HMM, South Korea’s largest LNG shipping firm, will join a bid to acquire a 100 percent stake in Hyundai LNG Shipping after selling the LNG carrier operator to a local private equity firm nearly 10 years prior. According to industry sources on Friday, HMM delivered its intent to participate in the takeover bid to IMM Private Equity and IMM Investment, which together own a 100 percent stake in Hyundai LNG Shipping. Hyundai LNG Shipping is the largest LNG carrier operator in the country, op

South Korea’s whisky imports shot up nearly 80 percent in the first quarter of this year on the liquor’s surging popularity among young Koreans amid the coronavirus pandemic, data showed. The volume of imported whisky came to 8,443 metric tons in the January-March period, up 78.2 percent from a year earlier, according to the data from the Korea Customs Service. It marks the highest first-quarter tally since 2000, when data tracking began. It is also the largest quarterly figure after

South Korean automaker Hyundai Motor captured more than half of the global hydrogen fuel-cell vehicle market in the first quarter, according to energy market tracker SNE Research on Thursday. A total of 3,737 hydrogen fuel-cell vehicles were sold worldwide in the first three months of 2023, up 4.5 percent on-year. Among manufacturers, Hyundai Motor sold a total of 2,042 vehicles, of which it sold 2,013 units of the Nexo -- an 19.8 percent increase on-year. Hyundai’s market share increased

South Korea’s CJ Logistics said Thursday that the company will invest around 60 billion won ($45.4 million) to establish a global distribution center in Saudi Arabia, the Middle East's rising logistics powerhouse. The distribution center will be located in Riyadh’s Special Integrated Logistics Zone, a special economic zone, through which the Saudi Arabian government aims to boost the country’s supply chains. The facility will be built on 18,000 square meters of land within

Starbucks Korea is putting off its summer promotional event for 2023 in order to carry out tougher product inspection in the aftermath of the massive recall of a promotional product that contained toxic, carcinogenic chemicals last year. The seasonal promotional event, called the “e-frequency” reward program, has been taking place biannually in South Korea, offering limited-edition goods to its loyal customers since 2013. The coffee chain typically announces the launch of the summer

Samsung confident of keeping dominant position, but Apple's foldable may spell industry upheaval

Samsung SDS announced Thursday that it has formed strategic partnerships with o9 Solutions, a US-based planning platform provider, and Emro, a Korean Supplier Relationship Management vendor, in a bid to jointly develop global SRM Software as a service solution. Samsung SDS said it plans to complete the development of the SaaS solution this year, and secure customers by 2024 to cement its position as a market leader. SRM has become a crucial factor in strengthening the firm’s competitiven

BOE files series of patent infringement lawsuits against Samsung

Arrival of Apple Pay in March prompts discussion of potential changes to Samsung Pay's fee structure.

Posco International said Wednesday it is planning to secure a 174,000-cubic-meter liquefied natural gas carrier to boost its LNG business value chain. The company signed a long-term charter contract with H-Line Shipping, a Korean shipping firm specializing in domestic ocean transport and ship management services. Posco noted that a self-operating LNG carrier will help manage production, storage, and generation of gas more efficiently. “By solidifying our infrastructure for the obtainment a

Hana Financial Group Chairman Ham Young-joo on Tuesday said that the group aims to increase its profit from overseas operations to around 40 percent of the total in the medium to long term at the "Invest K-finance: Singapore IR 2023" event in Singapore. To reach this goal, Ham said the group will continue to use its current strategy of making strategic investments in minority stakes in overseas financial institutions. “This approach provides the advantage of minimizing financial

KB Financial Group Chairman Yoon Jong-kyoo said the banking group has been preparing for potential insolvency risks in project financing in the Korean real estate market by increasing its reserve holdings during a global investor relations event held in Singapore on Tuesday. During the "Invest K-Finance: Singapore IR 2023" event, many global investors voiced concern over the rising risks in the real estate project financing market in Korea. The loan exposure of four major Korean fina

CEO hints at aggressive investments in Taiwanese business, more incentives for loyal customers

Country christens 1st homegrown advanced LNG bunkering ship

Korean solar energy company Hanwha Q Cells said Wednesday it secured the top position in the US solar module market both for residential and commercial uses last year. The company took up 33.7 percent of the residential module market, cementing its No. 1 ranking for five consecutive years, according to market tracker Wood Mackenzie. Its share in the commercial module market was 17.7 percent, topping the list for four years in a row. Hanwha Q Cells' flagship solar panel series, "Q.peak