Posco Future M secures manufacturing tech for graphite electrodes

Posco Future M, the materials unit of Posco Group, said Thursday it has completed production technology for graphite electrodes, which are an essential material in steelmaking that Korea has solely relied on imports for so far. The carbon-based electrodes are used in melting metal scraps or refining them during the steelmaking process in an electric furnace, as they are inserted into the furnace and produce heat via an electric current. Larger poles with higher electrode density increase electri

Dec. 12, 2024

Diverging exec shakeups: Samsung backs veterans; Hyundai rings changes

Year-end executive reshuffles often serve as a barometer of a company’s present challenges and future ambitions. This year, Samsung Electronics and Hyundai Motor Group, two of South Korea's leading chaebol, unveiled contrasting leadership strategies to navigate the challenges of 2025. Observers note that Samsung opted for minimal changes, retaining many familiar faces, while automaker Hyundai embraced change, including the appointment of its first foreign CEO. Samsung: Uncertain t

Dec. 12, 2024

Telecom carriers brace for traffic surge ahead of impeachment vote

Korea’s network and mobile service providers have stepped up their emergency preparedness ahead of Saturday’s impeachment vote against President Yoon Suk Yeol, according to industry sources Thursday. The top three telecom carriers -- SK Telecom, KT Corp. and LG Uplus -- are taking measures to prevent service malfunctions, including increasing network capacity in areas where large crowds are expected to gather for rallies in Seoul. During the first impeachment vote on Dec. 7, massiv

Dec. 12, 2024

SPC chair cleared of tax evasion

SPC Group Chairman Hur Young-in has been cleared of tax evasion charges in a second trial involving controversial stock trading among group affiliates. The Supreme Court ruled on Thursday, declaring Chair Hur not guilty. Former SPC Group President Cho Sang-ho and current SPC CEO Hwang Jae-bok, who were co-defendants in the case, were also acquitted. Hur faced allegations of selling Mildawon stocks, another SPC company producing flour, at lower prices to SPC Samlip in December 2012. The stocks

Dec. 12, 2024

SK Bioscience approved for Japanese encephalitis vaccine trial in Australia

SK Bioscience announced Thursday that it has received approval from Australia’s Human Research Ethics Committee to start Phase 1/2 clinical trials for GBP560, an mRNA-based vaccine candidate targeting Japanese encephalitis, a mosquito-borne disease that can cause severe neurological complications. The vaccine is part of the 100 Days Mission, an initiative by the Coalition for Epidemic Preparedness Innovations seeking to enable the world to produce a vaccine within 100 days of the outbreak

Dec. 12, 2024

Daewoong launches joint research for monthly anti-obesity drug

Daewoong Pharmaceutical announced Thursday that it has partnered with TionLab Therapeutics, Daehan New Pharm and Dalim Biotech to jointly develop a long-acting obesity treatment with a four-week injection interval. The semaglutide-based drug is designed to enhance drug release and durability. Daewoong and its partners will collaborate on non-clinical and clinical trials, drug development, and the regulatory approval processes. Daewoong will integrate TionLab Therapeutics’ long-acting drug

Dec. 12, 2024

Korean 'coffee mix' enjoys rare uptick in sales

Before the Americano became a staple of Korean coffee culture, instant coffee defined the daily caffeine ritual in South Korea. Known here as "coffee mix," these single-serve sachets containing a blend of coffee granules, creamer and sugar, offer an affordable caffeine fix at home and in the workplace. After a decade of decline, these budget-friendly coffee products are seeing a surge in popularity among locals and foreign visitors. Dongsuh Foods, a Korean food and beverage manufacture

Dec. 12, 2024

LG CNS rating outlook upgraded ahead of IPO

Korean IT solutions provider LG CNS said Wednesday that it has received an upgraded credit rating outlook from the nation’s top three rating agencies. Korea Ratings, Korea Investors Service and Nice Investors Service have upgraded LG CNS’ rating outlook from AA- stable to AA- positive over the past week. This is the first time since 2009 that the company’s credit rating outlook has been upgraded. The company said its new orders, sales performance, financial stability and compet

Dec. 11, 2024

Korean Air completes W1.8tr merger with Asiana Airlines after 4 years

Korean Air is set to finalize its long-awaited 1.8 trillion won ($1.4 billion) merger with Asiana Airlines Thursday, marking a significant step toward positioning the airline among the world’s top 10 carriers and solidifying its status as the largest in Northeast Asia. On Wednesday, Korean Air completed payments for Asiana shares to secure a 63.9 percent stake in the smaller rival, putting an end to the four-year-long journey. The merger marks the end of an era in which the nation’s

