Offshore plants, the main cause of the shipbuilding industry’s prolonged recession, are making a comeback. Demand for offshore plants is changing from oil to eco-friendly energy such as offshore wind power and liquefied natural gas (LNG). It is expected to become a new growth driver for Korean shipb
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
Answering AI startup 42Maru (CEO D.K Donghwan KIM) announced that it has signed agreements in the areas of Generative AI services and Hyper-scale AI during a state visit economic delegation to the United Kingdom.During President Yoon Suk Yeol's state visit to the United Kingdom from November 21st to
SK Group Chairman Chey Tae-won has not stopped his overseas business travels, going to the United States and Europe towards the end of the year in December.The SK chairman visited SK hynix America in San Jose and three affiliates and investors, including Gauss Labs and Lunar Energy, in the United St
Korean battery manufacturers are focusing on silicon anode materials as a key strategy to reduce dependence on Chinese graphite, a major weakness of K-batteries. This next-generation material is estimated to have an energy density about 10 times higher than the graphite-based anode materials current
As the Foreign Entity of Concern (FEOC) regulation under the U.S. Inflation Reduction Act (IRA) is set to be implemented from Jan. 1 next year, the potential benefits for domestic battery material companies are drawing attention.On Dec. 11, the battery material industry is closely monitoring the pos
LG U+ announced on Dec. 11 that it has signed a memorandum of understanding (MOU) with Korea Toyota Motor Corporation to develop membership services and install chargers for expanding the domestic electric vehicle (EV) charging infrastructure.As part of this agreement, both companies will develop ne
Poland, on the brink of a regime change for the first time in eight years, faces concerns that defense equipment contracts signed with South Korea could be nullified following the general elections in October.According to Reuters on Dec. 10 (local time), Simon Holownia, a member of the opposition al
Domestic battery companies are groaning under the unreasonable demands of global automotive brands. The automotive companies, both customers and joint venture (JV) partners of the battery industry, are intensifying their oppressive tactics as the demand for electric vehicles slows down. This trend o
SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that SK bioscience and Sanofi have initiated the submission process of an Investigational New Drug(IND) amendment to the U.S. Food and Drug Administration(FDA)
LG Energy Solution has successfully developed next-generation battery technology that enables a driving range of 900 kilometers on a single charge.On Dec. 7, a joint research team from LG Energy Solution and the Korea Advanced Institute of Science and Technology (KAIST) announced that they have deve
The Export-Import Bank of Korea (Eximbank) announced on Dec. 7 that it will provide a total of US$170 million in project financing (PF) for the Manah1 solar power project in Oman, which was secured by Korea Western Power (KOWEPO).The Manah1 solar power project, led by Oman’s state-owned Electricity
Naver Cloud announced it has signed a Memorandum of Understanding (MOU) with iot squared, a Saudi Arabian IoT and smart city technology solution company, for collaboration in Saudi Arabia’s digital transformation (DX).iot squared is a joint venture co-founded by the STC Group, a leading force in Sau
LS Cable & System announced on Dec. 7 that it has signed a main contract with TenneT Offshore GmbH, the German subsidiary of the Dutch state-run power grid operator TenneT, for the supply of 1.5 trillion won (US$1.14 billion) worth of high-voltage direct current (HVDC) cables.In May last year, four
Automakers are making changes in their strategies as they grapple with the increasingly complex rules of the Inflation Reduction Act (IRA), which subsidizes electric vehicles built in North America while excluding Chinese supply chains. Some automakers are looking to keep Chinese companies as partne
SK gas has disclosed on Dec. 6 that it will acquire 18,200 shares of GridFlex, a U.S. electric sales company, for about 69.7 billion won (US$52.8 million).Following the acquisition, SK gas’s stake in the company will rise to 80%, with the acquisition scheduled for April 30, 2025. SK gas has stated t
The government is opening up industrial research and development (R&D) to foreign institutions to discover and develop key technologies in areas vulnerable to becoming weak links in South Korea’s flagship industry value chains, such as “technology critical for leapfrogging,” “next-generation growth-
With assets totaling 10.4 trillion won (US$7.91 billion), Hankook & Company, formerly known as the Hankook Tire Group, currently ranking 40th in the business sector, has reignited a power struggle among siblings. After a slump in 2021, the management dispute between the brothers is resurfacing, mark
Daewoo Engineering & Construction (E&C) announced that Chairman Jeong Won-ju, having completed his schedule in Singapore, proceeded to Indonesia, which is celebrating the 50th anniversary of diplomatic relations with Korea. In Indonesia, he continued discussions with key stakeholders to explore busi
Hanwha Aerospace has secured a second phase contract for exporting 152 K9 self-propelled howitzers, worth approximately 3.4 trillion won, following their initial deal in August last year to export 212 units worth around 3.2 trillion won.On Dec. 4, Hanwha Aerospace announced the signing of this secon