Korea Expressway Corp. and its labor union announced that they have donated 150 million won for emergency relief and reconstruction in Turkey and Syria, which were severely damaged by massive earthquakes.They raised the money with donations from employees and social contribution funds raised by unio
SPC announced on Feb. 16 that it will donate US$100,000 through the Korean Red Cross to help support recovery operations in Turkey and Syria.The company plans to raise the funds through the Happy Share campaign, one of its social contribution programs.It will use the Happy Point App, a smartphone ap
POSCO International's pharmaceutical business in Sudan is generating profits while at the same time contributing to improving people's health in the African country.General Medicines Co. (GMC) in Sudan, a joint venture between POSCO International and Shinpoong Pharmaceutical, posted operatin
Young union representatives had a meeting with Economic, Social & Labor Council Chairperson Kim Moon-soo on Feb. 13. There, they stressed that they are against political strikes.They represent eight different unions, including those of Seoul Metro and LG Electronics led by employees in their 30s. Th
SK Holdings C&C won the Carbon Management Sector Honors in the industrial materials category for the second consecutive year at the 2022 CDP Korea Awards held at the Glad Hotel in Yeouido, Seoul on Feb. 10.The Carbon Disclosure Project (CDP) is a not-for-profit charity that runs a global disclosure
The Ministry of Trade, Industry and Energy joined the Minerals Security Partnership (MSP) meeting and discussed cooperation with African states on Feb. 7. The Ministry of Foreign Affairs and the Korea Mine Rehabilitation and Mineral Resources Corp. joined it together with the ministry to check on th
SK bioscience has received an upgrade in its MSCI (Morgan Stanley Capital International) ESG (Environmental, Social, Governance) rating from B to BBB in one year, the company announced on Feb. 3. According to the rating report, SK bioscience was recognized for its human resources development in the
Korea South-East Power (KOEN) and Korea East-West Power (EWP) have joined hands to jointly develop a hydropower plant project in Pakistan.The two companies signed an agreement for joint development of the Asrit-Kedam hydropower power plant (229MW) project in Pakistan at the Marriott Hotel in Yeouido
A consortium led by Ingine, an eco-friendly wave power generation social venture supported by SK Innovation, and Ingine Wave Energy Systems (IWES), Ingine’s subsidiary in the United Kingdom, has been selected for Energy Catalyst Round 9 (ECR9), a corporate technology innovation support program by th
The labor union of Nexen Tire’s plant in the Czech Republic announced through a local social network on Jan. 25 that it would go on strike on Jan. 31.The labor union claimed that it had tried to narrow differences with the management over the past year with regard to a pay raise and other working co
The Social Progress Credit (SPC) scheme, a program launched by SK Group to promote social enterprises, has received favorable responses at this year's Davos Forum.According to SK Group, the World Economic Forum (WEF) secretariat, which hosts the Davos Forum, introduces SK’s SPC program in an art
POSCO International will establish a palm refinery in Indonesia as part of its efforts to transform into a general business company covering energy, food, and eco-friendly parts.The company announced on Jan. 10 that it has recently decided to enter the palm oil refining business in Indonesia. It wil
The author is an analyst of KB Securities. She can be reached at hyejung.jung@kbfg.com. -- Ed. Ministry of Trade, Industry and Energy announces 1Q23 electricity rate hike— On Dec 30, 2022, the MOTIE announced that it would raise the electricity rate by a total of KRW13.1/kWh in 1Q23, or +9.5% compar
The Ministry of Employment and Labor is planning to change rules so that foreigners with the E-9 visa for non-professional work can stay longer in South Korea.According to the current rules, foreigners with the visa for employment in, for example, manufacturing, agriculture and construction must lea
Hyundai Engineering has built a community center in Ahangaran, a city in Uzbekistan, and donated it to the local community, the company announced on Dec. 26.The company held a ceremony to mark the donation of the community center, which was built on the premise of a sports school in Ahangaran. The e
As we approach another new year with COVID-19 in tow, the pandemic still weighs on businesses and organizations of all sizes. The last three years have been a reminder of the need for agility and resilience in business leadership along with a willingness to engage on a global scale. These attributes
Prime Minister Han Duck-soo remarked on Dec. 20 that financial audit in trade unions is necessary in the interest of social transparency, and the Ministry of Employment and Labor will be in charge of preparations.He first mentioned the issue on Dec. 18. “Union activities need to be more open to the
Prestige whisky brand Royal Salute presents a new concept of whisky comparable to its reputation. The ‘Royal Salute Cask Programme’ will be unveiled to the global market as well as the Korean market for whisky lovers and investors who recognize the heritage of Scotch whisky and the aesthetics of tim
Kumho Tire announced on Dec. 6 that it has obtained a silver medal from Ecovadis, a global ESG evaluation agency. The tire company has also won an overall B+ rating from the Korea Institute of Corporate Governance and Sustainability (KCGS).Ecovadis is an ESG evaluation platform in France. It is used
Korea Tobacco & Ginseng Corporation(KT&G) has built an elementary school in Nonkeo, Vientiane of Laos, together with the Sharing Culture and Arts Association, and held a ceremony to mark the completion of the school on Dec. 1.KT&G has been promoting the construction of an elementary school in Nonkeo