Dec. 11, 2024

OCI Energy to supply solar power to San Antonio for 20 years

OCI Energy, a US-based subsidiary of Korean chemical and battery manufacturer OCI Group, will supply solar power to the San Antonio region of the US state of Texas for 20 years, OCI Holdings, the company's holding unit, announced on Wednesday. OCI Energy signed the contract for a long-term energy storage project called “Alamo City ESS LLC” with US local energy grid operator CPS Energy on Friday in San Antonio. The signing event was attended by officials from both sides, includin

Dec. 11, 2024

Korea, US biz leaders call for easing trade barriers

Business leaders from South Korea and the United States have urged their governments to address persistent trade barriers and discriminatory policies, emphasizing the urgency of these issues as the incoming Trump administration brings fresh uncertainties in global economic and trade dynamics. The demands were outlined in a joint declaration adopted Tuesday at the 35th Korea-US Business Council meeting in Washington, organized by the Federation of Korean Industries and the US Chamber of Commerce.

Dec. 11, 2024

Mirae Asset hits W200tr in global ETF assets

Mirae Asset Global Investments announced Wednesday that its total global exchange-traded fund net assets have exceeded 200 trillion won ($139 billion). Mirae Asset currently manages 624 ETF products across 13 countries, including Korea, the US, Canada, Australia and Japan. In just three years, after surpassing 100 trillion won in 2021, its ETF net assets have doubled to 202 trillion won, placing the company 12th among global ETF operators. Mirae Asset was the first Korean asset manager to list E

Dec. 11, 2024

S-Oil honors coast guard officers for life-saving efforts

Korean oil refiner S-Oil on Tuesday honored eight members of the Korea Coast Guard for their life-saving efforts with awards totaling 90 million won ($62,800). The annual 2024 Hero Maritime Officers awards ceremony was held Monday at a Seoul hotel, with S-Oil CEO Anwar al-Hejazi, Korea National Council on Social Welfare Chairman Kim Seong-yee and Korea Coast Guard Commissioner General Kim Jong-wook in attendance. Han Seung-man, a senior police officer of the Gunsan Coast Guard Station in Gunsan

Dec. 11, 2024

LS Eco Energy posts record Q3 earnings on upbeat exports, telecom growth

LS Eco Energy, a subsidiary of LS Cable & System, said Tuesday it posted record-high revenue in the third quarter, driven by strong export performance in its power and telecommunications businesses. The company reported revenue of 223.4 billion won ($156 million) for the July-September period, up 33 percent from a year earlier. Operating profit rose 14 percent to 12.5 billion won, while net profit surged 227 percent to 8.4 billion won, fueled by strong sales in North America and Europe. Dema

Dec. 11, 2024

Kolmar Korea named one of world's best companies by Time magazine

Kolmar Korea announced Wednesday that it has been named one of the World's Best Companies in Sustainable Growth 2025 by US weekly magazine Time. Ranking 125th among 500 global firms, it is the only Korean cosmetics company on the list. The rankings, compiled by German market research firm Statista, evaluated 70 million companies across 150 countries based on revenue growth, financial stability and environmental impact on a 100-point scale. Kolmar Korea scored 81.44 points, placing in the t

Dec. 11, 2024

Govt. to focus on enhancing competitiveness of domestic aviation industry following Korean Air-Asiana merger

The government said Wednesday it will work to enhance the competitiveness of the domestic aviation industry while minimizing potential monopolistic harm from the soon pending merger between Korean Air Co. and Asiana Airlines Inc. The transport ministry announced an aviation industry support plan during a meeting of industries-focused ministries held at Hanwha Ocean Co.'s research and development campus in Siheung, Gyeonggi Province. To manage monopoly concerns arising from the merger, the m

Dec. 11, 2024

Passage of budget bill may relieve uncertainties

The National Assembly on Tuesday approved next year's national budget of 673.3 trillion won ($470.5 billion), reduced from the government's original proposal under pressure from the majority-held main opposition bloc. The final package is a 2.5 percent gain from that of this year's but about 4.1 trillion won less than the government’s proposal. The bill passed 183-94 with 1 abstention in an assembly where the main opposition Democratic Party of Korea holds a majority of 170

Dec. 10, 2024

Hana Financial reassures foreign investors amid political unrest

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil. The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining target

Dec. 10, 2024

MBK proposes stock split for Korea Zinc

Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a s

Dec. 10, 2024

[KH Explains] Crypto tax postponed again: Why Korea remains a rare case

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

Dec. 10, 2024