South Korea’s Hyosung Heavy Industries said Monday it secured a 330 billion won ($240 million) deal to supply 420-kilovolt high-voltage transformers to Norway’s electricity agency Statnett. The project aims to expand infrastructure for renewable energy and replace aging facilities in phases by 2029. Out of the total order, Hyosung signed a deal for the first batch, valued at 304 billion won, Friday. Hyosung attributed the latest deal to its expertise spanning from design to installat

Cho Hyun-moon, former vice president of Korea's industrial chaebol Hyosung and the estranged second son of the late founder Cho Suck-rai, announced on Friday his decision to donate his entire inheritance to charity in hopes of ending the feud with his brothers. "I’ve set up a public trust and will donate every penny of the inheritance left to me by the late honorary chairman. I hope my brothers will support this initiative," Cho stated at a press conference in Gangnam, Seoul

LG Energy Solution CEO Kim Dong-myung said Thursday that the company needs to focus on strengthening fundamentals and review ways to cut down any dissipation amid the stagnating demand for electric vehicles forecasting a troublesome outlook for the battery industry. "As we have been pushing for aggressively winning contracts and expanding businesses, it's true that there have been a lot of inefficiencies across various sectors such as personnel, facilities, and purchases," he said

Starbucks Korea is launching the Festival for All promotional event to celebrate the 25th anniversary of its operations in the nation, the coffee giant announced Thursday. This seven-day event kicks off Friday and features new food and beverage products from overseas branches. For beverages, the company will showcase its French vanilla latte and "The Melon Of Melon Frappuccino," initially launched in the US and Japan, respectively. The French vanilla latte includes two shots of blonde

Jollibee Foods Corp. -- a multinational restaurant company based in the Philippines and owner of the country's largest fast food chain Jollibee -- will acquire a 70-percent stake in South Korean coffee chain Compose Coffee for $238 million, as part of its global expansion of coffee and tea businesses, the Manila-based firm said Wednesday. As per the company’s statement, 70 percent of the Korean coffee brand is to be acquired by Jollibee Worldwide Pte. Ltd, while Jollibee Foods' m

Korean energy, retail and construction conglomerate GS Group launched its annual hackathon on Wednesday, running to Thursday, centered on artificial intelligence to drive digital transformation across the company. GS Group has hosted such hackathon events since 2020, but this marks the first year participants are allowed to use generative AI, including ChatGPT, with the aim of enhancing AI utility capabilities among employees. "With the advent of generative AI, we've entered a peri

Naver Corp. CEO Choi Soo-yeon confirmed Tuesday the company will not sell its stake in Japan's LY Corp., the operator of popular mobile messenger Line, in the "short term" amid LY's push to lessen its dependence on Naver. "We don't plan to sell the stake in the short term," Choi said, while noting the company cannot give confirmation on its mid-to-long term strategy. Naver, South Korea's biggest internet portal operator, holds a 50 percent stake in A H

Posco Group Chairman Chang In-hwa announced that the group plans to integrate advanced materials into its core operations, alongside steelmaking and secondary battery materials, aiming to double sales to 5 trillion won ($3.6 billion) by 2030. "Let’s restore our core competitiveness and trust across our business, management and organizational culture, boldly innovate beyond our limits, and strive toward the future," Chang said during a meeting in Pohang, North Gyeongsang Province,

LG Energy Solution said Tuesday that it had struck a deal to secure a large-scale lithium supply with Australian mining firm Liontown Resources, bolstering its global supply chain of key raw materials for electric vehicle batteries. According to the Korean firm, the contract guarantees about 1.75 million tons of lithium spodumene concentrate over the next 15 years. The supply is enough to produce batteries for approximately 5 million EVs with a range of at least 500 kilometers per charge. LG Ene

LS Cable & System said Tuesday that it has signed a deal worth 100 billion won ($72 million) with LS Power Grid California, a transmission network operator in the US. LS Power Grid California, a subsidy of LS Power -- a New York-based energy and power infrastructure operation and investment company -- will be a key partner in the venture. With the contract, LS Cable & System will be the first supplier of submarine cables to the western region of the US. The newly secured deal involves th

Korean firms call for protective measures against counterfeits, resellers

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors. “At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong

Korean company’s in-house venture to supply space solar cells to Terran Orbital

South Korean tire maker Kumho Tire said Wednesday its electric vehicle tire product, Ecsta HS52, has been recognized for its high-quality technology by the European automotive magazines ADAC and Auto Bild. ADAC and Auto Bild are two of the most influential automotive magazines in Europe and globally, known for their content on cars and related products, as well as their extensive performance testing. Kumho Tire’s Ecsta HS52 received a "good" rating from ADAC in their summer tire

Mirae Asset Global Investments' assets exceeded 340 trillion won ($244.7 billion), with over 40 percent being managed on behalf of overseas clients, boasting extensive overseas footholds buoyed by its signature exchange-traded funds. In 2003, the firm’s aggressive market expansion began with Mirae Asset Group founder and Chairman Park Hyeon-joo’s long-term vision to stand shoulder-to-shoulder with global investment banking groups like Goldman Sachs and Merrill. “Over the p