Hyundai, LG chiefs visit Indonesia to bolster EV, battery partnerships

Following President Yoon Suk Yeol’s visit to Indonesia for the South Korea-Association of Southeast Asian Nations summit, South Korean conglomerates’ chiefs embarked on a business trip to the emerging country to boost cooperation on electric vehicles and construction projects, industry sources said Thursday. Business leaders including Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and LS Chairman Koo Ja-eun were

IndustrySept. 7, 2023

M360 APAC makes Seoul debut to explore digital-first future

The Mobile 360 APAC, the Asia-Pacific leg of the conference organized by the UK-based mobile industry nonprofit GSMA, kicked off the two-day event in Seoul on Thursday, under the theme of “leading a digital-first future.” It marked the first time the annual event took place in South Korea, as Singapore had been the key destination for the APAC conference. Some 1,000 government and mobile industry leaders from more than 50 countries gathered to share insights on the future of key tech

TechnologySept. 7, 2023

FSS head meets with China's new financial regulator chief

Lee Bok-hyun, the governor of South Korea's Financial Supervisory Service, made an unannounced two-day visit to China last week, marking the first visit there by an FSS head in six years. During his visit to Beijing on Aug. 31 and Sept. 1, Lee met with Li Yunze, head of China's National Financial Regulatory Administration, to discuss ways to strengthen financial ties and cooperation between the two nations. “China previously had various supervisory divisions, but it did not have

IndustrySept. 7, 2023

Coca-Cola Korea releases new oat drink

Coca-Cola Korea Company said Thursday it has launched its new plant-based drink brand Go:Good Oat, jumping on the vegan bandwagon. Made from European oats, the new drink is blended with oat syrup and rice bran oil. The two flavor options include plain with a clean taste and rich with a smooth taste. With a small, handy 195 ml package, the consumers can easily carry around and enjoy the oat drink anytime, anywhere. Even in busy mornings and short breaks, it can quickly give a feeling of “co

IndustrySept. 7, 2023

Makeup brand Hera debuts in Japan

South Korean cosmetic giant Amorepacific announced Thursday that its high-end cosmetic brand Hera has entered the Japanese market. Riding on the global popularity of brand ambassador Jennie from Blackpink, Hera has been gaining traction in the global market, with its leading Black Cushion foundation logging over 8.56 million combined domestic and international sales. At the end of August, a pop-up store was launched at Shibuya Scramble Square, a large shopping complex in Japan’s capital.

IndustrySept. 7, 2023

Seoul shares open lower amid rate hike concerns

Seoul shares opened lower Thursday, tracking losses on Wall Street, as better-than-expected US economic data bolstered the case for the Federal Reserve to raise interest rates further this year. The benchmark Korea Composite Stock Price Index fell 6.35 points, or 0.25 percent, to 2,556.99 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.6 percent to 34,443.19 and the tech-heavy Nasdaq Composite declined 1.1 percent to 13,872.47. The Institute for Supply Mana

MarketSept. 7, 2023

GS1 CEO calls on retailers to adopt QR codes to build trust

GS1, a nongovernmental organization based in Belgium that manages the bar codes scanned over 6 billion times daily across the globe, is set to unlock the future of the global retail industry with next-generation bar codes by supporting companies and consumers to access abundant trusted product data. GS1 CEO Renaud de Barbuat called on Korean business leaders in the retail and logistics industries to take a leap towards the digital transformation by replacing the bar codes they are using with two

IndustrySept. 6, 2023

Incheon Airport vows to rebuild global network after years of pandemic disruptions

Incheon Airport unveiled its vision to ramp up its customer services and fortify its partnerships with international airports around the world, during the 2023 ACI CX Global Summit held in Incheon, Wednesday. The 2023 ACI CX Global Summit is a global summit on airport customer experience organized by the Airports Council International. Incheon Airport was selected to host the event as the first South Korean airport to do so after it received a level 5 Customer Experience Accreditation -- the hig

IndustrySept. 6, 2023

Seoul shares down for 2nd day on high oil prices, rate hike woes

South Korean stocks finished lower Wednesday, as rising global oil prices renewed concerns about inflation and the continued push for monetary tightening by major economies. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 18.84 points, or 0.73 percent, to close at 2,563.34, extending a losing streak to the second session. Trading volume was moderate at 415.9 million shares worth 7.55 trillion won ($5.66 billion), with losers outpacing gainers 5

MarketSept. 6, 2023

[Contribution] Time for 'regulatory break' for SMEs

By Oh Kee-woong Last weekend, my family and I went to a pet-friendly coffee shop near our house. It was heartwarming to see dogs and cats playing around while we enjoyed a cup of coffee. But under the current law, many pet-friendly cafes in South Korea are actually illegal, except for five places that have been granted as “special cases for demonstration.” According to current laws, even if you ordered a puppucino -- caffeine-free beverage for pets -- for your dog in illegal cafes, i

