Woori Bank’s Indonesian unit provides $200m funding for Posco

Korean lender Woori Bank announced Wednesday that its Indonesian subsidiary has signed a memorandum of understanding to provide financial support for PT Krakatau Posco, the Indonesian joint venture of Korea’s steel giant Posco. With plans to offer $200 million in funding, Bank Woori Saudara will support PT Krakatau Posco in areas such as operating funds, supply chain financing, exchange rate hedging and employee loans. Posco is expected to enhance its cost efficiency and maintain financial

Dec. 18, 2024

Worker error suspected in mixing of cleaning solution in Maeil Dairies' milk products

The food safety ministry said Tuesday worker error is suspected to have caused the recent mixing of cleaning solution in some Maeil Dairies Co.'s milk products, requesting a one-month business suspension on the company's plant responsible for the incident. Last Thursday, some employees at an unidentified company reported stomach pain and other symptoms after consuming Maeil Dairies' 200 milliliter sterilized milk product, prompting an investigation by the Ministry of Food and

Dec. 17, 2024

Innocean partners with Joopiter for Asian expansion

Innocean, a South Korean marketing communications agency under Hyundai Motor Group, announced Tuesday that it has signed a memorandum of understanding with Joopiter, the digital auction platform founded by musician and designer Pharrell Williams, to pursue new business opportunities and expand their presence in Asia. The signing ceremony, held earlier this month at Joopiter’s New York headquarters, brought together Innocean CEO William Lee and Joopiter CEO John Auerbach. The two leaders ag

Dec. 17, 2024

Celltrion launches CDMO subsidiary to drive growth beyond biosimilars

Celltrion Group has launched a new contract development and manufacturing organization, Celltrion BioSolutions, signaling its strategic ambition to position CDMO services as the group’s next growth engine beyond its core biosimilar business. "We will start contract research and development services from 2025, with the facility construction set to start by the first half. By 2030, we aim to record 1.5 trillion won ($1.04 billion) in CDMO business," Chairman Seo Jung-jin said durin

Dec. 17, 2024

Hanmi Semiconductor heir promoted to chairman

Hanmi Semiconductor Vice Chair Kwak Dong-shin has been promoted to take the helm of the chip packaging equipment maker, after leading the development and launch of a flagship product used in producing next-generation artificial intelligence DRAM chips. Kwak joined the company in 1998, eight years after his late father Kwak Noh-kwon founded the company in 1980. Kwak Dong-shin has been the effective leader of the chip equipment firm since 2007, when his father stepped back from front-line manageme

Dec. 17, 2024

LG hires Capitol Counsel to strengthen Washington ties

South Korean electronics giant LG Electronics's Washington office has hired a new lobbying firm in the US to bolster its negotiating leverage with Washington, amid rising concerns over US President-elect Donald Trump’s tariff threats. According to a US disclosure report Tuesday, LG Electronics USA, the company’s US arm, has recently hired Capitol Counsel, a government relations firm in Washington, to lobby on trade and supply chain issues. Lisa Whisler, a lobbyist at the Capitol

Dec. 17, 2024

Economy's biggest fear is uncertainty, says SK chief

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati

Dec. 17, 2024

HD Hyundai 1% Nanum Foundation honors charity heroes

The HD Hyundai 1% Nanum Foundation held its annual HD Hyundai Honor Awards ceremony on Tuesday, recognizing “citizen heroes” who have selflessly supported those in need. This year’s grand prize was awarded to the Purme Foundation. Since 2005, Purme has been a driving force in supporting people who live with disabilities. It has supported rehabilitation treatments for over 600,000 children and has operated a smart farm that provides employment opportunities for young adults with

Dec. 17, 2024

Ikea walks back plan to build Asia's largest logistics hub in Korea

Ikea Korea has scrapped its project to establish a multipurpose logistics center in Pyeongtaek, Gyeonggi Province, four years after its initial announcement of housing Asia's largest logistics hub in South Korea. In its latest audit report, covering September 2023 to August 2024, the Swedish home furnishing retailer announced its withdrawal from the Pyeongtaek logistics project, reclassifying the 102,000-square-meter site for the planned logistics center, valued at 55.5 billion won ($38.6 m

Dec. 17, 2024

[Photo News] Hana joins W100b donor club

Hana Financial Group has joined the Community Chest of Korea's 100 billion won ($69.6 million) donation club for the nonprofit's "Hope Sharing Campaign," contributing approximately 113.5 billion won since 2003. This includes 15 billion won donated Tuesday as part of the "2025 Hope Sharing Campaign," which supports underrepresented communities and promotes a sustainable future. In the photo, Hana Financial Group Chairman Ham Young-joo (left) poses with Community Ches

