South Korean President Yoon Suk Yeol called for close cooperation of businesses of South Korea and Japan, especially in cutting-edge fields of semiconductors and batteries, during a meeting of entrepreneurs of the two countries, Friday. The two biggest business groups of South Korea and Japan, Korean Federation of Industries and Japan Business Federation -- commonly known as Keidanren -- hosted the Korea-Japan Business Roundtable on the second day of Yoon's two-day visit to Tokyo. Yoon held

Korea’s sole aircraft maker to invest W4.5tr in R&D through 2032, seeks expansion through exports

South Korea’s HD Hyundai, the world’s largest shipbuilding group, said Friday it is forming the industry’s first alliance for carbon neutrality along with Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, the American Bureau of Shipping and the Korean Register of Shipping. On Thursday, the top three local shipbuilders and international ship classification organizations agreed to carry out a joint project tracking and standardizing their carbon footprint ba

Samsung Biologics said Friday it is investing 2 trillion won ($1.5 billion) to build its fifth production plant as part of efforts to meet market demands and bolster its manufacturing competitiveness. The company announced the plan after an approval from the board of directors earlier in the day. Last year, the company’s revenue exceeded the 3 trillion-won mark for the first time within the bio pharma industry, with its operating profits reaching some 1 trillion won. While its fourth pla

South Korea's finance ministry said Friday that Asia's No. 4 economy continues to experience an economic slowdown amid sluggish exports and weak business sentiment. "While the inflation has slowed recently, the recovery in domestic consumption has become moderate. With exports remaining sluggish and manufacturers' business sentiment contracting, the trend of an economic slowdown has continued," the Ministry of Economy and Finance said. It marked the second consecutive mo

US space firm SpaceX has set up a subsidiary in Seoul to launch satellite internet services using Starlink here, industry sources said Thursday. SpaceX established Starlink Korea LLC on March 8, and Lauren Ashley Dreyer, SpaceX's senior director of Starlink business operations, has been appointed as representative, according to the sources. In January, the space firm owned by Elon Musk applied for business registration with the South Korean government, as it seeks to launch Starlink in the

Hyundai Steel, South Korea’s second-largest steelmaker, said Thursday that it would sell its Beijing unit, Hyundai Steel Beijing Process, after years of sluggish sales compounded by the shrunken market share of Hyundai Motor and Kia cars in China. Hyundai Steel will still keep its Tianjin unit for its business in China, the company added. "(Hyundai Steel) has completed signing a memorandum of understanding with a potential buyer for the Beijing plant. The company will soon engage in

South Korean eco-friendly energy company E1 announced Thursday that it will donate $100,000 to support earthquake victims in Turkey. Having already participated in LS Group’s Turkey relief fund in February, E1 said it has decided to make additional donations considering the severity of earthquake damage. E1 has communicated with BGN, an energy trading company in Turkey, for the selection of local donation sources, while the relief fund and supplies will be delivered to Turkey’s Disas

Tech giant becomes 2nd-largest shareholder of humanoid robot developer

After stellar growth in US, Asia, South Korea’s No. 1 kimchi exporter seeks expansion in Europe

The Export-Import Bank of Korea said Thursday it has signed a memorandum of understanding with NuScale Power, an Oregon-based nuclear power company, for financial cooperation aimed at expanding the reach of Korean companies in securing overseas orders. Eximbank Chairman Yoon Hee-sung met with NuScale Power CEO John L. Hopkins to sign the contract at NuScale’s office in Rockville, Maryland. NuScale Power, which specializes in small modular reactor, or SMR, technology, is a company in which

South Korean beauty tech conglomerate APR announced Thursday that it has attracted 8 billion won ($6.1 million) through a pre-initial public offering, which is to be mainly funneled into its beauty device business. NH-Soo Investment Capital’s Innovation Growth M&A Investment Association, SJ Partners and IBK Industrial Bank of Korea participated in the pre-IPO investments, based on its recognized corporate value of 700 billion won. APR has several brands encompassing street fashion and

Business tycoons from two countries to hold roundtable Friday to improve economic cooperation

The upcoming Seoul Mobility Show will unveil a wide range of innovative transportation spanning from new electric vehicles to air taxis, the organizing committee said Thursday. The 11-day exhibition, slated for March 30 - April 9, is scheduled to take place at Kintex in Gyeonggi Province. More than 160 mobility companies including automakers, mobility service providers and mobility software companies across 10 countries will participate in the event, a 60 percent jump from a year earlier, accord

SK Inc., the investment arm of SK Group, said Thursday it will divest all of its 2.98 percent stake in Turo, the San Francisco-based car-sharing company, as it is looking to cement its leadership in the fast-growing mobility market in Southeast Asia. SK will sell its stake in Turo to Swiss-based venture capital firm G Squared, an existing shareholder, for $67.5 million. The transaction is expected to be completed in the first half of this year, company officials said. “We are pleased to co