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November 21, 2024

Bio & Pharma

Samsung Biologics wins $668 million CDMO deal with European pharma

Samsung Biologics Co., the world’s largest contract drugmaker, said on Wednesday it has signed two drug manufacturing contracts worth a combined $668 million with an unidentified European biopharmaceutical firm. The contracts, set to last until the end of 2031, are valued at 752.4 billion won ($539 million) and 178 billion won, respectively, Samsung said in a regulatory filing. The

Business & Politics

Korea mulls raising US oil imports to cope with Trump trade policies

South Korea, the world’s fourth-largest oil importer, is considering increasing US oil imports to ease potential pressure from President-elect Donald Trump’s trade protectionism as he seeks to export more fuels. South Korea surveyed the current status of oil purchases and supplier diversification of four refiners in the country ? SK Innovation Co., GS Caltex Corp., S-Oil

Energy

S.Korean firms bet big on US LNG market under new Trump gov't

South Korean energy and shipbuilding companies are gearing up for a swift advance into the US liquefied natural gas (LNG) market expected to take a new leap under a second Donald Trump administration vowing to lift regulations in the country’s LNG industry. According to sources in the Korean energy industry on Wednesday, POSCO International Corp. is considering acquiring an LNG term

Electronics

LG Electronics rises to global prominence in HVAC segment, ranks fifth

LG Electronics Inc., a leading South Korean home appliance maker, has emerged as one of the world’s top five players in the heating, ventilation and air conditioning (HVAC) market, driven by its focus on large-size chillers. According to industry sources on Wednesday, LG ranked fifth in the global large-scale chiller market this year. The milestone comes 13 years after the company a

Steel

POSCO shuts down wire rod mill in Korea on supply glut

POSCO, the world’s seventh-largest steelmaker, said on Tuesday it has shut down a wire rod mill in South Korea as rising exports from China exacerbated a global oversupply. POSCO shuttered the No. 1 wire rod mill at Pohang Steel Works in the southern port city of Pohang, North Gyeongsang Province. The mill has produced 28 million tons of wire rods since it started operations on Feb.

Mergers & Acquisitions

Hanwha Life acquires US securities firm Velocity

South Korea's Hanwha Life Insurance said on Wednesday it signed a stock purchase agreement (SPA) to acquire a 75% stake in Velocity Clearing LLC, a US-based securities firm. This is the first time that the South Korean insurer bought US securities. Founded in 2003 and headquartered in New York, Velocity provides financial services for institutional investors, including clearing, settleme

Real estate

Korean funds offer rescue financing for global offices

South Korean institutional investors are offering rescue financing for overseas office buildings, which their local peers hav not yet exit, as they are selectively resuming global real estate investments. Amid signs of a recovery in the global office market, Korean limited partners expect the improved market liquidity will help them divest with little difficulty in case their investment go

Entertainment

TVing beefs up sports content, narrowing gap with Netflix

Industry watchers contributed the sharp increase in TVing's active users to live broadcasts of professional baseball games. In March, the unit of CJ Group secured exclusive broadcast rights for the Korea Baseball Association (KBO) League. Sports stars’ storytelling programs such as Perfect League 2024 also were credited to TVing’s user base growth. Now that the 2024 KBO League

Automobiles

Hyundai Motor, Kia win US ALG Residual Value Awards

Hyundai Motor Co. and Kia Corp. said on Wednesday that Hyundai's electric compact sport utility vehicle (SUV) Kona EV and Kia's mid-size SUV Telluride were named winners of 2025 US ALG Residual Value Awards by J.D. Power.? J.D. Power 2025 U.S. ALG Residual Value Awards evaluates the new- and used-vehicle prices, budget, and long-term value.? Hyundai Motor's Kona EV was selected

Energy

LS Cable, Denmark's CIP sign LOI for floating offshore wind

South Korea's LS Cable & System Ltd. said on Wednesday that it signed a letter of intent (LOI) for offshore wind cooperation with Copenhagen Infrastructure Partners (CIP), a Danish green energy investment and development firm. The Haewoori Offshore Wind 1, 2, and 3 projects are large-scale floating offshore wind projects with a total capacity of 1.5 gigawatts, which CIP aims to develop

Tech, Media & Telecom

Samsung Electro-Mechanics gets European certification for camera SW

South Korea's Samsung Electro-Mechanics said on Wednesday it obtained Automotive SPICE (A-SPICE) Level 3 certification for its vehicle camera modules. A-SPICE, a global standard for evaluating the reliability and development processes of automotive component software, ranges from Level 0 to Level 5. Companies must achieve at least Level 2 to supply European automakers. Level 3 certific

Shipping & Shipbuilding

Samsung Heavy gets AIP for wing sails of LNGC

South Korea's Samsung Heavy Industries said on Wednesday that it received Approval in Principle (AIP) for a liquefied natural gas (LNG) carrier equipped with its eco-friendly auxiliary propulsion system, the wing sail. The wing sail is a ship structure resembling a sail that utilizes the principle of lift generated by pressure differences between the upper and lower surfaces of the wing. I

Food & Beverage

Binggrae sells plant-based Melona at Costco in Australia

South Korean food and beverage company Binggrae said on Wednesday that it sells its plant-based Melona at Costco stores in Australia from November. Plant-based Melona is an export-exclusive product that replaces the dairy ingredients in the original Melona ice bar with plant-based alternatives while maintaining the same flavor. The plant-based Melona sold at Australian Costco stores comes

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