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Hanwha Life Insurance announced Thursday that it has signed two key agreements at the World Economic Forum in Davos, Switzerland, to boost its global presence and drive innovation in artificial intelligence and financial technology. On Tuesday, Hanwha Life signed a memorandum of understanding with SBVA, formerly SoftBank Ventures Asia, a venture capital firm specializing in AI and ICT investments. The agreement was signed by Hanwha Life CEO Yeo Seung-joo, Chief Global Officer Kim Dong-won and SB
DB Robotics, South Korea’s only robotics company specializing in industrial safety and accident prevention, announced Thursday that it has signed a memorandum of understanding with Korea Southern Power Co. and SK Shieldus to develop and deploy specialized robots to enhance the nation’s power grid stability and workplace safety. The agreement focuses on developing and implementing robots designed to remove foreign materials from cooling water intakes and control high-voltage circuit breakers, the
Executive Vice Chairman Chung Ki-sun highlights future of shipbuilding through digital technologies HD Hyundai Executive Vice Chairman Chung Ki-sun discussed plans for a multi-fuel future and ways to optimize the building and operation of software-defined ships at the World Economic Forum Annual Meeting 2025 in Davos, Switzerland, the Korean shipbuilder said Thursday. Attending the Davos Forum for the third consecutive year, Chung participated in the Oil & Gas Governors and Supply Chain & Transp
South Korea launched a national committee dedicated to biotechnology Thursday, in a strategic move to enhance the nation's global competitiveness in the rapidly evolving biotech market. At its inaugural meeting, presided over by acting President Choi Sang-mok in Seoul, the National Bio Committee highlighted its goals of advancing the nation’s biotech sector as a key economic driver and positioning Korea among the top biotech nations. The new state body, comprising 24 industry experts and 12 gove
New US policies prompt aggressive lobbying by biggest players; Hanwha outpaces Hyundai in spending for first time South Korean conglomerates increased their spending on lobbying in the US last year, with Samsung leading the pack with nearly $7 million. The escalating lobbying activities in the world’s largest economy appear to be in response to changes in US policies, such as the CHIPS and Science Act and the Inflation Reduction Act, and in preparation for the new Trump administration. According
Hanwha Group Vice Chairman Kim Dong-kwan explores defense, shipbuilding cooperation with top US officials in Washington DC Hanwha Group Vice Chairman Kim Dong-kwan met with top US officials under the new Trump administration to bolster the Korean conglomerate’s global network as he attended the US president's inauguration ceremony in Washington DC earlier this week. According to Hanwha on Wednesday, Kim participated in a candlelight dinner at the National Building Museum the day before the cerem
Samsung Biologics has made history by becoming the nation's first biotech company to hit 4 trillion won ($2.78 billion) in annual sales. The company reported on Wednesday consolidated annual sales of 4.54 trillion won and an operating profit of 1.32 trillion won for 2024. Sales increased by 23 percent compared to the previous year, while operating profit grew by 19 percent. On a standalone basis, Samsung Biologics recorded nearly 3.5 trillion won in annual sales, driven by strong performances fr
Korea’s logistics giant Hanjin Group achieved record sales of over 3 trillion won ($2.09 billion) last year, driven by its burgeoning global logistics business. The parent company of Korea's flag carrier Korean Air announced Wednesday that its 2024 sales reached 3.14 trillion won, up 7.4 percent on-year. Hanjin Group attributed its record-high sales to an increase in international forwarding volume, along with higher air and maritime cargo rates. Additionally, the company expanded its global net
Despite ongoing uncertainties in the global business environment, Samsung C&T achieved solid sales results, driven by its diverse business portfolios and competitive strengths, continuing its growth trend from the previous year. In 2024, Samsung C&T recorded sales of 42.1 trillion won ($28.96 billion), reflecting a 207 billion won increase, and an operating profit of 2.98 trillion won, up by 114 billion won from the previous year. The construction division posted sales of 18.65 trillion won and
Rise of China’s naval forces may trigger Trump administration to outsource building military ships in Korean shipyards Anticipation for Korean shipbuilders continues to build up as the second Trump administration is actively seeking ways to revamp its naval fleet to countermeasure China’s overwhelmingly dominant shipbuilding sector and formidable maritime forces. After the US president mentioned Korea’s cooperation in the maintenance, repair and overhaul, or MRO, business in a call with now susp
Despite strong 2024, Shinhan Financial’s profit dips in Q4
Use of facial recognition grows in Korean finance, with Toss in lead
Top hotel chains eye Hilton Seoul redevelopment
LG CNS posts record profit in 2024
LG CNS becomes Korea’s first SAP Asia-Pacific strategic services partner
KB Financial logs industry's first W5tr annual earnings
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