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
The management of Hyundai Heavy Industries Co. has offered new wage and collective bargaining proposals, which included an 80,000 won increase in the basic wage, the hiring of retirees, and the expansion of welfare benefits, but its labor union rejected them.The management of Hyundai Heavy Industrie
CJ CheilJedang launched the plant-based food brand PlanTable in December last year. The new brand has posted cumulative sales of about 3 million units within 10 months of its launch. The average monthly sales growth rate stood at 20 percent.In particular, export destinations have increased from 10 c
The author is a strategist of NH Investment & Securities. He can be reached at lawrence.kim@nhqv.com. -- Ed. With the Covid-19 pandemic retreating, people are finally returning to the streets and resuming their normal daily lives. However, through the pandemic, the economy is now experiencing brisk
Korea Water Resources Corp. (K-water) announced on Nov. 24 that it has signed a memorandum of understanding with the American Water Works Association (AWWA) on the promotion of technical cooperation in the water supply sector.The agreement aims to build a sustainable cooperation system between the t
Korean petrochemical companies are focusing on battery recycling as a post-chemical growth driver. The new business is expected to grow rapidly to 600 trillion won by 2050Major petrochemical companies such as LG Chem, POSCO Chemical, Cosmo Chemical, Hanwha Solutions, and OCI are scrambling to advanc