Hanwha Solution’s Q CELLS division (Hanwha Q CELLS) announced on April 25 that it will cease solar module production and sales in China through its Chinese subsidiary to focus on the U.S. market.The suspension of operations by Hanwha Q CELLS’ Chinese subsidiary amounts to 531 billion won (US$386.18
Hanwha Aerospace has signed an additional executive contract with Polish Armaments Agency for supplying 72 more Chunmoo Multiple Rocket Launcher Systems (MRLS), preceded by the framework contract and first executive contract, both signed in 2022.Worth around 2.27 trillion KRW (1.6 B USD), the contra
Hanwha Life Insurance has become the first domestic insurance company to venture into overseas banking.The company announced on April 24 that it will acquire a 40 percent stake in Nobu Bank held by Lippo Group, the sixth largest conglomerate in Indonesia. The process of equity investment will be fin
With Canadian Export Promotion, International Trade and Economic Development Minister Mary Ng leading a large-scale trade mission to Korea, high-level business leaders from both countries have come together to call for expanding cooperation in not only traditional industries such as energy but in cu
A Canadian trade mission led by Canadian Minister of International Trade Mary Ng visited HD Hyundai and Hanwha Ocean.According to industry sources, the visiting Canadian trade delegation toured HD Hyundai and Hanwha Ocean’s facilities on April 22 at the invitation of the two Korean shipbuilders.Cana
Korean shipbuilding stocks have been rallying as expectations grow that the Korean shipbuilding industry will enjoy reflective benefits from US sanctions against China.According to the Korea Exchange on April 23, Hanwha Ocean closed at 34,750 won (US$25.35), down 2550 won, or 7.92 percent, from Apri
The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of
The Biden administration is likely to grant Hanwha Q CELLS’ request to impose tariffs on bifacial solar panels imported into the United States, according to sources cited by Reuters on April 17. On Feb. 23, Hanwha Q CELLS formally petitioned the United States Trade Representative (USTR) to revoke th
Hanwha Systems (CEO: Sung-Chul Eoh) released images of various locations on Earth taken by its small SAR satellite on April 18th, successfully launched on December 4th, 2023.The images taken by Hanwha Systems' small SAR satellite were transmitted from an altitude of 650 kilometers above the Earth. T
HD Hyundai Heavy Industries announced on April 16 that it had signed a contract worth 640.6 billion won to jointly construct four naval vessels with the Peruvian state-owned SIMA Shipyard. Selected as the priority negotiating partner at the end of last month, the contract was formalized within appro
Upstage, a pioneering AI company specializing in large language models (LLMs) and Document AI, today announced that it has raised $72 million in a Series B. With this latest investment, Upstage has now raised over $100 million since its founding in October 2020, making it the most-funded South Korea
Starting this year, the Restricted Stock Unit (RSU) agreements agreed upon by the heads of conglomerates and their family members will be subject to mandatory disclosure. Consequently, companies affiliated with major corporate groups are obligated to disclose the status of RSUs, not only for listed
HD Hyundai Group’s shipbuilders have achieved 73 percent of this year’s order target in the first 100 days of this year. In particular, they are enjoying a boom in eco-friendly ships for the first time in 15 years, as they have been selecting only high-value-added vessels to fill its docks.According
Hanwha Aerospace rolled out its 10,000th military engine on April 15, achieving a major milestone for its indigenous development and manufacturing of aero engines.A ceremony was held at the Changwon Plant I to commemorate the rollout of the 10,000th aircraft engine, the F404 powering the TA-50 train
Anticipations are growing for the Korean shipbuilding industry’s entry into the U.S. warship maintenance, repair and overhaul (MRO) business as the U.S. Secretary of the Navy, who is in charge of the U.S. Navy’s weapons procurement and budget, has praised the capabilities of the Korean shipbuilding
The trilateral military alliance of the United States, the United Kingdom, and Australia, known as “AUKUS,” is reportedly considering South Korea as a potential cooperation partner for joint development of advanced military technology. This development has raised expectations for “K-Defense,” which
Despite challenging business conditions, South Korean petrochemical companies have been disclosed to make record-high investments in research and development (R&D). This strategic initiative is seen as an endeavor to strengthen competitiveness in emerging business sectors like high-value added (spec
As Hanwha Ocean assumes control of wind power generation and plant operations from Hanwha Corporation, it is initiating a full-scale expansion of its offshore wind value chain.According to industry sources on April 8, Hanwha Ocean is poised to acquire the wind power business from Hanwha Corporation’
While global ship orders in 2024 fell from 2023, orders for high-value-added ships such as liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers are on the rise, bringing smiles to Korean shipbuilders.According to Clarkson Research, a British shipbuilding and shipping market analyst
Hanwha Group’s acquisition of Australian defense company Austal has hit a snag. The challenge arose because Austal indicated that obtaining approval for the acquisition from Australian and U.S. authorities would be difficult, effectively rejecting the proposal.According to Reuters on April 1 (local