As POSCO Holdings announced its first quarterly earnings under new Chairman Jang In-hwa, control of business development speeds by business division has become a hot topic.The company has set an investment budget of about 10.8 trillion won for this year, but the amount is likely to be reduced. The p
Doosan Enerbility announced on April 25 that Romanian President Klaus Iohannis visited the company’s headquarters in Changwon, South Gyeongsang Province on April 24 as Romania is promoting the construction of the world’s first small modular reactor (SMR) power plant at the government level.The visit
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
Coupang is set to invest about 360 billion won in Taiwan as it launches rocket delivery services in the region.According to local media reports in Taiwan on April 25, including in the Liberty Times, the Department of Investment Review under Taiwan’s Ministry of Economic Affairs has approved Coupang
After receiving a lackluster performance report for the first quarter of this year, POSCO Holdings has signaled changes in its core businesses such as steel and secondary battery materials.POSCO Holdings announced on April 25 that its consolidated operating profit for the first quarter of this year
Lotte Group has sold “Lotte World Adventure Shenyang” in China. It marks over seven years since construction was halted at the end of 2016 due to China’s retaliation over the deployment of the Terminal High Altitude Area Defense (THAAD) system. Lotte World Shenyang was envisioned as a large-scale pr
SK hynix achieved unexpectedly strong performance in the first quarter, surpassing market expectations.The company announced on April 25 that it recorded 12.43 trillion won (US$9.04 billion) in sales and 2.89 trillion won in operating profits, representing a 23 percent operating profit margin, and 1
Volvo Group Korea, a specialized excavator manufacturer, announced on April 24 that it has completed the construction of Asia’s first group battery pack production facility at its Changwon Plant in South Gyeongsang Province, South Korea.On April 23, Volvo Group Korea held a ceremony at the Changwon
With South Korea’s manufacturing investments shifting from the western to the eastern United States, there’s a growing need to establish logistics infrastructure like port terminals on the U.S. East Coast to mitigate logistics risks.According to the report titled “Changes in Import-Export Logistics
SK hynix plans to invest 20 trillion won in Cheongju to expand its high-bandwidth memory (HBM) production capacity. This move is interpreted as an effort to maintain its leading position amid intensifying HBM competition.On April 24, SK hynix announced that its board of directors has approved the pr
Seoul Mayor Oh Se-hoon held a press briefing at Seoul City Hall on April 24 to announce a comprehensive plan to develop the Han River. The plan is a sequel to the Great Han River Project launched in March last year with the goal of creating a waterfront city in Seoul.Accordingly, the city aims to cr
The Korean construction industry is on edge due to the conflict between Israel and Iran and between Israel and Hamas, which has led to a decline in orders from the Middle East and concerns about lower profitability due to rising raw material prices. The Middle East is a big overseas market for Korea
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
SK innovation’s subsidiary, SK earthon, has completed the sale of its stake in Peru LNG Company, LLC which SK earthon had run since 2010.On April 22 (local time), SK earthon successfully wrapped up the sale of its 20 percent stake in Peru LNG to MidOcean Energy for US$256.5 million. The two companie
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
China’s Alibaba Group, the parent company of AliExpress, which has been embroiled in controversy for selling knockoffs and distributing low-quality, unauthorized goods in Korea, is reportedly considering making a 100 billion won equity investment in Korean women’s fashion application Ably, causing a
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
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
Deutsche Bank has today announced it has been appointed by Euroclear Bank SA/NV as Cash Settlement and Foreign Exchange Bank (under Euroclear direct link) with the Korea Securities Depository (KSD). The mandate is to support South Korean government bond activity for Korea Treasury Bonds (KTBs) and M
It has emerged that the domestic battery industry, which received trillions of won in tax deductions in the United States last year, might need to pay nearly 200 billion won in additional taxes by 2026 due to the implementation of a global minimum tax. Battery companies are currently investing in th