KITA chief touts Ireland’s business-friendly policy

Jeong Marn-ki, vice chairman of the Korea International Trade Association, said South Korea should learn from Ireland's policy for foreign businesses during a networking event jointly organized with Enterprise Ireland on Wednesday at Trade Tower in Seoul. Enterprise Ireland is the government organization responsible for the development and growth of Irish enterprises in world markets. “Thanks to the creation of a business-friendly environment and active attraction of foreign investm

Nov. 2, 2023

Iraqi Kurdistan officials visit Korea to glean procurement expertise

South Korea’s government procurement agency said Thursday that a delegation from the Iraqi Kurdistan government visited its headquarters in Daejeon to learn about Korea’s e-procurement system and the latest developments in the country's public procurement administration. The delegation consisted of 14 government officials from various ministries of the autonomous region, including the Ministry of Planning, Ministry of Internal Affairs and Ministry of Construction. The on-site vi

Nov. 2, 2023

[Photo News] Last push for 2030 Expo

Samsung Electronics said Thursday it has put up a total of 14 billboards to promote Busan's bid to host the 2030 World Expo at Charles de Gaulle International Airport in Paris. The tech giant will be carrying out promotional activities in the French capital until Nov. 28, when the host city of the upcoming expo is to be decided in a vote during the 173rd General Assembly of the Bureau International des Expositions. (Samsung Electronics)

Nov. 2, 2023

Posco secures W6tr supply deal from Lotte Energy Materials

Posco International announced Wednesday that the company will provide 6 trillion won ($4.4 billion) worth of raw materials for Lotte Energy Materials’ high-end copper foil production. Posco International said the company and Lotte Energy Materials signed a memorandum of understanding at Signiel Seoul on Wednesday. Under the agreement, Posco International will supply around 600,000 tons of raw materials to Lotte Energy Materials through 2033. The two companies have also established a joint

Nov. 1, 2023

Celltrion wins UNDP tender to supply anticancer treatments to Turkmenistan

Celltrion Healthcare, South Korean biosimilar giant Celltrion’s sales unit, announced Wednesday that the company has won the United Nations Development Program’s tender to supply anticancer drugs to Turkmenistan. The UNDP is a UN agency dedicated to eradicating poverty and reducing inequalities through the sustainable development of nations in more than 170 countries and territories. Celltrion Healthcare said the company joined the tender that opened in May this year, and that the re

Nov. 1, 2023

LG Energy Solution debuts new battery-based EV financing

South Korea’s top battery maker LG Energy Solution said Wednesday it is partnering with financial service provider Hyundai Capital to launch a new financing product for electric vehicle drivers called Battery Lifecare, offering incentives based on battery life. Battery Lifecare, an industry first, is designed to benefit those leasing or renting EVs from Hyundai Motor Group, including Hyundai’s Ioniq 5 and Ioniq 6, Kia's EV6 and the Genesis GV60. By offering better trade-in value

Nov. 1, 2023

BOK-KCCI seminar explores impact from US-China rivalry

Korea Chamber of Commerce Industry Chairman Chey Tae-won, who also doubles as SK Group chairman, called for Korean companies to explore new markets beyond the US and China during a seminar jointly hosted by the Bank of Korea and the KCCI. "The conflict between the US and China, upon which our country heavily relied, is significantly disrupting our exports," Chey said in his opening remarks. "It is imperative for us to now turn our attention to smaller markets that we previously ov

Nov. 1, 2023

Samsung marks 54th anniversary, highlights unrivaled leadership in technology

Samsung Electronics Vice Chairman Han Jong-hee underscored the importance of maintaining industry leadership in technology as the company celebrated its 54th anniversary on Wednesday. Samsung, one of the world's leading smartphone makers and the world’s largest memory chip producer, held the annual event at its headquarters in Suwon, Gyeonggi Province, with some 400 executives and employees in attendance. "Technology and product quality are the real competitive factors that we should

Nov. 1, 2023

[Photo News] Kimchi for sharing

Hana Financial Group Chairman Ham Young-joo (center) and company officials make kimchi at the group's headquarters in Seoul on Wednesday, as part of its social outreach program, the "Everyone's Hana Day" campaign. Over the next two months, Hana plans to carry out diverse social contribution activities such as making braille tools for people with blindness or low vision, and offering educational programs for children. (Hana Financial Group)

Nov. 1, 2023

KT, Telkom join hands for Indonesia smart city project

South Korean telecommunications giant KT Corp. announced Wednesday that it has secured a partnership with Telkom Indonesia, pushing development for the smart city project in Indonesia’s new capital, Nusantara. On Tuesday, the two telcos signed a memorandum of understanding to collaborate on Indonesia’s smart city project. The signing ceremony was attended by Moon Sung-uk, KT senior vice president and head of global business unit, and Rizal Akbar, manager of smart city development tas

