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March 23, 2023

Business & Politics

Samsung, SK Hynix look to China exit plans as growth stunted

Samsung Electronics Co. and SK Hynix Inc., the world’s two largest memory chipmakers, are in quandary over their growth strategies in China following the announcement of US guardrails on semiconductor manufacturers' subsidies for their US operations. The two South Korean companies may seek ways to drastically reduce their Chinese business as the Joe Biden administration’s lates

Future mobility

Kakao Mobility buys UK ride-hailing startup Splyt for global biz

South Korea’s Kakao Mobility Corp. said on Wednesday it has acquired the British ride-hailing startup Splyt, marking the first overseas takeover in its push to expand its global business. South Korea's top taxi-hailing app operating unit of domestic mobile giant Kakao Corp. aims to accelerate its global expansion with Splyt’s technology to connect mobility services worldwide. K

Batteries

EcoPro taps mines in the Americas to secure cathode materials: EcoPro CEO

EcoPro Group, South Korea’s leading battery materials producer, is mulling investments in mines in the Americas to source cathode materials, a move that will complete the vertical integration of the company’s cathode production process, the company chief said. “We will expedite the vertical integration of our cathode production with investments in overseas mines,” E

Shipping & Shipbuilding

Hyundai Heavy tops global 2-stroke engine production

South Korea’s Hyundai Heavy Industries Co. became the world’s first shipbuilder to have marked 200 million brake horsepower (bhp) in cumulative production of two-stroke engines on March 22. The shipbuilding giant celebrated the milestone on Wednesday by starting a 74,720-bhp two-stroke engine at its plant in Ulsan, a southeastern port city in Korea. After 44 years of the compan

Earnings

KB, Hana drive major S.Korean overseas banking profits lower

KB Kookmin Bank and Hana Bank led weaker earnings of the four largest South Korean lenders’ overseas units last year although their rivals Shinhan Bank and Woori Bank enjoyed higher profits from operations in other countries. The total net profits of the top four banks’ overseas units tumbled 66.3% to 164.3 billion won in 2022 from the previous year, according to data from the

Construction

Doosan Enerbility wins back-to-back power plant deals in Central Asia

South Korean power plant builder Doosan Enerbility Co. has secured a series of contracts in Central Asia, including orders in Uzbekistan and Kazakhstan. The company received a notice to proceed from Harbin Electric International to supply equipment for the Syr Darya Phase II Natural Gas Power Plant in Uzbekistan. This is Doosan Enerbility's first order in the country, with the contract va

Private equity

MBK-UCK consortium offers 2nd tender to delist Osttem Implant

The MBK Partners-Unison Capital Korea (UCK) consortium said on Wednesday it will conduct a second tender offer for shares in Osstem Implant Co., a fraud-hit dental implant maker in South Korea, to delist the company from the junior bourse Kosdaq.? ?? The consortium aims to acquire 10.62% ownership in Osstem, or 1.65 million shares for 190,000 won ($145.4) apiece via the tend

Insurance

Kyobo Life chief Shin Chang-jae inducted into insurance hall of fame

Shin Chang-jae, chief executive and chairman of South Korea’s Kyobo Life Insurance Co., has been honored with a prestigious award from the International Insurance Society (IIS), following in his father’s footsteps to win the honor ? the industry’s first to do so. Kyobo, Korea’s third-largest life insurer, said on Wednesday that Shin has been named the 2023 In

Tech, Media & Telecom

KT, Amano Korea join hands to develop smart parking solutions

South Korean telecom operator KT Corp. announced on Wednesday that it has signed a business agreement with parking control system specialist Amano Korea to collaborate in the smart parking business. The two companies will jointly develop integrated video control services that combine parking and security. The smart parking system uses technologies such as artificial intelligence (AI), big

Batteries

SK Ecoplant Americas completes fuel cell project at US hospitals

SK Ecoplant Americas has completed a project to supply and install solid oxide fuel cells at US hospitals in collaboration with Bloom Energy. The project involved the installation of 2.7 megawatts of fuel cells at two facilities owned by Stamford Health, including Stamford Hospital and Tully Health Center, located in the northeastern US state of Connecticut. Fuel cells are distributed pow

Chemical Industry

LG Chem supplies RO filters for Chinese lithium extraction project

South Korea's LG Chem Ltd. has supplied reverse osmosis (RO) filters for a project to extract lithium from China's largest salt lake. The company on Wednesday said it has sent about 10,000 filters for the Guoan lithium extraction project of China's Citic Group Corp. Citic is a large government-owned company and the project, which began full-scale operations in Qinghai province, is the cou

