Samyang post record sales on China's Singles Day

South Korean food manufacturer Samyang Foods said Thursday it posted new record sales of 13 billion won ($10 million) on this year’s Singles Day, a Chinese shopping festival celebrated every year on Nov. 11. The figure is a jump of 39 percent from a year ago, beating the previous record high of 11 billion won in 2021. Of the total earnings, 8 billion won came through e-commerce giants Alibaba and JD, while short-video platforms Douyin -- China’s version of TikTok -- and Kuaishou as w

IndustryNov. 16, 2023

Seoul shares open nearly flat despite US gains

South Korean stocks opened almost flat Thursday following overnight gains on Wall Street buoyed by cooler-than-expected inflation data. The benchmark Korea Composite Stock Price Index gained 0.8 point, or 0.01 percent, to 2,487.47 in the first 15 minutes of trading. The local market opened an hour later, along with the government and all major institutions, including private businesses, to make room for the once-a-year national college entrance exam. US stocks closed higher overnight following r

MarketNov. 16, 2023

Food trade agency launches global low-carbon diet campaign

The Korea Agro-Fisheries & Food Trade Corp. said Wednesday it has launched a consultative body to promote low-carbon diets, against the backdrop of escalating calls to combat climate change. According to the food trade agency, the newly launched Low-carbon Diet Campaign Forum aims for the voluntary cooperation of officials from some 600 institutions -- such as major K-food buyers and international Korean organizations -- to spread low-carbon diet practices. A low-carbon diet refers to the co

IndustryNov. 15, 2023

SK to create world's first advanced plastic recycling cluster, breaks ground in Ulsan

South Korean chemical company SK Geocentric has started the construction of a new advanced plastic recycling cluster -- the first of its kind in the world -- in the southeastern city of Ulsan. With the new cluster, named the Ulsan Advanced Recycling Cluster, or ARC, the company aims to expand its presence in the eco-friendly plastic solution market as well as bolstering its response to escalating regulatory pressure and corporate demand for recycled plastics. The company held the ground-breaking

IndustryNov. 15, 2023

Posco International to build modular factory in Ukraine

Posco International announced Wednesday that the company would join Ukraine’s reconstruction, starting with setting up a factory to manufacture modules for new buildings in war-torn regions of the country. Posco International Vice Chairman Jeong Tak on Tuesday met with Vitaliy Kim, governor of Mykolaiv, in Ukraine's capital Kyiv to sign a memorandum of understanding for the construction of a modular factory in Mykolaiv, the city on the Black Sea in southern Ukraine. Modular constructi

IndustryNov. 15, 2023

Samsung Bioepis to develop MSD's Keytruda biosimilar

Samsung Bioepis, a biosimilar developer under Samsung Group, will embark on the development of a biosimilar candidate referencing MSD’s Keytruda (pembrolizumab), one of the best-selling drugs in the world. According to the Ministry of Food and Drug Safety on Wednesday, Samsung Bioepis has received approval for its phase 1 clinical trial of SB27, a biosimilar candidate referencing Keytruda. Samsung Bioepis is now the first Korean biosimilar company to receive approval from the government to

IndustryNov. 15, 2023

Google offers data residency for Korean corporate clients

Google Cloud has enabled Korean customers to use the tech giant’s generative artificial intelligence services to store their data domestically instead of overseas to alleviate customers’ worries over data leakage, while ramping up its efforts to expand its presence in the enterprise generative AI market here. On Tuesday, Google’s cloud affiliate announced its new data residency guarantees for Korean clients through Vertex AI by including Korea as one of its first 10 global data

TechnologyNov. 15, 2023

Seoul shares close higher as US inflation softens

South Korean shares closed higher Wednesday after US reports showed softer inflation data that raised hopes of an end to US rate hikes. The local currency sharply gained ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 53.42 points, or 2.2 percent, to close at 2,486.67. Trading volume was moderate at 413.1 million shares worth 9.22 trillion won ($7.08 billion), with gainers outnumbering losers 752 to 140. Foreigners scooped up a net 542.3 billion won worth of

MarketNov. 15, 2023

[Photo News] Fundraising event for students

Partners for the Future Foundation, the charitable arm of the American Chamber of Commerce in Korea, held the 16th AmCham CEO Servers' Night event, aimed at raising scholarship funds for university students from financially challenged backgrounds, on Tuesday night at the Conrad Seoul in Seoul. From left to the right: Dave Oh (fourth from left, front), country manager of Pfizer Korea, Jeffrey Jones, chairman of the American Chamber of Commerce in Korea Partners for the Future Foundation, L

IndustryNov. 15, 2023

BNK Busan Bank to pilot English-speaking services

BNK Busan Bank, a commercial lender based in the southern port city of Busan, will pilot English-speaking services at three branches in collaboration with the Busan city government, starting in January 2024. Special counters staffed by English-speaking personnel will be set up to cater to the needs of foreign customers. The selected branches are the lender's headquarters in Munhyeon-dong, the Haeundae Financial Center branch in Jung-dong and the Gwangandong Financial Center branch in Gwan

