SEOUL, Aug. 1 (Korea Bizwire) — Unlike in the past, when foreign carmakers mainly released high-priced electric vehicles (EVs) in the Korean market, they are now launching a string of new models with lower prices and improved performance to increase the potential for subsidies. The competition was ignited by U.S. electric vehicle maker Tesla Inc.’s [...]
SEOUL, April 7 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., achieved a surplus in the previous year, thanks to a combination of factors such as high exchange rates, increased exports, cost-cutting measures, strong pricing, and expanded semiconductor availability. At a recent management briefing session held by GM Korea, [...]
SEOUL, March 13 (Korea Bizwire) — Hyundai Motor Co., South Korea’s leading carmaker, said Monday it is in the process of acquiring General Motors Co.’s car manufacturing facility in India. Hyundai Motor has signed a term sheet with GM to take over the U.S. carmaker’s Talegaon plant in Maharashtra, the company said in a statement. [...]
SEOUL, Feb. 15 (Korea Bizwire) — Samsung Electronics plans to borrow more than US$15 billion from its display-making subsidiary to secure operational costs, the company has said. The South Korean tech giant said in a regulatory filing on Tuesday that it will borrow 20 trillion won (US$15.78 billion) from Samsung Display at an interest rate [...]
SEOUL, Feb. 14 (Korea Bizwire) — Park Ji-won, CEO of local K-pop powerhouse Hybe, has said his company will ensure the independence of its rival SM Entertainment even after becoming its top shareholder and that SM founder Lee Soo-man will stay away from management, according to sources in the music industry. Park made the remarks [...]
SEOUL, Feb. 6 (Korea Bizwire) — Dongwon Group, a major South Korean food company, is pushing to acquire McDonald’s Korea, industry sources said Monday, in the food maker’s push to strengthen its restaurant business. Dongwon Industries Co., the holding company of the group, has been the preliminary sole bidder in the acquisition of McDonald’s Korea, [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s industry ministry said Thursday it agreed with Dutch semiconductor equipment supplier ASM to boost cooperation for the firm’s planned investment of US$100 million to build a production factory and a research and development center in South Korea. The two sides signed a memorandum of understanding (MOU) in [...]
SEOUL, Jan. 19 (Korea Bizwire) — LG Chem Ltd., a major South Korean chemicals firm, said Thursday it will complete the acquisition of AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, later this week. It has invested US$571 million in its U.S. affiliate, LG Chem Life Science Innovation Center, to take [...]
DAVOS, Jan. 18 (Korea Bizwire) — Danish wind turbine producer Vestas Wind Systems will invest US$300 million in South Korea and move its Asia-Pacific headquarters to the country, the presidential office said Wednesday. The investment will be made toward a large-scale turbine parts plant that will produce key equipment for wind turbines for export to [...]
SEOUL, Jan. 18 (Korea Bizwire) — Major South Korean companies spent more than 5 trillion won (US$4.04 billion) in 2022 to help cut air pollution and promote workplace safety as part of their so-called environment, social and governance (ESG) management, a report said Wednesday. The country’s top 100 firms by sales invested 5.44 trillion won [...]