LG Display set for turnaround next year, buoyed by Apple’s first OLED iPad

LG Display is expected to get out of the red next year earlier than expected, by supplying organic light-emitting displays for Apple's upcoming iPad Pro, of which the panels are to be three times more expensive than that of the iPhone. According to industry sources on Sunday, the Korean panel maker will start OLED production for the upcoming iPad Pro in February next year at its plant in Paju, Gyeonggi Province. This is about three months earlier than predicted, with Apple forecast to launc

Nov. 12, 2023

[From the Scene] CJ Logistics aims to operate global hub for cross-border e-commerce

INCHEON -- At CJ Logistics' Global Distribution Center, a total of 140 red, box-shaped robots with four wheels zoom across rows of stacked-up bins. The robot then drops down wires and hoists up a bin filled with goods. Carrying the bin, the robot scurries along the metal railings, transporting the bin to the packaging station, where an employee selects a set number of items from the bin to pack into a box for delivery. The robot then bustles back again and heads for another bin, repeating t

Nov. 12, 2023

Hyungji Group chairman wins Gold Tower award

South Korean retail giant Hyungji Group Chairman Choi Byung-oh has won the Gold Tower Order of Industrial Service Merit, the highest honor in the trade sector awarded by the government, for his outstanding contributions to the nation’s textiles industry. The Ministry of Industry, Trade and Energy and the Korea Federation of Textile Industries on Friday recognized 47 business leaders in commemoration of the 37th Textile Day. Choi, in particular, was recognized for boosting the competitivene

Nov. 12, 2023

Samyang Roundsquare aims to lead future K-food culture

South Korean food giant Samyang Roundsquare, formerly known as Samyang Foods Group, has been rapidly expanding its global presence with the soaring popularity of its bestselling spicy ramyeon products. Over the past decade, its flagship Buldak Ramyeon has established itself as a leading Korean brand, gaining footholds in a total of 95 countries. Since the export of Buldak series came into full swing in 2016, Samyang’s earnings have also seen a surge. The company posted 909 billion won ($

Nov. 12, 2023

Modern pentathlete wins Dong-A Otsuka scholarship

South Korea’s leading beverage maker Dong-A Otsuka said Friday that it delivered scholarship funds worth 5 million won ($3,800) to Shin Su-min, a teenage modern pentathlete, at the 17th Youth Hero Prize ceremony hosted by the Korea Scout Association. The award, launched in 2007 by the KSA, aims to nurture future talents by recognizing prospective youths in a total of five categories including physical sports, academics, culture & art, community service, and scouting. Among those five

Nov. 12, 2023

LG Energy Solution, Ford scrap plan to build battery JV in Turkey

LG Energy Solution, South Korea's top battery maker, said Saturday its plan to build a battery plant in Turkey with Ford Motor has been scrapped as a Turkish partner revoked its participation in the project. In February, LG Energy Solution signed a non-binding agreement with Ford and Turkey's Koc Holding A.S. to push for a joint venture to build an EV battery in Baskent, a city near the Turkish capital of Ankara. But Koc decided to revoke its participation, citing its consideration of

Nov. 11, 2023

Celltrion Healthcare wins Brazil's bid to supply Remsima for 3rd year

Celltrion Healthcare, Korean biosimilar giant Celltrion’s sales unit, announced that the company has won the Brazilian Federal Government’s bid to supply biosimilar infliximab Remsima for the third consecutive year. Under its contract with the Brazilian government, Celltrion Healthcare will ship out all 360,000 vials of Remsima during the first half of 2024, the company said. Celltrion Healthcare is currently the sole infliximab provider for the Brazilian government, whose supply of

Nov. 10, 2023

National Assembly hosts first forum on online liquor sales

Korea's National Assembly on Friday took a significant step in addressing the evolving landscape of liquor sales with its inaugural "National Assembly Discussion Forum on Invigorating e-Commerce for Liquor." Hosted by Rep. Choi Seung-Jae of the People Power Party and organized by the Asia Pacific International Spirits and Wines Alliance, the event marked the first-ever discussion in the National Assembly on the topic of online liquor sales, attracting attention from both domestic

Nov. 10, 2023

HD Hyundai CEO promoted to vice chairman

South Korean shipbuilding and energy conglomerate HD Hyundai promoted Chung Ki-sun, the president and CEO of HD Hyundai, to vice chairman on Friday, as part of a leadership reshuffle that also included promotions for several other executives. Chung Ki-sun's tenure as president was marked by his role in steering the company through economic downturns over the last two years, especially in the shipbuilding sector. He was pivotal in developing ship sales and research initiatives, laying the gr

Nov. 10, 2023

Posco narrowly avoids strike as union accepts wage deal

Posco has avoided the first-ever strike in its 55-year history as its management and union reached an agreement following six months of wage talks. The wage negotiation was concluded as the union voted to accept a tentative agreement made by the two sides on Thursday night. Of 11,245 union members, 10,856 joined the vote, according to Posco. The number of union members who voted in favor of the agreement reached 5,527, accounting for 50.91 percent, while the number of union members who were agai

