ArkData, a specialist in real-time data replication led by CEO Ko Kwang-yun, and KTNexR, a Big Data specialist under the KT Group led by CEO Lee Ho-jae, are entering into a strategic partnership for mutual collaboration. This agreement aims to combine the respective technologies and capabilities of
Hyundai Motor Company is responding to growing demand for hybrid electric vehicles (HEVs) by producing HEVs at its U.S. electric vehicle factory, Hyundai Motor Group Metaplant America (HMGMA), which is scheduled to go live in the fourth quarter of 2024.“We will begin to run HMGMA in October,” said L
As POSCO Holdings announced its first quarterly earnings under new Chairman Jang In-hwa, control of business development speeds by business division has become a hot topic.The company has set an investment budget of about 10.8 trillion won for this year, but the amount is likely to be reduced. The p
Doosan Enerbility announced on April 25 that Romanian President Klaus Iohannis visited the company’s headquarters in Changwon, South Gyeongsang Province on April 24 as Romania is promoting the construction of the world’s first small modular reactor (SMR) power plant at the government level.The visit
Seoul Mayor Oh Se-hoon held a press briefing at Seoul City Hall on April 24 to announce a comprehensive plan to develop the Han River. The plan is a sequel to the Great Han River Project launched in March last year with the goal of creating a waterfront city in Seoul.Accordingly, the city aims to cr
The Korean construction industry is on edge due to the conflict between Israel and Iran and between Israel and Hamas, which has led to a decline in orders from the Middle East and concerns about lower profitability due to rising raw material prices. The Middle East is a big overseas market for Korea
Europe’s views are changing in favor of nuclear power generation. Many European countries agree that nuclear power is necessary for carbon neutrality and energy security. They are also investing in new technologies such as small modular reactors (SMRs). Europe has a growing interest in South Korea,
HD Hyundai Heavy Industries (HHI) announced on April that it has signed a memorandum of understanding (MOU) with Philly Shipyard in Pennsylvania of the United States to provide new shipbuilding and maintenance, repair and overhaul (MRO) services for US naval and government vessels for the U.S. gover
Doosan Enerbility will carry out a modernization project to improve the performances of old power plants and build environmental facilities in Kazakhstan.Doosan Enerbility announced on April 24 that it has signed a memorandum of understanding (MOU) with the Ministry of Energy of Kazakhstan and KEPCO
SK innovation’s subsidiary, SK earthon, has completed the sale of its stake in Peru LNG Company, LLC which SK earthon had run since 2010.On April 22 (local time), SK earthon successfully wrapped up the sale of its 20 percent stake in Peru LNG to MidOcean Energy for US$256.5 million. The two companie
China’s Alibaba Group, the parent company of AliExpress, which has been embroiled in controversy for selling knockoffs and distributing low-quality, unauthorized goods in Korea, is reportedly considering making a 100 billion won equity investment in Korean women’s fashion application Ably, causing a
Samsung Bioepis announced on April 23 that it has received final marketing authorization from the European Commission (EC) for Pyzchiva (project name SB17, ustekinumab), a biosimilar to Stelara. Pyzchiva’s active substance name is ustekinumab.Pyzchiva is the fourth autoimmune disease treatment devel
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
A Canadian trade mission led by Canadian Minister of International Trade Mary Ng visited HD Hyundai and Hanwha Ocean.According to industry sources, the visiting Canadian trade delegation toured HD Hyundai and Hanwha Ocean’s facilities on April 22 at the invitation of the two Korean shipbuilders.Cana
Korean shipbuilding stocks have been rallying as expectations grow that the Korean shipbuilding industry will enjoy reflective benefits from US sanctions against China.According to the Korea Exchange on April 23, Hanwha Ocean closed at 34,750 won (US$25.35), down 2550 won, or 7.92 percent, from Apri
President Yoon Suk-yeol held a summit with Romanian President Klaus Iohannis at the Yongsan presidential office on April 23 to discuss bilateral cooperation. It is the first bilateral summit in Korea in 16 years since 2008. Yoon visited the Lithuanian capital Vilnius for a North Atlantic Treaty Orga
BMW Group Korea will now carry out all electric vehicle and software development, as well as certifications in Korea.“Korea is BMW’s fifth-largest market globally, and this year we became the No. 1 brand in premium cars, including electric vehicles,” said Jochen Goller, a member of the Board of Mana
Chinese electric multiple unit rapid transit cars, which dominated the U.S. electric rapid transit car market through price war, are being withdrawn from the market one after another due to safety issues and rising costs. Hyundai Rotem, which has struggled due to the price war, is aggressively pursu
Hyundai Motor Group has signed a power purchase agreement for 147 megawatts (MW) of solar power to run an electric vehicle factory under construction in the U.S. state of Georgia with renewable energy.Hyundai Motor Group announced on April 22 that it recently signed a 15-year long-term power purchas
The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of