By Achim Berg Senior partner at McKinsey & Company In 2023, challenges will persist in the fashion industry, but things are not all gloom and doom. Disruption in markets, fears over global food and energy supplies, and worries over rising inflation pressure will continue to dampen the mood of the global fashion industry. The world is grappling with high inflation and a cost of living crisis – ...

With DSME takeover getting antitrust approval, defense giant secures footing across air, land and sea

All four financial firms bolstered their reserves following pressure from President Yoon Suk Yeol to prepare for a future financial market slowdown

Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the ...

South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050. For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030. “Advanced countries around the world are focusing on securing an earlier edge in ...

South Korean steelmaker Posco Group said Thursday that it has teamed up with German industrial giant Siemens to enhance the competitiveness of the steel industry during their meeting in Seoul, Tuesday. Posco Vice Chairman Kim Hak-dong and Siemens CEO Roland Busch held the meeting to strengthen mutual cooperation between the two groups and find new business opportunities. Siemens is Europe's lar...

WASHINGTON--President Yoon Suk Yeol met with Tesla CEO Elon Musk on Wednesday and asked for his investment in a gigafactory in South Korea, a presidential official said. The meeting took place at Musk's request during Yoon's state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok. Yoon said South Korea boasts world-class manufactured robot...

Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Round...

The SDX Foundation chairman warned that innovative changes to our old perception of the climate crisis must occur within the next 10 years, or it will be impossible to prevent catastrophic consequences. “Although our generation only worked hard for our family and society, the outcome has unfortunately led to passing on a deteriorated environment to our children,” said SDX Foundation Chairman Jhu...

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Wednesday that a collaborative research team supported by KGC and Konyang University has found a potential mechanism to reduce cognitive decline in Alzheimer's disease in red ginseng polysaccharides. Alzheimer's is the most common type of dementia, which occurs when amyloid beta, a proposed cause of Alzheimer's, aggregates and...

South Korean construction giant Booyoung Group’s Founder and Chairman Lee Joong-keun was awarded the Medal of National Merit by Cambodian Prime Minister Hun Sen on Monday. The medal is the highest honor given by the Cambodian government and is awarded to those who have significantly contributed to national development. As a recipient of the medal, Chairman Lee was recognized for his leadership ...

Hyundai Mobis Co., South Korea's leading auto parts maker, said Wednesday its first-quarter net profit jumped 62 percent from a year earlier on increased sales of high-margin components. Net profit for the three months ending March 31 rose to 841.8 billion won ($629 million) from 520.9 billion won during the same period of last year, the company said in a statement. "The quarterly bottom line w...

World’s No. 2 memory chip maker offers positive outlook for first quarter; hints at no immediate change in China operations

Major South Korean firms' spending on research and development swelled 14 percent in 2022 from a year earlier despite sharply decreased operating income amid an economic slowdown, a market tracker said Wednesday. Combined R&D expenditures by 231 out of the country's top 500 companies came to 68.4 trillion won ($51 billion) last year, up 8.4 trillion won from a year earlier, according to CEO Scor...

Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to invest more than $3 billion in constructing a plant with an annual capacity of over 30 gigawatt hours (GWh)....