KEF chief, Japanese ambassador vow to bolster economic ties

Member companies of the Korea Enterprises Federation met with Japanese Ambassador Koichi Mizushima on Tuesday to explore opportunities for deepening economic cooperation, as South Korea and Japan approach the 60th anniversary of normalized diplomatic relations next year. The business roundtable, held at the Westin Josun Seoul, brought together top Korean business figures and Japanese representatives to discuss future-oriented strategies for bilateral collaboration. In his opening remarks, KEF Ch

Nov. 12, 2024

Daewoo E&C chairman discusses expansion plans in Turkmenistan

South Korean builder Daewoo Engineering & Construction said Monday that Chairman Jung Won-ju recently visited Turkmenistan to attend CIET2024, an annual event focusing on the country’s construction, industrial and energy sectors. During the event, which took place in the capital Ashgabat from Nov. 3 to Nov. 5, Jung met with key officials to discuss Daewoo’s plans for local business growth, building on the company’s recent win of a mineral fertilizer plant project in Turkmen

Nov. 11, 2024

KT&G pledges to up shareholder returns

South Korea's top tobacco company KT&G unveiled a new program designed to enhance its corporate value, primarily focused on increasing shareholder returns, Monday. The program centers on improving profitability, optimizing asset efficiency and streamlining financial operations to reach a return-on-equity target of 15 percent by 2027. To drive profitability, KT&G will focus on its three core business areas: overseas cigarette sales, next-generation products and healthy functional foo

Nov. 11, 2024

Celltrion hits record Q3 sales

South Korean biopharmaceutical company Celltrion said Friday it achieved record revenue in the third quarter, driven largely by increased global prescriptions of its flagship biosimilar products. According to a regulatory filing, Celltrion posted consolidated sales of 881.9 billion won ($645.7 million) for the quarter, a 31.2 percent increase from the same period last year. Operating profit totaled 207.7 billion won, with an operating margin of 23.6 percent. In particular, cumulative sales for t

Nov. 8, 2024

IFC Seoul in acquisition talks for over W3tr

Singapore’s ARA Asset Management is reportedly in talks with Brookfield Asset Management to acquire the International Finance Center Seoul, one of South Korea's largest mixed-use commercial properties, according to sources Friday. Following its purchase of the Conrad Seoul Hotel in August, ARA is now discussing a potential deal with the owner of IFC Seoul to buy the remaining office towers and retail mall. Located in Yeouido, Seoul, the IFC complex was initially developed by US-based

Nov. 8, 2024

India’s vibrant economy ready to lure Korean investors, says ambassador

Deeper economic and commercial ties between India and South Korea could pave the way for mutual growth, India’s ambassador to South Korea said, highlighting the potential of India’s young, expanding consumer base and robust annual growth rate. “India’s economy continues to demonstrate resilience and growth, driven by forward-looking government policies,” India’s Ambassador to South Korea Amit Kumar said in his opening remarks at the Global Business Forum hoste

Nov. 7, 2024

Posco discusses future strategies at tech forum

South Korean steel giant Posco Group on Wednesday held the 2024 Posco Group Tech Forum, an annual event dedicated to sharing advancements in the core technologies of the group’s key businesses and discussing future directions. Now in its 36th year, the event was held offline in Pohang, North Gyeongsang Province, for the first time in five years following disruptions caused by the COVID-19 pandemic. This year’s forum focused on deepening understanding of the group’s core technol

Nov. 6, 2024

Daewoo E&C seeks bigger footing in US property market

South Korean builder Daewoo Engineering & Construction said Wednesday a delegation of its executives recently visited the US to meet with private equity firms and developers as part of its efforts to expand its real estate development operations in the country. The delegation, which included Vice Chairman Chung Jin-haeng, Jung Jung-gil, director of the North America Development Department, and other company officials, visited Chicago and New York last week to explore potential partnerships w

Nov. 6, 2024

Hyundai E&C wins contract for Bulgaria's nuclear project

Hyundai Engineering & Construction said Tuesday it has signed a design and planning contract with Bulgaria's state energy agency for the new construction of the Kozloduy Nuclear Power Plant in the region, in partnership with US-based builder Westinghouse. The signing took place at the Council of Ministers building in Sofia, Bulgaria, Monday, attended by key officials including Hyundai E&C President Yoon Young-joon, Bulgarian Prime Minister Dimitar Glavchev, Energy Minister Vladimir

Nov. 5, 2024

Daewoo E&C names new CEO

South Korean builder Daewoo Engineering & Construction announced Tuesday that Kim Bo-hyun, the current executive vice president, is set to take on the role of CEO at the upcoming board meeting scheduled for December. Kim, born in 1966, is a retired South Korean Air Force brigadier general and former fighter pilot. He joined Daewoo in 2021 as the head of the acquisition team during Jungheung Group’s takeover of the company. After a year as an adviser, he took on the role of executive vi

Nov. 5, 2024