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

Doosan Bobcat to build $300m loader plant in Mexico

Korean construction equipment maker Doosan Bobcat said Wednesday it will build a production base worth $300 million in Monterrey, Mexico, situated close to the US-Mexico border, to boost supply chain efficiency and cater to the increased post-pandemic demand within North America. With operations expected to commence in early 2026, the new Monterrey plant is projected to increase Doosan Bobcat's loader production capacity in North America by 20 percent. Specifically, the 65,000 square meter

Nov. 8, 2023

[Contribution] Middle East, opportunity for Korean smart farming firms

The State of Qatar, also known as the pearl of the Arabian Peninsula, is a small nation with a population of 3 million and a total land area spanning only one-tenth of South Korea. However, Qatar has emerged as a hub of diplomacy, culture and education in the Middle East, and is growing as a soft power leader. With the 2023 Doha Expo 2023, the first A1 International Horticulture Exhibition, being held under a desert climate, the world is paying attention again to Qatar which was in the spotlig

Nov. 8, 2023

Coupang logs record Q3 earnings, stays in black for 5th straight quarter

South Korean e-commerce giant Coupang announced record third quarter earnings amid an increase in its customer numbers and the strong performance of its core businesses. Coupang has continued its winning streak for five consecutive quarters since reporting profits for the first time in 2022. According to the New York-listed company's earnings conference call Wednesday, the company's quarterly sales for the July-September period logged $6.18 billion, posting on-year growth of 21 percent

Nov. 8, 2023

Hyundai Mobis raises $940m in green loan for EV parts plants in US

Hyundai Mobis, a South Korean auto parts manufacturer, said Wednesday it has secured a $940 million green loan for the construction of electrification parts plants in North America, marking the company's first overseas foray into sustainable mobility financing. It finalized the funding from seven international financial institutions, leveraging a long-term 10-year maturity period and low-interest rates supported by a credit guarantee from the Korea Trade Insurance Corp. Such financing mecha

Nov. 8, 2023

Samsung Electronics unveils own generative AI, Samsung Gauss

Samsung Electronics on Wednesday debuted its own generative artificial intelligence model, dubbed Samsung Gauss, renewing competition with its archrival Apple and other tech giants in the burgeoning AI market. The world’s largest smartphone maker by shipments also hinted that the new AI chatbot will power its upcoming Galaxy smartphone, possibly the Galaxy S24 in 2024. "We will continue to support and collaborate with the industry and academia on generative AI research," said Kim

Nov. 8, 2023

Kakao Bank logs record-high net profit

Kakao Bank, an internet-only bank, announced Wednesday that it achieved a record-high net profit of 279.3 billion won ($214.12 million) during the first three quarters of the year, thanks to increased lending to borrowers attracted by its low interest rates. This represents a 37.9 percent increase from 202.5 billion won it recorded during the same period a year ago. "We pursued sustainable growth through balanced deposits and loans in the third quarter, along with stable risk management,&rd

Nov. 8, 2023

Hyundai Elevator showcases smart lifts at trade expo

Hyundai Elevator is showcasing its cutting-edge elevator technology for smart cities and its latest urban air mobility vision at this week’s International Lift Expo Korea held at Kintex in Goyang, Gyeonggi Province. From Wednesday to Friday, Hyundai Elevator will present its vertical mobility system and smart elevator solution, dubbed Maintenance Innovation & Real-time Information (MIRI) service, at an exhibition booth. “The elevator industry today is facing unprecedented chang

Nov. 8, 2023