CJ CheilJedang forays into Amazon Germany for European expansion

CJ CheilJedang, a leading South Korean food company, is signaling European expansion with the recent opening of its Bibigo brand store on Amazon Germany, the company said Tuesday. Opened last month, the brand store is featuring 19 products on Germany’s foremost e-commerce platform. The products include: seaweed snacks, dumplings and Korean sauces. Seaweed snacks, in particular, were launched first to meet the demand for more diverse, healthy snack options in the local market. CJ CheilJedan

IndustryJune 25, 2024

Seoul shares open higher on autos, chemicals

Seoul shares opened higher Tuesday as investors scooped up auto and chemical shares, despite a slump in technology shares on Wall Street. The benchmark Korea Composite Stock Price Index fell 6.69 points, or 0.24 percent, to 2,771.42 in the first 15 minutes of trading. Overnight, the Nasdaq Composite plunged 1.09 percent, and the Dow Jones Industrial Average added 0.67 percent. Nvidia, which briefly shot up to become the most valuable firm last week, plunged 6.68 percent, with other technology fi

MarketJune 25, 2024

Planned start of stricter rules on household loans to be postponed until September

The financial regulator said Tuesday that the planned implementation of stricter rules on household loans will be postponed until the start of September amid various risk factors facing the financial market. The country was originally set to implement a second phase formula for floating rate stress debt service ratio (DSR) at the start of next month. The government "has decided through consultations with related organizations to implement the second phase DSR steps from Sept. 1," the F

EconomyJune 25, 2024

Kang Sue-jin's ballet meets public procurement in PPS' new promotional video

South Korea’s government procurement agency said Monday that it has unveiled the emotionally evocative promotional video titled “K-Public Procurement, The Next Stage,” starring the nation's famed ballerina Kang Sue-jin. The video, now available on the Public Procurement Service's official YouTube channel, leverages the artistry of the Korean National Ballet to draw parallels between the elegance of ballet and the seamless integration of public procurement processes.

IndustryJune 24, 2024

LG Chem CEO to co-chair WEF meeting

LG Chem Vice Chairman and CEO Shin Hak-cheol has been named co-chair of World Economic Forum’s Annual Meetings of New Champions this year, the company said Monday. The World Economic Forum holds the annual meeting in Dalian, China, from Tuesday to Thursday this week, under the title of “Next Frontiers for Growth.” The event will invite over 1,500 high-profile leaders from business, government, civil society and international organizations. Shin, one of the 11 co-chairs of the a

IndustryJune 24, 2024

Seoul shares down for 2nd day on SK hynix, batteries

Seoul shares closed lower Monday as SK hynix plunged by nearly 5 percent and battery makers remained in negative terrain. The benchmark Korea Composite Stock Price Index fell 19.53 points, or 0.7 percent, to 2,764.73. Trade volume was moderate at 580.2 million shares worth 10.8 trillion won ($7.8 billion), with losers outnumbering winners 637 to 233. Foreigners and institutions sold local shares worth 386 billion won and 94.4 billion won, respectively, while retail investors purchased 464.7 bill

MarketJune 24, 2024

S-Oil completes digitalization for smart factory systems

S-Oil announced Monday that its advanced smart factory system has become fully operational recently following a three-year digital transformation project. To transform its Onsan plant in Ulsan into a smart facility, S-Oil implemented the S-imoms project, its integrated manufacturing operation management system. The S-imoms project required an investment of approximately 25.5 billion won ($18 million) over three years. S-Oil expects to achieve annual economic benefits of over 20 billion won throu

IndustryJune 24, 2024

Mirae Asset to launch new covered call ETF for retirees

Mirae Asset Global Investments, Korea’s leading asset management firm, will launch a new covered call exchange-traded fund that generates monthly income to target investors who are seeking steady income to prepare for retirement. The asset manager is to list the Tiger US Nasdaq-100+ 15% Premium Daily Option ETF on the Korea Exchange on Tuesday. The 100 billion won ($72 million) ETF product tracks US large-cap index Nasdaq-100, which consists of the 100 largest nonfinancial companies listed

IndustryJune 24, 2024

[Herald Interview] C&W’s new facility management service aims to spur Korean growth

Cushman & Wakefield Korea, the local arm of the global commercial real estate services firm, is launching a more integrated facility management service next month to better meet the growing demand from corporate clients. The service, called Integrated Facilities Management or IFM, ranges from janitorial, cleaning and food management to disaster prevention and data centers. “The IFM service was not available in Korea as many of our clients were foreign companies that were renting small-

IndustryJune 24, 2024

LG Innotek eyes W2tr in automotive sensor sales by 2030

LG Innotek on Monday set an ambitious goal of achieving 2 trillion won ($1.44 billion) in automotive sensor sales by 2030. The company said it will speed up efforts to adopt its cutting-edge optical technology to diverse future mobility and automotive sensing solutions. Its strategic focus will be lidar, the light detection and ranging sensors that are crucial for self-driving vehicles. Earlier this month, the company launched a new team solely dedicated to lidar development immediately under th

