Ex-Shinhan chief tapped to lead Korea Federation of Banks

Shinhan Financial Group's former Chairman Cho Yong-byoung has emerged as the final nominee for the chairman position of the Korea Federation of Banks to head the association for the next three years. In a meeting held on Thursday, the KFB's Chairman Candidate Recommendation Committee chose Cho as the final candidate from a pool of six contenders for the position. The KFB is slated to hold a meeting on Nov. 27, bringing together representatives from 23 member companies to formally appoi

Nov. 16, 2023

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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 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

Nov. 15, 2023

Korea, Japan airport operators hold first post-COVID talks

Korea Airports Corp. said Tuesday the head of the state-run airport operator met with the head of Japan Airport Terminal, in a bid to discuss the two airport operators' future strategies for airport operations. According to the KAC, Chief Executive Officer Yoon Hyeong-jung met with Isao Takashiro, the CEO of Japan Airport Terminal, during the two airport operators' annual meeting, which was last held in 2019, took place in Tokyo on Monday. The KAC currently operates Gimpo International

Nov. 14, 2023

Business groups demand more flexible working hour system

Korean business groups were not fully happy with the government's proposal to mostly retain the existing 52-hour workweek system on Monday, calling for further reforms. The Ministry of Employment and Labor proposed to maintain the current workweek system while applying complementary measures for some industries that require greater flexibility in working hours. The Korea Enterprises Federation, in particular, strongly criticized the proposal. “The proposal is not as comprehensive as t

Nov. 14, 2023

Daewoong's Nabota tops botulinum toxin exports

Daewoong Pharmaceutical said Tuesday that its botulinum toxin product, Nabota, posted 113.3 billion won ($85.3 million) in sales as of the third quarter this year. Overseas sales made up 93.5 billion won or 83 percent of the total, the company added. Nabota's overseas sales have continued growing in recent years, an outcome of Daewoon's global push. The portion reached 61 percent in 2021 and then surged to 77 percent last year. US sales, in particular, reached 44.5 billion won, making

Nov. 14, 2023

LG companies hint at grand promotions to celebrate Twins' big win

LG Group affiliates, including the country's leading home appliance maker, LG Electronics, are preparing grand promotional events to celebrate the first championship win of its baseball team, the LG Twins, in 29 years. The Twins defeated the KT Wiz 6-2 in Game 5 of the Korean Series at Jamsil Baseball Stadium in Seoul, claiming the best-of-seven series 4-1 on Monday, for their first championship since 1994. "I am really grateful to the fans who have shown unchanging love and support fo

Nov. 14, 2023

KT&G unveils W2.8tr shareholder return plan

South Korea's largest tobacco company KT&G has unveiled a new shareholder return plan worth 2.8 trillion won ($2.1 billion), together with future business plans, during an online investor relations event. During the event held Monday under the title "KT&G Value Day," the company renewed its commitment to improving shareholder benefits from a long-term perspective. Under the new plan, which kicks off next year, the company plans to pay 1.8 trillion won in dividends, and to

Nov. 14, 2023