Korea’s Anti-Corruption & Civil Rights Commission (ACRC) has dismissed HD Hyundai Heavy Industries’ complaint against the results of a bid to build the next frigate for the Korean Navy.According to industry sources, the ACRC recently sent a resolution to dismiss HD HHI’s complaint about the results.
Hyosung Group is pushing forward with the establishment of a new holding company to strengthen responsible management and enhance shareholder value.On Feb. 23, the group decided on a division plan to spin off investment sectors related to six companies, including Hyosung Advanced Materials, Hyosung
South Korea holds the potential to become a global battery supply base, necessitating a national strategy to realize this potential, according to claims made by industry experts. The Korea Chamber of Commerce and Industry’s Sustainability Growth Initiative (SGI) highlighted in its report on Feb. 22,
The government is focusing its policy efforts on “normalizing the nuclear power industry ecosystem.” It has come up with support measures encompassing advancing research and development (R&D), facilitating job opportunities, extending financial aid, and offering tax incentives.On Feb. 22, the govern
Samsung Electronics has confirmed the sale of its entire stake in ASML, a Dutch semiconductor equipment company. According to Samsung Electronics’ audit report on the Feb. 21, the company disposed of its entire stake of 1,584,070 shares (a 0.4% stake) in ASML during the fourth quarter of last year.
Samsung is set to hire a large amount of foreign talent in the research and development (R&D) sector. According to industry sources on Feb. 21, Samsung Electronics, Samsung Display, Samsung SDI, Samsung Electro-Mechanics, Samsung SDS, Samsung Biologics, Samsung Bioepis, and Samsung Heavy Industries
Chinese direct purchase shopping app Temu is stirring controversy in South Korea by attracting new members with cash-like credit points and free gifts through fishing-like events. Consumers have criticized Temu’s ambiguous prize events as “consumer deception” and “multi-level personal information sc
The legal risks facing the former President of POSCO, Jang In-hwa, who has been nominated as the next chairman of the POSCO Group, are growing, sparking controversy.According to industry sources, on Feb. 19, the People’s Livelihood Countermeasure Committee filed a complaint against former President
Korea’s leading chicken brand BHC Chicken is embroiled in controversy for replacing its boneless chicken menu with cheap Brazilian chicken and at the same time raising its price.BHC Chicken switched its source of boneless chicken to Brazil in May 2023, according to industry sources on Feb. 22. Howev
The legal battle between the sons of the founder of Hanmi Pharmaceutical -- Lim Jong-yoon and Lim Jong-hoon -- and the OCI Group has intensified. OCI Group holds a significant stake in Hanmi Science, the parent company of Hanmi Pharmaceutical Group. The legal battle remains on the question of integr
General Motors (GM) is considering investing to build a plug-in hybrid electric vehicle (PHEV) production facility at its Bupyeong plant in Incheon, Korea.GM is considering investing in the construction of a PHEV facility at its Bupyeong plant, according to sources in the automobile industry on Feb.
Korean Air has received conditional approval from European Union (EU) competition authorities for its merger with Asiana Airlines. Therefore, the sale of Asiana’s cargo business, a condition for the merger, is now on the right track.According to investment banking and aviation industry sources on Fe
The U.S. government has announced a plan to provide over 2 trillion won (US$1.5 billion) in subsidies to the U.S.-based semiconductor company GlobalFoundries. This marks the first large-scale support initiative since the enactment of the CHIPS and Science Act (CSA) in 2022 aimed at building the semi
The criticism against Chinese e-commerce companies, which aggressively enter the domestic market with ultra-low prices, is growing due to their disregard for relevant laws while operating within the country. There are numerous complaints about these companies consistently sending advertisements that
The first meeting of the Korea-Netherlands Semiconductor Dialogue kicked off in Eindhoven, the Netherlands, on Feb. 19 (local time). The Korean and Dutch governments agreed to hold the meeting during President Yoon Suk-yeol’s state visit to the Netherlands in December 2023. The ministries in charge
Samsung Electronics is expanding its influence in the North American region, including Canada and the United States, by leading with its Open RAN solution. The company plans to strengthen its position in the global telecommunications equipment market, which is currently dominated by Huawei, Ericsson
SK hynix President and CEO Kwak Noh-jung stated that the company is carefully considering the selection of a site for an advanced packaging facility in the United States, targeting all states.On Feb. 19, CEO Kwak made these remarks during a meeting with the press following the regular meeting of the
Carrot General Insurance announced on Feb. 19 that it has secured a contract for the implementation of Behavior Based Insurance (BBI) solutions with Indonesia’s Lippo General Insurance.This contract acquisition marks the first instance where Carrot’s inherent technological expertise and data capabil
KT&G has been recognized as a leading company in the climate change response and water resource management sector by Carbon Disclosure Project (CDP), a global environmental information assessment organization, achieving the Leadership grade.Following last year, the company has once again attained to
Hyundai Motor Group which runs Hyundai Motor, Kia Corp. and Genesis sold a total of 7.34 million vehicles globally in 2023, ranking third in sales, according sources in the automobile industry. This marked the second consecutive year that the group has ranked among the big three.Toyota Group, with b