The Korean government has temporarily postponed the dispatch of an additional reconstruction cooperation team to Ukraine. This is due to a combination of changes in the international situation due to the prolonged Ukraine-Russia war and a reshuffle of the Yoon Suk-yeol administration of Korea.Accord
With its wit and freshness, Premium vodka ABSOLUT, which represents Pernod Ricard Korea Co. Ltd (Pernod Ricard Korea), has collaborated with the globally renowned design studio Sticky Monster Lab and Olly Alexander-an active composer, an actor, and the front man of the British Band Years&Years-and,
Samsung Heavy Industries (SHI) and Hanwha Ocean, two of the three major Korean shipbuilders along with HD Korea Shipbuilding & Offshore Engineering (KSOE), are expected to fail to meet their annual order targets set earlier this year by the end of December.According to sources in the shipbuilding in
On the morning of Dec. 23 a fire broke out at POSCO’s Pohang Works, temporarily halting the operation of three blast furnaces. The government and POSCO said that the restart of the furnaces after putting out the fire would not cause any major disruption to the production and supply of products. Howe
Leading defense industry companies in South Korea, including Hanwha Aerospace, Korea Aerospace Industries (KAI), LIG Nex1, Hyundai Rotem, and Hanwha Ocean, have hit “contract jackpots” in countries like Poland and Australia, marking a significant shift for South Korea from a defense equipment import
Top executives from major South Korean conglomerates are set to make a strong presence at “CES 2024,” the world’s largest Information Technology (IT) and consumer electronics expo to be held in Las Vegas, Nevada, in the U.S. next month.According to business sources on Dec. 25, key executives from ma
In the latter half of this year from July to November, the top-ranked app in domestic shopping categories for downloads, according to data from IGAworks, is the Chinese app Temu. Temu’s monthly active users (MAU) have surged sevenfold in just three months. The market share of AliExpress, the oversea
According to the International Contractors Association of Korea (ICAK) on Dec. 25, the total value of construction contracts in the Middle East, including Saudi Arabia and the United Arab Emirates (UAE), has reached US$8.38 billion from the beginning of the year to the end of November this year, mar
Chinese online retail giant AliExpress has emerged as the fastest-growing app in South Korea this year. According to WiseApp, an app and retail analytics service, AliExpress is the app that has had the most users in South Korea over the past year. AliExpress had only 3.36 million users in January, b
SK ecoplant is positioning itself as a domestic powerhouse in offshore wind power, one of the most prominent eco-friendly energy business alongside the solar power business. SK ecoplant is jointly developing an offshore wind power ocean energy project. The project is to build floating and fixed offs
Dong-A Socio Group’s specialty drug affiliate, Dong-A ST, will enter the ADC market through the acquisition of an antibody-drug conjugate (ADC) linker platform company. ADCs are a treatment that combines an antibody that combines a target antigen with a cytotoxic drug as a linker and is known for it
In the future, cryptocurrency issuing companies will no longer be able to arbitrarily recognize profits or assets.The Securities and Futures Commission (SFC) under the Financial Services Commission (FSC) announced on Dec. 21 that it had passed the “Supervisory Guidelines for Accounting Treatment of
The Financial Supervisory Service (FSS) is reportedly seeking a combined fine of 20 billion won (US$15.36 million) for BNP Paribas and HSBC, both of which have engaged in naked short selling. The FSS aims to impose an individual fine of 10 billion won on each of the financial institutions.Bloomberg
The deadline for Google and Apple to submit their opinions on corrective measures proposed by the Korea Communications Commission (KCC) regarding the “coercive practices of utilizing their own in-app payment system” has been extended once again. Following Google’s recent defeat in a first-instance l
The South Korean government is considering applying antitrust regulations following abrupt price hikes by major content platforms such as YouTube and Netflix.A senior ruling party official stated in a media interview on Dec. 21, “A 40% hike in consumer prices at once is a kind of monopolistic abuse.
In the premium TV product line, Samsung Electronics’ market share in the Mini Light Emitting Diode (LED) TV market has significantly dropped this year. While Samsung, which had an overwhelming market share, experienced a decrease in shipments, Chinese companies like Hisense and TCL increased their s
Samsung Electronics is set to establish an advanced semiconductor packaging research and development (R&D) base in Yokohama, Japan. The company plans to invest 40 billion yen into this area by 2028.The Japanese Ministry of Economy, Trade and Industry, along with the city of Yokohama, announced on De
Huawei Korea held a media event on Dec. 20 to share its major business achievements of 2023 and strategic directions for 2024. Balian Wang, CEO of Huawei Korea, emphasized prioritizing cybersecurity on this day.This year, under the vision of “Building a Better Eco-Friendly Digital Life with Korea,”
The prosecution has launched a forcible investigation into Kyungbo Pharmaceutical, accused of providing billions of won in rebates to hospitals.The Food and Drug Crime Investigation Division of the Seoul Western District Prosecutors’ Office (Chief Prosecutor Song Myung-sub) announced that they condu
Huawei Korea held a media event on Dec. 20th to share major business achievements of 2023 and strategic directions for 2024. Balian Wang, CEO of Huawei Korea, emphasized prioritizing cybersecurity on this day.This year, under the vision of 'Building a Better Eco-Friendly Digital Life with Korea,' Hu