Korea Aerospace Industries (KAI) announced on Aug. 31 that it has signed a preemptive serial order contract with Airbus Helicopters (AH) for the production of 300 Light Armored Helicopters (LAH) and Surions (KUH). The Surion is a twin-engine transport utility helicopter developed primarily by KAI.Th
SK IE Technology (hereinafter referred to as “SKIET”) has established a global-level advanced information security system. The company plans to use this as a leverage to enhance information security reliability for its client companies and to acquire new clients as well.SKIET announced that it has o
Despite the waning of the “king dollar” phenomenon that prevailed last year, the currencies of three East Asian countries – South Korea, China, and Japan – have not managed to break free from their weakened positions. Notably, the Korean won appears to be weaker compared to the Japanese yen and the
It was reported that production, consumption, and investment had all decreased in July. This simultaneous decline in the three major indicators of industrial activity, which together showcase the vitality of the South Korean economy, is the first since January. Additionally, facility investment reco
The sale of HMM, formerly known as Hyundai Merchant Marine, is facing delays beyond the initial expectations. Korea Development Bank (KDB) is currently continuing its evaluation of eligible buyer candidates, a process it had aimed to complete within this month.According to financial industry sources
Global glass manufacturing company Corning, which has an annual revenue of 20 trillion won (US$15.09 billion), is expanding its thin glass production hub in South Korea. Thin glass is gaining attention in the mobile industry as an essential component for foldable phones. This move is seen as a choic
Hyundai Motor Group (the Group) announced today the signing of an MOU with Korea Zinc. The Group will cooperate with Korea Zinc, Korea's leading non-ferrous metal smelting company, in a comprehensive collaboration across the nickel value chain.The MOU signing ceremony was participated by Heung-soo K
Korea’s display companies are in a hot race with those of China to preempt the market for inorganic light-emitting diode (iLED) displays, touted as a future growth driver. Korea is considered to be lagging behind China in the iLED display market.The market for micro LED panels grew to US$27 million
Hanwha Ocean will build global production centers for submarines in North America (Canada) and Europe (Poland). The company has recently reorganized its submarine-related specialty ship organization to focus on domestic and international submarine orders worth a total of 80 trillion won.On Aug. 30,
Hyundai Motor Group will transfer all of its hydrogen business capabilities to one subsidiary. Hyundai Mobis’ hydrogen fuel cell production management division will be transferred to Hyundai Motor to complete the Korean automotive group’s value chain of hydrogen mobility production and boost its eff
Hyundai Motor’s losses in Russia are snowballing as the Ukraine-Russia war has been dragging on, paralyzing the Korean automakers’ factories. In recent years, the Russian government has been nationalizing assets of foreign companies that left the country, raising the risk that Hyundai Motor will be
In the first half of this year, insurance companies achieved a net profit of nearly 10 trillion won (US$7.56 billion), driven by increased sales of guaranteed insurance policies and the positive effects of implementing new accounting standards, specifically IFRS9 and IFRS17.According to the prelimin
Eight out of ten business leaders have expressed the belief that the Chinese economy will continue to deteriorate in the future. This outlook is attributed to mounting concerns over risks stemming from China, notably those associated with the U.S.-China conflict. It is increasingly evident that the
The government, in a joint effort with the private sector, is establishing a “Startup Korea Fund” with a total size of 2 trillion won (US$1.51 billion) by 2027 to support the global expansion of deep tech and startups.The Ministry of SMEs and Startups (MSS) announced the “Comprehensive Startup Korea
Despite the rain on the afternoon of Aug. 28, the streets of Myeongdong in Seoul were bustling with foreign tourists. However, groups of Chinese tourists were noticeably absent. Volunteers stationed around the area were busier assisting in English and Japanese than in Chinese.China recently allowed
Last year, South Korea reported its lowest birthrate since the initiation of birth statistics in 1970. The average number of births expected in a woman’s lifetime has dropped to 0.7. Annual births have also fallen below 250,000, intensifying concerns about a “population cliff.”According to the birth
The government has supplied more than 10,000 workers, both nationals and foreigners, to the shipbuilding industry in the first half of this year. Out of these, foreign workers totaled 8,300.According to the Ministry of Trade, Industry, and Energy and the Ministry of Justice, a total of 11,104 produc
The preliminary estimate indicates that in this year’s second quarter, the GDP of the member countries of the Organisation for Economic Co-operation and Development (OECD) grew by 0.4% compared to the previous quarter. South Korea recorded a growth rate of 0.6%, tying with the United States for 10th
Coupang Play, the fastest-growing OTT service in Korea, has completed its executive reinforcement within the engineering organization and is accelerating its efforts to enhance the product experience. The executives appointed by Coupang Play are Rohit Puri, Head of Engineering, and Sekwon Choi, Head
The Ministry of SMEs and Startups (MSS) announced that it held the Fabless Challenge, an event to select and support promising fabless semiconductor companies, at the KBIZ DMC Tower in collaboration with Samsung Electronics, on Aug. 29.The Fabless Challenge has been held since last year to strengthe