Energy

Korea Western Power lands nation's first solar power order in Oman

Korea Western Power Co. (KOWEPO) has won its country's first project in solar power generation in Oman. The company on Tuesday announced its successful bid for a 500-megawatt solar power project in the city of Manah ordered by the Oman Power and Water Procurement Co. (OPWP). KOWEPO will build Oman's biggest solar power plant with a 1,000-mw capacity in Manah in the governate of Ad Dakhili

Machinery

Hyundai Doosan Infracore wins Italian innovation award

Hyundai Doosan Infracore Co., a construction machinery subsidiary of HD Hyundai Group, announced on Tuesday that its 14-ton hybrid electric wheel excavator 14W extended-range electric vehicle (EREV) received the "SaMoTeR Innovation Award" in Italy. The SaMoTeR Innovation Award is an award given by Veronafiere, an Italian trade fair organization that hosts SaMoTeR, an international exhibitio

Electronics

Samsung sets ambitious sales target for home appliances

Samsung Electronics Co. has beefed up its lineup of premium Bespoke home appliances with improved energy efficiency, artificial intelligence-enabled features and customized functions, which the company expects will help its home electronics business swing to profit. The South Korean tech giant is aiming to bump up Bespoke product sales by 50% or more this year, increasing the proportion o

Bio & Pharma

CGBio inks export deal for hyaluronic acid fillers with Chinese distributor

CGBio, a South Korean bio-regenerative medical company, has signed an export deal with Shanghai Feiting Trading Co., a Chinese medical device distributor, for two types of hyaluronic acid (HA) fillers. The announcement, made on Tuesday, reveals that CGBio will supply Giselleigne Universal and Giselleigne Signature 2, used for wrinkles on forehead, chin, nose, etc., to the Chinese partner

Real estate

Yanolja Cloud to develop real estate platform with SK Discovery

South Korea's Yanolja Cloud, a software-as-a-service (SaaS) company, announced on Tuesday its partnership with SK Discovery Co. to build a proptech system for small-sized businesses in the real estate market. The collaboration aims to develop a platform based on real estate big data and establish a data network for commercial and residential spaces. Yanolja plans to create a customer-cent

E-commerce

S.Korea's Oasis posts surplus for second straight year

South Korea's Oasis Corp., a grocery delivery platform specializing in early morning shipments, on Tuesday said it posted last year operating profit of 4.8 billion won ($3.6 million) to finish in the black. Though the figure was down 15.8% from 5.7 billion won in 2021, the company said the result cemented its surplus trend in e-commerce, which has seen both good and bad since last year.

Venture capital

LB Investment draws record demand from individual investors

LB Investment Inc., a venture capital firm associated with the LG founder's family, has achieved a remarkable competition rate of over 1,000 to 1 for its general subscription, after successful demand forecasting from institutional investors. The two-day general subscription saw a final competition rate of 1,167 to 1, with a subscription margin of 3.43 trillion won ($2.6 billion), making it

Aerospace & Defense

Korea's Kolon Group takes first step successfully in space launch vehicle biz

South Korea's Kolon Group announced on Wednesday that Kolon DACC Composite participated in the launch of the first private test launch vehicle in Korea, 'Hanvit-TLV', as? a major component supplier. Kolon Glotech also participated as a strategic investor in Innospace, a space launch vehicle startup, and Kolon Investment as a financial investor, according to Kolon Corporation. The te

ESG

Samsung Electronics gets highest-level certification from AWS

South Korea's electronics giant Samsung Electronics Co. has achieved the highest level of "Platinum" certification from the Alliance for Water Stewardship (AWS) for the first time in Korea. AWS is a water management certification body established by international organizations such as the United Nations Global Compact (UNGC) and the Carbon Disclosure Project (CDP), which assesses companies

Food & Beverage

Oil from S.Korea’s red ginseng alleviates prostate enlargement: study

Oil from South Korea’s famous hongsam (red ginseng) can prevent enlargement of the prostate, according to a study.? A joint research team of Korea Ginseng Corporation’s (KGC) think tank for natural product efficacy and Lee Yoo-hyun, a professor at the University of Suwon’s Department of Food and Nutrition, on Tuesday said they found that such oil reduces prostate wei

Chemical Industry

Kolon Industries to make 100% natural-based eco-friendly plastic

Kolon Industries Inc.'s Future Technology Institute announced on Wednesday that it has partnered with Stora Enso Oyj, a global biomaterials leader from Finland, to develop eco-friendly plastics. Stora Enso is a renowned manufacturer of biocomposite products and packaging with the technology to convert plant-based raw materials into chemical raw materials for plastics. The two companies wi

ESG

Samsung reaffirms commitment to water conservation on World Water Day

Samsung Electronics Co., the world’s largest memory chip producer, reaffirmed its corporate pledge to protect water resources, which are critical to the production of semiconductors, on this year’s World Water Day on Wednesday. “As CEO of #SamsungSemiconductor, I’m committed to strengthening cooperation with local governments and other industry players, and expandin

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