SEOUL, Dec. 6 (Korea Bizwire) – South Korea is witnessing a steady shift toward transparent corporate governance as more conglomerates adopt holding company structures. However, concerns are mounting over indirect investments via overseas subsidiaries, potentially enabling unfair internal transactions and abuse of authority. According to the Fair-Trade Commission (FTC), 43 of the country’s 88 conglomerates [...]
SEOUL, Dec. 6 (Korea Bizwire) — Samsung C&T Corp. said Friday it has partnered with Swedish energy company Karnfull Next AB to pursue joint projects in the European small modular reactor (SMR) market. The South Korean engineering and construction company said it signed a memorandum of understanding for future joint projects with Karnfull Next at [...]
SEOUL, Dec. 6 (Korea Bizwire) — Unionized subway workers called off their planned strike Friday after a last-minute deal was reached in wage negotiations with the management. Seoul Metro, the operator of subway Lines 1 to 8 in the capital area, reached an agreement with each of its three labor unions in the early hours [...]
SEOUL, Dec. 6 (Korea Bizwire) — Jin Air Co. a low-cost carrier subsidiary of industry leader Korean Air Co., said Friday it has acquired a new B737-8 aircraft to bring its total fleet volume to 31 units. Jin Air said the addition marks the company’s fourth new plane acquisition of the year. The company’s fleet [...]
SEOUL, Dec. 6 (Korea Bizwire) — South Korea’s Hanwha Group said Friday it seeks to resume a major city development project in Iraq, which has been suspended for two years due to unpaid construction fees. Hanwha Corporation E&C Division, the group’s construction arm, said it recently signed an amended contract with Iraq’s National Investment Commission [...]
SEOUL, Dec. 6 (Korea Bizwire) – In a significant expansion of its luxury automotive presence, Genesis unveiled its entry into professional motorsports through its new high-performance division, Genesis Magma, at a premiere event held at the Armani Hotel in Dubai, UAE, on December 4. The luxury automaker revealed plans to compete in two prestigious endurance racing championships, [...]
POHANG, South Korea, Dec. 5 (Korea Bizwire) — The industrial heart of Pohang, once buoyed by its thriving secondary battery and steel industries, is grappling with a severe economic downturn, underscoring the fragility of the region’s core sectors. The city, home to major players like EcoPro, POSCO Future M, and GS Energy Materials, has been [...]
SEOUL, Dec. 5 (Korea Bizwire) — Unionized workers at Hyundai Motor Co. will stage a partial strike this week in solidarity with an umbrella labor union’s walkout against President Yoon Suk Yeol’s short-lived martial law declaration, according to the company’s union Thursday. Hyundai’s 43,000-strong union will hold a four-hour strike each on Thursday and Friday [...]
SEOUL, Dec. 5 (Korea Bizwire) – South Korea’s Ministry of Environment announced plans to revise regulations governing saline wastewater discharge from secondary battery production, aiming to better assess its ecological impact on marine environments. The proposed amendments to the Water Environment Conservation Act and the Sewerage Act will be open for public comment starting December [...]
SEOUL, Dec. 5 (Korea Bizwire) – In a bold move to promote sustainable energy, Seoul announced the selection of two major development projects to incorporate water-based thermal energy systems: the Jamsil Sports & MICE Complex and the Seongsu-dong K-Project. The decision marks a significant step in reducing carbon emissions and energy costs in large-scale urban [...]