Samsung, LG to boast enhanced connectivity at IFA

At this year’s IFA, Europe’s biggest home appliances trade show, two of South Korea’s tech giants, Samsung Electronics and LG Electronics, are set to showcase their latest premium products that maximize energy efficiency As the IFA celebrates its 99th anniversary this year, about 2,290 companies in the fields of IT, consumer appliances and telecommunication will take part from 50 countries. The five-day event, which kicks off in Berlin on Friday, will see 174 Korean companies t

Aug. 31, 2023

HDC steps up digital transformation efforts

Hyundai Development Co., a major real estate development and builder here, is pushing its digital transformation further to run its construction projects in safer and more precise ways. To do so, HDC has devised the HDC Estimate system based on Building Information Modeling (BIM), an intelligent tool that provides digital representation to architecture, engineering, and construction industry. With the system, it allows the developer to immediately calculate the amount of materials needed in the

Aug. 31, 2023

Hyundai Oilbank enables app users to pay for gas via Toss Pay

Hyundai Oilbank, Korea's major refiner, has enabled users of its mobile application Car& to make payments via Toss Pay, one of the most popular mobile payment methods here, offering a more convenient option for transactions. Customers can pay for gas via Toss Pay before visiting gas stations through the refiner’s mobile service dubbed “Smart Fueling,” using Toss Pay. Hyundai Oilbank Bonus Card members -- customers who get extra points or price reductions according to t

Aug. 31, 2023

Government attempts to reassure KFCC depositors

The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u

Aug. 31, 2023

Hyundai’s Chung Mong-koo archery competetion kicks off

Hyundai Motor Group is sponsoring the Hyundai Motor Chung Mong-koo Cup Korea Archery Competition 2023, investing considerable effort to support development of the sport, the auto giant said Thursday. With the aim of providing quality experiences for Korean archery players, the conglomerate decided to sponsor this year’s competition along with its affiliates Kia, Hyundai Mobis and Hyundai Steel. Kicked off Wednesday, the nation’s most prestigious archery competition will take place at

Aug. 31, 2023

Woori wins global approval for net-zero target in shortest period

South Korean financial conglomerate Woori Financial Group announced Thursday that it obtained approval for its carbon reduction target from a global climate science organization earlier this month, saying that it took the shortest period among other domestic companies in the industry. The Science Based Targets initiative or SBTi, is a global organization which was jointly founded in 2015 by the Carbon Disclosure Project, the United Nations Global Compact, and the World Wide Fund for Nature. Co

Aug. 31, 2023

Samsung Heavy wins certification for floating CO2 storage unit

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for a floating carbon dioxide storage unit (FCSU) from Norwegian accredited registrar and classification society DNV. The floating unit, developed jointly with Malaysia's MISC Berhad, is 330 meters long and 64 meters wide, and is capable of storing 100,000 cubic meters of liquid CO2 at temperatures of minus 50 C and below, Samsung Heavy said. The shipyard said its FCSU is able to store CO2 c

Aug. 31, 2023

Posco America relocates headquarters to Washington

Posco America, a subsidiary of Poscho Holdings, will relocate its headquarters from Atlanta to the nation's capital, in a move to strengthen its relations with the federal government and US Congress, the group said Wednesday. Posco America’s head Do Han-eui and other staff members will start to work at the new office in Washington from as early as this week. The group will also dispatch employees specializing in trade affairs from South Korea's office. The company’s new off

Aug. 30, 2023

[KH explains] Chipmakers reach out to undergraduates to tackle talent shortage

Chipmakers around the world are competing fiercely not just to roll out more advanced chips faster than their rivals, but also to secure more tech talent as governments race to build up their chip industry as national security assets. South Korea, home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix, is no exception. Amid their big push for global expansion, the tech giants are struggling to meet staffing needs for their billion-dollar facilities at home and abro

Aug. 30, 2023

Dong-A ST eyes Europe market with Stelara biosimilar

Dong-A ST, the pharmaceutical unit of South Korean giant Dong-A Socio Holdings, has submitted a Marketing Authorization Application to the European Medicines Agency for its Stelara biosimilar DMB-3115, the company announced Wednesday. DMB-3115 is a biosimilar to ustekinumab, also dubbed Stelara, a monoclonal antibody for the treatment of autoimmune and inflammatory diseases including Crohn’s disease, plaque psoriasis and ulcerative colitis. First developed by Janssen Pharmaceuticals, the a

Aug. 30, 2023

Hyundai Steel’s new raw material analyzer revs up manufacturing pace

Hyundai Steel, in collaboration with Hyundai Motor Group's in-house startup 3I Solution, has developed an Industrial Neutron Composition Analyzer that accelerates steel manufacturing by evaluating raw materials, such iron ore and scrap metal, in real time. By providing real-time feedback, it allows Hyundai Steel to quickly achieve the right balance in their materials, sometimes referred to as optimal chemical composition. This balance not only ensures the consistent quality of the steel pro

