Daewoo Engineering, as part of a Korea-Vietnam economic delegation, signed a comprehensive cooperation MOU on renewable energy with Vietnamese construction development investment company Truong Thanh Development and Construction Investment Joint Stock Company (TTA), in Hanoi, Vietnam on June 23.The
Hyundai Engineering announced on June 26 that it had held a commemoration ceremony for the first production of polypropylene (PP) at the Polimery Police PDH/PP Plant site in Poland on June 22.The ceremony was attended by Mateusz Morawiecki, prime minister of Poland; Tomasz Hinc, chairman of Grupa Az
Korea Hydro & Nuclear Power (KHNP, President Hwang Ju-ho) signed a memorandum of understanding (MOU) on June 22 with Tran Chi Thanh, president of the Vietnam Atomic Energy Institute (VinAtom) in Hanoi, Vietnam to enhance cooperation in the field of nuclear energy and Small Modular Reactors (SMR).The
In the near future, Shinhan Bank customers will be able to withdraw money from the bank’s automated teller machines (ATMs) with their faces even if they don’t have a bank card or bank book for ID. The lender will launch ATM services through facial recognition beginning in September.First, 900 ATMs,
SK on, a battery subsidiary of SK Innovation, and BlueOvalSK, a joint venture between SK on and Ford Motor Company for electric vehicle batteries, has received conditional approval for a policy fund loan of up to US$9.2 billion from the U.S. Department of Energy (DOE).On June 23, SK on announced tha
Vietnam, to which President Yoon Suk-yeol will pay a three-day state visit beginning June 22, has become a center of research and development (R&D) for Samsung and LG for the future, becoming more than a global production outpost for them.Samsung posted sales of US$73.7 billion (about 95.3678 trilli
Korean secondary batteries for electric vehicles are expanding overseas with flying colors. However, Korea’s trade balance in secondary batteries has turned into a deficit due to the increasing number of reverse imports of Korean secondary batteries from overseas.On June 22, the Korea International
LG Energy Solution has successfully attracted nearly 5 trillion won in capital from its demand forecast for its first-ever issue of 500 billion won in corporate bonds since its foundation.According to the investment banking industry on the 22nd, LG Energy Solution received a total of 4.72 trillion w
Korean companies are shifting their major patent application destinations from China to the United States, Europe, and Japan, regarded as “allied countries.” This move appears to be a response to the business uncertainties resulting from the U.S.-China hegemony dispute, a reopening effect that has f
SK Group announced on June 22 that they are backing a project to build a memorial in commemoration of the 70th anniversary of the Korea-U.S. alliance. The memorial will honor the late Colonel William E. Weber and General John Kirk Singlaub, both renowned figures of the alliance and heroes of the Kor
POSCO Group is aggressively growing its secondary battery materials business by investing 1.5 trillion won (US$1.2 billion) to build a nickel and precursor production plant in Pohang, North Gyeongsang Province, Korea in partnership with a Chinese company. The precursor is a material just before bein
Korea Investment Management (KIM) has decided to launch the Korean securities industry’s first Japan-themed exchange traded fund (ETF) as the Japanese stock market continues to renew its zenith.KIM will launch Korea’s first ETF that focuses on specific industries in Japan in the second half of this
The Korean business community criticized the Supreme Court’s ruling that labor union members who engage in illegal labor disputes must be held individually liable for damages, calling it a “ruling that undermines the fundamentals of the rule of law at industrial sites.”“The Supreme Court’s ruling cr
Samsung C&T’s Construction Division announced on June 20 that it has won the Fubon Aozihdi Development Project, a project issued by Fubon Life Insurance, a subsidiary of Fubon Financial Group, a major financial group in Taiwan.The Fubon Aozihdi Development Project, located in Kaohsiung, Taiwan’s sec
The South Korea-Iraq Joint Committee, which has been suspended for the past six years, is set to resume this year. The government plans to support Korean companies to secure large projects underway in areas such as Bismayah New City in Iraq.The Ministry of Land, Infrastructure, and Transport announc
Hanwha Aerospace announced on June 20 that they have entered into a Memorandum of Agreement (MOA) with UK-based 'Vertical Aerospace' (VA) for the development of Urban Air Mobility (UAM) components.The MOA signing ceremony took place at the Paris Air Show in France on June 19, with Hanwha Aer
Korea Hydro & Nuclear Power (KHNP) has set up a task force to bid for a facility improvement project at Romania’s Chernaboda Nuclear Power Plant No. 1.KHNP established the task force on June 7 in order to take on a contract for the facility improvement project at Chernaboda Nuclear Power Plant No. 1
Tesla has announced it had received a corrective order from the Korea Fair Trade Commission (KFTC) for false and exaggerated advertising. It has been approximately six months since the KFTC declared it would issue a corrective order to Tesla.On June 19, a notice was posted on the Tesla Korea website
Samsung and LG are showing mixed results in the automotive electronics domain that both companies have chosen as their new growth drivers. Samsung has spent an astronomical amount of money, close to 10 trillion won, to take over Harman, but has not been able to generate much synergy with the company
Nvidia’s stock price has nearly doubled since the beginning of the year due to the artificial intelligence (AI) craze. Therefore, the U.S. semiconductor company surpassed US$1 trillion (about 1,275 trillion won) in market capitalization at the close of trading on June 13 (local time), becoming the s