LG Innotek up to 61% of RE100 goal after 1 year

LG Innotek said Thursday that it has met nearly 61 percent of its renewable energy transition goals just a year since it joined the RE100 corporate initiative in July 2022. According to its sustainability report, it converted 60.9 percent of its energy consumption to renewable energy last year, a significant increase from 22.1 percent in 2022. LG Innotek explained that this resulted in about 267,000 tons of reduction in carbon emissions, equivalent to that of around 40 million 30-year-old pine t

IndustryJune 30, 2024

Korea's cafe count surpasses 100,000

South Korea’s number of coffee shops exceeded 100,000 for the first time in 2022, reflecting the major trend of daily coffee consumption that has been continually growing in the country since 1999. According to Statistics Korea on Sunday, there were 100,729 coffee shops at the end of 2022, an increase of 4,292 from the previous year. Coffee shops generated 15.5 trillion won ($11.2 billion) in combined sales while hiring some 270,000 workers nationwide. Industry officials say the continuous

IndustryJune 30, 2024

[From the Scene] Amazon courts K-beauty sellers on robust sales

US-based e-commerce giant Amazon is increasingly reaching out to Korean beauty product makers to join its sprawling online platform, where demand for “K-beauty” products is soaring globally. Amazon Global Selling Korea, the Korean unit, held the Amazon K-Beauty Conference -- the first exclusively dedicated to Korean beauty products -- at a Seoul hotel on Thursday. Co-hosted by Kolmar Korea, Korea's leading original design manufacturer for global beauty brands, the event attrac

CompaniesJune 30, 2024

S. Korea's pharmaceutical, biotechnology exports spike 55 pct on-year in H1

South Korea's exports of pharmaceutical and bio technologies surged from a year earlier in the first half of the year, data showed Saturday. In the first six months of the year, the country exported 4.5 trillion won ($3.26 billion) worth of pharmaceutical and bio technologies, up 55 percent from 2.9 trillion won for the same period last year, according to the data from the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The number of export deals dropped to seven from 12 over

EconomyJune 29, 2024

Financial regulator lowers cap on loans for people with low credit scores

The financial regulator has lowered maximum rates for loans extended by secondary lenders, such as savings banks, to people with mid- and low-level credit scores, market sources said Saturday. According to the sources, the Financial Services Commission has cut the maximum rate on loans from mutual finances to 10.22 percent in the second half of the year from the 10.5 percent applied in the first six months. The maximum rate for midrange interest rate loans from savings banks has also been reduce

EconomyJune 29, 2024

Korean Air's Q2 earnings to surpass market consensus: report

Korean Air is expected to continue its trajectory with another solid quarter, backed by increased revenue from the company’s cargo business, according to a security firm’s report and industry sources Friday. According to Daishin Securities’ report, Korean Air’s revenue from its cargo business is expected to increase in the second quarter due to high demand, increased cargo and a recent drop in fuel prices. “The April-June period is considered as a low season for air

IndustryJune 28, 2024

Woori Financial Group reveals progress in sustainable management

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors. “At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong

CompaniesJune 28, 2024

Naver's Webtoon Entertainment gains 10% on Nasdaq debut

Shares in online comics platform Webtoon Entertainment, a subsidiary of Naver in the US, rose around 10 percent in the first day of trading on Nasdaq on Thursday, giving the company a valuation of $2.92 billion. Webtoon Entertainment’s stock first opened at $21.30, and traded as high as $24. The stock price eased off the peak to close at $23. Through the initial public offering, Webtoon Entertainment is estimated to have raised $315 million, selling 15 million shares. The company earlier a

IndustryJune 28, 2024

Seoul shares close higher as investors search for clues about Fed's rate policy

Seoul shares ended higher Friday as investors waited for clues about the direction of the US rate decision with key data due later in the day. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index added 8.02 points, or 0.29 percent, to 2,792.08. Trade volume was moderate at 601.1 million shares worth 10.8 trillion won ($7.8 billion), with winners outnumbering losers 578 to 294. Foreigners and institutions purchased local shares worth 29.2 billion

MarketJune 28, 2024

SK hynix develops industry's top-spec SSD for AI PCs

SK hynix, the world's second-largest memory chip-maker by revenue, said Friday it had successfully developed the industry's highest performancesolid state drive chip that can significantly enhance the process speed in on-device artificial intelligence. The product, dubbed PCB01, comes with the capabilities of sequential read and write speeds of 14 gigabyte and 12GB per second, respectively, bringing the performance of an SSD to a level unseen before, SK hynix said. The speeds allow the