Aug. 30, 2023

SK-backed Sapeon raises W60b in series A funding

Sapeon, a global AI semiconductor company that spun out from SK Telecom last year, announced Wednesday it concluded its Series A financing round, securing over 60 billion won ($45.4 million) in investments. With the latest round, the company's valuation now exceeds 500 billion won. Ascent Equity Partners led the financing as the primary investor. Other key investors included GS Group affiliates like Daebo Communication & Systems Corp., Hana Financial Group, Mirae Asset Venture Investmen

Aug. 30, 2023

LIG Nex1 participates in Korea-Saudi Arabia drone show

South Korean defense firm LIG Nex1 announced Wednesday that it participated in a three-day drone show held in Saudi Arabia this week, at the invitation of the Naif Arab University of Security Sciences. The show was co-hosted by the Korean Ministry of Land, Infrastructure, and Transport and the Korean Embassy in Saudi Arabia, at NAUSS in Riyadh, the country's capital. NAUSS, formed by a pan-Arabic academic coalition of 20 countries including the UAE, Jordan, Qatar and Yemen, is an intergov

Aug. 30, 2023

Dong-A Otsuka holds blood donation event

Dong-A Otsuka, the nation’s leading beverage maker, said Wednesday that it will hold a nationwide blood donation event with employees throughout the month of September, hoping to contribute to a rebound of the blood supply in South Korea. On Tuesday, the first donations from employees came at the company’s headquarters in Seoul, with a bloodmobile from the Korean Red Cross. Following the headquarters donations, the event moves to three manufacturing plants -- at Anyang in Gyeonggi Pr

Aug. 30, 2023

Tous les Jours opens 100th US store

South Korean bakery chain Tous les Jours launched its 100th store in the United States earlier this month, as its popularity has risen among American consumers, operator CJ Foodville said Wednesday. The new store is located in Bronxville, an affluent neighborhood in New York, according to CJ Foodville. The company added that Tous les Jours has been posting robust profits per store, solidifying its position as a lucrative business model in the country. Since first entering the US market in 2004,

Aug. 30, 2023

Cosmetics maker Siita sets off new syndrome in sustainability

Korean vegan skincare brand Siita's sustainable hand cream released in May sold more than $9 million worth of product over the last three months, selling out a year's worth of inventory on its day of release. Former K-pop star and activist Lee Hyo-ri, a figure who swore off commercial advertising, has been actively publicizing Siita's new sustainable hand cream. Through Siita, public engagement in sustainability has been increasing in Korea. Biodegradable plastic was deemed unatta

Aug. 30, 2023

KAI, HD Hyundai team up for training systems

Korea Aerospace Industries and HD Hyundai Heavy Industries said Tuesday that they signed a strategic partnership to cooperate in developing maritime training systems, teaming up to advance South Korea’s competitiveness in the global warship market. According to the two companies’ announcement, KAI and HD HHI plan to develop maritime training systems based on battleship and submarine business. They will also work together to draft and expand training systems for advancing existing bat

Aug. 29, 2023

[Exclusive] KEPCO affiliates prepare legal fight against Australia’s ALS Coal

Five subsidiaries of South Korea's state-operated power utility firm Korea Electric Power Corp. are currently putting in joint efforts to sue Australian laboratory giant ALS Coal, on the basis that it falsified coal quality inspections and allowed low quality coal to be exported to Korea, industry sources said Tuesday. According to an industry source close to the matter, the state-run subsidiaries under Kepco -- including Komipo, Korea Southern Power, Korea Western Power, Korea East-West Po

Aug. 29, 2023

Upbit at forefront of fighting phishing scams

South Korea's largest cryptocurrency exchange Upbit has been at the forefront of preventing fraudulent digital transactions, with its state-of-the-art artificial intelligence-based fraud detection system, amid increasing virtual asset investment and related crimes. Using its latest technology, the company said Tuesday it has prevented voice phishing scams of some 25 billion won ($18.9 million). According to South Korea’s financial authorities, the annual scale of financial damages f

Aug. 29, 2023

DGB to establish asset management firm in Singapore

DGB Financial Group, a Korean financial holding company, said it plans to establish an asset management company in Singapore. The company recently submitted an application to the Monetary Authority of Singapore seeking a license to operate as a registered fund management company. "Our primary focus for now is securing the approval as Singapore financial authorities have tightened their approval processes due to the substantial influx of Hong Kong funds into the country," a DGB Financia

Aug. 29, 2023