IndustryNov. 15, 2023

Samsung, SK chiefs may accompany president during visit to Netherlands

The heads of South Korea’s top two conglomerates Samsung Group and SK Group are expected to travel to the Netherlands, a semiconductor powerhouse, next month to accompany President Yoon Suk Yeol on his state visit there, according to industry sources on Wednesday. Yoon is scheduled for a state visit to the Netherlands upon the invitation of Dutch King Willem-Alexander on Dec. 12 and 13. It is the first time a South Korean president will make a state visit to the small European country sinc

IndustryNov. 15, 2023

Korea to inject W1tr into youth employment programs

The Korean government will put up nearly 1 trillion won ($769 million) in a bid to encourage young people who are not in education, employment or training, known as NEET youth, to encourage them to return to the labor market. On the back of a strong job market, the employment rate of young Koreans aged 15 to 29 stood at 46.6 percent in October. Yet more than 414,000 people, or 4.9 percent of the age group, were found not to have actively sought jobs during the first nine months of this year, acc

EconomyNov. 15, 2023

Hyundai Motor chair wins top UK royal honor

Hyundai Motor Group Executive Chair Chung Euisun has received the Order of the British Empire from Britain's King Charles III, the carmaker said Wednesday. Among the five classes of the order, Chung was awarded the Honorary Commander of the Most Excellent Order of the British Empire. Colin Crooks, British ambassador to the Republic of Korea, delivered the medal on behalf of the king at the British Embassy in Seoul. Chung was recognized for his accomplishments in low-carbon mobility expans

MobilityNov. 15, 2023

[Herald Interview] Korean team wins James Dyson Award with ‘hands-free’ IV drip

A group of Korean university students has won the top honors at The James Dyson Award, an international engineering competition for young innovators, with their unique invention -- a “hands-free” intravenous drip device. The award was launched by The James Dyson Foundation, an international charity of Sir James Dyson, the founder and chief engineer of the UK appliance giant, in 2005. The billionaire inventor handpicks the award winners every year. This is the first time that a Korean

IndustryNov. 15, 2023

S-Oil supports Korea Coast Guard

South Korean oil refiner S-Oil on Wednesday donated a fund of 270 million won ($207,408) at a ceremony held at the headquarters of the Korea Coast Guard in Incheon, together with the Korea National Council on Social Welfare, as part of its ongoing program to support the nation’s coast guard officers. The fund will be used to honor coast guard officers it deems "heroes," support medical treatment for coast guard officers and provide tuition scholarships for children of officers ki

IndustryNov. 15, 2023

Posco vows to foster startups, regional economies

Representatives from South Korean steel giant Posco on Wednesday met with government officials to explore ways to boost Korean startups and revitalize the regional economy, discussing the performance of its in-house venture development platform and its future outlook. The meeting took place at Change Up Ground in Pohang, North Gyeongsang Province, one of its venture incubator facilities, with more than 40 people in attendance. It included Chairperson Woo Tong-ki of the Presidential Committee for

IndustryNov. 15, 2023

Naver's QR payment service available in 42 countries

Internet giant Naver’s payment platform, Naver Pay, said Wednesday that its QR-based offline payment service is now available at Alipay Plus merchants in 42 countries, mainly catering to Korean tourists. "We are committed to actively expanding our payment service to establish it as the preferred payment method for Koreans traveling abroad," said a Naver Pay official. The 42 countries span across Asia, including China, as well as European nations, the US, and Australia. Followin

IndustryNov. 15, 2023

[Photo News] BBQ honored by NYPD

Genesis BBQ Group Chairman Yoon Hong-geun received an official commendation from the New York Police Department for his contributions to enhancing the public safety of 32nd Street in Manhattan's Koreatown, the firm said Wednesday. The Korean fried chicken franchise has been implementing increased security measures at its US branches while offering police officers special discounts to encourage them to visit, which has helped reduce crime in the area. Genesis BBQ currently operates over 250

IndustryNov. 15, 2023

Han Sung Motor commits to give back to society

Han Sung Motor, the largest Mercedes-Benz car dealer in Korea, is ramping up efforts to carry out diverse corporate social responsibility activities, buoyed by the voluntary participation of employees. As ESG efforts continue to emerge as key corporate principles, Han Sung Motor is giving back to society via eco-friendly volunteering as well as activities for underprivileged people, the company said. On Nov. 7, 53 employees of Han Sung Motor's after-sales service department gathered at Yeou

IndustryNov. 15, 2023

Container shipping costs for US west coast rise 7 pct in October

Container shipping costs from South Korea to the US west coast gained 7.1 percent on-month in October, data showed Wednesday. The average shipping cost for a 40-foot container for the route came to 4.38 million won ($3,358) last month, compared with 4.09 million logged a month earlier, according to the data from the Korea Customs Service. It marked the second on-month increase following 1.8 percent growth the previous month. On an on-year basis, however, the costs dropped 58.6 percent in October

EconomyNov. 15, 2023