OneAsia Partners, a private equity fund management company suspected of involvement in Kakao’s illegal market price manipulation during the acquisition process of SM Entertainment, has been handed over to the prosecution. During the investigation, prosecutors reportedly uncovered additional criminal
Starting from April of this year, foreigners and overseas Koreans must reside in the country for at least six months to be eligible for health insurance as dependent beneficiaries.According to the National Health Insurance Service on Jan. 24, a revision to the Health Insurance Act will take effect f
In 2023, Hyundai Motor Company and Kia Corp. racked up more operating profit than Samsung Electronics, the country’s No. 1 company by market capitalization. The two automakers also posted a double-digit operating profit margin, higher than the company Tesla that is leading a global electric car boom
Korean shipbuilders have won all the orders for very large ammonia carriers (VLACs) ordered this year. The analysis suggests that Korean shipbuilders are in a strong position to win orders due to their technological prowess.A total of 15 VLACs have been ordered globally so far this year, all of whic
Since the beginning of this year, a shipbuilding battle has been heating up between seventh-ranked Hanwha Group and ninth-ranked HD Hyundai Group. After Hanwha acquired Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean) last year, the two groups emerged as new rivals in the shipbuilding ind
SK hynix Inc. announced today that it recorded an operating profit of 346 billion won (US$259 million) in the fourth quarter of last year amid a recovery of the memory chip market, marking the first quarter of profit following four straight quarters of losses.The company posted revenues of 11.31 tri
Kang Stem Biotech announced on Jan. 24 that it received final approval from the Japanese Ministry of Health, Labour and Welfare on Jan. 23 for its application for recognition of the manufacture of specific cell processed products.Through this approval, the company will receive adipose tissue from pa
Seegene announced on Jan. 24 its collaboration with Microsoft to promote a technology-sharing project aimed at realizing the vision of a “World Without Disease” during a meeting in London, the U.K.Through this collaboration with Microsoft, Seegene plans to share its unique Syndromic Quantitative PCR
Celltrion announced on Jan. 24 that it has signed a memorandum of understanding with WuXi XDC, a China-based company specialized in Antibody-Drug Conjugates (ADC), for the development of new ADC therapeutics, and has commenced product development for Contract Development and Manufacturing Organizati
Samsung Biologics has made history by becoming the first in the domestic pharmaceutical and biotech industry to surpass 1 trillion won in annual operating profit. Following the achievement of 3 trillion won in annual sales in 2022 and surpassing 1 trillion won in quarterly sales in the third quarter
Dankook University announced on Jan. 22 that a research team led by Professor Han Kwan-young has developed the world’s first equipment capable of rapidly measuring defects on the surfaces of nano films applied to mobile phones and various display surfaces.According to Dankook University, the researc
Pernod Ricard Korea, the Korean affiliate of the global liquor company Pernod Ricard Group, announced the release of its ‘Drink More Water Staff Challenge’ video on the official LinkedIn channel of Pernod Ricard, targeting the festive season of End-of-Year, New Year’s Day, and Lunar New Year, when m
Hanon Systems, a global automotive thermal energy management solution company based in Korea, announced on Jan. 24 that its cumulative production of R744 electric compressors utilizing eco-friendly refrigerants has exceeded 500,000 units.The company produces eCompressors utilizing R744 at its Palmel
Hyundai Wia announced on Jan. 24 that it signed contracts to supply a total of 1.450 trillion won (US$1.086 billion) worth of constant velocity joints with European and North American automakers in 2023.Constant velocity joints are core parts of automobiles that transmit power generated by motors or
HMM held a naming ceremony for the HMM Garnet, a 13,000 TEU container ship, on Jan. 24.The HMM Garnet, built to enhance HMM’s eco-friendly competitiveness and diversify its fleet, is the first delivered vessel of the 12 13,000 TEU container ships in contracts signed with HD Hyundai Heavy Industries
Hyundai Mobis announced on Jan. 24 that it has developed human-centric interior lighting technology specialized for future mobility environments.The new technology realizes a system where interior lighting interacts with users by recognizing their biorhythms and preferred usage environment and showi
Representatives of foreign chambers in South Korea, including those from the United States, Europe, and Japan, have proposed plans for improvement to boost investment in South Korea.The Korea Chamber of Commerce and Industry (KCCI) held the “2024 Foreign Chamber Day: Meeting with Foreign Chambers in
On Jan. 24, the Korea Water Resources Corporation (K-water) signed a memorandum of understanding (MOU) for the development of technology to optimize the quality of water resource satellite imagery with the German Aerospace Agency. The agreement took place at the K-water Research Institute in the Yus
Hyundai Oilbank, led by CEO Chu Young-min, has embarked on entering the North American market by supplying lubricant products, specifically the XTeer series, to the global industrial vehicle manufacturing company HD Hyundai XiteSolution.The supplied products include lubricants such as hydraulic oil
The Ministry of Trade, Industry, and Energy (MOTIE) has announced plans to achieve a US$700 billion export target this year. To attain this goal, the ministry will tailor export strategies per market by dividing them into key, strategic and emerging categories such as the United States, China, the E