Hanwha Defense’s seven-year-long efforts to export its anti-air systems to India went up in smoke after the country decided to make the systems on its own to give a boost to the domestic industry, according to local media reports. In a recent meeting chaired by Defense Minister Rajnath Singh, the Indian Defense Ministry scrapped two arms import contracts that were in the final stages, including a $2.5 billion program to procure anti-air systems from South Korea. The tender for the prog

Hanwha Q Cells said Friday that it has become the first company to receive the highest grade under the government’s carbon certification program for solar modules. According to the South Korean solar cell and module manufacturer, seven of its solar modules earned grade 1 certification from the Industry Ministry. They will be available starting next month, a company official said.  Launched July 22, the ministry’s program divides solar modules into three categories based on

Top 10 companies with largest M&A deals combined

South Korea's trade minister returned home Friday after a four-day trip to the United States meant to secure Washington's support for her campaign to become the next leader of the World Trade Organization (WTO). Trade Minister Yoo Myung-hee met with US government and business officials and discussed a wide array of bilateral issues, according to the Ministry of Trade, Industry and Energy. During her stay, Yoo especially focused on winning Washington's support for her bid to become the next he

Samsung Electronics Vice Chairman Lee Jae-yong met with Japanese Ambassador to Seoul Koji Tomita last week to discuss various topics, including an easing of entry restrictions for businesspeople, diplomatic sources said Thursday. South Korea and Japan have imposed entry curbs over coronavirus concerns, further dampening bilateral exchanges already strained by disputes over wartime forced labor. "Ambassador Tomita is said to have met Vice Chairman Lee Jae-yong as part of his diplomatic ac

LG Chem to hold 100% stake in LG Energy Solution, time for IPO undecided

SK Holdings has raised 480 billion won ($409 million) by selling shares of logistics operator e-Shang Redwood Group through a block deal, with plans to invest the newly secured capital in its future growth engines, the company said Thursday. The deal saw 140 million shares sold at 22.50 Hong Kong dollars ($2.90) per share, accounting for 4.6 percent of the total stock, as SK Holdings collected the principal. Following the sale, SK Holdings now owns 6.4 percent of stock in the company, a share

Korean Air announced on Thursday it was injecting 1.1 trillion won into its subsidiary company Hanjin International to help pay off its debts and keep the latter’s hotel business afloat. The decision was made during a board of directors meeting on Wednesday, which will help pay back HIC’s debt worth $900 million while $50 million will be used to cover operating expenses for the Wilshire Grand Center in Downtown Los Angeles, a hotel HIC has operated since 2017. The airline said the

Hyundai Glovis said Thursday it partnered with Thailand’s No. 1 business group, Charoen Pokphand Group, to target the country’s logistics market. Under the partnership, the two companies will start a pilot project by the end of this year by injecting electric trucks into the transportation of convenience store 7-Eleven’s products operated by CP Group across Thailand. This is expected to be the first time for an electric truck to be introduced to a Thai logistics site, the Ko

Samsung Biologics signed to contract develop Panolos Bioscience‘s novel anti-cancer drug candidate PB101, the company announced Thursday. Per contract, Samsung Biologics will be responsible for all steps of PB101’s development, including cell line development, preclinical and global clinical trials’ sample manufacturing and investigational new drug applications. Panolos Bioscience’s next-generation anti-cancer pipeline PB101 fights cancer by inhibiting the growth of tum

Prices for server DRAM chips are expected to further decline in the fourth quarter of the year, a report showed Thursday, boding ill for South Korean chipmakers amid the novel coronavirus pandemic. Market researcher TrendForce recently revised its server DRAM prices forecast for the last three months of 2020, saying that server manufacturers still hold a relatively high inventory of the product, while the industry is dealing with an oversupply issue. It originally predicted a 10-15 percent

Monthly export of COVID-19 diagnostic kits

LG Chem will split off its battery business, in an apparent move to shore up investments through an initial public offering, according to industry sources Wednesday. LG Chem has decided to carve out the battery business division as a wholly owned subsidiary and finalize the agenda at a board meeting scheduled for Thursday, they said. “For LG Chem to digest battery orders, it needs to increase its production capacity, which will cost billions of dollars. To deliver required funds, goi

S-Oil said Wednesday that it has launched a mega-scale hybrid charging station in the Unjeong area of Paju, Gyeonggi Province, so it can offer comprehensive services to its customers. According to the South Korean refiner, it merged four gas stations and liquefied petroleum gas filling stations into a single charging station on a 9,900-square-meter site. With 10 DIY fuel dispensers and four LPG dispensers, the charging station can service about 30 vehicles simultaneously. “On the 9,9

1.4R OLED applied in Galaxy Z Fold2 can fold for 200,000 times