South Korean steel giant Posco Group has put itself on an emergency management footing, its holding company said Sunday, as business units across the group brace for weaker profits amid an expected slowdown of the global economy. The decision came in a Thursday meeting of Chairman Choi Jeong-woo and other top executives of Posco Group, Posco Holdings Inc. said. Posco Holdings said the group's top executives reviewed risk factors for each major businesses unit, such as steel, infrastructure,

Hyundai Motor Co. and its affiliate Kia Corp. recorded robust on-year sales growth in Vietnam and Indonesia in the first half of 2022, delivering strong performances in the markets traditionally dominated by Japanese automakers, local industry associations' data showed Sunday. The combined sales of Hyundai Thanh Cong Manufacturing Vietnam and THACO Kia -- the South Korean automakers' joint ventures in Vietnam -- reached 71,882 in the January-June period, up 29.3 percent from a year ago

  Asiana Airlines Inc., South Korea's second-biggest carrier, resumed its Incheon-Beijing route Saturday after suspending it for more than two years due to the COVID-19 pandemic. An Asiana plane carrying 141 passengers left Incheon International Airport in the morning and arrived at Beijing Capital International Airport, the company said. Before the pandemic, the Incheon-Beijing route was a key route between the two countries used by some 1.1 million passengers annually. It was suspended

The American Chamber of Commerce in Korea on Friday welcomed the Yoon Suk-yeol administration’s policy to expand corporate tax breaks, which are aimed at promoting active investments and job creation. “AmCham greatly appreciates the willingness of the Korean Government to listen and promptly respond to the concerns and recommendations of AmCham and the foreign business community,” Chairman and CEO of AmCham Korea James Kim said in a statement. “I also appreciate that th

Daewoo Shipbuilding & Marine Engineering may face a court-ordered rehabilitation process unless action is taken on a monthlong strike there, the company’s main creditor Korea Development Bank said Friday. “It would be more difficult for DSME to repay its debts as the strike drags on … we’re not going to help the builder unless it gets back to work,” an executive at the state-run bank said, suggesting that the country’s third-largest shipbuilder would hav

South Korean battery maker SK On Co. said Friday it has partnered with Ford Motor Co. and a domestic cathode firm to jointly invest in a cathode materials production facility in the United States. SK On said it has recently signed a letter of intent with Ford and ECOPRO BM Co. to start the construction of the plant in late 2023. The three companies have yet to decide on the ratio of their investments and the plant site. The cathode materials to be produced in the plant will be supplied to BlueOv

South Korean battery maker LG Energy Solution is poised to bolster business cooperation with US carmaker Ford. LG Energy Solution said Friday that it would provide more batteries for Ford, which has recently seen growing demand for its electric vehicles, such as the Mustang Mach-E and E-Transit. The battery maker has been supplying batteries for these two models since the second half of 2020. To supply more batteries to Ford, the battery maker will double its battery assembly lines in its bat

South Korean cosmetics brand Barenbliss said Friday that it has been working with top researchers to launch its new product line, “Meta Glow Series,” last month. Barenbliss has been operating its own research center, Barenbliss Skinlab, which has the necessary analytical facilities to test product safety and efficacy, the company said. The lab is headed by Yoon Myeong-seok, a professor of chemical and bio-engineering at Gachon University, and the Vice President of Cosmax R&I

Samsung Electronics Co. floated an idea of investing nearly $200 billion to build 11 more chip plants in the United States over the next two decades, documents filed with the state of Texas showed Friday. The proposed investment is described in South Korean tech giant's applications filed with the Taylor and Manor school districts, seeking tax breaks for the potential construction of 11 new chip fabrication facilities in the state -- nine in Taylor and two in Austin. Samsung already has a g

After only one match each, the ongoing East Asian football competition has been a tale of two tournaments for the South Korean men's and women's teams. The women's team, coached by Colin Bell, suffered a 2-1 loss to Japan to open the East Asian Football Federation (EAFF) E-1 Football Championship in Japan on Tuesday. With that, hopes of ending a 17-year title drought at the EAFF event all but evaporated. The men's side, with Paulo Bento in charge, blanked China 3-0 in their f

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its second-quarter net profit rose 15 percent from a year earlier on shareholding gains from its affiliates. Net profit for the three months ended in June climbed to 769.7 billion won ($587 million) from 669.6 billion won in the same period of last year, the company said in a statement. "Equity gains from affiliate Hyundai Motor Co. gave a boost to the bottom line in this past quarter," a company spokesman said

Matica Biotechnology, local firm Cha Biotech’s US subsidiary, has set out a goal of posting 1 trillion won ($761 million) in annual sales to become a global top five contract development and manufacturing organization business in cell and gene therapy by 2030, the company said Thursday. “The global cell and gene therapy CDMO market is expected to reach 25 trillion won by 2030 with a compound annual growth rate of over 20 percent,” said Song Yun-jeong, CEO of Matica Biotechnol

Online game developer NCSoft’s K-pop fan community platform Universe is garnering attention with its exclusivity and communicative functions, the company said Thursday. Launched last January, Universe is currently functioning as a global K-pop fandom platform where fans can watch original content starring their favorite artists and communicate directly with them. Universe provides a variety of exclusive features such as web entertainment shows, music videos and audio for its users. As o

Samsung SDI held a ground-breaking ceremony on Thursday for its new cylindrical battery-making plant in Malaysia. The company will invest 1.7 trillion won ($1.3 billion) in the new battery factory to have its construction finished by 2025 in response to the growing demand for cylindrical batteries. Starting from 2024, a year before the factory’s scheduled completion, the battery maker will manufacture cylindrical batteries known as 21700, which are a 21-millimeter-wide and 70-millimeter-

Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank has withdrawn its application for an initial public offering with local bourse operator Korea Exchange, the firm said Thursday. The decision, which was reached Wednesday, comes after a general evaluation of the recent stock market conditions and stock price trend of other refineries, according to Hyundai Oilbank. “In the current market situation where it is difficult to be recognized properly by our excellent perfo