SEOUL, March 4 (Korea Bizwire) — South Korea said Thursday it will spend over 2 trillion won (US$1.78 billion) over the next 10 years to help local pharmaceutical companies develop new medicines that generate annual sales of over 1 trillion won. The country’s ambitious 2.18 trillion won project, which starts in July this year, will [...]
SEOUL, March 3 (Korea Bizwire) — Major South Korean telecom operators KT Corp. and LG Uplus Corp. said Wednesday they invested a total of 26 billion won (US$23.1 million) for a minority stake in the homegrown app market ONE store, bolstering the smaller local rival to Google’s Play store. KT has invested 21 billion won [...]
SEOUL, March 2 (Korea Bizwire) – South Korea’s five major conglomerates announced Tuesday they plan to invest 43 trillion won (US$38.2 billion) in the hydrogen industry in the latest move to meet the growing demand for the energy source. Under the plan, SK, Hyundai Motor, POSCO, Hanwha and Hyosung will build a wide range of [...]
SEOUL, Feb. 25 (Korea Bizwire) — Global streaming service Netflix said Thursday that it will funnel US$500 million into creating South Korean projects this year, including two films. “Netflix has more than 200 million paid users across the world, including 2.8 million in South Korea,” Kim Min-young, vice president of Netflix, said in an event [...]
SEOUL, Feb. 18 (Korea Bizwire) — South Korea’s ICT ministry said Thursday it will spend 670 billion won (US$607 million) by 2023 to bolster the country’s cyber security capabilities to respond to growing new digital threats. The Ministry of Science and ICT said it will develop infrastructure to quickly respond to cyber security threats, by [...]
CALGARY, Alberta, Feb. 16 (Korea Bizwire) — Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline. Eavor’s technology, known as [...]
SEOUL, Feb. 15 (Korea Bizwire) — South Korea’s state pension fund is estimated to have chalked up massive profits from its holdings of shares in electric vehicle leader Tesla Motors Inc. with the share price rising at an explosive pace in recent years. The National Pension Service (NPS) made its first disclosure that it owned [...]
SEOUL, Feb. 8 (Korea Bizwire) — LG Display Co., a major display panel maker in South Korea, will make an additional US$750 million investment in its plant in Vietnam, news reports showed Monday, as the company eyes expanding OLED panel productions. The city of Hai Phong approved LG Display’s latest investment plan for its plant [...]
SEOUL, Feb. 8 (Korea Bizwire) — South Korea’s science ministry said Monday it will invest 615 billion won (US$549 million) in space projects this year, including launching its long-awaited first homegrown rocket and developing new satellites. The country plans to launch its first locally built Nuri rocket in October this year, committing 189.7 billion won [...]
SEOUL, Feb. 5 (Korea Bizwire) — Samsung Electronics Co. has asked Texas state officials to give tax breaks for its potential new chip plant, news reports showed Friday, raising speculation that the South Korean tech titan could make a big investment in the United States. The world’s largest memory chipmaker has requested authorities in Texas [...]