‘U-shaped’ recovery forecast for trade

South Korea's trade deficit will persist in the second half of this year, following the same pattern observed in the first half, according to a Korean trade lobby group on Wednesday. Nevertheless, there is anticipation for a gradual recovery resembling a "U-shape" in the long term, as the trade deficits continue to decrease steadily. “It is difficult to anticipate a V-shaped recovery. Although we are uncertain about the duration, we expect to see a U-shaped recovery,”

IndustryJune 28, 2023

[Best Brand] Easydew releases new high-tech skin care lineup

Easydew, the skin care brand under Daewoong Pharmaceutical, said it will be releasing a new line of functional cosmetics amid the increased demand for beauty products that provide health benefits. Daewoong Pharmaceutical said Easydew recently unveiled a new product line dedicated to targeting hyperpigmentation and freckles. The lineup consists of three products including Melatoning Cream, Melatoning Sun Cream, and Melatoning Sun Cushion. According to the pharmaceutical firm, the products offer p

IndustryJune 28, 2023

[Best Brand] Shinhan's spring-inspired card offers excellent cash back rewards

Shinhan Card's spring-themed credit and debit cards have been well received by customers by providing excellent benefits and discounts at various stores both within and outside of Korea. The cards are named "Bom," a Korean word that holds dual meanings. Firstly, as a noun it can be translated to "spring," representing the beginning of the four seasons. The Korean company said it chose this name to show that its new card's concept symbolizes support for a vibrant and

IndustryJune 28, 2023

[Best Brand] KS Group seeks to top wallpaper industry after merger

Korea’s steel and auto parts maker KS Group is taking another big leap as a leading player in the nation’s wallpaper industry with its planned merger with local rivals. The group started its wallpaper business in 2019 when it acquired a local wallpaper firm, which was then renamed KSWallcoverings. Then, it acquired another wallpaper company, called Jeil Wallpaper, in 2020. Now the two companies are operated under the group’s wallpaper business unit, KSW. The group also purchase

CompaniesJune 28, 2023

[Best Brand] Emro seeks to lead innovation in supply chain management

South Korean supplier relationship management vendor Emro has been leading the digitalization of the purchasing process between companies and their suppliers, improving accuracy and efficiency in overall procurement operations. Founded in 2000, Emro has been conducting next-generation procurement system projects with leading companies in various industries such as Samsung, Hyundai Motor, LG and SK. Through these projects, Emro has incorporated specialized purchasing processes and functions tailo

TechnologyJune 28, 2023

[Best Brand] 1879 Gangnam Wine School aims to foster wine experts

Established to concentrate on cultivating wine experts through its wine expert course, 1879 Gangnam Wine School aims to provide systematic and high-quality education through its sisterhood with Universite Du Vin, one of France's top three wine universities, founded in 1978. Since its opening in May 2007, Gangnam Wine School has operated its Wine CEO Master Course, with the 48 ongoing courses as of 2023. The 1879 Wine CEO Master Course is a wine culture program targeting CEOs, professionals

IndustryJune 28, 2023

Head of construction giant hands out cash to hometown residents

Every household in a small rural village in Suncheon, South Jeolla Province, received cash gifts up to as much as 90.2 million won ($69,000) per household in the past month. The generous donor was Lee Joong-keun, the 82-year-old founder of property developer Booyoung Group, who grew up there in poverty and wanted to express his “thanks to the support of villagers.” According to the conglomerate, all 280 households in its chairman's hometown of Unpyeong-ri were wired cash, rangin

IndustryJune 28, 2023

Posco chief bolsters ties with global partners

Posco Group Chairman Choi Jeong-woo held a series of meetings with key investors and business leaders in his recent visit to the US and Canada in a bid to strengthen ties, according to the company. Choi delivered a keynote speech at the Global Steel Dynamics Forum held in New York on Tuesday, during which he discussed the trends facing the steel industry and stressed the need for cross-border solidarity to seek sustainable growth. Organized by World Steel Dynamics, the forum was attended by glob

IndustryJune 28, 2023

Seoul shares fall ahead of Powell speech

South Korean stocks closed 0.67 percent lower Wednesday, led by foreign selling, as sound US economic data adding justification for the Federal Reserve's interest rate hikes dampened investor sentiment. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index slid 17.20 points to finish at 2,564.19. Trading volume was moderate at 477.4 million shares worth 8.66 trillion won ($6.62 billion), with decliners outpacing gainers 502 to 366. "The s

MarketJune 28, 2023

Finance sector unaffected by changes in age counting system

Abolishment of the “Korean age” system, which came into effect Wednesday, will not make a substantial difference in the local finance sector, as the industry has already been using the internationally recognized age counting system. The country’s top finance regulator Financial Supervisory Service launched a counseling center under its call center on Wednesday to respond to consumers experiencing difficulties with the new age system. The FSS, however, expects that the new age s

