LS Cable & System, South Korea's top wire and cable maker, is revving up efforts to target the North American market for high-speed charging cables. The company said Wednesday it recently received the American UL Safety Certification for its high-speed electric vehicle charging cable. In Korea, high-speed EV chargers that supply over 400 kilowatts are required to use rapid liquid cooling cables. These cables allow cold fluid to flow, significantly lowering heat generation inside the cha

Industry Jan. 18, 2023

South Korea’s top shipbuilder Korea Shipbuilding & Offshore Engineering said Tuesday it has landed its first contract of the year worth 971 billion won ($784 million). The company said it sealed the deal with a shipping company in Oceania to build three large liquefied natural gas carriers, each measuring 200,000 cubic meters in size. The company declined to reveal the name of the client, citing contract conditions. The carriers will be manufactured by Hyundai Heavy Industries, one of

Industry Jan. 17, 2023

LG Energy Solution, South Korea’s largest electric vehicle battery maker, and Hanwha Group, a defense and energy giant, are teaming up to seek business synergy in the burgeoning battery market, they said in a statement on Monday. According to the statement, LG Energy Solution and three Hanwha companies – Hanwha Q Cells, Hanwha Momentum, and Hanwha Aerospace – signed a memorandum of understanding earlier in the day to bolster bilateral ties. Under the MOU, the two agreed to secu

Industry Jan. 16, 2023

Orchestra Private Equity, a private equity firm based in Singapore, has signed a stock purchase agreement to acquire chicken franchise KFC Korea, according to industry sources on Friday. Under the deal signed on Thursday, Orchestra PE will purchase a 100 percent stake in KFC Korea from KG Group, a chemical-to-steel company based in Seoul. The transaction has an estimated worth of 60 billion won ($48.3 million) to 70 billion won. KFC Korea has been on sale for a year by KG Group which took ov

Consumer Jan. 13, 2023

LG Electronics revealed on Thursday that its OLED evo received the highest honor, the VGP Gold award, in the 50-to-60-inch and under-45-inch OLED TV categories at the Visual Grand Prix 2023. The product also received the Critics Award in the visual category. The VGP is an annual audio-visual (AV) awards event held by Japanese AV media outlet Ongen Publishing. Devices are judged by experts and electronics dealers based on technological qualifications and consumer satisfaction. Regarding the LG OL

Technology Jan. 12, 2023

SK hynix, a semiconductor manufacturer under SK Group, announced on Wednesday that it has successfully issued a Sustainability-Linked Bond worth $1 billion, making it the first global chipmaker to do so. SLB is a type of bond with interest rates that are adjusted depending on whether a company's environmental, social and corporate governance (ESG) objectives are achieved. For this ESG requirement, the company aims to reduce its greenhouse gas emissions by 57 percent of its 2020 rate by 2026

Industry Jan. 11, 2023

Posco International, a trading and energy unit of Posco Group, said Tuesday it is building a crude palm oil refining plant in Indonesia, pinning high hopes on the huge potential across industries, including food, cosmetics and bioenergy. The decision comes after its board recently approved $200 million worth of funding from AGPA, the company’s Singapore unit, to launch the project. One of the possible plant sites is Kalimantan, the Indonesian portion of the island of Borneo, considering it

Industry Jan. 10, 2023

SK geo centric, a subsidiary of SK Innovation, signed a licensing contract with British company Plastic Energy to jointly build a plastic waste recycling plant in Ulsan. Under the deal inked at the CES tradeshow in Las Vegas, the factory will have an expected capacity of 66,000 metric tons of end-of-life plastic waste input. The pyrolysis plant will be situated in the Ulsan plastic recycling complex, called the Ulsan Advanced Recycling Cluster. Construction of the plant will begin this year and

Industry Jan. 9, 2023

Hwaseong city Mayor Jeong Myeong-geun visited Torrance, a city in southern California on Wednesday in an effort to promote cooperation and broaden administrative strides. First proposed by Torrance, the meeting between Mayor Jeong and Torrance mayor George Chen along with other city officials was held to discuss mutual cooperation between the two cities. They talked about bolstering efforts in various fields, including the establishment of communication channels, economic growth, and cultural sh

Foreign Affairs Jan. 5, 2023

Celltrion Healthcare, the marketing unit of Korea's drug developer Celltrion, said on Wednesday that the company inked a partnership with Hikma Pharmaceuticals to launch its biosimilar version of metastatic colorectal cancer treatment Avastin in the Middle East and North Africa region. “The pharmaceutical market, especially the need for biomedicine, is continuously growing in the MENA region. This first step we are taking is a meaningful one, and we will strive to continue providing s

Industry Jan. 4, 2023

South Korean drug maker Celltrion said Tuesday its antibody biosimilar Remsima has received authorization from 100 countries worldwide, a feat achieved almost 10 years after its getting approval at home. Remsima is a TNF-α inhibiting antibody biosimilar used to treat autoimmune diseases such as rheumatoid arthritis, ulcerative colitis, and Crohn’s disease. The drug got its first approval from Korea’s Ministry of Food and Drug Safety in 2012. Since then, the biosimilar received

Industry Jan. 3, 2023