SEOUL, Dec. 9 (Korea Bizwire) — Three South Korean electric vehicle battery makers saw their combined global market share fall from a year earlier in the first 10 months of 2024 amid robust growth of Chinese rivals, industry data showed Monday. The trio — LG Energy Solution, SK On Co. and Samsung SDI Co. — [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea’s pharmaceutical giant Celltrion Inc. said Monday that it has received approval from Canadian health authorities for a biosimilar treatment for allergic asthma. The company said that its biosimilar, Omlyclo, a version of Xolair, has been approved by Health Canada, adding that studies have demonstrated its equivalent performance [...]
SEOUL, Dec. 9 (Korea Bizwire) – In a significant pivot toward the world’s most populous nation, South Korean corporate powerhouses are intensifying their focus on India, seeing it as both an antidote to their China-dependent supply chains and a promising frontier for growth. Companies like Samsung Electronics, LG Electronics, and Hyundai Motor are expanding their footprint [...]
SEOUL, Dec. 9 (Korea Bizwire) — The government is ready to deploy immediate market stabilization measures, including the injection of “value-up funds” into the country’s stock market, Finance Minister Choi Sang-mok said Monday. Choi made the statement during an emergency meeting with top economic and financial officials, as South Korea grapples with the fallout from President Yoon [...]
ANDONG, Dec. 9 (Korea Bizwire) – North Gyeongsang Province announced on December 8 that it will conduct special enforcement measures across its 22 cities and counties, focusing on seafood origin labeling verification and illegal fishing activities in the East Sea, with particular attention to snow crabs. This initiative comes in response to growing concerns about potential mislabeling [...]
SEOUL, Dec. 9 (Korea Bizwire) – Following President Yoon Suk Yeol’s shock declaration of martial law on December 3, foreign investors have initiated a significant withdrawal from South Korean financial institutions, marking a notable shift in international investment patterns in the country’s markets. The exodus appears driven by concerns that the financial sector could be particularly [...]
SEOUL, Dec. 8 (Korea Bizwire) – Samsung Galaxy secured the top spot in the 2024 Korea’s Top 100 Brands list, with a Brand Stock Top Index (BSTI) score of 940, according to BrandStock, a leading brand valuation firm. Despite ongoing global economic challenges driven by geopolitical tensions like the Russia-Ukraine war and the Israel-Iran conflict, Samsung [...]
SEOUL, Dec. 8 (Korea Bizwire) – Hyundai Motor Group revealed that one in four of its cars sold this year was purchased in the United States, marking a significant milestone in the automaker’s history. Between January and November, Hyundai and Kia sold 1.55 million vehicles in the U.S., accounting for 25.1% of the group’s global sales [...]
SEOUL, Dec. 7 (Korea Bizwire) – South Korea’s retail conglomerate Lotte Group said Friday it has picked a Hong Kong-based private equity fund for talks to sell its car rental arm for 1.6 trillion won (US$1.12 billion), marking its first major deal amid concerns over a potential liquidity crisis. Under the agreement, Lotte Group has selected [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korea’s tourism and retail industries are on edge following the recent declaration and lifting of martial law, as travel warnings from major countries raise concerns about a potential decline in foreign visitors. While the Korea Tourism Organization reported no significant cancellations as of December 5, signs of apprehension [...]