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North Korea

Concern on the FutureIt has been found that the state-run Saline Water Conversion Corporation (SWCC) of Saudi Arabia told Samsung Engineering to stop its power generation and seawater desalination plant construction project in Yanbu, Saudi Arabia. This turnkey project worth 1.6 trillion won (US$1.3 billion), which Samsung Engineering won from the SWCC back in 2012, was scheduled to end late last year. However, the two parties’ opinions clashed with regard to a change in contract terms and t…
01.18 / 08:16
businesskorea.co.kr
Mining Service BizHanwha is accelerating its global mining service business by sealing four contracts which Hanwha has pursued since last year including supplying primers and ammonium nitrate explosives to Australia, Chile, Ethiopia and Fiji at the beginning of 2017. First of all, Hanwha signed a three-year contract to supply emulsion explosives and primers to a major lithium mine, Mount Cattlin Mine in Australia. Hanwha signed a mining service extension agreement with Whitehaven Coal…
01.18 / 04:31
businesskorea.co.kr
Investment in USHyundai Motor Co. and its smaller affiliate Kia Motors Corp. will increase their investment in the U.S. by 50 percent over the next five years to US$3.1 billion (3.63 trillion won). Chung Jin-haeng, president of Hyundai Motor, said on January 17, “Hyundai-Kia Motors also has plans to invest in the U.S. market just like any other automakers. We will invest about US$3.1 billion (3.63 trillion won) in the next five years.” The planned U.S. investment by South Korea’s two large…
01.18 / 02:50
businesskorea.co.kr
Contract Manufacturing RaceLate last year, Lonza Group announced that it would acquire pharmaceutical capsule manufacturer Capsugel for US$5.5 billion in order to provide integrated services ranging from new drug development to contract manufacturing and final product manufacturing. This can be simply regarded as Lonza’s business diversification process. Experts, however, point out that the acquisition is likely to have significant implications in the field of contract manufacturing of b…
01.18 / 02:49
businesskorea.co.kr
Healthcare CompetitionSamsung Electronics Co. is targeting the global market, including the U.S., with its healthcare application armed with a medical bill payment function. The company said on January 17 that it has formed a partnership with Amwell and WebMD, which provide services allowing you access your doctor via the Internet in real time in the U.S., to significantly reinforce functions of its healthcare app “S Health.” The new S Health app enables the search for symptoms, diseases, a…
01.18 / 02:48
businesskorea.co.kr
Leveraging National PensionThe Financial Services Commission of South Korea is planning to release a new plan in March this year in order to attract more foreign financial companies into the South Korean market by means of its National Pension Service (NPS), one of the world’s three largest pension funds with an asset under management of 544 trillion won (US$462 billion). According to the plan, the National Pension Service is to choose from those running local subsidiaries, branches or o…
01.18 / 02:07
businesskorea.co.kr
Best Car in RussiaAccording to the Association of European Businesses (AEB) on January 16, the Hyundai Solaris sold 90,380 units in Russia last year, becoming the best-selling car among all vehicles sold in the country. In particular, it beat its long Russian rival the Lada Granta of Russian automaker AvtoVAZ, which sold 87,726 units over the cited period. The Solaris, which is produced at the Hyundai Motor Manufacturing Rus (HMMR) plant in St. Petersburg, is a compact sedan for the local…
01.17 / 02:53
businesskorea.co.kr
Voices of ConcernSouth Korean special prosecutors requested an arrest warrant for Samsung Electronics Vice Chairman Lee Jae-yong on January 16 in relation with the so-called “Choi Soon-sil Gate.” In response, South Korean entrepreneurs voiced concerns, saying, “The special prosecutors are regarding Samsung’s 20.4 billion won (US$16.9 million) contributions to the MIR and K-Sports Foundations as bribes but, if so, the majority of South Korean conglomerates cannot but be their targets.” The K…
01.17 / 02:12
businesskorea.co.kr