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

IndustryNov. 14, 2023

Weak won pushes import prices up in October

South Korea's import prices climbed for a fourth consecutive month following the devaluation of the Korean won, central bank data showed Wednesday. Export prices rose as well in the period. The import price index for October stood at 140.38, rising 0.5 percent from the month before. The figure has been advancing for four straight months since July, according to preliminary data from the Bank of Korea. Yet, compared to the same month last year when international oil prices surged, the figure

EconomyNov. 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

IndustryNov. 14, 2023

SK On to furlough workers, cut production at US plant

SK Battery America, SK On’s US subsidiary, will furlough workers at its battery plant in Jackson County, Georgia, and cut down production amid the sluggish electric vehicle market, the South Korean battery maker said Tuesday. “SK Battery America is temporarily adjusting its line operations and furloughing a portion of our production employees,” said SK On. “We have taken the decision as a part of our efforts to optimize line operations and workforce management with flexib

MobilityNov. 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

IndustryNov. 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

IndustryNov. 14, 2023

[Photo News] Hyundai Oilbank forays into West Coast

HD Hyundai Oilbank's head of its global business division, Lee Seung-soo and Sunoco LP Chief Commercial Officer Austin Harkness pose for a photo after extending a contract to supply petroleum products to America’s largest independent fuel distributor through 2024. Since 2021, the Korean oil refiner has exported gasoline and diesel to Hawaii, switching to a long-term contract the following year. Under the updated contract, Hyundai will supply 3.6 million barrels of petroleum products p

IndustryNov. 14, 2023

Hana holds conference for future female leaders

Hana Financial Group on Monday held a conference for Hana Waves, an in-house program to nurture future female leaders, to share the stories of nearly 100 leaders produced through the program over three years. Under the slogan “Women’s Actions, Voice, Emotion,” Hana started the first Hana Waves program in 2021, hoping to boost female leaders to steer the group’s future. As part of the group’s gender diversity efforts at the C-suite level, members of the first series

IndustryNov. 14, 2023

[Photo News] Hyundai EV repair services ready

Hyundai Motor Company said Tuesday that the automaker has set up repair and check-up services for its electric vehicles at over 1,000 repair shops across the country. Named Bluehands, the repair shops have a separate station designed for EVs and at least one technician who has received the Hyundai Master Certification Program Electrified, a company-approved certificate for EV maintenance. The automaker said it plans to keep the EV maintenance services going at Bluehands for EV owners. (Hyundai M

MobilityNov. 14, 2023

Seoul shares open higher despite potential US govt. shutdown woes

South Korean stocks opened higher Tuesday on advances in tech shares amid growing concerns that the United States may face a government shutdown. The benchmark Korea Composite Stock Price Index added 25.87 points, or 1.08 percent, to 2,429.63 in the first 15 minutes of trading. Investors have been closely monitoring the possibility that the US may face a government shutdown should Congress fail to pass a spending plan by Friday. Overnight, US shares closed mixed, with the Dow Jones Industrial Av

MarketNov. 14, 2023

Responding to expanding vehicle cybersecurity needs, the core of CSMS and ISO/SAE 21434

Until five years ago, carmakers were hesitant to introduce cybersecurity measures in vehicles despite being aware of their necessity due to cost issues. However, when the European Union introduced cybersecurity regulations in 2022, it became virtually impossible to enter the European market without meeting the new standards. The change has made cybersecurity an essential element to ensure the survival of carmakers. The advancements in vehicle software, diversification of vehicles’ function

MobilityNov. 14, 2023

[Graphic News] Smartphone sales continue to sag globally: report

Sales of smartphones continued to shrink globally in the recently-ended quarter as consumers watched their spending, market tracker Counterpoint reported. Smartphone sales fell 8 percent, marking the ninth consecutive quarter of decline in year-over-year comparisons, according to research by Counterpoint's Market Pulse service. The decline was “largely due to slower-than-expected recovery in consumer demand,” the group said in its findings. Samsung continued to lead the smartpho

