Latest news with #HanwhaGroup
Time of India
19 hours ago
- Business
- Time of India
UP team extends invitation to Hanwha Grp to invest in state
1 2 3 Lucknow: A delegation led by finance minister Suresh Khanna is attending the ongoing World Expo 2025 in Osaka, Japan, to strengthen economic ties and attract global investments. On the second day, the delegation held detailed discussions with members of the Hanwha Group and invited them to invest in UP. The delegation also toured Hanwha Group's advanced manufacturing facilities in Wakayama, which produce high-quality steel, food products, and other industrial goods. Their engagement with Hanwha's leadership focused on deepening industrial partnerships and encouraging Japanese enterprises to explore UP's investment landscape. An official spokesperson said: "The finance minister extended a formal invitation to the Hanwha Group to establish manufacturing operations in UP. He highlighted the state's world-class infrastructure, investor-centric policies, and availability of a skilled, future-ready workforce. He also emphasised the importance of local employment generation and encouraged Hanwha to recruit talent from UP and contribute to ongoing skill development initiatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo " Meanwhile, an EU delegation led by Vivian Loonela visited the UP Pavilion, exploring strategic partnerships to promote sustainable, experience-rich tourism across the state. As part of its global outreach, Invest UP has set up the UP Pavilion, which is witnessing enthusiastic footfall from investors and international delegates keen to explore the state's business-friendly environment, attractive incentive structures, and rapidly evolving industrial ecosystem, officials said. The spokesperson said that principal secretary, industries and infrastructure development, Alok Kumar assured full institutional support to Japanese investors and reaffirmed the state govt's commitment to facilitating investments in key sectors such as manufacturing, logistics, semiconductor and green energy. This outreach marks another milestone in UP's efforts to position itself as a globally competitive investment destination and strengthen industrial cooperation with Japan, officials said.
Korea Herald
6 days ago
- Business
- Korea Herald
Two years in, Hanwha mulls sale of Five Guys Korea
Hanwha Galleria, the retail arm of Hanwha Group, is reportedly exploring the sale of FG Korea, operator of US burger franchise Five Guys in South Korea, two years after bringing the brand into the country. According to sources on Thursday, FG Korea, a wholly owned subsidiary of Hanwha Galleria, recently circulated documents to private equity firms through local accounting firm Samil PwC signaling a potential sale process. Although no deal terms or valuation have been finalized, a full sale of the 100 percent stake appears likely if a deal materializes, the sources explained. Five Guys entered the Korean market in June 2023 as one of the pet projects led by Hanwha Galleria Vice President Kim Dong-seon, the youngest son of Hanwha Group Chair Kim Seung-youn. The potential sale comes as Hanwha Galleria looks to streamline its portfolio and cut costs, including royalty payments to Five Guys' US headquarters, though contractual obligations with the franchisor limit unilateral decision-making. 'We are reviewing a range of options in consultation with the global headquarters to reinforce the brand's competitive edge,' Hanwha Galleria said in a regulatory filing, adding that no final decisions have been made and that further developments will be disclosed within a month. Since entering the Korean market, the company has expanded from its first location in Gangnam, southern Seoul, to seven stores, with an eighth set to open later this month at IPark Mall in Yongsan, central Seoul. Last year, the company signed a memorandum of understanding with Five Guys International to lead the brand's expansion into Japan, with a goal of opening over 20 stores in seven years. FG Korea turned a profit last year, posting 46.5 billion won ($33.4 million) in revenue, 3.4 billion won in operating profit and 2 billion won in net income.
Korea Herald
6 days ago
- Korea Herald
Binggrae heir fined W5m for assaulting police officer
Kim Dong-hwan, president of South Korean food conglomerate Binggrae, was fined 5 million won ($3,600) by an appeals court for assaulting a police officer who attempted to stop his drunken outburst, the court said Thursday. The Seoul Western District Court upheld the original verdict, handing Kim the same fine for obstructing law enforcement. Kim, 42, is the eldest son of Binggrae Chair Kim Ho-yeon and the grandson of the late Kim Chong-hee, founder of Hanwha Group. He was indicted for assaulting a police officer who was dispatched to the scene after a report was made to the 112 emergency line. The incident occurred in June last year at an apartment complex in Yongsan, central Seoul, where Kim caused a disturbance while intoxicated. The lower court initially fined Kim 5 million won, citing the seriousness of assaulting a police officer on duty. However, it also acknowledged the officers' pleas for leniency. Prosecutors had appealed the ruling, arguing the punishment was too lenient, but the higher court dismissed the appeal.
