On Feb. 20, the Incheon Free Economic Zone (IFEZ) announced the inauguration of Yoon Won-seok, the former executive vice president of the Economic and Trade Cooperation at the Korea Trade-Investment Promotion Agency (KOTRA), as its 8th Commissioner. The position of Commissioner of the Incheon Free E
Consumers of Samsung Electronics’ Galaxy S22 series have filed a compensation lawsuit claiming that the Game Optimizing Service (GOS) installed in the product series degraded device performance. Samsung Electronics countered, stating, “There is a significant difference from the incident related to p
KG Mobility (KGM) announced on Feb. 22 that it posted sales of 116,699 units and 3.78 trillion won (US$2.84 billion), operating income of 5 billion won and net profit of 1.2 billion won based on an unconsolidated basis in 2023.KGM said the results were driven by productivity improvements and cost re
SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company has obtained prequalification (PQ) certification from the World Health Organization (WHO) for its typhoid conjugate vaccine (TCV), ‘SKYTyphoid®
Kolmar Korea has discovered the world’s first microbiome (in-human microbiome) that suppresses skin aging caused by ultraviolet exposure. In addition, the related research findings were published in international SCI-level journals, and its research achievements were recognized worldwide.Kolmar Kore
CJ Logistics announced on Feb. 22 that it has established an integrated logistics center for the globally renowned shoe brand Crocs in Icheon, Gyeonggi Province.Spanning an area of 20,000 square meters, the new facility can handle up to 50,000 boxes per day, doubling the capacity compared to the pre
The government is focusing its policy efforts on “normalizing the nuclear power industry ecosystem.” It has come up with support measures encompassing advancing research and development (R&D), facilitating job opportunities, extending financial aid, and offering tax incentives.On Feb. 22, the govern
Root Energy Inc., Korea’s leading renewable energy local acceptance solution provider as well as a certified B Corp, has successfully raised KRW 20 billion (approx. USD 15 million) crowdfunded by residents of Suwon-ri, Hallim-eup, Jeju Island. It makes the Korea’s largest offshore wind farm Jeju Hal
The legal risks facing the former President of POSCO, Jang In-hwa, who has been nominated as the next chairman of the POSCO Group, are growing, sparking controversy.According to industry sources, on Feb. 19, the People’s Livelihood Countermeasure Committee filed a complaint against former President
Hyundai Engineering announced on Feb. 21 that its landscape structures “Weaving Garden” and “Cloud Shade” won the Winner award at Asia Design Prize 2024.The Asia Design Prize is the largest international design competition in Asia. This year, Professor Shingo Ando from the prestigious Kyoto Universi
The legal battle between the sons of the founder of Hanmi Pharmaceutical -- Lim Jong-yoon and Lim Jong-hoon -- and the OCI Group has intensified. OCI Group holds a significant stake in Hanmi Science, the parent company of Hanmi Pharmaceutical Group. The legal battle remains on the question of integr
The National Pension Service (NPS) issued an explanatory statement regarding the report by domestic media on Feb. 14, titled “NPS’ Overseas Alternative Investment Assets: Solely Trusting and Passing Verification to Asset Managers.”On the same day, the media reported that the NPS is accepting the pro
Foreign investors who invest in domestic stocks and bonds will see significant improvements in the complex foreign exchange procedures they have faced so far. It is expected that the accessibility of foreign investors to the domestic market and the Korean won will improve.The Bank of Korea and the M
Korean Air has received conditional approval from European Union (EU) competition authorities for its merger with Asiana Airlines. Therefore, the sale of Asiana’s cargo business, a condition for the merger, is now on the right track.According to investment banking and aviation industry sources on Fe
The government has extended its support to companies starting businesses overseas, aiming to increase the number of successful Korean startups in the global market. The Ministry of SMEs and Startups announced that amendments to the “Act on Support for Small and Medium Enterprise Establishment” and i
LG Innotek has taken a significant step towards dominating the autonomous driving camera market by developing a “high-performance heating camera module” suitable for harsh winter conditions.On Feb. 20, LG Innotek announced the development of a high-performance heating camera module for autonomous dr
The Namdong district of Incheon Metropolitan City houses the Namdong National Industrial Complex, playing a pivotal role in driving the Korean economy. The industrial complex, established in December 1989, is a key metropolitan industrial area with an annual production value of approximately 30 tril
The U.S. government has announced a plan to provide over 2 trillion won (US$1.5 billion) in subsidies to the U.S.-based semiconductor company GlobalFoundries. This marks the first large-scale support initiative since the enactment of the CHIPS and Science Act (CSA) in 2022 aimed at building the semi
A new mega labor union, formed through the collaboration of four Samsung Group affiliates, has emerged. The union comprises over 10,000 members. While there have been instances of certain unions cooperating in solidarity in the past, this marks the first time such a unified form of establishment has
The KIMM has succeeded in conducting the cooling test of a large-capacity ultra-low temperature (hereinafter referred to as ULT) Turbo-Brayton cooling system using a zero GWP refrigerant.The research team led by Principal Researcher Junseok Ko of the Department of Energy Storage Systems of the Korea