The Securities and Futures Commission of the Financial Services Commission imposed a pecuniary penalty of 6.05 billion won (US$4.58 million) on two securities companies that committed naked short selling.The Financial Investment Services and Capital Markets Act of South Korea was revised in April 20
Huawei Cloud APAC is committed to strengthening its partner ecosystem. The global cloud company reaffirmed this commitment by hosting the APAC Partner Leadership Summit 2023 from the 23rd to the 24th of February in Bali, Indonesia. With the theme, “Go Together, Grow Together,” this two-day summit is
Hyundai Engineering held a completion ceremony for the phase 1 construction of the Lemba-Imbu Water Purification Plant in the Kimbanseke area of Lemba-Imbu, southeast of Kinshasa, the capital of the Democratic Republic of the Congo (DR Congo) in Africa on March 4.Hyundai Engineering broke ground for
SK Plasma announced on March 8 that it received final approval for the construction of a plasma fractionation plant from the Ministry of Health of Indonesia.This export is a result of collaboration between the Ministry of Health and Welfare of Korea and the Korean Embassy in Indonesia since 2019. It
On March 8, Korea South-East Power signed a business agreement (MOU) on the production, storage, and utilization of clean hydrogen and the development of new carbon-free distributed power sources with GS Caltex.Starting with this agreement, the two companies will jointly develop a hydrogen business
SK ecoplant and POSCO announced on March 7 that they had obtained a basic design certification on the K-Floater, an offshore wind power floating model developed in Korea, from DNV, a Norwegian classification society. The certificate presentation ceremony was held at the SK ecoplant headquarters in t
Samsung Electronics hired Lin Jun-cheng as a vice president, a veteran engineer who worked for nearly 19 years at TSMC, Samsung’s archrival in the foundry business. The recruitment of Lin was aimed at speeding up the development of advanced packaging technology, in which the Korean chipmaker is acti
Amid sluggish business performances and an economic recession, U.S.-based big tech companies are restructuring. Samsung Electronics’ U.S. semiconductor subsidiary Device Solutions Americas (DSA) also recently laid off employees.According to industry sources in Silicon Valley on March 7 (local time),
Korea returned as the world's No. 1 country by beating China in competition for taking ship orders in February.Global ship orders came in at 2.1 million CGT (58 ships) in February, said Clarkson Research, a British shipbuilding and shipping market analysis agency on March 7. By country, Korea cl
The weight of overseas orders to Korean construction companies is shifting from the Middle East, a traditional strong source of contracts, to Asia.According to the International Contractors Association of Korea on Feb. 22, Asian orders were the largest at about US$12.2 billion among total overseas o
Hankook Tire UK has renewed its partnership as official tire partner for a fourth year with Supercar Fest in 2023. This supercar themed festival continues to grow as one of the leading dynamic supercar events in the UK, allowing unrivalled access to the best modern day and classic supercars ever bui
While the world TV market was hit hard by a global economic downturn, Samsung Electronics re-entered the organic light-emitting diode (OLED) TV market after 10 years. This has made the OLED TV market a new battleground in the greater premium TV market.According to industry sources on March 7, Samsun
The Balikpapan Oil Refinery, built by Hyundai Engineering in East Kalimantan on Borneo Island in Indonesia, reached a 68 percent operation rate in February 2023, three years after ground was broken in February 2019, according to industry sources on March 7. It is expected to cross 70 percent sooner
SK Materials, a company specializing in material technology, will invest US$300 million to acquire the management rights to 8 Rivers, a U.S.-based company that has carbon capture, storage, and utilization (CCUS) technology.The board of directors of SK Holdings approved SK Materials’ investment of US
The Export-Import Bank of Korea, also known as Korea Eximbank, announced on March 7 that it has signed a framework agreement with Aramco, a state-run energy company in Saudi Arabia. The deal is worth $6 billion and will last for the next three years.Korea Eximbank CEO Yoon Hee-sung and Saudi Aramco
SK Plasma will build a 300-billion-won blood plant in Indonesia. The plant will be capable of producing 1 million liters of blood products per year. The company plans to break ground on the plant in 2023 and complete it two years later.According to industry sources on March 7, SK Plasma has recently
The Federation of Korean Industries recently sent a questionnaire on new employment to the top 500 sales companies and a total of 126 companies sent their replies.According to the survey results, 39.7 percent of the 126 are yet to set up plans on new employment in the first half of this year and 15.
Busan City held a press tour on March 7 to provide information on its preparations for World Expo 2030. The tour was joined by a number of journalists and reporters from the Washington Times, Daily Telegraph, NHK, EFE, CAN, Politiken, and others.Busan City Mayor Park Hyung-joon gave a presentation o
Kakao announced that it would purchase 8,333,641 SM Entertainment shares, 35 percent of the total, by March 26. The public offer price is 150,000 won (US$114) per share and Kakao’s total investment is likely to be 1.25 trillion won (US$946 million). The company recently attracted an investment of 1.
Japan’s annual economic growth rate is forecast to exceed South Korea’s this year for the first time in 25 years. The IMF recently lowered its 2023 South Korean economic growth forecast from 2 percent to 1.7 percent and adjusted its forecast for Japan from 1.7 percent to 1.8 percent.According to exp