MarketNov. 14, 2023

Kakao founder vows to reassess all businesses from ground up

Kakao founder Kim Beom-su said he will review the entirety of the platform giant's services and businesses, including management personnel, from the ground up, ahead of an emergency management meeting held earlier Monday. "(We will) aim to become a company that meets the public's standards by reassessing all of (Kakao's) services and businesses," Kim told reporters at Kakao Mobility's headquarters in Pangyo, Gyeonggi Province. Kim, who currently serves as the head o

IndustryNov. 13, 2023

Business groups condemn labor union immunity bill

South Korea's major business lobby groups on Monday requested that President Yoon Suk Yeol exert his veto power against a pro-labor union revision bill unilaterally passed by the main opposition party last week. The so-called Yellow Envelope bill, a revision to the Labor Union and Labor Relations Act, aims to limit companies from filing damage suits and provisional seizures against workers on strike, as well as to guarantee the bargaining rights of subcontracted workers. Six business grou

EconomyNov. 13, 2023

Redbreast 15 Year Old whiskey debuts in Korea

Pernod Ricard Korea on Monday launched Redbreast 15 Year Old, a more aged and spicier variant of its Irish whiskey brand, targeting the evolving demand for non-Scotch whiskeys in the rapidly expanding domestic market. The world's second-largest wine and spirits seller previously introduced its Irish whiskey, Redbreast 12 Year Old, for the first time in Korea in September. While retaining the smooth character typical of traditional Irish pot still whiskey, the 15 Year Old brings a spicier pr

ConsumerNov. 13, 2023

Seoul shares down amid possible US government shutdown woes

South Korean stocks finished lower Monday amid concerns of a potential US government shutdown following a cut in Moody's rating outlook for the United States. The local currency fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index slipped 5.90 points, or 0.24 percent, to close at 2,403.76. Trading volume was slim at 299.3 million shares worth 5.8 trillion won ($4.37 billion). Losers outnumbered gainers 592 to 283. Institutions net purchased 35.5

MarketNov. 13, 2023

Bithumb to push for IPO in 2025

Bithumb, one of South Korea's four major cryptocurrency exchanges, is preparing to become the first cryptocurrency exchange to go public in Korea, in a move to expand its share in the market currently dominated by its larger peer, Upbit. "We selected Samsung Securities as our manager for initial public offering at the end of (October). We aim to go public during the second half of 2025," a Bithumb official said on Monday. The company is primarily considering a listing on Korea&#

IndustryNov. 13, 2023

Dunamu hosts forum on blockchain's potential

The Upbit D Conference, a leading blockchain event hosted by Dunamu, operator of the country's largest crypto exchange Upbit, took place Monday, sharing ideas on how to expand the blockchain industry. Under the slogan “All That Blockchain,” the event invited some 40 experts from 29 countries as speakers to discuss related trends, policies, finance and content involving blockchain. “As the blockchain industry evolves, the UDC continues to grow,” Song Chi-hyung, chai

IndustryNov. 13, 2023

Nara Space successfully launches cube satellite

Nara Space has successfully launched the Observer-1A, a self-developed commercial cube satellite, becoming the first Korean company to achieve the feat, opening a new chapter for the country’s private space industry. Nara Space said Monday that the Observer-1A's beacon transmission and bidirectional communication had been completed within about an hour and 20 minutes after its ejection from SpaceX’s Falcon 9. The satellite was loaded on the US company’s launch vehicle, whi

TechnologyNov. 13, 2023

Hanwha Ocean to raise capital for wind power business

South Korean shipbuilder Hanwha Ocean said Monday that it will expand investment in its wind power business from the initial target of 200 billion ($151 million) to 300 billion won to secure an edge in the burgeoning industry. The company said it plans to issue new shares to raise capital for the planned investment. Currently, the global market for offshore wind power generation is growing at an annual rate of 18 percent. The field is expected to become one of the major renewable energy sources

IndustryNov. 13, 2023