Mergers and acquisitions by South Korean firms decreased 7.7 percent in 2022 from a year earlier amid economic uncertainties, data showed. The number of mergers came to 1,027 cases last year, down from 1,113 cases tallied in 2021, according to the Fair Trade Commission. They were valued at 325.5 trillion won ($245.9 billion), down 6.7 percent over the period. It marked the first time since 2016 for the number of M&As to decrease on-year. The figure, meanwhile, still hovered above 1,000 for t

HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving. The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry

Auto giant leads 1st social responsibility project of Korea Chamber of Commerce and Industry

Hanwha Aerospace bets big to win Korea’s next-generational launch vehicle project this year

The number of startups in South Korea fell more than 7 percent in 2022 from a year earlier amid a sluggish property market, government data showed Friday. A total of 1.317 million new companies were set up in the country last year, down 7.1 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises and Startups. The ministry attributed the decline largely to tougher rules for the home rental business, falling real estate transactions and low proper

Park Ji-won, CEO of K-pop powerhouse Hybe, is seen in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap) Hybe, the K-pop powerhouse that is trying to become the largest shareholder of its rival SM Entertainment, once again tried to dispel concerns over suspected offshore tax evasion by SM founder Lee Soo-man on Friday, calling it "a scenario that can never occur." On Thursday, SM's co-CEO Lee Sung-soo claimed in a YouTube video that the founder Lee established a Hon

President Yoon Suk Yeol has expressed his commitment to rooting out illegal acts by labor unions at industrial sites, saying doing nothing against them would raise questions about what the government exists for, his office said Sunday. Yoon made the remark during a meeting with about 150 government ministry employees held in the central administrative city of Sejong on Tuesday last week, stressing that a key point in labor reform is to ensure the rule of law, the office said in a statement. &q

Investment banker-turned-professor calls on companies to use their expertise in solving social problems

SK Group Chairman Chey Tae-won appeared at CES on Friday, reversing the earlier announcement that he was canceling his visit to the tech show after one of his aides tested positive for COVID-19. This is the first time Chey has visited the four-day exhibition in person. He is also the only chief among those of the South Korean conglomerates participating in CES to be attending the show. "Being here for the first time, I could see various new technologies that I have heard so much about,&qu

South Korean battery maker SK On Co. will raise a total of 2.8 trillion won ($2.17 billion) from its parent company and a few other local private equity funds by issuing new shares, in an effort to pool financial resources for business expansion. SK On will sell 36.4 million shares, worth 2 trillion won, to SK Innovation Co. and 14.8 million shares, worth 824.3 billion won, to six local PEFs, including Korea Investment Private Equity, SK Innovation said in a regulatory filing. The investment

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

LS Cable & Systems recently said it will make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cable business. The cable manufacturing unit of LS Group said it will acquire 4.04 million stocks, or a 16 percent stake in KT Submarine by December, and become the second-largest shareholder of KT Submarine. Once LS Cable exercises its call option in the four months from April 1 next year, the cable manufacturer can purchase a 42 percent stake in KT Subm

SK Group Chairman Chey Tae-won on Monday apologized over massive disruptions of online services in South Korea following a fire at a data center run by one of the group's subsidiaries earlier this month. "I would like to deliver an apology to the people," Chey said during an audit at the parliament's Science, ICT, Broadcasting and Communications Committee. "I feel very responsible for the blackout. The entire SK Group is making efforts to deal with the situation."

A fire Saturday at a Kakao data center in Pangyo, south of Seoul, has led to a server outage affecting the KakaoTalk messenger app, along with other apps such as Kakao T, Kakao Map, Kakao Metro, Kakao Webtoon, Kakao Bank, Kakao-owned portal Daum and music streaming service Melon. The internet connection for the apps has been unavailable since 3:30 p.m. "There has been a fire at SK C&C data center since 3:30 p.m. Work has begun to put down the fire, but we are uncertain when the fir

KT&G Corp. and Mirae Asset Financial Group launched a strategic matching fund to invest in startups and find new growth engines. The two contributed 20 billion won ($13.9 million) each into the new fund which will invest mainly in health care and companies with good environmental, social and corporate governance. Mirae Asset Capital will manage the fund, KT&G said in a press release. KT&G said it will work together with Mirae Asset Capital in reviewing new areas of business, discove