Jung Min-hee

1 week ago | businesskorea.co.kr | Jung Min-hee

Daewoo Engineering & Construction (Daewoo E&C) announced on April 18th that it had signed a basic agreement with the Turkmenistan State Chemical Corporation for the construction of a mineral fertilizer plant at the Four Seasons Hotel in Seoul. The signing of this basic agreement coincided with the visit of Baymyrat Annamammedov, Deputy Prime Minister for Construction and Industry of Turkmenistan, to Korea on April 16th.

1 week ago | businesskorea.co.kr | Jung Min-hee

Korea Aerospace Industries (KAI), South Korea’s sole aircraft manufacturer, faces scrutiny following allegations of financial mismanagement related to a $996 million deal with Poland for FA-50 light attack aircraft. Democratic Party Representative Park Sun-won filed a complaint against KAI CEO Kang Goo-young on the 17th at the Yeongdeungpo Police Station in Seoul. The complaint cites accusations of business-related embezzlement, defamation, obstruction of business, and perjury.

1 week ago | businesskorea.co.kr | Jung Min-hee

Daewoong Pharmaceutical announced on April 18th that it has completed the application for approval of Enblo (active ingredient: Inavogliflozin) in a total of seven countries, including six Latin American countries—Costa Rica, Honduras, the Dominican Republic, Panama, El Salvador, and Guatemala—as well as Russia. Enblo, the first SGLT-2 inhibitor diabetes treatment developed in Korea, works by inhibiting the absorption of glucose and sodium in the kidneys, directly excreting them through urine.

1 week ago | businesskorea.co.kr | Jung Min-hee

Lotte Chemical has officially withdrawn from the Polyolefin Elastomer (POE) business, marking a strategic shift for the South Korean petrochemical giant. This decision comes in response to a slump in demand and fierce price competition from Chinese companies, such as Wanhua Chemical and Sinopec, which have aggressively expanded their presence in the global POE market over the past one to two years.

1 week ago | businesskorea.co.kr | Jung Min-hee

Hyundai Motor Company announced a temporary suspension of domestic production for its Ioniq 5 and Kona EV models on April 17. The suspension will take place at Line 12 of Ulsan Plant 1 from April 24 to 30. This decision comes amid a drop in orders following the removal of subsidies and imposition of tariffs in key markets like Germany, other European countries, Canada, and the United States.