LS Mtron is expediting its penetration of the U.S. market by securing an agricultural machinery export hub in central Texas in the United States.According to industry sources on Jan. 1, LS Mtron will complete a tractor logistics center and assembly plant in Palestine, Texas, in February. The facilit
The foundry business that produces batteries developed and designed by customers is rising as a hot issue in the battery industry with automakers set to launch a large number of new electric vehicle (EV) models this year.The foundry business generally belongs to the semiconductor industry. In the 19
In 2024, Hyundai Motor Group is focusing its business on transitioning to Purpose-Built Vehicles (PBVs) and Software-Defined Vehicles (SDVs).Hyundai Motor Group’s PBV strategy takes its first step with Kia unveiling its PBV lineup at the Consumer Electronics Show (CES) 2024, after a five-year hiatus
Recent data indicates that the number of mid-sized companies playing a crucial role as the “backbone” of the domestic economy increased by nearly 100 last year. Both the total revenue and operating profit of mid-sized companies saw an increase of around 10% compared to the previous year, and investm
The Supreme Court’s ruling that it is not illegal to have employees work more than 52 hours in a week, regardless of the number of hours worked per day, is expected to allow small and medium-sized enterprises (SMEs) to make their working hours more flexible and cut labor costs.On Dec. 25, the Suprem
In the Chinese display industry, leading companies BOE and TCL CSOT are ramping up their investments in Organic Light Emitting Diode (OLED) panels, a domain traditionally dominated by Korean firms, especially in the sectors of laptops and tablets. The move has raised alarms in the industry.On Dec. 1
Starting on Dec. 14, the foreign investor registration system, which was considered one of the causes of the “Korea Discount,” or the undervaluation of the South Korean stock market, will be abolished.According to the financial investment industry on Dec. 12, the “Enforcement Decree of the Capital M
K-beauty companies are gaining tremendous popularity in the Japanese market, surpassing beauty powerhouse France. Leveraging cost-effectiveness and product quality, these companies are showcasing their presence across both online and offline markets, offering a range of products from basic skincare
McKinsey & Company released an economic diagnosis report titled “Korea’s Next S-Curve” on Dec. 11. This report comes ten years after the firm’s previous report titled “Beyond Korean style: Shaping a new growth formula,” suggesting that the South Korean economy has reached its growth limits.In its re
On Dec. 12, Canada’s renowned coffee brand, Tim Hortons, held a media event at its first domestic location, the Sinnonhyeon Station branch in the Gangnam district of Seoul. During the event, the company unveiled the reasons behind its entry into the South Korean market and discussed its strategies f
Fundraising in the venture capital (VC) industry has completely frozen due to continued high interest rates. The number of large venture funds valued at more than 100 billion won, a barometer of a booming VC market, has fallen to just five in the first three quarters of this year. The figure was 17
Huawei’s launch of a 5G smartphone equipped with a 7-nanometer chip in August sparked immediate calls in the United States for stronger sanctions against China, highlighting the global significance of the U.S.-China tech competition.However, upon closer examination, this U.S.-China tech rivalry also
A top European Commission (EC) official has given a positive assessment for the first time to remedial measures submitted by Korean Air to the EC for its merger with Asiana Airlines.“We have seen very positive progress on some of the proposals in Korean Air’s remedial measures,” EC Justice Commissio
비지니스코리아 Jasmine Choi (pr@businesskorea.co.kr)Chinese panel manufacturer BOE is poised to overtake Samsung Display as the world leader in foldable panels by the end of the year, propelled by the aggressive market expansion of Chinese smartphone makers.Market research firm DSCC reported on Dec. 7 that
The new regional head of the Hyundai Motor’s labor union, the largest single union in the country, has pledged to introduce a “4-day workweek” starting next year. This commitment has reignited the debate over reduced working hours, often described as a “hot potato” in the industry.On Dec. 6, Hyundai
It has been revealed that the outstanding corporate loans of the five major commercial banks in South Korea have surged by over 65 trillion won since the beginning of this year. With the government and financial authorities seeking to restrain household loans, there is increasingly intense competiti
Hanwha Ocean has recently entered into a research and development service contract with the Defense Technology Quality Institute for the design of new “magnet-reducing equipment for submarines,” the company announced on Nov. 29. This equipment is designed to reduce the magnetic field generated by su
The small and medium-sized enterprise (SME) sector is urging the swift passage of the “Business Succession Support Act” currently under consideration in the National Assembly, advocating for businesses to opt for continuity rather than closure. This comes as numerous companies consider closure inste
In 2024, 165,000 foreign workers will enter Korea on non-professional work visas (E-9). This will be the highest number ever. The industries they can work in will also be expanded to include restaurants, mining and forestry.The Ministry of Employment and Labor announced the decision in a meeting of
South Korea’s small and medium-sized semiconductor material, component, and equipment companies are making a bold move by establishing their production facilities within the semiconductor cluster taking shape in Yongin, Gyeonggi Province. The anticipated tech hub, known as the Yongin Semiconductor C