LG Chem, Korea’s largest petrochemical company, will shut down its styrene monomer (SM) plant at the end of March. SM is widely used in the manufacture of various petrochemical products. The company is also reportedly considering abandoning production of ethylene oxide (EO) and ethylene glycol (EG),
Hyundai Motor Group will launch a large-scale electric vehicle recall. It is the largest voluntary recall in three years since the automaker entered the market with an electric vehicle-only platform (E-GMP) in 2021. Hyundai and Kia will replace faulty integrated charging control units (ICCUs) in som
LG Electronics will invest US$60 million in AI-based autonomous service robot startup Bear Robotics based in Silicon Valley of the United States.LG Electronics announced on March 12 that it has entered into a share subscription agreement to invest US$60 million in Bear Robotics to acquire a stake in
The 2024 season opening of the Lamborghini Super Trofeo racing series, hosted by Italian supercar brand Automobili Lamborghini S.p.A and exclusively supplied with racing tires by the world’s leading tire company Hankook Tire & Technology (Hankook Tire), will be held in Florida, USA for three days, f
Taiwan’s TSMC, the worldwide leader in the semiconductor foundry industry, has surpassed 60 percent of the market share, widening its gap between with second-ranked Samsung Electronics. In the fourth quarter (October-December) of 2023, the foundry market grew about 8 percent from the previous quarte
As the global semiconductor war has become a hot race among nations, major countries such as the United States, China, and Japan have been providing large cash support to their own companies or foreign companies that make investments in their semiconductor industries to boost the growth of their sem
To strengthen its global operations, Shinhan Bank is accelerating the development and marketing of products targeting local customers, including the launch of digital loan products overseas.According to Shinhan Bank on March 12, Shinhan Bank Indonesia is partnering with local fintech platform compan
POSCO International has embarked on expanding its electric vehicle component business by signing a contract worth 1.16 trillion won (US$882.46 million) for the supply of rare earth permanent magnets for electric vehicles.The company announced on March 12 that its U.S. subsidiary has recently secured
Despite a slowdown in electric vehicle (EV) demand, Panasonic, a Japanese battery company, is considering further investment in its De Soto, Kansas, factory in the United States to increase production capacity for the 4680 cylindrical battery, which has five times the energy capacity of existing bat
Samsung Group’s electronics affiliates are joining forces to expedite the commercialization of glass substrates, a material used in semiconductor packaging, by establishing a united front for joint research and development (R&D). This strategy aims to achieve commercialization faster than semiconduc
Samsung Electronics and SK hynix have reportedly stopped selling their old semiconductor equipment to China. The move comes in response to the United States urging them to align with its controls on semiconductor exports to China.The Financial Times (FT) cited several industry insiders on March 12 s
Global Con-tech Company Angelswing has won first in the ‘Rocket Fuel Pitch Competition’ at Saudi's LEAP 2024, securing the Technology for Humanity Award.LEAP 2024, held under the auspices of the Saudi Ministry of Communications and Information Technology (MCIT) from the 4th to the 7th of March in Ri
Coupang announced on March 11 that it will launch the Rocket Cross-Border Shopping Service in the cross-border shopping of goods from Japan, after the United States, China, and Hong Kong.Rocket Direct is a cross-border shopping service provided by Coupang. Coupang has been expanding its service for
The Ministry of Health and Welfare announced on March 11 that it has selected the JLABS Korea model proposed by Johnson & Johnson as the managing entity for its global accelerator platform project.The project aims to provide full-cycle consulting to support the international expansion of domestic bi
Celltrion announced on March 11 that it has completed the application process for U.S. Food and Drug Administration (FDA) approval of “CT-P39,” a biosimilar to the asthma and chronic idiopathic urticaria treatment XOLAIR. The company applied for product approval based on the results of a global Phas
Four Seasons Hotel Seoul ushers in a new era of excellence with the appointment of Michael Schmid as General Manager.A pioneering multi-lingual hospitality veteran and strategic visionary, Michael is a felicitous new addition to the dynamic creativity and high-care curation of Four Seasons hospitali
LG Household & Health Care announced on March 10 that its cosmetics brand CNP has released new products in its flagship “Propolis” line, specifically targeting the Japanese market.CNP is selling new products, Propolis Vitamin Ampoule and Glow Ampoule, as well as two types of mist, at Ainz & Tulpe st
South Korean travelers have ranked Singapore and Japan as the most secure and comfortable countries to travel in the world. These two countries were ranked first and second, respectively, not only for their safety and security but also for their overall pleasant travel infrastructure, including clea
KB Financial Group has achieved the top position among domestic financial institution brands in the “Banking 500,” announced by the prestigious brand evaluation institution “Brand Finance” based in the U.K.Brand Finance evaluates brand value annually by comprehensively considering financial performa
The government is taking steps to solicit opinions from overseas financial institutions and investors regarding measures to improve the foreign exchange market structure and support corporate value-up initiatives.The Ministry of Economy and Finance (MOEF) announced on March 10 that Shin Joong-beom,