Korean food makers have won in legal fights against Chinese counterfeiters in a series of lawsuits filed in China, according to the Korea Food Industry Association on Thursday. Of the total seven cases raised, the Chinese court recently ruled in favor of Korean firms in five cases at the first trial stage. Following the rulings, the Chinese companies in question are now required to pay compensation worth 250,000 yuan ($35,353) to CJ CheilJedang, 350,000 yuan to Samyang Food, and 200,000 yuan to

South Korean electric vehicle battery maker SK On has attracted $944 million in funding as part of its push to expand its presence in the burgeoning EV market. According to its parent company SK Innovation on Wednesday, $800 million will be secured from a consortium led by MBK Partners, the Korea-based private equity firm, which is composed of financial investors from the US and the Middle East. Another $144 million will be attracted from SNB Capital, an investment banking arm under Saudi Nati

Colliers Korea, the Korean branch of the Canadian commercial real estate firm, said Wednesday that it has successfully closed three deals with a total value of $780 million. "By concluding these three transactions this month, my team has shown that there are still plenty of opportunities for the smart investors (in Seoul), despite the high-interest rate environment," Colliers Korea Managing Director Robert Wilkinson said in a statement. According to Colliers Korea, the deals encompass

Hyundai Mobis, a car parts maker affiliated with Hyundai Motor Group, said Thursday it has developed a new headlamp that displays road signs on the road to prevent nighttime accidents. The high-definition lighting system visualizes road signs in texts or images and projects them on the road surface in real time. If there is a construction site ahead, the lamp shows a relevant symbol to alarm the driver. The lamp also projects a crosswalk sign at night to help secure pedestrians’ safety. Th

Electric vehicle parts maker SK IE Technology has secured a green financing package loan worth $300 million from the International Finance Corp. for its planned production expansion in Poland. Of the total amount, two-thirds will come directly from the IFC, while the remainder will be offered by other private banks participating in the funding program. The newly secured investment will be used for the planned expansion of its lithium-ion battery separator (LiBS) plant in Poland, as part of its e

Celltrion's adalimumab biosimilar CT-P17 has been approved the US Food and Drug Administration, the company announced Wednesday. CT-P17, also known as Yuflyma, is the world’s first high-concentration, low-volume and citrate-free biosimilar of Humira, an injectable treatment for rheumatoid arthritis and other autoimmune conditions. Celltrion said CT-P17 had been approved as a treatment for multiple chronic inflammatory diseases, including rheumatoid arthritis, inflammatory bowel diseas

South Korean aerospace engineers have been inspecting the country's homegrown space rocket Nuri on Thursday following the last-minute cancellation of the scheduled launch over a computer glitch. The launch management committee, which oversees the entire process, called off the launch of Nuri on Wednesday after the engineers detected a communications problem between a launch control computer and a launch pad facility control computer about three hours before liftoff. The Ministry of Science and I

Dutch semiconductor equipment maker ASM held a groundbreaking ceremony for its second Korean manufacturing research innovation center, which will consist of an additional production line and expanded research and development facilities, in Hwaseong, Gyeonggi Province, on Wednesday. ASM President and CEO Benjamin Loh (eighth from left), ASM Korea CEO Kim Yong-gil (first from right) and Pauline Van der Meer Mohr (sixth from left), ASM's supervisory board chair, attended the event.

South Korean internet giant Naver was reportedly suffering service malfunctions in major regions in China on Wednesday, fueling speculation that the Chinese authorities might be limiting people's access to the neighboring country’s dominant search engine. “We have confirmed that connection to our services, including using email and the search function, is not properly working there. But it is hard to tell for now whether China is intentionally blocking access or if it is just a

Hana Financial Group Chairman Ham Young-joo pledged that the financial conglomerate will play proactive role in expanding investments in the biodiversity sector during an event held by the United Nations Environment Programme in Seoul on Wednesday. "We will fulfill our role as a financial institution in promoting environmental and social responsibility by formulating policies and expanding investments in the field of biodiversity conservation, which holds tremendous potential,” Ham sa

Korea's No. 7 conglomerate seeks 3 more rocket launches through 2027

Renault Korea Motors seeks to lure tech-savvy young drivers with its digital campaign “Create Your SM6,” the Korean unit of the French auto giant said Wednesday. The carmaker offers an artificial intelligence-based design tool, called Stable Diffusion, for participants to create their own SM6 sedan car and submit the image as a non-fungible token to win digital coins. Based on the car’s highest-trim model Inspire, almost 14,000 NFTs have been submitted ahead of Friday’s d

Samsung, SK hynix in tricky position amid escalating Washington-Beijing tech rivalry

The Ministry of Food and Drug Safety said Wednesday the European Union has decided to ease import regulations for Korean ramen products, 18 months after a mishap with a carcinogen in ramen imports sent to Europe. According to the ministry, the EU will be easing the inspection of ethylene oxide in imported Korean ramen products starting in July. EO, which is majorly used as a fumigant and sterilizing agent, is classified by the World Health Organization as a potential carcinogen. The EU strengt

Stellantis Korea on Wednesday unveiled the new Peugeot 408, a cross between a sedan and an SUV. The car’s Asian debut shows the nation’s strategic importance of Korea's fast-evolving car market, according to Peugeot brand CEO Linda Jackson during a press conference in Seoul. “Leading the trends automotive business, Korean market undoubtedly has a halo effect for global markets,” she said.