho
Woori Financial Group has established a strategic partnership with Mubadala, the sovereign wealth fund of the United Arab Emirates (UAE), between their respective subsidiaries.According to sources in the financial sector on Feb. 28, Woori Venture Partners, a subsidiary of Woori Financial Group, sign
SK telecom and KT have announced their plans to showcase advanced technologies based on artificial intelligence (AI) at the Mobile World Congress (MWC) 2024, which opens on Feb. 26 in Barcelona, Spain. SKT is set to occupy a large exhibition space of 992 square meters in the Fira Gran Via Hall 3, un
Cho Dong-chul, the president of Korea Development Institute (KDI), publicly issued a stark warning on government debt, going so far as to state, “The country will collapse.” In particular, he cautioned that South Korea’s national debt-to-gross domestic product (GDP) ratio could skyrocket to over 250
The government’s new entrusted operating funds for the Korea Investment Corporation (KIC), the sovereign wealth fund, have effectively ceased from 2022 until last year. Some argue that the KIC faces concerns about its international competitiveness. In a landscape where competing sovereign wealth fun
In 2023, foreign direct investment (FDI) in Korea exceeded US$32.7 billion, a record high. High-tech materials, parts, and equipment such as semiconductors, secondary batteries, and biotech items led the increase in FDI in Korea.According to the Ministry of Trade, Industry and Energy on Jan. 4, FDI
A public tender for a 4.7 trillion won stake in NXC, the holding company of Nexon, has ended empty-handed again.The second tender for 851,968 shares (29.3 percent stake) of NXC failed to find buyers, according to the Online Tender Offer System of Korea Asset Management Corporation (KAMCO) on Dec. 29
Daewoo E&C announced that its chairman, Jung Won-ju, visited Singapore on Nov. 27 and 28 to meet with the CEOs of Keppel Land and Capitaland Investment, subsidiaries of Temasek Holdings, one of the world’s largest sovereign wealth funds, to discuss collaborative opportunities in global real estate d
Korea Investment Corporation (KIC), the sovereign wealth fund, has exhibited a return rate in the 7% range from January to the end of August this year. It has successfully recovered approximately 40% of losses incurred in the previous year.KIC announced on Nov. 29 that the total asset return rate fo
With the decision to select the host of the 2030 World Expo only 20 days away, Korean companies that have been making all-out efforts to support Busan’s bid are making a last-ditch effort to help the Korean port city punch its ticket to host the World Expo in 2030 on Nov. 28 (local time).According t
With the financial authorities deciding to implement a complete ban on short selling by the first half of next year, the South Korean stock market experienced a historic surge on Nov. 6. Secondary battery companies, which had been the primary targets of short sellers, all showed a significant increa
Voice of America (VOA) on Oct. 31 reported that another large ship has been spotted at the Najin Port of North Korea, which the United States had identified as a site for weapons trade between North Korea and Russia. VOA said, “Activities such as ship arrivals, departures, and container loading at t
SK bioscience, an innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced on the 20th that the application of the updated Novavax COVID-19 vaccine (NVX-CoV2601), developed by Novavax, a global company advancing protein-based vaccines with its Mat
Mubadala Investment, the largest sovereign fund in the Middle East, has announced its investment in Osstem Implant, South Korea’s leading dental implant material manufacturer, in collaboration with MBK Partners and Unison Capital.Established in 2002 by Abu Dhabi, Mubadala is a state-owned investment
The much-anticipated IPO of Doosan Robotics on the KOSPI this year has solidified its offering price at the top of its anticipated range, thanks to massive interest from the world’s largest sovereign wealth funds and asset management companies.According to the domestic economic media Seoul Economic
In response to the United States’ semiconductor sanctions, China’s “Semiconductor Self-Reliance” strategy is gradually coming to the surface. Given the immediate challenge of countering U.S. sanctions, China is discreetly pouring substantial funds into attracting overseas semiconductor talent. Furth
Aiitone, a company that specializes in the defense industry, is enhancing its cooperation with Saudi state-owned military companies.Aiitone, a KOSDAQ-listed company, announced on Aug. 17 that a visiting delegation led by CEO Jin Yeop Lee made a surprise visit to Saudi Arabian Military Industries (re
The domestically developed messenger ribonucleic acid (mRNA) COVID-19 vaccine, which has the fastest development speed in South Korea, is poised to be sold abroad, but is delayed due to a lack of funds for Phase 3 clinical trials. The development started with government policy fund support to secure