Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
U.S. Stock Futures Slip After CPI-Fueled Rally as Markets Weigh Economic Uncertainty 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Hyundai Glovis has joined forces with the Lions Group to enter the flourishing logistics market in Malaysia. This is a strategic partnership that will help the South Korean logistics company expand its business in Southeast Asia.
As per The Korea Times, Hyundai Glovis is planning to bolster its presence in the Association of South East Asian Nations (ASEAN) territory thus, it has signed a memorandum of understanding (MOU) with the Malaysian logistics firm.
The signing ceremony was held at Hyundai Glovis' HQ in Seongdong, Seoul, on Tuesday, Nov. 15. Serena Cheng, the executive director of the Lion Group and managing director of Hyundai Glovis' smart innovation business unit, Park Man Soo, signed the MOU as representatives of the companies.
The Seoul headquartered company said that through the agreement, it would seek cooperation in smart logistics solution and global business. Moreover, Lion Group is also looking to raise the efficiency of its logistics operations through this collaboration.
The Malaysian conglomerate has successfully broadened its business scope and has gone beyond logistics. It now operates a wide range of businesses that include real estate development, distribution, steel, and agriculture. Its annual sales in 2021 reached $3 billion or around KRW3.97 trillion.
Lion Group is operating in over 10 countries worldwide and has businesses in the United States, China, and other Southeast Asian nations. With its broad market reach, the MOU is definitely beneficial to Hyundai Glovis.
In any case, the two sides agreed to start their collaboration in the steel business, with Hyundai Glovis carrying out logistics consultations in early 2023, The Korea Herald reported. Later on, Hyundai will introduce smart logistics solutions to distribution areas where Lion Group is operating.
"We will use this project as an important opportunity to strengthen global competitiveness in Malaysia, the logistics hub of Southeast Asia," an official at Hyundai Glovis said in a statement. "We will also actively seek ways to create synergy with nearby ASEAN countries such as Vietnam and Thailand, where Hyundai Glovis already operates."
