KT&G declines FCP proposal to buy ginseng unit

South Korean top tobacco company KT&G has rejected a recent proposal from the Singapore-based activist private equity fund Flashlight Capital Partners to acquire Korea Ginseng Corporation, a KT&G affiliate. In a move to turn down Flashlight Capital Partners' bid, KT&G issued a statement Friday and reiterated its commitment to a long-term growth strategy focused on three core businesses, including health functional foods -- the segment Korea Ginseng Corporation falls under. KT&am

Nov. 8, 2024

Starbucks to open store on North Korea's doorstep

Starbucks Korea will open a new outlet this month, just 1.4 km away from North Korea. The store will be located on the second floor of the observatory at Aegibong Peace Ecopark in Gimpo, Gyeonggi Province. Aegibong, a 154-meter peak, offers a direct view of North Korea’s Kaepung County and Songaksan. Since the park’s opening in 2021, the observatory has drawn large crowds. Last year, almost 140,000 tourists visited the park to catch a glimpse of North Korea. The ecopark features an o

Nov. 8, 2024

Posco considers selling off steel plant in China amid market oversupply

Posco Group is reportedly considering selling its stainless steel plant in Zhangjiagang, China, as part of a broader restructuring initiative led by Chairman Chang In-hwa to streamline 125 low-profit and non-core assets. According to industry sources Friday, Posco is in the process of selecting an advisory firm to aid in decision-making regarding the sale of Zhangjiagang Pohang Stainless Steel. With an annual production capacity of 110,000 metric tons, the plant was constructed near the Yangtze

Nov. 8, 2024

Naver to enhance 'AI Briefing' after record Q3 earnings

South Korean internet giant Naver on Friday reported record-high quarterly earnings for the July-September period, showing strong performances in all of its major businesses including the search platform, commerce and content. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company would expand its "AI Briefing" summary function to mobile phones next year. The feature provides direct answers to search queries by understanding user intent and context based

Nov. 8, 2024

Korean transformer export surge on clean energy, AI demand

South Korea’s transformer industry is booming thanks to rising global demand for clean energy and artificial intelligence infrastructure. Leading Korean manufacturers like HD Hyundai Electric and Hyosung Heavy Industries have seen a significant surge in orders for their high-capacity transformers, which are essential for handling the massive electricity loads required by renewable energy projects and data centers supporting AI. With their order books full and growing, these companies are n

Nov. 8, 2024

KT&G reports record cigarette sales in Q3

KT&G, the nation’s largest tobacco company, said Thursday its cigarette sales hit a new record in the third quarter, largely buoyed by overseas sales. In the July-September period, the company reported 1.04 trillion won ($780 million) in cigarette sales, up 7.7 percent from a year ago and the highest-ever quarterly figure. Operating profit in cigarette sales also soared 23.6 percent to 333 billion won. Overseas sales made up about one-third of its total cigarette sales, worth 419.7 bil

Nov. 7, 2024

Mirae Asset Securities Q3 earnings more than double

Mirae Asset Securities, a leading brokerage house in Seoul, reported robust earnings in the third quarter, largely buoyed by the strong performance of overseas units. In its earnings report on Thursday, the brokerage firm said its operating profit more than doubled to 370 billion won ($265 million) in the July-September period compared to a year ago, while its net profit soared to 290 billion won, almost tripling on-year. The company attributed the upbeat earnings to the growth of its foreign su

Nov. 7, 2024

Chipmakers urged to leverage AI edge in tackling uncertainties

Donald Trump's second presidency is unsettling the chip industry globally, after the outspoken leader had publicly threatened during his campaign to cut subsidies for chipmakers and raise tariffs on foreign firms. South Korea, home to the world’s top two memory chip-makers, is no exception. Experts suggest that Korea should leverage its strengths in artificial intelligence chips and further bolster ties with the new US administration. One of the imminent concerns is the possibility of

Nov. 7, 2024

Korean auto, battery firms buckle up for second Trump term

Korean automakers and battery-makers now face the daunting task of coping with a second Donald Trump administration, as they try to prepare various measures to weather the storm of uncertainties expected from the next president of the United States. Throughout his election campaign, Trump has openly criticized the Joe Biden administration’s Inflation Reduction Act and its Advanced Manufacturing Production Credit that have given financial benefits to Korean companies in the electric vehicle

Nov. 7, 2024

Coupang founder to sell $360m of stock

Coupang founder and CEO Bom Kim announced on Thursday plans to sell 15 million shares valued at some $360 million — his first sale since Coupang’s New York Stock Exchange debut on March 15, 2021. He also plans to donate an additional 2 million shares to charity. Kim currently owns 174,802,990 Class B shares and the shares he plans to sell represent almost 9.7 percent of the total holding. The Class B shares, exclusively owned by Kim, have 29 times the voting power of regular shares.