MarketJune 28, 2023

[KH explains] Fear of being short fuels early puberty treatment boom

South Korea’s precocious puberty treatment market has seen rapid growth in recent years, as much as parents’ growing interest in children’s height has led to shortages of the therapies. Precocious puberty treatment is prescribed to children whose puberty begins before age 8 in girls and before age 9 in boys. Children with early puberty may grow quickly at first compared to their peers, but they often stop growing earlier than usual, causing them to be shorter than average later

TechnologyJune 28, 2023

[Best Brand] Starbucks Korea offers camping gear in seasonal giveaway

Starbucks Korea is putting forward a 2023 summer promotional event showcasing five gift items including side tables in three color options and two types of Starbucks-themed pans and plates until July 10 at its stores nationwide. The seasonal event, called the e-Frequency reward program, has been taking place biannually in South Korea since 2013, providing limited-edition goods to Starbucks members who purchase a total of 17 drinks, including three mission drinks. This year's theme, "Su

ConsumerJune 28, 2023

Researchers develop waterproof, transparent, flexible OLED

Korean researchers have developed an organic light-emitting diode display that can emit light while showing the background under water by utilizing MXene nanotechnology, Korea Advanced Institute of Science and Technology said Wednesday. MXenes indicate a class of two-dimensional inorganic compounds comprising transition metal carbides, nitrides or carbonitrides. “We expect this study to not only serve as a guideline for MXene’s application in various electronic devices, but also be u

TechnologyJune 28, 2023

MWC Shanghai returns as in-person event after pandemic hiatus

SHANGHAI -- The Mobile World Congress Shanghai, the Asia edition of the world’s largest mobile communications industry trade show, has returned as an in-person event on Wednesday after a two-year hiatus due to strict COVID-19 restrictions in China. This year’s event, which runs through Friday at the Kerry Hotel Pudong and Shanghai New International Expo Center in Shanghai, kicked off under the theme of “velocity” and focused on three major areas -- 5G transformation, the

TechnologyJune 28, 2023

[Best Brand] Coway raises the bar for water purifiers

South Korean home appliance maker Coway is redefining the market with its innovative design and performance of its water purifiers. Its Icon Ice Water Purifier has gained attention with its comparably small size. With a width of 24 centimeters and a side length of 47.3 centimeters, the Icon water purifier can contribute to better kitchen space utilization. Available in ice white, pink, blue, and gray, the Icon Purifier boasts its ice-making speed, with each cycle taking only about 12 minutes and

ConsumerJune 28, 2023

LG’s market cap triples under Koo's leadership

LG Group, South Korea’s fourth largest conglomerate, has seen its market capitalization triple and sales jump about 30 percent under the leadership of Koo Kwang-mo, who marks his fifth anniversary as the group's chairman on Thursday. With bold decisions to restructure the business portfolio and concentrate investment in key areas of automotive solutions and energy, and future technologies, Koo appears to be solidifying his leadership after he took office on June 29, 2018, following th

IndustryJune 28, 2023

Food ministry vows to double K-food exports by 2027

The South Korean government on Wednesday unveiled a plan to drastically ramp up Korea's food exports to combat stagnancy in the domestic food market and to capitalize on the K-food boom overseas. The Ministry of Agriculture, Food and Rural Affairs announced a plan that aims to nearly double Korea's agricultural exports from $8.82 billion in 2021 to $15 billion by 2027. With the new plan, the Food Ministry said it will vie for a 9 percent on-year growth on average and ultimately raise t

ConsumerJune 28, 2023

[Best Brand] Yamaha aims to enhance motorcycle safety

Yamaha Motor Company has been a pioneer in making motorcycles safer and more convenient by developing and incorporating cutting-edge electronic safety equipment. In particular, the all-new XMAX 300 sports scooter, recently released in South Korea under the distributor Hankook Motor Company, touts such innovative technology, making it a viable option for riders who want to be safer on the road. The vehicle comes with an anti-lock brake system and a traction control system, Yamaha said, which inst

MobilityJune 28, 2023

Samsung unveils foundry road map to take on TSMC

Samsung Electronics, the world’s largest memory chipmaker, on Tuesday unveiled a new foundry business road map, saying it will expand the adoption of the 2-nanometer manufacturing technology in phases to mobile applications by 2025, high-performance computing by 2026 and automotive chips by 2027. The bold plan comes as Samsung, a distant No. 2 in terms of foundry sales after Taiwan Semiconductor Manufacturing Co., is investing heavily to boost its burgeoning foundry business and narrow the

IndustryJune 28, 2023

Hyundai invests W2b in auto chip startup

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

MobilityJune 28, 2023