LX International announced on Jan. 16 that it has acquired 60% ownership of the AKP mine in Indonesia for 133 billion won (US$98.9 million), securing management rights.The acquisition was completed through LX International’s Indonesian subsidiary PT.EBI, which paid the full price for the AKP mine st
Orion is taking its first step into the next-generation anti-cancer drug market by acquiring LegoChem Bio for about 55 billion won.Orion Holdings acquired a 25 percent stake in LegoChem Bio and became the largest shareholder on Jan. 15, according to industry sources on Jan. 16. Orion acquired a tota
A well-known Chinese automotive manufacturer is currently under investigation by South Korean law enforcement agencies for allegedly establishing a subsidiary in South Korea and illicitly acquiring domestic battery technologies from Samsung SDI and SK on, formerly SK innovation.According to industry
The police have referred individuals connected to Fidelis Asset Management, including its CEO, who are under suspicion for the improper sale of the “Fidelis Fund,” to the prosecution.The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that three individuals, incl
Pernod Ricard Korea, the Korean affiliate of the global wine and spirits company Pernod Ricard, announced that it held a special lecture to help build a sustainable bar culture on January 15, 2024.The special lecture was offered as part of the Bar World of Tomorrow training program that Pernod Ricar
The Ministry of Food and Drug Safety in South Korea announced the launch of the Asia-Pacific Food Regulatory Authority Summit (APFRAS) Secretariat on Jan. 15 to support the activities of the international cooperative body aimed at leading food sector international cooperation and regulatory harmoniz
Amid police investigations into allegations of illegal expenditures on a local board meeting in Canada by POSCO Holdings, the holding company of POSCO Group, new suspicions have emerged regarding similarly extravagant overseas board meetings held in the past.According to a comprehensive report by CB
The Korean beauty care industry is turning its eyes to the Japanese market. It is a strategy to try to rebound by targeting Japan as an alternative market as its performance weakened due to a decline in the market share of Korean cosmetics in China.LG Household and Health Care’s cumulative sales thr
Seoul AI hub, supported by the Seoul Metropolitan Government, announced that 35 AI startups it supports participated in CES 2024, showcasing their AI-based products and technologies to the global market. Among these, startups that participated as part of Seoul AI hub’s global expansion support proje
The top leading economic organizations of Korea and Japan met in Tokyo for the first time in four years, agreeing to strengthen cooperation in fostering startups in the two countries. They also agreed to establish trilateral economic cooperation between Korea, the United States, and Japan, and to wo
POSCO International announced on Jan. 10 its plan to supply Hyperloop-specific steel to the European Hyperloop Center (EHC) within the European Union (EU) for an additional test section project this year. A total of 275 tons of the steel developed and produced by POSCO, called POSLOOP355, has been s
Samsung Electronics Chairman Lee Jae-yong highlighted the critical role of 6G technology for the company’s future during his visit to Samsung Research, the company’s global research and development (R&D) hub located in the Umyeon neighborhood of Seocho district in Seoul on Jan. 10. There, he reviewe
LS Eco Energy (formerly known as LS Cable & System Asia) has become the first Korean company to sign a large-scale long-term rare earth purchase contract in Vietnam. The contract signing is expected to stabilize LS Eco Energy’s rare earth supply chain by diversifying import sources of rare earth tha
On Jan. 10, the Ministry of SMEs and Startups (MSS) announced the results of its Venture Enterprise Detailed Survey, analyzing the management performance, employment, and research and development (R&D) of venture companies as of the end of 2022.According to the MSS, the average revenue of venture co
MBK Partners announced that Moon Joo-Ho, the executive director in charge of special situations investments in Korea, was promoted to the position of partner and vice president on Jan. 1.Vice President Moon graduated from Seoul National University with a degree in Business Administration and holds a
Lotte Chilsung Beverage announced on Jan. 9 the opening of a pop-up store for its Saero zero sugar soju on Bui Vien Street in Ho Chi Minh City, Vietnam.The Saero pop-up store is designed to expand the brand experience and increase intimacy with the young local population in Vietnam. Recently, Saero
After facing performance setbacks last year, Amorepacific is aiming for a rebound in the U.S. market this year.A report released by Kiwoom Securities on Jan. 5 forecasts that Amorepacific’s revenue for this year will be 4.2177 trillion won, with operating profits expected to be 406.1 billion won.In
The police have initiated a forced investigation into Il-Yang Pharmaceutical, which is under suspicion of stock price manipulation.According to the police on Jan. 5, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency executed a search and seizure warrant at the headquarte
Ahead of its Galaxy Unpacked event in the United States, Samsung Electronics has embarked on a campaign to promote ‘Galaxy AI’ at major landmarks around the world.On Jan. 7, Samsung Electronics announced the launch of digital outdoor advertisements for its Galaxy Unpacked 2024 event across 13 countr
Pernod Ricard Korea, the Korean subsidiary of the global liquor company Pernod Ricard Group, will donate 40 million KRW to the Corea Image Communication Institute (CICI) and sponsor in kind various cultural communication events organized by CICI in 2024.Pernod Ricard Group has set a 2030 Sustainabil