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Reporter : Lee Kyung-min
Mon, September 25, 2023 | 02:42
Companies call for electricity rate cuts amid rising energy costs
Business groups are calling for electricity rate cuts, in the form of lowering the ratio for both value-added tax and contributions to energy funds, according to market watchers, Thursday. Consumers' monthly electricity bills charge a value-added tax of 10 percent in addition to a contribution rate of 3.7 percent of the electricity used every month.
Naver, Kakao faces FTC probe for alleged collusion in evaluating news outlets
A local newspaper turned to the Fair Trade Commission (FTC) to look into whether Naver and Kakao Corp. colluded to deny a request to publish contents on their platforms, according to market watchers, Tuesday. Naver operates the Korea's largest portal and Kakao Corp. is the operator of Kakao Talk, the mostly widely-used messenger app. At issue is whether Naver and Kakao unduly...
Korea to cut dependence on China for key minerals
Korea will reduce its dependence on China for imports of key minerals to 50 percent by 2030, down from the current 80 percent, the industry ministry said Monday. The country relies on imports to meet over 95 percent of its key mineral needs, including lithium, nickel, cobalt and graphite that are critical to maintaining the competitiveness of the country's high-tech industrie...
Activist funds push KT&G to address thorny issues at shareholders' meet
A group of activist funds filed an injunction against KT&G, Friday, in a move to table a set of thorny issues that have largely been dismissed by the Korean cigarette and ginseng product manufacturer, according to market watchers.
LG Innotek seeks mutual growth with SMEs, promotes ESG goals
LG Innotek held an event promoting mutual growth with its small partner firms at LG Science Park in Magok, Seoul, Thursday, the electronic components manufacturing affiliate of LG Group said Friday. About 50 people attended the event, including CEO Jeong Cheol-dong and other management officials. They discussed ways to foster long-term business relationships to benefit both s...
LGES, Ford to build joint battery plant in Turkey
LG Energy Solution (LGES), Ford, and Koc Holding signed a non-binding memorandum of understanding (MOU) to form a new joint venture, in order to create one of Europe's largest commercial electric vehicle (EV) battery cell facilities near Ankara, Turkey, the firm said Wednesday. The new joint venture will be located in an industrial zone in Baskent, near Ankara.
Hyundai Mobis, Hyundai Steel workers demand higher bonus
Unionized workers at Hyundai Mobis, the car parts manufacturing affiliate of Hyundai Motor Group, are demanding higher bonuses, saying theirs are lower compared to their counterparts at Hyundai Motor and its sister firm Kia, according to market watchers, Wednesday. Workers at Hyundai Steel, the steel manufacturing affiliate of Hyundai Motor Group, are also demanding bonuses, ...
Businesses protest passage of 'yellow envelope' bill by Assembly committee
Business associations expressed deep concern, Tuesday, over the opposition-led passage of the so-called “yellow envelope” bill, which limits employers' claims for compensation against losses caused by labor strikes. Critics say the bill will encourage irresponsible and reckless collective actions by the country's labor unions.
Ssangyong E&C completes construction of luxury hotel in Dubai
Ssangyong E&C has completed the construction of Dubai's new high-end express hotel, Atlantis The Royal, according to the firm, Tuesday. The high-rise hotel has 795 rooms with 44 floors and luxurious facilities including 94 swimming pools. It took about eight years to build. The firm won the order in Dubai, United Arab Emirates (UAE) in December 2015.
SK biopharmaceuticals struggles to stay afloat amid plunge in profits
SK biopharmaceuticals, the drug manufacturing affiliate of SK Group, is struggling despite brisk sales of its epilepsy drug cenobamate, data showed Monday. The epilepsy drug sold under the brand names Xcopri in the U.S. and Ontozry in the European Union, is a medication used to treat the partial-onset of seizures in adults.