Korea Aerospace Industries (KAI) will export 18 FA-50 light fighters worth 1.2 trillion won to Malaysia. The Korean defense contractor is rapidly entering the Southeast Asian market as it has already exported the fighters to Indonesia, the Philippines and Thailand.KAI signed a US$920 million contrac
The central banks of South Korea and Australia extended their currency swap agreement by five years to Feb. 5, 2028.The scale of the agreement is 12 billion Australian dollars without change, and the other terms also remain the same. The first currency swap agreement between the two central banks wa
SK On, a battery subsidiary of SK Innovation, announced on Dec. 26 that it will showcase its high-tech batteries, including Super Fast (SF) Battery, the NCM9 Series and S-PACK, at CES 2023, which takes place in Las Vegas of the United States from Jan. 5, 2023.The company's SF Battery is a high-n
Hyundai E&C is taking steps to enter the small modular reactor (SMR) market in Europe.The company has signed a cooperation agreement with Holtec International of the United States and Skoda Praha, a Czech engineering company, to promote the SMR business in the Czech Republic.Holtec International rec
Hyundai E&C announced on Oct. 19 that it has held a ceremony with its partner Holtec International of the United States to initiate detailed design and commercialization of the SMR-160, a small modular reactor designed by the U.S. company.At the end of last year, Hyundai E&C and Holtec signed a coop
Korea's first air taxis are expected to offer their services on Jeju Island in 2025. K-UAM Dream Team Consortium, consisting of SK Telecom, Korea Airports Corp. and Hanwha Systems, are planning to provide a commercial urban air mobility (UAM) service on Jeju Island three years later.The consorti
GM Korea has cleared the biggest hurdle for this year with the conclusion of a collective bargaining agreement. In a vote held for two days from Sept. 6, 55.8 percent of GM Korea's unionists voted for a tentative agreement on wage and collective bargaining.Earlier, the company's labor and ma
Lotte Group chairman Shin Dong-bin has selected Vietnam as the destination of his first overseas business trip after receiving a special pardon on Aug. 15.Shin will depart for Vietnam at the end of this month. On Sept. 2, he will attend the groundbreaking ceremony for Lotte E&C’s Thu Thiem Eco Smart
China is about to dominate the global OLED display as well as LCD market. Experts point out that China’s rapid rise in the industry is based on extensive government support and the South Korean government is failing to provide comparable support.According to the Korea Display Industry Association, t
LG Innotek will invest 1.4 trillion won to build production lines for semiconductor substrates and camera modules in Gumi, North Gyeongsang Province, the company announced on July 6.The company has signed a memorandum of understanding on the investment with Gumi City.The investment included 283.4 bi
Hyundai Engineering & Construction announced on July 6 that it has signed an agreement with Saudi Aramco for the National EPC Champions initiative.The National EPC Champions initiative is intended to foster local industries through investments promoted under the Namaat program. The program aims to b
The Fair Trade Commission (FTC) has begun to take steps to impose sanctions on become Hyundai Rotem and other train car manufacturers as they have been found to have rigged bids in tenders organized by Korea Railroad Corp. (KORAIL). FTC inspectors have suggested that they be punished by fines exceed
The number of overseas affiliates set up by Korean conglomerates soared in the United States, but fell in China last year.As of the end of May this year, the 76 Korean business groups with assets exceeding 5 trillion won were practically controlling 5,287 subsidiaries in 123 overseas countries, the
LS Group announced on May 19 that it has signed a contract with Japan Korea Joint Smelting Co. (JKJS) to acquire its entire 49.9 percent stake in LS Nikko Copper for 933.1 billion won.LS Nikko Copper is a joint venture between LS Group and JKJS, with LS Group holding a 50.1 percent stake. JKJS, whic
Daewoong Pharmaceutical announced on May 3 that it has signed an agreement with DCGen, a clinical genome analysis technology company, at the end of April to promote global business for a multigene test kit for breast cancer prognosis prediction based on next-generation sequencing (NGS).Under this ag
Hyundai Motor Co. and Kia Corp. saw their sales in the European market expand 21.3 percent in the first quarter of 2022 despite a shortage of automotive semiconductors. Thanks to the sharp sales growth, Hyundai Motor Group's ranking in the European market rose to third, up two notches from the s
South Korean President-elect Yoon Suk-yeol and U.S. President Joe Biden had their first phone conversation on March 10, at the latter's request five hours after the election result came out. Biden was the only head of state who had a phone conversation with Yoon on the election result day.This i
Singaporean investment firm Temasek Holdings has sold off part of its stakes in Celltrion and its distribution affiliate Celltrion Healthcare in a block deal on March 21.The Singapore sovereign wealth fund reportedly sold 390 billion worth of Celltrion stocks and 170 billion won worth of shares in C
The Korea Exchange announced on March 13 that foreign investors’ net selling in the South Korean stock market was 5.4198 trillion won from Feb. 18 to March 11, when KOSPI fell 3 percent from 2,744.09 to 2,661.28 points and individual investors’ net buying was approximately 8 trillion won. Foreign in
Doosan Group has decided to acquire Tesna, a Korean semiconductor test and inspection company.The group announced on March 9 that it has signed a stock purchase agreement with AI Tree, the largest shareholder of Tesna, to acquire its entire shareholding in Tesna for 460 billion won.Previously, Doosa