SK on, a leading global electric vehicle battery manufacturer, announced today it signed a memorandum of understanding (MoU) with the Italian luxury sports carmaker Ferrari to reinforce partnership and lead innovation in cell technology.SK on Chief Executive Officer Lee Seok-hee, Ferrari Chief Execu
Genesis, a division of Hyundai Motor, will add a high-performance trim called “Magma” to all its models from 2025 starting with the GV60, just like premium automaker rivals Mercedes-Benz and BMW have AMG and M as their high-performance luxury trims.Genesis took the wraps off the GV60 Magma Concept C
Last year, insurance companies recorded a net profit exceeding 13 trillion won (US$9.68 billion), marking a record high performance in history.According to the “2023 Insurance Company Management Performance” report released by the Financial Supervisory Service on March 26, the combined net profit of
Samsung Electronics and SK hynix have both reached new record highs simultaneously. Samsung Electronics share price has recovered to 80,000 won (US$60) in approximately two years and three months, while SK hynix’s market capitalization approaches 130 trillion won. Expectations are rising for Samsung
Korea’s trade surplus with the United States, which peaked in 2023, is likely to gradually shrink in the future, according to a new report.The Korea Institute for Industrial Economics & Trade (KIET) released a report on a structural analysis of the causes of Korea’s surplus in trade with the United
Korea’s government, National Assembly and courts are pushing to raise the level of punishments for technology leakage as key personnel of companies involved in Korea’s national high-tech strategic industries are frequently leaking out along with their technology. National high-tech strategic industr
Hyundai Motor Group signed a memorandum of understanding (MOU) on cooperation in future mobility with Red Sea Global (RSG), a leading developer of the Red Sea and western coastal areas, in Riyadh, the capital of Saudi Arabia, on March 24 (local time).The Red Sea coastal development project is one of
The rapid increase in direct overseas purchases through Chinese e-commerce companies such as AliExpress, Temu, and Shein has led to discussions about alternative measures to mitigate the side effects. However, it has been confirmed that the proposal to tax small imported goods is closely linked to t
On March 25, the Federation of Korean Industries (FKI) presented a study titled “The Rise and Challenges of Shareholder Activism” that was commissioned to Kim Soo-yeon, a researcher at the law firm Gwangjang.According to data from research firm Diligent, the research indicates that attacks by activi
For the first time since the onset of the COVID-19 pandemic, the Export-Import Bank of Korea (Korea Eximbank) is preparing to establish its first overseas office in Poland, marking its initial foray into the country. The recent amendment to the Export-Import Bank of Korea Act has created the opportu
Hanwha Ocean announced on March 25 that it has secured a deal to construct eight liquefied natural gas (LNG) carriers from a shipowner based in the Oceania region. The contract is valued at 2.44 trillion won (US$1.82 billion). The company intends to build the vessels at its Geoje shipyard and aims t
As the United States steps up its checks on China’s semiconductor industry, China has launched a countermeasure. The Financial Times (FT) reported on March 24 (local time) that the Chinese government is advancing its efforts to replace foreign technology with domestic alternatives. According to guid
LG Chem is seeking solutions to revive its struggling petrochemical business. Splitting the petrochemical business and attracting foreign investments from the Middle East to create a joint venture are among the scenarios being discussed.Vice Chairman Shin Hak-cheol of LG Chem responded to reporters’
South Korea is under subtle pressure from China following reports that it may join the United States in export restrictions against China. During a visit to China for the China Development Forum (CDF), SK hynix has been highlighted by Chinese officials emphasizing the importance of the Chinese marke
Celltrion announced on March 25 that it has received a recommendation for marketing authorization from the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency (EMA) for the full label of its Xolair (active ingredient: omalizumab) biosimilar “CT-P39.”The original
Among domestic construction companies, GS Engineering & Construction (GS E&C) has received the highest number of defect judgments in the last five years, with a total of 1,646 cases.According to the Ministry of Land, Infrastructure and Transport on March 24, GS E&C had 3,284 defects reported to the
SK’s oil development project, which has been aiming to become a “resourceless oil-producing country” for 40 years, is expected to record its highest performance ever this year. The plan is to maximize profitability through full-scale production in the Chinese block, for which it has secured independ
Korea Electric Power Corporation (KEPCO) and the Emirates Nuclear Energy Corporation (ENEC), through their joint venture operation company in the UAE, Nawah Energy, announced that Unit 4 of the UAE Barakah Nuclear Power Plant successfully connected to the UAE transmission network on March 23.The con
Paris Baguette, a bakery brand of SPC Group (Chairman Hur Young-in), is making its entry into Italy.SPC Group announced that Chairman Hur Young-in met with Mario Pascucci, the CEO and third-generation founder of the Italian coffee brand Pascucci, who visited Korea on March 24 to sign a master franch
China’s largest telecommunications equipment company, Huawei, is reportedly planning to release a new 5G smartphone next month.On March 23, Chinese media, including Finance World, cited multiple sources to report that Huawei’s next-generation flagship smartphone, the P70 series, is expected to be re