GlobalEconomic GlobalEdition

February 8, 2023

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Hyosung executives fined in the 2nd trial for perjury in Seok-rae Cho’s case

2021.02.01 14:03

An executive involved in a case of Hyosung Group's Honorary Chairman Seok-rae Cho (81), who was accused of embezzling tens of billions of won of corporate money and evading taxes in the range of 100 billion won, was sentenced to a fine in the second trial. On January 29, the second division of the Seoul Central District Court's Criminal Affairs Office (Head Judges Gwan-yong Lee, Hyun-jeong Moon, Won-seok Jeong) charged the managing director Mo Yoon (54) with fines amounted 5 million won, same as during the first trial. Mo Yoon was charged with making false statements (perjury) during the
“Lunch Boxes with Love” prepared by CEOs Chey Tae-won and Jeong-woo Choi.

2021.02.01 13:58

CEO of SK Chey Tae-won and CEO of POSCO Jeong-woo Choi reunited in Pohang after one year. The two CEOs conducted a volunteer service in Pohang, where POSCO headquarters is located, to prepare and deliver lunch boxes together. According to industry sources on the 29th, Chairman Chey Tae-won visited Pohang and prepared lunch boxes with Chairman Jeong-Woo Choi to deliver it to the local community. The two CEOs emphasized the importance of social values and corporate citizenship at the' “POSCO Performance Sharing Venue” held at the POSCO Center in Seoul on December 3, 2019. This volunta
GC Green Cross LabCell and Artiva to exported technology to US MSD worth 2 trillion won

2021.02.01 09:07

GC Green Cross LabCell [144510] and its US affiliate Artiva Biomedicals (hereinafter Artiva) successfully exported technology related to cell therapy products worth 2 trillion won to Merck (MSD) in the United States.GC Green Cross LabCell announced on the 29th that it has signed a contract to jointly develop three types of CAR-NK cell therapy for solid cancer treatment with Artiva Biomedicals, its US affiliate.According to this contract, Artiva will be taking over operation from GC Green Cross Lab Cell, which has the original technology, as the company won an order for joint research and devel
A familial battle over management rights appears to be brewing on the horizon for Kumho Petrochemical of South Korea

2021.02.01 08:49

ParkCheol-wan, managing director of Kumho Petrochemical Co Ltd, and his uncle, ParkChan-koo, seem to be entering into a dispute over management rights aftertrouble has brewed in their relationship concerning equity of the company. Foundedin South Korea, Kumho Petrochemical has become a global chemical company thatmanufactures and distributes various parts of chemical goods all over the world. According to an online announcement made by the Financial Supervisory Service of SouthKorea on Jan. 28, Park Cheol-wan (42) had said through a public announcementthe day before: “I will be dissolving th
Lee Jae-yong and Euisun Chung to partner up. Samsung Display to install OLEDs on Hyundai vehicles.

2021.01.29 15:42

Samsung and Hyundai Motors will join hands to reinforce the next-generation business direction, electric vehicle business. Samsung Display's organic light-emitting diode (OLED) displays are now installed on Hyundai Motor's first purely electric vehicle, “Ioniq 5”. This is a representative example of collaboration following last year’s two public meetings between Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Euisun Chung. The industry predicts cooperation between the two groups to grow further. According to related industries on the 28th, Samsung Display sup
SK Group, Posco, and Hanwha Group of South Korea throw down the gauntlet to the world’s $2.7 trillion hydrogen market

2021.01.29 10:05

The competition is on for South Korean companies seeking to claim a stake in theglobal hydrogen market worth at least $2.6 trillion (2,900 trillion won). Some of the biggest conglomerates and companies of South Korea, such as SK Group, Posco,and Hanwha Group, are fiercely competing to take the lead in hydrogen economy. Hydrogeneconomy is an economic system that uses hydrogen as an energy source to replacefossil fuels such as oil and coal. In particular, the push for carbon neutrality is growing around the world, andthus prominent South Korean companies are also quickly taking steps to integr
Samsung SDI’s withdrawal from solar energy business in China

2021.01.28 09:22

Samsung SDI (CEO oung-Hyun Jeon), a manufacturer of electronic materials such as batteries, is considering the sale of its solar material business in China.An official from Samsung SDI said on the 27th, "We have been producing PV pastes for photovoltaic materials at our factory in Wuxi, Jiangsu Province, China. Taking into account local circumstances, the company is considering selling its solar energy business in China." .Samsung SDI's PV paste is an electrode material used for solar cells.He also added, “Chinese solar material business accounted for an insignificant proportion of Samsung SD
POSCO and Hyundai join hands in Myanmar gas project worth 500 billion won

2021.01.28 09:19

POSCO Group will further strengthen the value chain of the group's core growing business, liquefied natural gas (LNG), through the development of POSCO International’s Myanmar gas field.It was announced that POSCO Group and Hyundai Heavy Industries Holding signed an engineering, procurement, construction, installation and commissioning (EPCIC) contract for the 3rd development phase of the gas field in Myanmar. The ceremony was held at the POSCO Center in Seoul on January 27. POSCO Chairman Jeong-woo Choi, Hyundai Heavy Industries Holding Chairman Oh-gap Kwon, and other representatives of both
Commitment to compliance management of Samsung’s 7 affiliates.

2021.01.27 13:43

On January 26, Samsung Compliance Monitoring Committee held a meeting with the top executives of seven affiliated companies, including Samsung Electronics, to discuss ways to strengthen the compliance management strategies by the affiliates.In the morning, Samsung Compliance Committee held a meeting at the executive meeting room on the 6th floor of the Samsung Electronics office building in Seoul, inviting the top executives of 7 Samsung's affiliates.This was the first meeting of top executives after the establishment of the Committee. The meeting was attended by 7 Samsung top executives, name

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