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What’s at stake in Samsung BioLogics accounting scandal?
Samsung BioLogics has come under pressure as the country’s financial authorities have claimed that the evaluation of its affiliate violated accounting rules. Dubbed as one of Samsung Group’s future growth engines, the contract drug-manufacturing firm has enjoyed blowout days with its stock price jumping nearly fivef...
Hyundai Motor named official sponsor of MLB World Tour in Seoul
Hyundai Motor, South Korea's leading automaker, said Tuesday it has been named an official sponsor of the US Major League Baseball (MLB) World Tour Seoul Series set to open in South Korea this week. The tour features regular MLB season games played in various countries, with this year's tour stopping in South Korea, the Dominican Republic, Mexico and Britain. The Seoul games will be held at the city's Gocheok Sky Dome, where the Los Angeles Dodgers and the San Diego Padres will face off on Wed
S. Korea OKs Ansys' noncontrolling stake purchase in Humanetics
The South Korean antitrust regulator said Tuesday it approved US software company Ansys, Inc.'s acquisition of a minority stake in Safe Parent, Inc. which owns the world's largest crash test dummy manufacturer of Humanetics. Ansys, which develops engineering simulation software, intends to purchase a 34.68 percent stake in Safe Parent from Britain's private equity firm Bridgepoint. Headquartered in Michigan, Humanetics is the world's No. 1 manufacturer of anthropomorphic test devices, commonly
IKEA to invest $327 mln for expansion in S. Korea
(Yonhap Interview) Swedish furniture giant IKEA will invest 300 million euros ($327 million) in South Korea over the next three years to gain a bigger share in Asia's fourth-biggest economy, the company's retail manager has said. IKEA, which will celebrate 10 years in business here in December, currently operates four stores -- three near the capital of Seoul and one in the southern port city of Busan. It plans to add a fifth one in Seoul next year. "We are investing 300 million eur
HD Korea Shipbuilding wins W489.6b order for 3 ammonia carriers
Major South Korean shipyard HD Korea Shipbuilding & Offshore Engineering said Monday it has bagged a 489.6 billion-won ($372 million) order to build three very large ammonia carriers for an Oceanian shipper. HD Hyundai Heavy Industries, one of HD Korea Shipbuilding's three shipbuilding units, will construct the carriers at its shipyard in the southeastern port of Ulsan, HD Korea Shipbuilding said in a regulatory filing. The vessels will be delivered to the undisclosed shipping company by D
Celltrion's new autoimmune disease treatment Zymfentra hits US market
South Korean biopharmaceutical firm Celltrion said Monday its new autoimmune disease treatment, Zymfentra, has made a debut in the US market. Zymfentra, a subcutaneous injection formulation of Celltrion's infliximab Remsima, won approval from the US Food and Drug Administration last year for use on patients who suffer ulcerative colitis or Crohn's disease. Celltrion said it has set an optimal price for the drug considering the prices of its competing products, and aims to reach more than 10 pe
Samsung C&T shareholders vote down activists' dividend hike proposal
Samsung C&T has made it through a challenging proxy season with its shareholders backing its 10 percent increase plan for dividend payouts, averting resistance from activist funds that called for significantly higher returns. Its shares sank nearly 10 percent after the general shareholders meeting took place Friday. The company's proposal to pay a dividend of 2,550 won ($1.90) per common share and 2,600 won for each preferred share was approved. Among valid stocks with voting rights, 77 per
Hyundai, Kia hit 5m in eco-friendly car sale
The number of eco-friendly vehicles sold by Hyundai Motor Company and Kia across the globe has surpassed five million, achieving the milestone after 15 years. According to the South Korean automakers on Sunday, the accumulated sales of their eco-friendly vehicles stood at 4,995,891 units as of last year. The carmakers logged 111,841 eco-friendly vehicles sold in January this year, bringing up the total to over 5.1 million. The eco-friendly vehicles include hybrid electric vehicles, plug-in h
Korea Zinc, LG Chem sign MOU for partnership in US recycling market
Korea Zinc, South Korea's leading nonferrous metal processing firm, said Friday it has partnered with LG Chem for business opportunities in the US used plastics recycling market. Korea Zinc signed a memorandum of understanding with LG Chem to win used plastics recycling projects in the United States based on their e-waste processing and used plastics recycling technologies, respectively, the company said in a statement. In 2022, Korea Zinc acquired an entire stake in US e-waste recycling firm