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'China fear' resurfaces as Affinity controls local rental car market amid BYD‘s Korean debut Affinity Equity Partners, the buyout firm that has been on a long shopping spree in Korea, last week made a rare public statement: "We are not a Chinese company." "We lack a centralized headquarters, functioning through several regional offices," the company clarified. "Singapore serves as our de facto headquarters for back-office operations, while South Korea handles the largest share of funding and inv
Ultium Cells, a joint venture between LG Energy Solution and General Motors, will secure synthetic graphite from North America, reducing its reliance on Chinese supplies, its Norwegian partner Vianode announced Wednesday. Vianode, a battery materials-maker, stated that it has signed a deal with GM to supply graphite produced at its planned plant in North America from 2027 to 2033. The strategic move aims to make GM’s electric vehicles eligible for tax credits under the US Inflation Reduction Act
South Korean flatscreen maker LG Display said Wednesday it has narrowed yearly losses in 2024 and posted a first quarterly turnaround in the October-December period, thanks to its strategic shift to more profitable organic light-emitting diode panels. In a regulatory filing, LG reported it posted a revenue of 26.6 trillion ($18.3 billion) in 2024, which grew 24.8 percent when compared to the year earlier, while the operating loss stood at 560.6 billion won, down 77.7 percent on-year. Net loss lo
DB Robotics, South Korea’s only robotics company specializing in industrial safety and the prevention of major industrial accidents, announced Wednesday that it has signed a memorandum of understanding with SK Shieldus to broaden its role in the specialized robotics sector. Established in 1999, DB Robotics has a track record of developing advanced robotics solutions tailored to specialized industries, earning certification for excellence in technology from credit bureau NICE Information Service
Hanjin Group, the parent company of Korean Air, announced its regular executive appointments for the new year on Wednesday, promoting President Woo Kee-hong to vice chair of the nation's largest airline and flag carrier. This marks the first such appointment following the airline's merger with Asiana Airlines last December, ushering in a new chapter as one of Asia's largest carriers. Woo, who has served as president since 2019, steps into the vice chairman role, filling a position vacant since 2
Yuhan-Kimberly has named Lee Jay-hoon, former head of Korean discount chain Homeplus, as its new chief executive officer, the company announced Wednesday. According to the sanitary product manufacturer, Lee brings three decades of leadership experience in the retail and consumer goods industry, having served as CEO of the now-defunct convenience store chain BuytheWay, as well as KFC Korea and the cosmetics firm Carver Korea. Most recently, he led Homeplus as CEO since 2021. Having studied busine
HD Korea Shipbuilding & Offshore Engineering Co., the shipbuilding arm of HD Hyundai, announced Tuesday that it had obtained approval in principle for its vacuum insulation technology for liquefied hydrogen storage tanks, strengthening its push to commercialize hydrogen as a clean energy source. The approval was granted by four major international classification societies: Lloyd’s Register, the American Bureau of Shipping, Det Norske Veritas and the Korean Register. Last month, HD KSOE also rece
US lawmakers see South Korea as serving a critical role in the global supply chain and are willing to provide support, Korean Industry Minister Ahn Duk-geun said Monday, sharing his reflection after his visit to Washington last week. "During the trip, I learned that Korea’s industries play a big role in the global supply chain and the ecosystem. I met with foreign commerce chambers and investors after all the incidents, and they are all willing to help," Ahn said in a press briefing with reporte
Dabeeo, a geospatial information AI technology company, announced Monday that it has been selected to lead the development of a microsatellite utilization system, aimed at bolstering South Korea’s maritime security and disaster response capabilities. The KSIS Data-Based Microsatellite Utilization System project, commissioned by the Korea Aerospace Research Institute’s National Satellite Information Utilization Support Center, will be conducted in partnership with defense company LIG Nex1. Offici
Scottish master behind Korea‘s first single malt distillery commits his 45 years of experience to elevating Korea's whisky reputation It might surprise you that South Korea, famed for its traditional spirit soju, is now producing a single malt whisky -- let alone one of remarkable quality. The newfound fervor for whisky here is breathing new life into the industry, with its future looking bright, partly thanks to Andrew Shand, a Scottish master distiller at Ki One Whisky Distillery. Shand brings
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