Nov. 10, 2023

Renault Korea's Busan plant to produce all-electric Polestar 4 from 2025

Renault Korea Motors said Friday it has signed a deal with Swedish carmaker Polestar and China's Geely Holding to produce the all-electric Polestar 4 at its Busan plant from the second half of 2025. Renault Korea has dedicated efforts since 2022 to prepare for the manufacture of high-end mid-size and semi-large electric vehicles. "Kicking off Polestar 4 EV production in Busan is a fresh start for us at Renault Korea Motors, reflecting our pledge to a forward-thinking approach. We'

Nov. 10, 2023

Hanlim to debut one-stop real estate service in India

Hanlim Architecture Group, Korea’s comprehensive real estate service company, said Friday that its Indian unit, Hanlim India, inked a partnership deal with India's construction and management company Innovative Construction, as part of its plans to secure a foothold in the country’s burgeoning real estate industry. The agreement was signed earlier this week during an eight-day business trip by Hanlim executives to India’s major cities, including Mumbai and New Delhi. Durin

Nov. 10, 2023

Lotte Chemical swings to Q3 net profit on narrowed losses in basic chemicals division

Lotte Chemical Corp. said Thursday it swung to a net profit in the third quarter from a year earlier due mainly to narrowed losses in the basic chemicals business division. Lotte Chemical shifted to a net profit of 32.77 billion won ($25 million) in the three months ended Sept. 30 from a net loss of 31.07 billion won in the same period last year, the company said in a statement. "On top of reduced losses in the basic chemicals division, the bottom line was buoyed by increased sales of high-

Nov. 9, 2023

[From the Scene] HD Hyundai Electric eyes W5tr sales target by 2030

ULSAN -- Right below the world’s biggest shipbuilder HD Hyundai Heavy Industries' shipyard in the southeastern industrial city of Ulsan, HD Hyundai Electric is gaining momentum in the energy sector with its advanced transformer manufacturing facility. The electrical equipment maker showcased its 500-kilovolt transformer production line on Wednesday, in which an investment of 80 billion won ($61 million) was made in 2020, during a period of declining profits and challenging market cond

Nov. 9, 2023

[KH explains] End of Chinese tourist boom?

South Korea's tourism and retail industries have long been dependent on China's big spenders traveling to the country in tour groups. So when the Chinese government lifted a travel ban on group tours for its nationals in August, expectations were high about a possible surge in Chinese travelers, the biggest spenders among visitors here, after years of pandemic disruptions. After three months, there is little sign of the so-called “Chinese spending boom.” Experts say that ov

Nov. 9, 2023

SPC Samlip partners with Asian supermarket chain H Mart

South Korean confectionery company SPC Samlip said Thursday that it had signed a partnership with H Mart, the largest Asian supermarket chain in North America, as part of efforts to further increase its global presence. H Mart operates some 120 supermarkets in the US, Canada and the UK. In 2022, it posted 4.3 trillion won ($3.28 billion) in sales. Under the partnership, SPC Samlip will increase its supply of confectionery products to be distributed through H Mart's extensive sales network.

Nov. 9, 2023

[Photo News] Samsung chief at pacific islands forum

Samsung Electronics Chairman Lee Jae-yong (far right) poses with Cook Islands Prime Minister Mark Brown (center) and South Korean Maritime Affairs and Fisheries Minister Cho Seung-hwan at the Pacific Islands Forum held on the Cook Islands in the South Pacific Ocean, Wednesday. The Samsung chief also met with Fiji Prime Minister Sitiveni Rabuka during the event. Lee promoted the tech giant’s corporate social responsibility program and Busan’s bid to host the 2030 World Expo, according

Nov. 9, 2023

Global minimum corporate tax to take effect in Korea next year

Starting from 2024, multinational companies such as Samsung Electronics and SK hynix, which have overseas factories or subsidiaries, are expected to face increased tax obligations. The Ministry of Economy and Finance announced Thursday that a new law to implement the global minimum corporate tax -- which will require multinational enterprises to adhere to a minimum effective tax rate of 15 percent -- will begin as early as January 2024. Until Dec. 7, the administrative authorities will gather p

Nov. 9, 2023

Woori Bank's new app to offer multilingual assistance

South Korean commercial bank Woori Bank said Thursday that it has launched an updated mobile banking service for foreigners residing in Korea, “Woori WON Global,” that is available in up to 17 languages. While foreigners in Korea find it difficult to use mobile banking services, Woori Bank offers more quick, easy and convenient options to the customers, the bank said. With a total of 17 languages, Woori Bank’s new service boasts the largest number of foreign language options am

Nov. 9, 2023

AI in your pocket: Samsung Galaxy S to feature real-time phone call translator

Samsung Electronics’ flagship Galaxy S smartphones will offer a real-time translation function for phone calls, the tech giant said Thursday. The surprise announcement comes a day after it unveiled Samsung Gauss, its own generative AI model, which will make its commercial debut on the upcoming Galaxy S phones in 2024, possibly the Galaxy S24 series. With a vision to open a “new era of AI” for mobile devices, Samsung said it will be introducing Galaxy AI for its smartphones to

Nov. 9, 2023