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Reporter : Park Jae-hyuk
Fri, September 30, 2022 | 10:06
Korea could suffer huge losses as Russia sanctions inhibit satellite launches
Korea is feared to lose a total of 47.2 billion won ($33 million) paid to Russia in deposits for contracts to use Russian rockets to put Korean satellites into orbit, according to an independent lawmaker, Thursday.
Dunamu CEO cries foul over politicians' skepticism of cryptocurrencies
Dunamu CEO Lee Sirgoo urged politicians to reform the current regulations on digital assets in line with international standards, without hesitating to express his concerns over lawmakers and government officials maintaining negative views concerning blockchain and cryptocurrencies.
Companies halt large investments amid deepening economic downturn
Fears of a perfect storm of a strong U.S. dollar, soaring inflation and rising interest rates have forced a growing number of major conglomerates here to postpone or retract their investment plans domestically and overseas, according to industry officials, Wednesday. With the Korean currency weakening to a 13-year low of 1,440 won against the U.S. dollar during intraday tradi...
Volvo launches electric excavator in Korea despite concerns over practicality
Volvo Construction Equipment (Volvo CE) has dismissed concerns among industry insiders about the insufficiency of its electric construction equipment ― compared to conventional diesel machines ― showing its confidence regarding the quality and performance of the ECR25 compact electric excavator, which was displayed in Seoul, Wednesday, for the first time in Asia.
Hanwha seeks to become defense industry powerhouse after DSME takeover
Hanwha Group's latest decision to acquire Daewoo Shipbuilding & Marine Engineering (DSME), which manufactures naval ships and submarines, has made it possible for Korea's seventh-largest conglomerate to become a top-tier global defense industry powerhouse, according to industry officials Tuesday. Given that the group owns subsidiaries leading the solar and renewable energy ma...
Will Hanwha buy KAI to produce fighter jets?
Korea Aerospace Industries (KAI) has been mentioned as the next acquisition target of Hanwha Group for the conglomerate to become a global defense industry powerhouse going after Lockheed Martin, according to industry officials, Tuesday. Earlier this week, Hanwha announced its decision to take over a 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering (DSME) for 2 ...
Avikus seen as key for Hyundai Heavy heir to inherit group's control
Avikus has emerged as one of the most important subsidiaries of Hyundai Heavy Industries (HHI) Group, as the company specializing in self-navigating technologies has been apparently used for CEO Chung Ki-sun of HD Hyundai, the group's holding firm, to prove his management ability before inheriting control of the conglomerate from his father, Asan Foundation Chairman Chung Mon...
Hanwha Solutions' spinoff plan designed for chairman's youngest son: analysts
Hanwha Solutions' latest plan to spin off its Galleria division has been interpreted by many as part of efforts to hand over control of the group's retail business to Chairman Kim Seung-youn's youngest son Kim Dong-seon, according to domestic securities analysts, Monday. The company announced last Friday that it will list Hanwha Galleria on the benchmark KOSPI market by March...
Korea, Canada strengthen business ties during Yoon's visit
Korean companies agreed with their Canadian partners to enhance cooperation ahead of President Yoon Suk-yeol's summit with Canadian Prime Minister Justin Trudeau in Ottawa, Friday (local time). LG Energy Solution (LGES) signed memorandums of understanding (MOUs) in Toronto, Thursday, with three Canadian mineral suppliers - Electra, Avalon and Snow Lake - to source core raw ma...
Concerns grow over lawmakers summoning biz leaders to Assembly audits
Lawmakers of the liberal main opposition Democratic Party of Korea (DPK) and even those belonging to the business-friendly ruling conservative People Power Party (PPP) seek to summon heads of the country's leading conglomerates to the National Assembly audit next month as witnesses, according to industry officials and media reports, Friday. Their plans have caused concerns am...
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