Nov. 7, 2024

India’s vibrant economy ready to lure Korean investors, says ambassador

Deeper economic and commercial ties between India and South Korea could pave the way for mutual growth, India’s ambassador to South Korea said, highlighting the potential of India’s young, expanding consumer base and robust annual growth rate. “India’s economy continues to demonstrate resilience and growth, driven by forward-looking government policies,” India’s Ambassador to South Korea Amit Kumar said in his opening remarks at the Global Business Forum hoste

Nov. 7, 2024

LG Uplus eyes W3tr investment in AI by 2028

LG Uplus CEO Hwang Hyeon-sik said Thursday the company would invest up to 3 trillion won ($2.15 billion) in the telecom carrier's artificial intelligence business over the next four years. The announcement came as the CEO introduced the company's AI transformation strategy during a press briefing in Seoul. Hwang highlighted that the key behind the telecom carrier's AX strategy is customer-centered thinking and AI orchestration. “To grow as an AX company, it’s essenti

Nov. 7, 2024

Lotte Biologics runs internship program open to all

South Korean contract development and manufacturing organization Lotte Biologics said Thursday that it offers job opportunities without specific qualification requirements in its year-round internship program. The Open Innovation Internship is open to anyone, regardless of gender, nationality, age, educational background or career history. The internship duration can be tailored to suit the needs of both the company and the participants. When Lotte Biologic needs new interns, it reviews profiles

Nov. 7, 2024

South Korean trade authorities prepare trade shifts after Trump's victory

South Korean trade authorities on Wednesday began discussing strategies in response to potential US trade policies under Donald Trump's second term as president. The Ministry of Trade, Industry and Energy said it convened an emergency meeting to review potential policy responses centered around Trump's campaign pledges. The ministry has been closely monitoring and analyzing the possible impacts of the US election outcome on major industries, including semiconductors, automobiles, batte

Nov. 6, 2024

South Korean biz community hopes for stronger Korea-US cooperation

South Korea's major business organizations on Wednesday joined in congratulating Donald Trump on his victory in the US presidential election, urging him to strengthen Seoul-Washington cooperation. The Korean Chamber of Commerce and Industry congratulated Trump on his election victory, emphasizing that the Korea-US trade and economic partnership is anchored in a strong security alliance. The KCCI expressed hope for continued bilateral relations under the incoming Trump administration, adding

Nov. 6, 2024

South Korean industries likely to revisit US investment plans after Trump win

With former US President Donald Trump's successful reelection to the White House, South Korean industries with major investments in America may be expected to realign their US business strategies amid an anticipated shift in Washington's economic and trade policies. Many in the South Korean business community forecast a second Trump administration to pursue strong protectionist trade policies centered on American interests. In particular, industries here are closely watching the poss

Nov. 6, 2024

LG wins top patent award for AR navigation tech

LG Electronics received the top recognition from the country’s patent agency for its advanced vehicle augmented reality technology used to guide drivers on complex and unfamiliar roads on Wednesday. At this year’s Patent Technology Awards hosted by the Korean Intellectual Property Office, LG Electronics has been chosen as the winner of the grand prize, the King Sejong Award, for its patent on vehicle AR-based navigation. “We expect our AR solutions will innovate driving experie

Nov. 6, 2024

Celebrity chef Paik's franchise company soars in market debut

Celebrity chef Paik Jong-won’s franchise company Theborn Korea made a strong debut on the Kospi market Wednesday as investors endorsed his affordable food brands and his popularity grew globally, with a recent Netflix series giving further tailwind to his business. Theborn Korea saw its shares traded as high as 58,100 won ($41.60) at the market open — a 70.9 percent jump compared to the 34,000 won the stock was priced at earlier in the week. That gave the company a valuation of aroun

Nov. 6, 2024

EcoPro HN completes battery materials plant

EcoPro HN, the environmental solutions provider under EcoPro, said Wednesday it has completed the construction of a new manufacturing plant for rechargeable battery materials in Chopyeong, North Chungcheong Province. Around 100 officials, including key executives -- former EcoPro Chairman Lee Dong-chae, EcoPro CEO Song Ho-jun, EcoPro HN CEO Kim Jong-seop and Jincheon County Governor Song Ki-seop -- participated in the completion ceremony at the newly-built facility earlier in the day. The manufa

Nov. 6, 2024

Coupang hits record quarterly sales on customer loyalty

New York-listed e-commerce giant Coupang set another quarterly record in the July-September period of this year on enhanced user engagement, with its revenue reaching $7.86 billion, a 32 percent jump from a year ago. The company also returned to profitability in the quarter after posting operating losses in the previous quarter largely from the UK luxury shopping platform Farfetch it acquired last year and antitrust fines in Korea. "The improvements we saw this quarter are most notably driv

Nov. 6, 2024