SK On aims to be global top 3 by 2025, calling Biden's IRA a boon for its expansion

South Korean food giant CJ Cheiljedang Corp. said Tuesday it has joined hands with a US startup to develop ingredients used to make health supplements that prevent skeletal muscle loss. CJ Cheiljedang inked a license agreement with Emmyon earlier in the day to utilize the US startup's various patents covering ursolic acid. Ursolic acid is a substance found in apple peels and herbs like rosemary and thyme. Emmyon holds a number of patents covering ursolic acid, CJ Cheiljedang said. The two s

South Korean shipyard Samsung Heavy Industries Co. said Tuesday it has sold one drillship to Italian multinational oilfield services firm Saipem for 299.1 billion won ($230 million). The sale came after Samsung Heavy signed a contract with Saipem in June 2021 to lease the vessel for two years with an option to sell it. A drillship is a maritime vessel with drilling apparatus used to explore for oil and gas wells in deep waters. South Korean companies such as Samsung Heavy are among the few in th

Vietnamese President Nguyen Xuan Phuc on Monday held meetings with a slew of business leaders here, during a state visit to commemorate the 30th anniversary of bilateral ties between South Korea and Vietnam. Jung Won-ju, vice chairman of Jungheung Group, the largest shareholder of Daewoo E&C, was among the business leaders the president met to share the Southeast Asian country’s business outlook and its will to support foreign businesses. “Daewoo E&C is carrying out diverse c

South Korean business moguls joined a banquet hosted by President Yoon Suk-yeol on Monday to commemorate Vietnamese President Nguyen Xuan Phuc’s state visit to Seoul. Following their summit talks earlier in the day, the two presidents held a state dinner, with a slew of business and political leaders in attendance. The list of the attending tycoons included: Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Jungheung Group Chai

Hyundai Mobis will showcase its latest future mobility technology for the first time at the upcoming Consumer Electronics Show held in Las Vegas from Jan. 5 to 8, 2023, the company said Monday. The concept vehicle named M Vision TO will feature four pillars that operate sensors for autonomous driving and display technology for mixed reality.

Posco Chemical has secured a deal worth $688.6 million with Ultium Cells, a US-based joint venture between LG Energy Solution and General Motors, to supply artificial graphite anode materials, the company said Monday. According to the company’s regulatory filing, Posco Chemical will begin the supply of the key battery material from next year to the end of 2028 under the contract. Artificial graphite anode materials, which are core components used in making batteries for electric vehicles,

Samsung Electronics on Monday appointed a female president, its first who is not a member of the founding family, in a year-end reshuffle that put emphasis on elevating young leaders based on their performances. Lee Young-hee, now president and head of global marketing, is a veteran marketer who joined Samsung in 2007 after serving in various roles at global companies, including Unilever and L’Oreal. The 58-year-old is known for playing a leading role in elevating the awareness of Samsung&

Pat Gelsinger expected to arrive in Seoul on Friday; meeting with Samsung’s Lee likely

Despite expected accumulated trade deficits, Korea's trade volume projected to hit record high

Apparel prices surged by the largest margin in more than a decade last month, government data showed Monday. According to data from the Korean Statistical Information Service, in November, the consumer price index for clothing and shoes in the country put prices at 107.33 -- up 5.5 percent from the same month last year. CPI gauges the measure of the average change in prices for a fixed-market basket, or a fixed list of goods and services of constant quantity, purchased by South Korean consumers

Nearly 50% of top 500 companies yet to come up with concrete plans

Sales of imported vehicles in South Korea jumped 50 percent last month from a year earlier despite the extended chip shortage, an industry association said Monday. The number of newly registered foreign vehicles stood at 28,222 units last month, up from 18,810 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan, the statement

Nearly half of South Korea's large companies have no investment plans for 2023 or have yet to set up plans amid high economic uncertainty, a poll showed Monday. The survey of 100 out of the leading 500 companies by sales in Asia's fourth-largest economy showed 10 percent having no investment plans for the coming year. Another 38 percent answered they have not decided on their 2023 investment plans yet. Local pollster Mono Research conducted the survey from Nov. 17-25, which was commiss

Science Ministry's top innovation strategist highlights importance of diplomacy, security