IndustryJune 24, 2024

[Photo News] KT&G Lil Aible revamped

South Korea's leading tobacco maker KT&G said Monday it will start sales of its new heat-not-burn tobacco device Lil Aible 2.0 on Wednesday. The new device comes with a brand-new Pause feature, which allows users to pause the heating process for two minutes. Using its fast charging technology, it takes about 40 minutes to charge up to 50 percent. The preheating time has also been reduced by 20 percent compared to the previous model. (KT&G)

IndustryJune 24, 2024

LS Cable to power NextStar battery plant in Canada

LS Cable & System, one of the world’s leading cable manufacturers, said Monday that it will provide high-capacity power distribution bus ducts for NextStar Energy’s new battery plant in the Canadian province of Ontario. NextStar Energy, a partnership between LG Energy Solution and Stellantis, is building a large electric vehicle battery factory in Windsor, Ontario. Bus ducts are metal-enclosed systems that house conductive plates to efficiently distribute high-capacity electric

MobilityJune 24, 2024

[Photo News] Record time

Hyundai Motor Group said Monday it has set new records at the Pikes Peak International Hill Climb race in Colorado, clinching the fastest times in both modified and unmodified categories for mass-produced electric vehicles. The modified Hyundai Ioniq 5 N Time Attack Spec accomplished the course in 9 minutes and 30.852 seconds, surpassing the previous record for a mass-produced EV. The standard Ioniq 5 N completed the race in 10 minutes and 49.267 seconds, also setting a new benchmark. (Hyundai M

MobilityJune 24, 2024

[Business Diplomacy] 'Ample room for business diplomacy with the US'

This article is the second installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. South Korea has ample room to strengthen its business diplomacy with the United States, particularly in trade and pivotal sectors such as clean energy and digital technology, according to James Fatheree, an executive director of The GR Company and

IndustryJune 24, 2024

Seoul shares open lower ahead of key US data, earnings releases

Seoul shares opened lower Monday, after a mixed close on Wall Street, as investors remained cautious ahead of key US data and corporate earnings. The benchmark Korea Composite Stock Price Index fell 6.68 points, or 0.24 percent, to 2,777.58 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average edged up 0.04 percent, while the Nasdaq Composite and S&P 500 fell 0.16 percent and 0.18 percent, respectively, as big-cap tech shares took a breather following a rally. Inves

MarketJune 24, 2024

Korea's antitrust watchdog to rule on YouTube bundling allegation

South Korea's antitrust regulator plans to wrap up its over 16-month investigation into YouTube next month to determine whether the US platform breached any rules by bundling its music streaming service with its ad-free premium subscription program. Korea Fair Trade Commission Chairman Han Ki-jeong said the antitrust agency is "well aware that the industry and customers raised concerns over the bundling of YouTube Music with the YouTube Premium subscription,” during a press confe

IndustryJune 23, 2024

[From the Scene] Olive Young’s docent tour wows K-beauty enthusiasts

"Imagine a library where the shelves are stocked not with books, but with the latest beauty trends, eco-friendly cosmetics and vegan options that you can try out; that's Olive Young Myeongdong Town," said Lee Yoon-jeong, a manager at a branch in Myeong-dong, Seoul, of Olive Young, the nation's largest beauty retailer owned by CJ Group, during a special docent tour Wednesday. The Myeongdong Town branch, located in the bustling shopping district, is one of two Olive Young store

IndustryJune 23, 2024

Hyundai Motor to seek breakthrough in Japan with Casper Electric

Hyundai Motor is hoping its newest all-electric small vehicle, the Casper Electric, will allow it to break through in the Japanese market, a near wasteland for the Korean automaker. According to Hyundai Motor, the Casper Electric will be unveiled for the first time during press day at the Busan International Mobility Show on Thursday. This year’s auto event will last through July 7. The Casper Electric is expected to hit the Japanese market next year after going on sale in Korea in the sec

MobilityJune 23, 2024

Hana Financial chief highlights green financing efforts in Australia

Hana Financial Group Chairman Ham Young-joo discussed the importance of green financing with Australia’s high-ranking government official in a meeting held in Canberra, the firm said Sunday. Ham met with Alex Heath, the first assistant secretary of the Australian Treasury’s climate and energy division, during his three-day visit to the country as part of efforts to expand the firm’s global presence. "Hana Financial has achieved nearly 45 percent of what was announced in it

IndustryJune 23, 2024

Homeplus overhauls Ulsan site to boost in-store experience

South Korean discount chain Homeplus has renovated its Ulsan branch into the Homeplus Mega Food Market, a new concept store designed to offer an enhanced on-site shopping experience focused on fresh food products. “Along with the Homeplus Mega Food Market, the new core drive of Homeplus’ growth, we will continue to increase our interactions with customers while strengthening the competitiveness of our offline stores,” said Jo Do-yeon, head of Homeplus’ marketing departmen

CompaniesJune 23, 2024