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What’s at stake in Samsung BioLogics accounting scandal?
Samsung BioLogics has come under pressure as the country’s financial authorities have claimed that the evaluation of its affiliate violated accounting rules. Dubbed as one of Samsung Group’s future growth engines, the contract drug-manufacturing firm has enjoyed blowout days with its stock price jumping nearly fivef...
Hanwha Aerospace signs W2.3tr deal to supply more rocket launchers to Poland
South Korean defense company Hanwha Aerospace said Thursday it has signed a 2.3 trillion-won ($1.67 billion) deal to supply 72 Chunmoo multiple launch rocket systems (MLRS) to Poland by 2029. The latest deal is a follow-up to the Polish government's plan to buy 290 units of MLRS. The Eastern European country purchased 5 trillion won worth of 218 units of MLRS in late 2022, with the delivery scheduled by 2026. But financial contracts involving state-run lenders in both countries still need to b
Hyundai Motor chief vows to foster India as automaker's global export hub
The chief of Hyundai Motor Group recently visited India and laid out a vision to bolster its operations there to utilize the country as a key export hub for the South Korean automaker, the group said Thursday. Chung Euisun, Hyundai Motor Group's executive chair, visited the group's Indian headquarters in Gurugram in the state of Haryana on Tuesday and discussed medium- to long-term strategies for the Indian market with employees. He also held a town hall with some 400 employees and shared his
SK innovation's unit sells Peru oil block stake to US firm
SK earthon, a South Korean oil exploration and production company, said Wednesday it has sold its entire stake in an oil block in Peru to a US company. SK earthon has wrapped up a deal to deliver its 20 percent stake in Peru LNG Co. to MidOcean Energy, the liquefied natural gas unit of US-based energy investor EIG, for 350 billion won ($256 million) to secure capital for future growth engines, the company said in a statement. The company said it will use the proceeds from the stake sale to max
Hyundai Mobis begins construction of EV battery plant in Spain
Hyundai Mobis, South Korea's leading auto parts maker, said Wednesday it has started construction of an electric vehicle (EV) battery plant in Spain. The company said it held a groundbreaking ceremony for the envisioned 150,000-square-meter factory in Navarre, Spain, on Tuesday. Hyundai Mobis aims to start mass production at the plant in 2026. The plant will have an annual capacity of 360,000 battery systems. The battery systems produced there will be supplied to Volkswagen's manufacturing pla
Hyundai Motor launches ST1 commercial delivery model
Hyundai Motor said Wednesday it has launched a new commercial electric delivery vehicle model with expanded functionality that can be tailored to various business services and solutions. The ST1 has been released in two variants -- the ST1 Cargo and ST1 Cargo Refrigerated -- and can be expanded into various forms according to its usage purposes based on the models' chassis-cab units. According to Hyundai, the ST1 can be tailored to various uses, including police operation vehicles, emergency r
Celltrion sees market share of Remsima rising in European nations
Celltrion saw the combined market share of its autoimmune biosimilar infliximab products, Remsima and Remsima SC, rising in five European nations, company officials said Tuesday. The combined market share of Remsima and the subcutaneous version of the drug hit 74 percent in Britain, Germany, France, Spain and Italy in the fourth quarter of last year, Celltrion said, citing data from health care researcher IQVIA. The fourth-quarter tally was up 12 percentage points from the corresponding tally
Hollys to open 1st overseas outlet in Japan next month
Hollys, the coffee business unit of South Korea's KG Group, said Tuesday it will open its first overseas outlet in Japan next month as part of its expansion strategy. Hollys has set up a business entity in the neighboring country to open the outlet at the Marui Department Store in Namba, Osaka. Hollys has partnered with local bakery brand Gouter d' Anatole to provide coffee and bread starting May 1, the company said in a statement. The company said it plans to open more stores in other major
BMW’s unveils new Korean R&D center
BMW Group officially opened the doors to its expanded research and development center in Korea in Cheongna International City on Monday. This transformed facility, originally launched in 2015 within the BMW Driving Center premise on the nearby island of Yeongjongdo, has now moved and evolved into a comprehensive, standalone R&D center dedicated to advancing BMW's innovations outside of Europe, alongside its centers in the US, China, Japan, and Brazil. The BMW Group R&D Center Korea is