Korea Herald
14-07-2025
- Business
- Korea Herald
Korean shipbuilding industry welcomes discussions for possible cooperation with US
South Korea's shipbuilding industry welcomed the government's ongoing discussions with the United States regarding potential cooperation in the sector, calling it a "new opportunity" for the sector, Seoul's industry ministry said Monday. The Ministry of Industry, Trade and Energy met with officials from major shipbuilders here, including HD Korea Shipbuilding & Offshore Engineering Co., and shipbuilding affiliates of Hanwha Group and Samsung Group, as well as equipment companies, in the southeastern port city of Busan to discuss measures to promote the sustainable development of the sector, according to ministry officials. In the meeting, the shipbuilders expressed anticipation for cooperation opportunities with the US, saying they hope for collaboration across various areas, such as maintenance, repair and operations, as well as supply chain development, to support the overall growth of the industry. Park Dong-il, the ministry's director general for manufacturing industry, who presided over the meeting, said, "The government plans to officially push for the establishment of the Korea-US shipbuilding partnership in the latter half of this year." The government will also work to devise measures to find new growth engines for the industry, beyond the area of liquefied natural gas carriers that led the recent growth, and bolster the competitiveness of the shipbuilding equipment manufacturers, he added. South Korea's Trade Minister Yeo Han-koo previously said he proposed advancing bilateral manufacturing cooperation to US President Donald Trump's administration as one of the ways to reduce Seoul's trade surplus with Washington during recent trade talks. The Trump administration showed particular interest in potential collaboration in the shipbuilding and semiconductor sectors, Yeo has said. The proposal was made as Seoul aims to conclude tariff negotiations with the US by Aug. 1 in a bid to get full exemption or reduction of the 25 percent reciprocal tariffs and sectoral duties on steel, automobile and other imports. (Yonhap)
Korea Herald
16-06-2025
- Business
- Korea Herald
Korean defense stocks jump on Israel-Iran conflict
Shares of South Korean arms makers rose sharply after Israel's attack on Iran, buoyed by the outlook that their exports could increase, even propelling the benchmark stock index Kospi to reach its over three-year high. Hanwha Systems, a major defense affiliate of Hanwha Group, closed daytime trading at 64,200 won ($47), up 18 percent from the previous session. Earlier in the day, the stock surged as high as 65,000 won, hitting the highest level since its listing on the Kospi in November 2019. Other major defense stocks also showed strong performances, with LIG Nex1 rising 5.32 percent, Hyundai Rotem gaining 6.32 percent and Hanwha Aerospace climbing 2.65 percent. Shares of each of the companies posted a fresh high. Amid escalating geopolitical tensions in the Middle East, expectations are rising for increased exports by Korean defense companies, partly due to their rivalry with Israeli firms in the arms sector. Israel may impose restrictions on defense exports to maintain its military capabilities, potentially allowing Korean firms to emerge as alternative suppliers. "In the past, Israel suspended a shipment of Merkava tanks to Morocco during a conflict with Hamas militants. With Israel likely to prioritize securing its domestic stock of air defense systems and strategic assets, a similar scenario could unfold. This could present short-term export opportunities for Korean defense companies," said Jung Dong-ik, an analyst at KB Securities. The buoyant defense shares even lifted the Kospi, outweighing concerns that Middle East tensions could pressure the Korean stock market with geopolitical risks. After opening at 2,903.50, the Kospi dropped as low as 2,886.13 in the early hours, but soon turned to a gain and recovered by closing at 2,946.66, up 52.04 points, or 1.8 percent from the previous session. It was the first time the Kospi surpassed the 2,940-point threshold as of daytime closing since January 2022. Retail investors and institutions were the net buyers, scooping up shares worth 45.5 billion won and 252.4 billion won, respectively, while foreign investors dumped 322.4 billion won on the market. The government held a joint emergency meeting, agreeing to maintain a 24-hour monitoring system on the financial markets. "If market volatility becomes excessive and diverges from the fundamentals of the Korean economy, the government will take swift and bold action under its contingency plans,' a statement released by the Finance Ministry said.