Nov. 1, 2023

SK chief calls on board members to help CEOs make balanced decisions

SK Group Chairman Chey Tae-won called on the board of directors to review the decision-making process of South Korea's second-largest business conglomerate’s overall management activities and actively provide feedback to help CEOs make optimal and balanced decisions, the group said Wednesday. “By making efforts to promote communication with executives and employees, the board of directors will be able to resolve (the group) affiliates’ problems and inconveniences, while pr

Nov. 1, 2023

LG, Hyundai, YouTube team up for in-car infotainment system

LG Electronics said Wednesday that it was supplying its in-vehicle infotainment system for Hyundai Motor Group’s upcoming Genesis vehicles from next year, allowing both drivers and passengers to stream a variety of entertainment content, including YouTube videos. The new system is based on LG’s own webOS that has already been operating on 200 million units of LG smart TVs worldwide. LG, Hyundai and YouTube have teamed up to adjust the system to enable the YouTube app to run on moving

Nov. 1, 2023

HDC to spur digital innovation for efficiency, safety

South Korean real estate developer and builder Hyundai Development Co. is shifting the landscape of construction projects via digital transformation, with the aim of promoting safer and more efficient working processes. In particular, digital innovation is optimizing the entire process of architectural fields, the company said. HDC has invented the HDC Estimate System based on BIM or building information modeling, which enables the developer to immediately calculate the amount of materials neede

Nov. 1, 2023

CJ Olive Young opens foreigner-focused outlet in Seoul

CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, on Wednesday opened a foreigner-focused outlet in Seoul as travelers return to the country after years of the COVID-19 pandemic. CJ Olive Young's outlet in Myeongdong, central Seoul, underwent a large-scale renewal to serve as an online-to-offline (O2O) shopping platform mainly for the convenience of foreign customers. O2O commerce is a business model that draws potential customers from onli

Nov. 1, 2023

Asiana Airlines delays decision on cargo business sell-off

Asiana Airlines board members plan to hold another round of meetings soon after they failed to reach an agreement on the previous day on whether to sell the air carrier’s cargo business to clear the way for approval of its planned merger with Korean Air. On Monday, Asiana’s five board directors discussed the sell-off plans but failed to reduce their differences even after a seven-hour meeting. Some members reportedly opposed the plans, saying that the sale of the cargo unit could pot

Oct. 31, 2023

NCSoft to unveil new titles at G-Star in Busan

NCSoft, one of South Korea's major game developers and publishers, is set to showcase its latest entertainment content via various on-site events at the upcoming global game expo, G-Star 2023, to be held in Busan Nov. 16-19. A total of 200 booths will be featured to have demos, events and special stage zones at Korea's largest game trade show, according to the company, Tuesday. Visitors can test out three new titles slated for global debut, including shooting game "LLL," ac

Oct. 31, 2023

[Photo News] Hyundai Elevator's Global Top Talent Training

Hyundai Elevator invited a total of 12 outstanding employees from overseas subsidiaries in China, Vietnam, Malaysia, Indonesia and Turkey to join its annual Global Top Talent Training event held in Seoul and Cheongju, North Chungcheong Province, Oct. 24-27. During the event, attendees participated in a comprehensive training program to enhance their understanding of the company’s core mission and develop hands-on technical skills. They also explored Korean culture through visits to cultu

Oct. 31, 2023

STX, Triple-A team up for crypto payment services on Trollygo

South Korean trading company STX said Tuesday that it had signed a payments partnership agreement with Triple-A to provide crypto payment services on Trollygo, its business-to-business online trading platform set to be launched in November. The signing ceremony was attended by STX CEO Park Sang-jun and Triple-A CEO Eric Barbier at the trading company’s office in central Seoul, Monday. Based in Singapore, Triple-A is Asia’s largest crypto payment gateway and obtained a license from th

Oct. 31, 2023

LX chairman offers unwavering support for women’s baseball

LG Group spinoff LX Group is sparing no efforts for the growth of Korean women’s baseball, having hosted the nation’s only corporate-sponsored women’s baseball competition for a second time. Co-hosted and organized by LX Group and Women’s Baseball Association Korea, the 2023 LX Cup Korea Women’s Baseball League kicked off on Oct. 21. Classified as an amateur league, the competition drew a total of 41 teams and over 1,000 players and staff this year. Koo Bon-joon, ch

Oct. 31, 2023

Korean financial firms' overseas expansions to get regulatory boost

The Financial Services Commission announced on Tuesday that it will ease regulations on credit lending limits for overseas subsidiaries of financial holding companies starting from Jan. 1, 2024. The regulation revision comes after the FSC pledged in July to help local financial companies beef up their presence in overseas markets. Under the current regulation, the credit lending limit for each subsidiary must not exceed 10 percent of the parent company's equity, and the total credit lendi

Oct. 31, 2023