Posco, South Korea's top steelmaker, said Tuesday it has raised $2 billion by selling debts overseas, its largest-ever overseas debt sale. The three-tranche debt comprises three-year bonds worth $700 million, five-year bonds worth $1 billion and 10-year debts valued at $300 million, according to the steelmaker. Posco's bond sale marks the first time a South Korean firm has sold dollar-denominated debt since Dec. 15, when the US Federal Reserve raised its key rate by 50 basis points. Po

German carmaker’s chief technology officer says LiDAR is necessary for autonomous driving in contrast to Tesla’s claim

Merck Electronics CEO calls going local key to success in Korea

KB Financial Group Chairman Yoon Jong-kyoo on Friday asked employees to prepare to endure the coming winter of the financial market with the group’s core competitiveness during a business strategy meeting for the first half of 2023. More than 270 executives from the holding company and its 12 subsidiaries, including KB Kookmin Bank, attended the meeting at the Grand Walkerhill Seoul. “KB must preemptively respond to new trends such as digital transformation and green transformation

One of South Korean food giant CJ CheilJedang's new year's resolutions appears to be to make an active foray into the global market. The food conglomerate recently said it is slated to accelerate its expansion of "K-Food Global Territory" by making inroads into previously unexplored markets. "We will make a fully fledged entry into countries that we have not tapped yet and achieve growth with seven global strategic products," said Choi Eun-seok, CEO of CJ CheilJedan

US chipmaker Broadcom has voluntarily come up with corrective measures, including a fund of 20 billion won ($16.1 million), to support the local chip industry amid an ongoing antitrust probe into the company's alleged abuse of power against Korean clients, including Samsung Electronics. On Monday, South Korea's Fair Trade Commission unveiled the measures tentatively agreed upon with Broadcom. In August last year, the FTC accepted the US company’s request to submit corrective me

Teaming up with humanoid robotics company, Samsung could speed up product launches

South Korean electric vehicle battery maker SK On said Monday it is reconsidering its plan to build a new battery plant in Turkey together with US auto giant Ford Motor, citing prolonged economic woes. “We have held talks (with Ford and Turkish partner Koc Holdings) on the matter, but the process is lagging behind the schedule,” said an SK On official. “The final decision on whether to pull out of the deal is still pending.” SK On said it is looking to change its invest

SK geo centric, a subsidiary of SK Innovation, signed a licensing contract with British company Plastic Energy to jointly build a plastic waste recycling plant in Ulsan. Under the deal inked at the CES tradeshow in Las Vegas, the factory will have an expected capacity of 66,000 metric tons of end-of-life plastic waste input. The pyrolysis plant will be situated in the Ulsan plastic recycling complex, called the Ulsan Advanced Recycling Cluster. Construction of the plant will begin this year and

S-Oil President Ryu Yul attended CES 2023 in Las Vegas where the Korean oil refiner announced its transformation into a future clean energy supplier. In the company's booth installed in the world's largest consumer electronics exhibition, S-Oil introduced venture companies that it has directly invested in search of new business opportunities. “By experiencing new future technologies on the ground, participating in CES has been a great opportunity to consider the strategies S-Oil

South Korea's imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier on its growing popularity here, data showed Monday. The value of the country's coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea's yearly coffee imports have exceeded $1 billion. Last year's amount was also up 16.7 t

South Korea will set up safety standards and an insurance system for the launch of Level 4 autonomous vehicles in the country by next year, the transport ministry said Sunday. Land, Infrastructure and Transport Minister Won Hee-ryong also said the government will "dramatically" ease regulations involving autonomous cars during his visit on Jan. 7 (local time) to the booth of Motional at this year's CES 2023 in Las Vegas. Motional is a 50-50 joint venture set up in 2020 between Hyu

Top 4 commercial banks offering lump sums to shed some 3,000 workers by end of January

Hana Financial Group said Sunday that Chairman Ham Young-joo took time to look around different booths at the Consumer Electronics Show 2023 in Las Vegas on Thursday. Along with more than 20 young managers from the group’s affiliates, Ham tried out different products at booths of local conglomerates such as SK and LG Electronics, as well as global firms, according to Hana Financial Group. “It is meaningful to be able to attend the world's largest innovative future technology e

Korean companies have achieved a higher level of customer satisfaction despite the lingering impact of the COVID-19 pandemic that placed a prolonged drag on economic activity and daily lives in 2022, according to an annual survey by the Korea Productivity Center. The KPC’s National Customer Satisfaction Index, or NCSI, for 2022 logged 78.4 points, up 0.3 point from 2021 and the highest since the survey began in 1998. The survey was conducted on 91,556 customers in Seoul, Busan, Daegu, Daej