Dec. 17, 2024

LX Hausys listed on DJSI Korea for 10th straight year

South Korean building materials company LX Hausys has been included in the Dow Jones Sustainability Indices Korea for the 10th consecutive year, the company announced Tuesday, making it the only Korean interior company to earn this recognition. The DJSI, managed by global financial information provider S&P Global, evaluates companies worldwide on their environmental, social and governance performance. LX Hausys received high scores in key areas such as environmental policies, climate strateg

Dec. 17, 2024

BC Card CEO secures 4th term

BC Card, one of South Korea's leading card issuers, has confirmed the reappointment of CEO Choi Won-seok for another term. The company announced Tuesday that its executive nominee recommendation committee selected Choi as the sole candidate for the CEO position. This will mark Choi's fourth consecutive term since he took office in March 2021, and the first time a BC Card CEO has served a fourth term since the company joined KT Group in 2011. The committee selected Choi as the nominee,

Dec. 17, 2024

Oceans minister discusses trade uncertainties with shipping firms

South Korea's oceans minister met with chief executive officers of the country's major shipping companies Tuesday to discuss strategies to address uncertainties in global trade, including potential US policy shifts under the incoming Donald Trump administration. The meeting, which invited representatives from the top 10 shipping companies, including HMM Co., Pan Ocean Co. and SK Shipping Co., also took place in the wake of lingering geopolitical uncertainties in the Middle East, accord

Dec. 17, 2024

Drillship for East Sea gas exploration arrives at first drilling site

A drillship participating in a major gas and oil development project in the East Sea arrived at its first drilling site Tuesday, as it prepares to begin exploration operations amid growing uncertainties in the project due to domestic political situations, according to industry sources. The West Capella, operated by Norway-based Seadrill Ltd., arrived at the location around 9 a.m., about 50 kilometers east of the southeastern port city of Pohang, with operations set to begin later this week, acco

Dec. 17, 2024

[Photo News] Unwavering Partnership

Democratic Party of Korea Chair Lee Jae-myung (left) shakes hands with American Chamber of Commerce in Korea Chairman and CEO James Kim before their closed meeting at the National Assembly in Yeouido, Seoul, on Monday. During the meeting, Lee pledged to make efforts to ease business activities in Korea for both domestic and international companies through regulatory measures. While paying tribute to Korea's commitment to democracy, Kim emphasized that AmCham is actively working to tap into

Dec. 16, 2024

Get ready for aggressive US trade policy: ex-Trump adviser

A former top trade adviser to US President-elect Donald Trump during his first administration warned that Trump's second term would likely adopt a more “aggressive” stance on trade, urging South Korean businesses to engage proactively with US officials to navigate potential challenges. Stephen Vaughn, a lawyer and former acting US Trade Representative, spoke at a seminar, titled "Trade Regulations Under Trump's Second Term: Risk Management and Strategies for Korean Com

Dec. 16, 2024

Calls grow for swift passage of stalled chips, AI bills

Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion

Dec. 16, 2024

LS Materials to expand EV, green energy solutions

LS Materials, a South Korean energy storage device manufacturer, said Monday it is ramping up efforts to develop solutions for renewable energy, data centers and electric vehicles as demand for clean energy and sustainable technology grows. The company recently introduced LS UltraGrid, a rack-type ultracapacitor system designed to stabilize power supplies in renewable energy facilities like wind and solar farms. Renewable energy often faces challenges with power fluctuations due to weather chang

Dec. 16, 2024

Overvalued Korea Zinc may tie MBK Partners up in knots

MBK Partners, a private equity firm seeking to acquire Korea Zinc, the world's largest zinc smelter, has come under criticism for excessive betting to hoist its stake in the zinc producer, which could put its investors at risk. MBK, in partnership with Young Poong, Korea Zinc's largest shareholder, has been raising the ante to obtain the management rights of Korea Zinc in a monthslong battle with the firm’s management. According to news reports Monday, the private equity company

Dec. 16, 2024

Korean execs targeted in impersonation scams

With a rising number of social media impersonation scams targeting influential executives of Korea’s major companies, there are increasing calls for stronger regulations to prevent social harm. According to sources on Monday, the Seoul Metropolitan Police Agency recently launched an investigation into multiple social media accounts impersonating Sung Kim, an advisor and newly appointed president of the strategic planning division at Hyundai Motor Group. The police have identified over 14 F

Dec. 16, 2024