Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Banks ramp up services for growing foreigner market
South Korean banks are bolstering their services for foreigners to tap into the rapidly expanding foreign customer market. Shinhan Bank recently pioneered a service among local commercial banks that allows foreign residents in Korea to conveniently apply for new check cards online through its mobile app SOL Bank. With its newly implemented foreign identification verification system, foreigners aged 17 or older with valid domestic identification documents, like an alien registration card or domes
June 16, 2024
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How Korean convenience stores became big names in Central Asia
South Korean convenience store operators facing a saturated market at home are now eyeing expansion overseas, especially in Southeast and Central Asia where rapid economic growth and the popularity of Korean content are leading to a growing demand for Korean-style comprehensive convenience stores. Currently, the nation’s top two chains, BGF Retail and GS25, operate a combined 1,168 convenience stores overseas. While GS25 operates 573 namesake stores in Vietnam and Mongolia, BGF Retail ha
June 16, 2024
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[Contribution] Korea offers solutions to combat desertification, drought
By Nam Sung-hyun Minister of the Korea Forest Service Desertification is happening all around the world. According to the "World Atlas of Desertification" released by the European Commission, desertification is underway in 75 percent of the Earth's land area, and a grim prospect looms, in which over 90 percent of the land area will be degraded by 2050. United Nations Convention to Combat Desertification statistics (2023) reveal that more than 100 million hectares of healthy an
June 16, 2024
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Korea Forest Service and Mongolia forestry alliance reverses desertification
Under the shared goal to tackle the climate crisis, Korea and Mongolia have been pioneering a greenbelt project, a testament to their relationship and a joint effort to rejuvenate desertifying landscapes. The beginning of the Korea-Mongolia Greenbelt Plantation Project dates back to 2006 when the Korea Forest Service, the nation’s forest agency, and Mongolia's Ministry of Environment and Tourism formalized their forestry cooperation to combat yellow dust and desertification prevention
June 16, 2024
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Record fine on Coupang raises questions about online retail practices
The Fair Trade Commission's decision to impose a record fine of 140 billion won ($102 million) on Coupang has sparked debates about the true role of online retailers in Korea. While Coupang is regarded as a giant online retailer that acts as a middleman between sellers and buyers, it also functions as a seller on its own platform, offering products under its own label. Coupang was slapped with the highest fine ever imposed by the antitrust watchdog on Wednesday for manipulating search ranki
June 14, 2024
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Daewoo E&C wins international approval for offshore wind turbine foundation
Daewoo Engineering & Construction announced Friday that a floating offshore wind turbine foundation jointly developed by the Korean builder and its partner from the Netherlands has acquired approval in principle from Det Norske Veritas, an international accredited certification body. In 2021, Daewoo E&C and Monobase Wind started a partnership to develop a floating offshore wind turbine foundation. In March 2022, the two companies completed model tests for their wind turbine foundation ca
June 14, 2024
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Korea Forest Service, Kazakhstan forge forestry cooperation
The Korea Forest Service and the Kazakh government agreed to enhance bilateral cooperation in forestry management through a memorandum of understanding signed at the Presidential Palace in Astana, Kazakhstan, Wednesday. Under the agreement, formalized on the sidelines of the summit between Presidents Yoon Suk Yeol and Kazakh President Kassym-Jomart Tokayev, the two governments will work on forest disaster response, such as managing forest fires and promoting biodiversity through seed exchange an
June 14, 2024
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NPS opposes appointment of Lim Jong-yoon as inside director of Hanmi Pharmaceutical
The National Pension Service has decided to oppose the appointment of Lim Jong-yoon as an inside director of Hanmi Pharmaceutical at the upcoming extraordinary shareholders' meeting of the drug company on Tuesday next week. Lim, however, is expected to take the position as he and his aides hold a controlling stake in the pharmaceutical company, according to industry sources, Friday. The national pension fund, the second-largest shareholder of Hanmi Pharmaceutical, said on Thursday that it
June 14, 2024
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Samsung's Lee meets with CEOs of global tech giants in US
Samsung Electronics Co. Chairman Lee Jae-yong has met with the heads of Meta Platforms Inc., Amazon.com Inc. and Qualcomm Inc. in the United States this week to discuss future technologies and business collaborations, the company said Thursday. Lee, who has been on a two-week business trip in the U.S., was invited to Mark Zuckerberg's home in Palo Alto, California, on Tuesday (U.S. time) and had talks with Meta's founder and CEO, according to Samsung Electronics. It is their second mee
June 13, 2024
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Samsung chief holds meetings with global tech CEOs in US
Samsung Electronics Chairman Lee Jae-yong held consecutive meetings with the chiefs of global tech giants including Meta, Amazon and Qualcomm, in an effort to strengthen ties and boost collaboration during his two-week trip to the US, the company said on Thursday. Lee shared insights and prospects over advanced technology markets with the tech leaders and also checked on the company's business operations, the company said. In his meeting with Qualcomm CEO Cristiano Amon on Monday, Lee discu
June 13, 2024
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BlockSquare Seoul to enhance market intelligence service for crypto investors
Korea's crypto data aggregator BlockSquare Seoul said Thursday that it plans to update its market analysis features in July to offer more detailed investment information for its users. Currently, the company provides market intelligence service under the name Retri, suggesting the best time to buy and sell cryptocurrencies by reading their price movements and transaction flows. Following the July update, the Retri service will offer more sophisticated real-time data updates on price project
June 13, 2024
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Celltrion's Stelara biosimilar receives approval in Korea
South Korean biosimilar giant Celltrion announced Thursday that Steqeyma, the company’s biosimilar referencing Stelara, has been approved by the Ministry of Food and Drug Safety. Stelara (ustekinumab) is Johnson & Johnson's blockbuster drug used to treat patients with plaque psoriasis. According to market research company IQVIA’s report, the global ustekinumab market was estimated to reach $20.3 billion as of last year. Celltrion said Steqeyma has been approved for its uses
June 13, 2024
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GS Caltex partners with Sumitomo to supply natural cosmetics ingredient
South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients. According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava. The 2,3-Butanediol GreenDiol is produced fr
June 13, 2024
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[KH Explains] Will Naver Webtoon, Yanolja be next Coupang?