IndustrySept. 6, 2023

Hyundai Rotem unveils new weapons system in Poland

Hyundai Rotem, a railway, defense and plant systems provider under Hyundai Motor Group, said Wednesday it has unveiled its ground-based weapons system at the International Defense Industry Exhibition, or MSPO, Poland’s annual trade fair for military equipment. The company displayed the K2 Gap Filler Main Battle Tank, also known as the K2 Black Panther tank, its first fighting vehicle exported to Poland. It also displayed its K808 wheeled armored vehicle with improved performance for the fi

IndustrySept. 6, 2023

Samsung CEO confident in competing against TSMC

Samsung Electronics co-CEO Kyung Kye-hyun, who oversees the tech giant’s chips business, expressed confidence in the foundry competition with its archrival, Taiwan Semiconductor Manufacturing Co., in line with the construction of a new chip plant in Taylor, Texas. Kyung visited Seoul National University on Tuesday to deliver a special lecture, titled “Dream & Happiness of Samsung Semiconductor: Sustainable Future," to promising talents. The lecture was preceded by those previous

TechnologySept. 6, 2023

Taxi fare surges most since Asian financial crisis

Taxi fares have experienced their most significant on-year surge since the 1997 Asian financial crisis, causing commuters like Kim Jung-ah, an office worker in Gangnam, Seoul, to feel the financial strain. Kim, who currently has a cast on her leg, relies on taxis for her daily commute to work, a journey that typically takes 10 to 15 minutes. “I spend around 8,000 to 9,000 won just for the short 10-minute ride to my office,” Kim said. "If I had the option, I'd seriously cons

IndustrySept. 6, 2023

[From the Scene] Chinese EV leaders take Europe's biggest auto show by storm

MUNICH -- Chinese companies led by electric vehicle giant BYD were the talk of the town during the press day at IAA Mobility in Munich on Monday. BYD, which had set up one of the biggest exhibition booths at the Messe Munich exhibition center, seemed to draw the largest crowd, filled with hundreds of reporters from across the world as the company announced the launch of its EV sedan, Seal, for the European market during the press conference. A local German journalist who wished not to be named t

MobilitySept. 6, 2023

[Photo News] Polish President at Hanwha booth

Hanwha Group Vice Chairman Kim Dong-kwan (second from left) speaks to Polish President Andrzej Duda (third from left) during the MSPO defense trade show held in Kielce, Poland, Tuesday. During the booth tour, the Polish leader was briefed on Hanwha’s diverse defense technologies, including the 30,000-ton Jangbogo-III Batch-II submarine. (Hanwha Group)

IndustrySept. 6, 2023

SK Ecoplant forays into Europe with Posco

SK Ecoplant, the construction and energy arm of SK Group, signed a memorandum of understanding with Posco International on Wednesday with an aim to foray into the European market with recycled plastic technology. On Tuesday, the companies secured their partnership at SK Ecoplant’s headquarters in central Seoul. Under the agreement, the two companies will cooperate on providing raw materials for recycled plastic, including the Recycled Polyester chip (RPET), to the Europe market. Made from

IndustrySept. 6, 2023

KT bolsters ties with Canada’s Vector Institute for AI

KT Corp. said Wednesday that it discussed bolstering its partnership with Canada's Vector Institute, a nonprofit firm dedicated to artificial intelligence research, to advance its latest AI technologies. The two parties have already been collaborating in the area of AI research and business development since its partnership agreed in September last year. On Tuesday, Vector Institute CEO Tony Gaffney visited KT’s R&D center in Seocho-gu, Seoul, during which more concrete steps were

IndustrySept. 6, 2023

[Photo News] LG-Magna alliance

LG Electronics CEO Cho Joo-wan (right) visits the exhibition booth of Canadian auto parts maker Magna at IAA Mobility, one of the world's largest automotive trade shows, in Munich on Tuesday. The Korean tech giant said the CEO discussed various ways to bolster its partnership in electric vehicle parts with Magna Powertrain President Diba Ilunga. "In alliance with Magna, we'll strengthen our position in the global electronics market and proactively address the future of mobility, i

TechnologySept. 6, 2023

S. Korean defense firms seek to bolster foothold in Poland at int'l arms exhibition

Major South Korean defense companies have showed off tanks, guided weapons and other key weapons systems at an annual arms exhibition under way in Poland, as they seek to solidify their presence in the European country on the back of successful deals signed last year. The 31st International Defense Industry Exhibition, or MSPO, got under way Tuesday for a four-day run in Kielce, Poland, after South Korean companies secured major deals last year to supply K2 tanks, K9 self-propelled howitzers, FA

IndustrySept. 6, 2023

Lotte Mart to create special shopping zones for foreign travelers

Lotte Mart, one of South Korea's major supermarket chains, will create special shopping zones for foreign visitors at its branches frequently visited by inbound travelers, its operator said Wednesday. Last month, Lotte Mart first created a 20-meter-long special shopping zone, named "Must-Haves of Korea: K-Food," at its Seoul Station branch, where about 30 percent of visitors were foreigners in the first eight months of this year, according to Lotte Shopping Co. Lotte Mart plans to

EconomySept. 6, 2023