Trump Jr. taps Korean tycoons in Seoul visit

Donald Trump Jr., the eldest son of US President Donald Trump, held a series of closed-door meetings with around 20 business leaders from Korean conglomerates on Wednesday, during a private visit at the invitation of Shinsegae Group Chairman Chung Yong-jin. According to industry sources, Trump Jr. met with business figures including Hanwha Group Vice Chairman Kim Dong-kwan, Hanwha Life President Kim Dong-won, Hanwha Hotels & Resorts Vice President Kim Dong-seon, Lotte Corp. Executive Vice Presid

April 30, 2025

Lee Jae-myung's pro-business pivot: Tactic or real shift?

In his third bid for the nation's top job, Lee Jae-myung, the liberal candidate considered the front-runner in the June 3 presidential election, appears to have had a change of heart. During his 2017 presidential run, when he lost the party's nomination to eventual President Moon Jae-in, Lee campaigned on chaebol reforms, targeting major conglomerates like Samsung, to the extent of pledging that he would “stake his political career on dismantling the chaebol system.” Eight years later, the "chae

April 30, 2025

S. Korea to spend W113.4b on developing next-generation defense technologies

South Korea will invest 113.4 billion won ($79.1 million) this year to develop next-generation defense technologies, including artificial intelligence, semiconductors and robots, the industry ministry said Wednesday. The figure marks a 32.3 percent increase from the corresponding tally for 2024, according to the Ministry of Trade, Industry and Energy. The investment will be funneled into 132 projects, including the development of an amphibious mobile reconnaissance robot and a micro-suicide dron

April 30, 2025

AmCham seminar explores ways to improve Korea’s regulatory landscape

The American Chamber of Commerce in Korea announced that it held a seminar focused on Korea’s business regulatory landscape, seeking ways to strengthen business partnerships between Korea and the US and foster closer ties between the two countries. The seminar, titled Shaping the Regulatory Environment for Sustainable Trade, was held at the Conrad Seoul Hotel in Seoul on Tuesday. It aimed to explore strategies to enhance Korea’s appeal as an investment destination, according to AmCham. AmCham st

April 29, 2025

LG Chem in talks to sell off water solutions unit at W1tr

LG Chem, a leading chemical company under the South Korean tech conglomerate LG Group, has started talks to sell off its water solutions unit to secure cash flow amid the group’s drive to streamline its businesses. LG Chem has reportedly selected Glenwood Private Equity as a preferred bidder to acquire its water solutions business, which specializes in manufacturing reverse osmosis membranes, owning the world’s second-largest market share in the sector. The RO membranes desalinate seawater, and

April 29, 2025

Hanwha Ocean shares drop sharply on KDB’s stake selloff

Hanwha Ocean shares plunged more than 12 percent on Tuesday as investor concerns mounted over the state-run Korea Development Bank’s plan to sell its stake in one of the world’s largest shipbuilders. Shares of Hanwha Ocean were trading at 78,500 won ($55) as of 2:00 p.m., down 12.09 percent from the previous day’s close. The significant price decline came after local news reported Monday that Korea Development Bank had initiated a bookbuilding process to offload approximately 4.3 percent, or 13

April 29, 2025

Kyobo Life's holding firm push gains steam

Kyobo Life Insurance will acquire a controlling stake in SBI Savings Bank, accelerating its push to become a financial holding company by entering the savings banking industry. The South Korean insurer said Monday its board approved a 900 billion won ($625.8 million) investment to gradually acquire a 50 percent plus one share stake in the savings bank from Japan’s SBI Holdings by October 2026. Due to regulatory restrictions on financial institution ownership, Kyobo will begin with a 9.97 percent

April 29, 2025

[Photo News] LG, Guggenheim celebrate art

Artworks by Kim A-young, the first Korean to win the LG Guggenheim Award, are being showcased on public signage in Times Square, New York, from Monday through May 25, LG said Tuesday. A video featuring Kim’s “Delivery Dancer” series and celebrating her award is expected to be seen by about 10 million people while on display, according to the company. (LG)

April 29, 2025

Biotech strategy forum charts path forward amid US policy shifts

Top business executives and industry experts convened Tuesday at the 2025 US Strategy Roundtable for Pharma and Biotech to assess Korea’s biotech standing at a critical juncture of global restructuring led by the US and to share perspectives on navigating the challenges ahead. Aimed at advancing discussions on major shifts in the global biopharmaceutical industry, the one-day session -- held at the Korea Chamber of Commerce and Industry under the theme of securing biotech growth amid shifting po

April 29, 2025

LS Cable to build largest subsea cable plant in US

LS Cable & System announced Tuesday that it will invest $681 million to construct the largest submarine cable manufacturing plant in the United States, marking the first such investment by a South Korean cable company and the second major Korean initiative following the launch of the second Donald Trump administration. The new facility will be built by LS GreenLink, the company's US subsidiary, in Chesapeake, Virginia. Construction is scheduled for completion by the third quarter of 2027, with m

April 29, 2025

Jusung Engineering adopts 3-CEO system in succession push

Jusung Engineering, a first-generation chipmaking equipment company in Korea, is transitioning from a single-CEO to a three-CEO structure, signaling a strategic push for leadership succession. The company announced Monday that its board has approved a plan to divide the CEO role, previously held solely by founder Hwang Chul-joo, into three distinct areas: research and development, sales, and strategy. Under the new leadership structure, Chairman Hwang will oversee all R&D activities, with a focu

April 29, 2025

Posco Holdings issues $700m in global green bonds

Posco Holdings announced on Tuesday that it had successfully raised $700 million through the issuance of global green bonds in the overseas bond market, securing a stable source of funding for the company's future growth initiatives. Despite challenging market conditions driven by increased volatility following the US Trump administration’s recent tariff announcement, Posco Holdings became the first Korean company to successfully issue both five-year and ten-year bonds. The issuance comprises $4

April 29, 2025

Daewoo E&C Q1 operating profit up 30%

Daewoo Engineering & Construction said on Tuesday that its operating profit rose by more than 30 percent in the first quarter compared to a year earlier, fueled by improved profitability in its housing and plant construction divisions. The company reported an operating profit of 151.3 billion won ($105 million) for the January–March period, up 31.8 percent year-on-year. Consolidated sales declined by 16.5 percent to 2.07 trillion won. Net income also dropped sharply, falling 36.6 percent to 58 b

April 29, 2025

Doosan Enerbility wins W130b deal to convert Saudi oil plant to gas

Korean energy solutions provider Doosan Enerbility announced Tuesday that it has signed a 130 billion won ($90.4 million) contract to convert an oil-fueled power plant in Saudi Arabia to run on natural gas. Under the agreement with Saudi Arabia's state-run Power and Water Utility Co. for Jubail and Yanbu — known as Marafiq — Doosan Enerbility will supply key components for gas power generation at Yanbu 2 Power Plant, on the west coast of the country. Doosan will also support test operations afte

April 29, 2025

HD Hyundai Electric launches startup support programs to drive innovation

HD Hyundai Electric, the energy solution arm of Korean shipbuilding giant HD Hyundai, announced Tuesday the launch of a new program to support startups developing next-generation power technologies. On Monday, the company officially introduced PowerUp HDE, a program designed to provide comprehensive support for startups looking to access advanced electricity grid technologies and explore collaboration opportunities with HD Hyundai Electric. "In today's fast-changing industrial landscape, proacti

April 29, 2025