IndustryJune 28, 2024

Naver’s top executives discuss sovereign AI with Nvidia CEO

Naver Global Investment Officer and founder Lee Hae-jin and Chief Executive Officer Choi Soo-yeon met with Jensen Huang, the co-founder and CEO of Nvidia, to discuss strengthening their partnership in the rising artificial intelligence technology, according to the Korean internet giant Thursday. Naver’s key executives, including Lee, Choi and Naver Cloud CEO Kim Yoo-won met with Huang at Nvidia’s headquarters in Santa Clara, California on Tuesday. During their meeting, the executives

IndustryJune 28, 2024

Hyundai E&C takes protective heat wave measures for workers

Hyundai Engineering & Construction said Friday that it carried out special inspections to ensure workers are protected against heat waves at construction sites amid sweltering early summer heat. Hyundai E&C's Chief Safety Officer Hwang Joon-ha visited one of the construction sites for its apartment brand Hillstate in Uijeongbu, Gyeonggi Province, Thursday to assess the implementation of the company's "3GO! Program," a manual for preventing heat exhaustion and to ensur

IndustryJune 28, 2024

Hanwha Systems teams up with US satellite company

Hanwha Systems said Friday that its in-house venture Flexell Space had teamed up with US satellite manufacturer Terran Orbital, paving the way to enter the US market and expand its businesses. According to the announcement, the two sides inked a memorandum of understanding on solar cell supply and international business cooperation. They plan to co-develop satellite solutions to bolster their presence in both US and Asian markets. As the first part of their partnership, Flexell Space will supply

CompaniesJune 28, 2024

S. Korea's imports of crude oil fall 2.5% in 2023

South Korea's imports of crude oil fell 2.5 percent on year in 2023, data showed Friday, as consumption of petroleum products declined last year. South Korea imported 1.01 billion barrels of crude oil last year, down from 1.03 billion barrels in 2022, according to data compiled by the Korea National Oil Corp. The Middle East accounted for 71.9 percent of South Korea's crude oil imports last year, up from 67.4 percent in 2022. South Korea's dependency on the Middle East crude oil h

EconomyJune 28, 2024

Seoul shares open tad higher ahead of key US data

Seoul shares opened a tad higher Friday ahead of the release of the Federal Reserve's preferred gauge of inflation. The benchmark Korea Composite Stock Price Index added 2.61 points, or 0.09 percent, to 2,786.67 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, as the US personal consumption expenditures (PCE) price index for May is set to be released Friday, the latest data for any clues on the Fed's monetary policy direction. In Seoul, market bellweth

MarketJune 28, 2024

S. Korea, US discuss supply chain, export control

South Korea's industry ministry said Friday it has discussed ways to expand ties in addressing supply chain and export control issues with Washington under a regular bilateral dialogue. Industry Minister Ahn Duk-geun and his US counterpart, Gina Raimondo, discussed related matters during the Supply Chain Commercial Dialogue in Washington on Thursday, according to the Ministry of Trade, Industry and Energy. The SCCD is a regular ministerial forum, proposed during US President Joe Biden'

EconomyJune 28, 2024

Korea, US, Japan to prioritize chips, battery supply chain resilience

Top economic policymakers from South Korea, the United States and Japan agreed to deepen their trilateral cooperation on semiconductors and key minerals supply chains in a meeting held in Washington on Wednesday. Korean Minister of Trade, Industry and Energy Ahn Duk-geun, US Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade and Industry Saito Ken held the inaugural three-way ministerial meeting to discuss measures to promote the development of core and emerging techno

EconomyJune 27, 2024

Sky Labs’ ring-type blood pressure monitor eyes US, Europe debuts

South Korean health care startup Sky Labs said Thursday it is seeking to debut its ring-type blood pressure monitor, CART BP, in the US and Europe next year following its Korean launch in July to enjoy insurance benefits. The announcement comes after the nation’s Health Insurance Review & Assessment Service recently decided to allow the health care ring to get covered by the National Health Insurance Service. CART BP is the first ring-type medical device approved by the Ministry of Foo

IndustryJune 27, 2024

Fila Holdings releases 5th sustainability report

South Korean-owned sportswear brand Fila Holdings on Thursday released its latest annual sustainability report, “Your Fila Impact -- Fila Integrated Report 2023,” demonstrating its commitment to sustainability management. This is the fifth publication of its kind since Fila established its “Your Fila Impact 2025” sustainability goal in 2019. Last year, the company adopted its sustainability theme: "Change the game: From deuce to victory." In the environmental

IndustryJune 27, 2024

Seoul shares end lower on chip slump after Micron earnings

Seoul shares closed lower Thursday amid investors' disappointment on Micron Technology's earnings results. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 7.99 points, or 0.29 percent, to 2,784.06. Trade volume was moderate to a little slim at 387.4 million shares worth 10.1 trillion won ($7.3 billion), with losers far outnumbering winners 619 to 262. Foreigners and retail investors purchased local shares worth 509.5 billion

MarketJune 27, 2024