The prosecution has launched a forcible investigation into Kyungbo Pharmaceutical, accused of providing billions of won in rebates to hospitals.The Food and Drug Crime Investigation Division of the Seoul Western District Prosecutors’ Office (Chief Prosecutor Song Myung-sub) announced that they condu
For the first time in four years, business leaders from South Korea and China are meeting in Seoul to identify industries for cooperation between the two countries and to discuss future initiatives such as supply chain cooperation and carbon neutrality.The Korea Chamber of Commerce and Industry (KCC
Hyundai Motor Group (the Group) today announced key executive appointments for the second-half of the year 2023. Through the appointments, the Group aims to strengthen its leading position in future mobility solutions and innovations and better prepare for uncertainties in the global business enviro
The author is an analyst for NH Investment & Securities. She can be reached at eunsang.lee@nhqv.com -- Ed.While the domestic logistics center lease market is to recover gradually, we advise trimming back expectations toward lease market investment sentiment, noting mounting concerns over a general e
The government will build 10,000 “smart plus” buildings specializing in robots, drones, autonomous vehicles and urban air mobility (UAM) by 2035.The Ministry of Land, Infrastructure, and Transport (MOLIT) announced a road map for the promotion of smart plus buildings as an innovation policy in the s
Chairman Lee Chan-hee of Samsung Group’s Compliance Committee revealed on Dec. 19 that, if necessary, the committee plans to convey opinions or recommendations in response to a foreign hedge fund’s call for reforms in Samsung’s corporate governance structure.Speaking to reporters before attending th
Samsung Electronics and Naver have unveiled their jointly developed artificial intelligence (AI) semiconductor, which has been in development over the past year. Known for its power efficiency being approximately eight times greater than chips from competitors like Nvidia, this product is expected t
Mirae Asset Group has announced that its founder, Chairman Park Hyun-joo, will receive the International Executive of the Year Award at the Academy of International Business (AIB) Annual Conference to be held in Seoul in July 2024.The International Executive of the Year Award, presented by the Acade
Warburg Pincus, the oldest private equity firm and a leading global growth investor, today announced that, through its Warburg Pincus Asia Real Estate Fund (“WPARE”), it will establish a logistics and industrial real estate joint venture - QUBE Industrial with MQ Logistics (“MQ”), one of South Korea
Vietnam-based airlines are emerging as dark horses, overtaking U.S. and Chinese carriers as they increase flights between major cities in Vietnam and South Korea while launching an air ticket price war.Vietnam’s largest private carrier Vietjet Air and national carrier Vietnam Airlines ranked first a
With Cho Hyun-sik, the advisor of Hankook & Company and the eldest son of the tire maker’s honorary chairman, preparing to take over the leadership in collaboration with MBK Partners, Cho Yang-rae, the honorary chairman of Hankook & Company, is once again offering support to Chairman Cho Hyun-bum, t
A luncheon meeting of labor, management and government representatives was held at a Korean restaurant in Gwanghwamun, Seoul, on Dec. 14, according to the Ministry of Labor and Employment and Economic, Social and Labor Affairs Committee, a presidential social dialogue body. This marked the first tim
Fairmont Ambassador Seoul is pleased to announce its festive collaboration with Perrier-Jouët, culminating in the unveiling of an exquisite Christmas tree in the hotel lobby.Conceived with a radiant holiday concept, the tree is meticulously crafted using transparent champagne glasses as its central
The Korean government will provide 38 trillion won (US$29 billion) in financial support, including expanding loan limits and debt guarantees for the Korean secondary battery industry over five years. A separate bill will also be prepared to support the growth of a used battery industry ecosystem.The
The government will scale up the global share of Korean electric vehicle (EV) chargers to 10 percent from the current one percent by 2030. It will also provide support to foster competitive charger manufacturers.The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced its policy directi
Flitto (CEO Simon Lee, KOSDAQ 300080), a leading language data and translation service provider, announced on the 14th that it had discussions on plans to collaborate on AI technology with three emerging AI startups representing the ASEAN region at its Seoul headquarters on the 12th.The three ASEAN
Kia announced it will procure 250 Gigawatt-hours (GWh) of renewable energy from solar power generation.On Dec. 13, Kia signed a Solar Power Purchase Agreement (PPA) with Hyundai Construction at its headquarters in the Yangjae neighborhood of Seoul. The signing ceremony saw the attendance of signific
On Dec. 12, Canada’s renowned coffee brand, Tim Hortons, held a media event at its first domestic location, the Sinnonhyeon Station branch in the Gangnam district of Seoul. During the event, the company unveiled the reasons behind its entry into the South Korean market and discussed its strategies f
LS Group has signed a memorandum of understanding (MOU) with Saudi Arabia, the world’s leading oil exporter, for business cooperation and market entry.On Dec. 12, LS Group Chairman Koo Ja-eun met with Saudi Arabian Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and CEO of the I
Among the currencies used in global trade this year, the Chinese yuan has emerged as the second most widely used currency after the U.S. dollar, reflecting its substantial presence. The assessment suggests that the yuan is rapidly gaining momentum as a potential key currency in the future.During the