Two Korean companies -- Naver Webtoon and Yanolja -- are preparing for a US stock debut this year, seeking higher valuation and aggressive overseas expansion. Their US push comes after Coupang’s successful Nasdaq listing in 2021 when the company was valued at $63 billion, the biggest IPO in the US by a foreign company since Alibaba Group in 2014. Industry watchers agree that the market sentiment has changed over the past three years following the bursting of pandemic-bubble stocks. But the
June 13, 2024
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Daewoo E&C chief visits Turkmenistan to discuss infrastructure projects
Daewoo Engineering & Construction Chairman Jung Won-ju visited Turkmenistan this week to meet with government officials and business partners to explore new opportunities in the country’s burgeoning infrastructure development market. Jung was visiting the country as part of a business delegation accompanying President Yoon Suk Yeol on his state visit for a summit with Turkmen President Serdar Berdymukhamedov in Ashgabat, the Turkmenistan capital. During the visit, the Daewoo chief insp
June 13, 2024
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SK’s Sapeon, Rebellions to merge for AI chip push
SK Telecom said Wednesday that it is seeking to merge its fabless unit Sapeon with Korea-based chip designer Rebellions, as part of its renewed push for artificial intelligence chips. The merger push is the result of an agreement between the two sides to create a “homegrown company” to lead the global AI race, the telecom giant said. The market for neural processing units powering AI services is growing rapidly, driven by the widespread adoption of AI across industries. Competition i
June 12, 2024
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Evolus CEO vows to boost US sales of Daewoong's botulinum toxin
David Moatazedi, CEO of Evolus, the US company that sells Daewoong Pharmaceutical's botulinum toxin product Nabota, marketed as Jeuveau in the US, has pledged to boost its sales of the botulinum toxin product to $700 million by 2028, the Korean pharmaceuticals company said Wednesday. “Jeuveau is the fastest growing neurotoxin in the US for the past three years, and Evolus is on track to achieve at least $700 million in total revenue by 2028,” Moatazedi said during his visit to D
June 12, 2024
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Posco International breaks ground for its Polish motor core plant
Posco International began construction of its new traction motor core plant in Brzeg, Opole Voivodeship, Poland on Tuesday, the company announced Wednesday. A traction motor core is a crucial component in the powertrain systems in most eco-friendly vehicles, except the ones powered by traditional combustion engines. Construction of the new factory in Poland, which will be built on a 100,000-square-meter land plot, will be completed in mid-2025. The goal is to begin commercial production of tract
June 12, 2024
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SK CEOs to hold strategy meeting at end of June
SK Group, the country’s second-largest conglomerate in terms of assets, will hold its biannual business management strategy meeting June 28-29 to comprehensively review the group’s plans and renew commitment to "go back to basics," according to industry sources Wednesday. SK Group Chairman Chey Tae-won and other members of the founding family, including SK Innovation Vice Chairman Chey Jae-won and SK Supex Council Chairman Chey Chang-won are expected to join the meeting, al
June 12, 2024
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GS Ventures hosts tech day for battery startups
GS Group’s corporate venture capital arm, GS Ventures, said Tuesday that it has successfully hosted Monday's GSV Tech Day at GS Tower, the conglomerate’s headquarters in southern Seoul. Initiated last September, GSV Tech Day provides a platform for startups within the venture capital unit's investment portfolio to exchange technology and cooperate. This year's event was themed on the future of batteries, featuring eight startups specializing in battery-related technolo
June 12, 2024