South Korea’s antitrust watchdog has fined three paper manufacturers a total of 30.5 billion won ($21.8 million) for colluding to raise newsprint prices. According to the Korea Fair Trade Commission on Thursday, Jeonju Paper, Daehan Paper and Paper Korea engaged in price-fixing by twice raising prices by 60,000 won per ton, in 2021 and 2022. The companies also pressured local newspaper companies that resisted the price hikes by reducing their supply of newsprint. The three companies are do

South Korean food company CJ CheilJedang announced Thursday it plans to build new production facilities in Hungary and the US as part of efforts to expand its presence in global markets. According to the company, the new Hungarian plant will be located on a 115,000-square-meter site in Dunavarsany, a town near the Budapest metropolitan area. With an investment of 10 billion won ($7.2 million), the new facility will feature advanced automated production lines. Production is expected to begin in t

South Korean steel giant Posco Group said Wednesday that it will shut down a wire rod mill at its steelworks in Pohang, North Gyeongsang Province, citing global oversupply. The company explained that the decision reflects recent market challenges, including the ongoing global steel surplus, aging facilities, and the impact of China’s low-cost exports. According to Posco, the global wire rod market in 2023 had a production capacity of approximately 200 million metric tons, while demand reac

Samsung Biologics said Wednesday that its cumulative orders this year have exceeded 5 trillion won ($3.59 billion), driven by consecutive large-scale deals with global pharmaceutical companies. In a regulatory filing, the company announced two new contract manufacturing agreements with a European pharmaceutical firm worth a combined 930.4 billion won. While specific product details remain undisclosed, the contracts will run through December 2031. As of November, Samsung Biologics has secured 11

Daewoong Pharmaceutical announced Tuesday that it has filed for a domestic patent for a new obesity drug that suppresses appetite and promotes fat burning. The company said the candidate drug targets both GLP-1 and GIP receptors and is designed as a small molecule-based oral agonist. GLP-1 and GIP are hormones that help regulate blood sugar levels and body weight. GLP-1 boosts insulin secretion to control blood sugar and suppress the appetite, while GIP supports insulin release and promotes fat

JEJU ISLAND -- Jeju’s iconic mandarin orange industry is grappling with mounting challenges as climate change disrupts traditional cultivation practices. This year, prolonged tropical nights and rising temperatures delayed harvests and impacted fruit quality, prompting the island to adapt its agricultural practices. “Mandarins develop their yellow color when nighttime temperatures fall below 20 degrees Celsius,” said Hyun Jong-ho, manager at the Namwon Agricultural Product Ce

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

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

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

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

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

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

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

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

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

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

Hyosung Heavy Industries said Monday it has signed a contract with Denmark's leading offshore wind company, Orsted, to supply high-voltage electrical equipment, further strengthening its presence in the European transformer market. Under this agreement, Hyosung will deliver 400 kilovolts of high-voltage transformers and reactors to Orsted by 2027, which will be used for the Hornsea 4 project, an offshore wind farm planned for 2.4-gigawatt capacity off the coast of Yorkshire in northern Engl

South Korean bakery giant SPC Group said Monday that it has shared its overseas business know-how and advanced baking techniques with a delegation of Mongolian government and business officials during their stay in Seoul. The delegation of some 10 people visited SPC’s premium bakery cafe, Passion5, in Itaewon, central Seoul, on Friday, during which they were given an in-depth overview of SPC’s overseas strategy and expansion plans. The company said it shared essential strategies it a

GUMI, North Gyeongsang Province -- In front of the modest Gumi Station building on Friday, the streets bustled with crowds enjoying ramyeon, despite the rainy weather. Claiming to be "the longest ramyeon restaurant in the world," the 475-meter long strip occupied by the event zone featured 24 booths offering an array of ramyeon-based dishes prepared by chefs from local establishments, including snack bars, bistros, and food trucks. In a seating area accommodating up to 960 people, visi

South Korean cosmetics giant Amorepacific said Thursday that its third-quarter operating profits nearly doubled, driven by strong overseas sales and improved operational efficiency in the domestic market. According to a regulatory filing, Amorepacific posted revenue of 1.07 trillion won ($775 million) and an operating profit of 75 billion won in the third quarter of 2024, up 11 percent and 160 percent, respectively, year-over-year. The company attributed this growth largely to its global rebal