Yuhan Co. announced on July 1 that it has signed a US$870 million (1.25 billion won) contract with Boehringer Ingelheim to transfer its fusion protein (GLP-1/FGF21 dual agonist) technology for treatment of the non-alcoholic steatohepatitis (NASH) to the global pharmaceutical company.Of the total amo

GM Korea Co. sold a total of 36,451 vehicles in June -- 5,788 units in the domestic market and 30,663 units overseas, excluding CKD products.The Chevrolet Spark led GM Korea’s June sales in the domestic market, selling 2,567 units. The Malibu followed the Spark, selling 1,183 units in June, a year-o

SsangYong Motor Co., part of India's Mahindra Group, announced on July 1 that the company sold a total of 70,277 units in the first half of 2019 – 55,950 units in domestic sales and 14,327 in exports, including CKD kits.SsangYong’s H1 2019 sales increased 4.7 percent compared to the same period

Mid-sized pharmaceutical firms Handok Inc. and Bukwang Pharmaceutical Co. have made a series of successful investment in biotech venture companies as part of open innovation. They have secured their future growth engines by investing in biotech venture companies at home and abroad which are developi

Economic issues related to the KORUS FTA and the automobile sector drew much attention during U.S. President Donald Trump’s recent visit to South Korea. He suggested that negotiations for fair trade promotion will be going on with agricultural products, medicines and automobiles included.U.S. Presid

Korean automakers are rushing to launch connected car services. They have loaded new models with car infotainment devices based on wireless communications and are seeking to draw customers’ attention to them.Renault Samsung Motors introduced a voice recognition service to the recently launched All-N

Major South Korean business groups are expected to accelerate their investment plans in the United States as U.S. President Donald Trump encouraged them to invest more in his country.CJ Group chairman Sohn Kyung-shik made a surprise announcement on June 30 after his meeting with President Trump, say

Hyundai Motor has decided to increase production of the Sonata Hybrid to be launched this year. The decision has been made to respond to unexpected surge in demand, as was the case with the large SUV Palisade, which was released last year.Hyundai Motor elevated annual production volume of the new So

Korean Air has picked up first place in a global customer satisfaction survey for the 15th consecutive year.Korean Air said on June 27 that it took home the first prize in the aviation and transportation service category of the 2019 Global Customer Satisfaction Index (GCSI) awards. An award ceremony

Samsung Engineering announced in a public disclosure on June 27 that it would extend the suspension period of the Salamanca ULSD project in Mexico to Dec. 23 of this year at the request of the client."Following today's announcement, we will make additional disclosures when the client informs us

Hyundai Heavy Industries Group announced on June 27 that its refining unit, Hyundai Oilbank Co., will purchase 2.09 trillion won (US$1.81 billion) worth of non-Arabian crude oil from Aramco Trading Singapore Pte Ltd., an affiliate of Saudi Aramco.The latest contract accounts for 9.71 percent of the

Hyundai Rotem has developed a new railway electric brake technology that stops a train at the right place without making a noise.Hyundai Rotem announced on June 27 that it has developed Korea’s first zero-speed regenerative brake technology, which allows the train to continue to use the regenerative

Hyosung Corp. will work with Saudi Aramco, the world's largest comprehensive petrochemical company, to strengthen cooperation in the carbon fiber field, including construction of a plant in Saudi Arabia.Hyosung announced on June 27 that its chairman Cho Hyun-joon has signed an MOU with Saudi Ara

The number of South Korean unlisted startups with estimated value of more than 1 trillion won (US$864.75 million) has risen to nine. Cosmetics firm GP Club Co. has become the ninth unicorn company in South Korea, according to the Ministry of SMEs and Startups (MSS) on June 26. Accordingly, the numbe

LS Cable and System announced on June 25 that it has developed e-Flatek, a non-electrostatic cable system for clean rooms. It minimizes the generation of dust when the cable is moved and prevents generation of static electricity. This is the second development in the world after the United States.Ca

The heads of Samsung, Hyundai Motor, SK and LG Groups met with Crown Prince of Saudi Arabia Mohammad Bin Salman bin Abdulaziz Al Saud on June 26 and discussed cooperation in various industries such as energy, information and communications technology (ICT) and automobile.The South Korean companies a

The planned sale of the parent company of South Korea’s biggest online gaming firm Nexon Co. has been canceled. NXC Corp. chairman Kim Jung-ju could not narrow the valuation gap with domestic investors after failing to find a foreign buyer. Kim has sought to sell off the 98.64 percent stake in NXC C

S-Oil is planning to expand its business from oil refining to petrochemicals based on its new residue upgrading complex (RUC) and olefin downstream complex (ODC) built at an investment of approximately five trillion won. In addition, the company is going to complete its steam cracker and olefin down

Saudi Aramco and its affiliates have signed 12 agreements with major South Korean companies to reinforce relationships with South Korea, expand international operations, and support the region’s energy security with the expansion of Arabian crude oil supply to Asian markets.The agreements covered a

POSCO Group has set up a research center on secondary battery materials in its bid to lead the global secondary battery material market and increase product development capabilities.POSCO, the Research Institute of Science and Technology (RIST) and POSCO Chemical announced on June 25 that they have