Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Kepco holds online exhibition for coronavirus-hit SMEs
Korea Electric Power Corp. said Monday it has launched a non-face-to-face export exhibition to introduce electrical equipment and materials manufactured by small and medium-sized enterprises hit by the coronavirus outbreak. According to the state-run utility, the online exhibition “Electric Power Equipment” showcases 190 electrical equipment and materials made by 61 SMEs who are members of Kepco Trusted Partners or investors of Kepco’s Energy Valley project. The exhibition
July 6, 2020
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Supplier of remdesivir’s API under sudden focus
When demand for facial masks surged, prescient investors immediately set their eyes on nonwoven fabric suppliers who manufacture the ingredients. Now, as remdesivir has been anointed as the only drug to be approved by the US Food and Drug Administration as an emergency COVID-19 treatment, investors are paying attention to what constitutes the riboneucleic acid drug. Remdesivir is a nucleoside analogue, or a nucleoside RNA polymerase inhibitor. If that sounds like alien talk, the FDA explains
July 6, 2020
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Samsung heir vows support for startups
Samsung Electronics Vice Chairman Lee Jae-yong on Monday vowed support for startups in another on-site visit amid global uncertainties. Lee, the de facto leader of South Korea's top conglomerate, Samsung Group, visited the tech giant's startup incubation center in Suwon, south of Seoul, and encouraged workers at its in-house startup incubation program named C-Lab. C-Lab has offered opportunities for the company's employees to launch startups with their creative ideas since 2012. So far, more
July 6, 2020
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Daewoong to conduct phase 1 trials of stem cell COVID-19 therapy in Indonesia
Daewoong Pharmaceutical said Monday it will carry out phase 1 clinical trials of its COVID-19 stem cell therapy in Indonesia. Its Indonesian arm Daewoong Infion has been conducting research for the efficacy of the pipeline DWP710 (mesenchymal stem cell) for treating the ongoing coronavirus pandemic, jointly with the Indonesian Health Ministry. In the animal tests, Daewoong Infion was able to confirm DWP710’s antiviral effects and the increased rate of survival in animals showing accute
July 6, 2020
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SK Telecom starts to terminate 2G services
SK Telecom Co., South Korea's top mobile carrier by subscribers, started to shut down its 2G services Monday, following receiving government approval last month to terminate its 25-year-old network. The telecom operator said it has begun switching off its 2G base stations in eight provinces and the central city of Sejong. It will phase out the service in the rest of the country by July 27. The network, launched in 1996, has fallen out of favor over the years with the launch of newer networks,
July 6, 2020
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[Monitor] Online shopping surges amid pandemic
South Korea’s online shopping transactions have surged in the wake of the new coronavirus outbreak. According to data released by Statistics Korea, online shopping transactions totaled 12.72 trillion won ($10.60 billion) in May, up 13.1 percent from a year earlier. The figure is the second-largest after 12.85 trillion won in November last year. Among the online transactions, mobile shopping transactions stood at 8.69 trillion won, up 21 percent year-on-year. Mobile shopping accounted fo
July 6, 2020
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Hyundai Motor, SK chiefs to discuss EV battery biz next week
Hyundai Motor Group Executive Vice Chairman Chung Euisun and SK Group Chairman Chey Tae-won are expected to meet next week to discuss further cooperation in the electric vehicle battery business, according to industry sources Sunday. The two leaders are likely to meet on Monday or Tuesday at SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, to talk future EV battery partnerships, the sources said. Previously, Chung met with LG Group Chairman Koo Kwang-mo at LG Ch
July 5, 2020
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Duty-free shops mull retreat from Incheon airport as int’l passengers dip 98% in Q2
South Korea’s leading duty-free operators are considering an exit from Incheon International Airport as the number of international passengers plunged 97.8 percent on-year in the second quarter. According to Korea Civil Aviation Association Sunday, South Korea’s nine airlines witnessed international flight passengers plummet to 328,345 from 15.2 million people, a 97.8 percent decline on-year, in the second quarter. Korean Air saw a drop of 96.2 percent to 190,458 from 5 million
July 5, 2020
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Pandemic raises concerns about food supply disruptions
Amid the coronavirus outbreak, concerns are growing that the nation’s food supply chain may become disrupted if the pandemic is prolonged, adding weight to the calls for establishing a national food procurement system. Last month, United Nations’ Secretary-General Antonio Guterres said even in countries with abundant food resources, COVID-19 risks disrupting food supply chains. “Our food systems are failing and the COVID-19 pandemic is making things worse,” he said. In
July 5, 2020
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Japanese firms in Korea see sales plunge since export curbs
Major Japanese firms doing business here have seen sales plunge as Japan’s export restrictions on Korea led to a boycott of products, the latest data showed Sunday. Local corporate tracker CEOScore compared the business performance of 31 Japanese consumer goods companies here before and after Japan imposed export curbs on Korea in July last year. The comparison found that average revenue fell 6.9 percent and operating profit plunged 71.3 percent last year compared to a year earlier. Th
July 5, 2020
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[Management in Korea] Relying on TRUST to battle health crisis and reform economy
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed. While nations around the world implemented strict lockdowns and quarantine measures, South Korea largely remained open, despite initially being one of the worst-hit countries outside of China. Rather than locking down parts of the country and closing borders, leaders in South Korea opted for a differen
July 5, 2020
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POSCO again delays resumption of blast furnace amid virus
South Korean steelmaker POSCO has again pushed back the resumption date of its third blast furnace due to the global recession sparked by the coronavirus pandemic, a company official said Saturday. POSCO had planned to resume the operation of the third blast furnace in Gwangyang in late May following its repair and maintenance work, but it delayed the resumption date to the end of June. The company, however, said no decision has been set yet on when it will resume the operation of the third bl
July 4, 2020
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LG's PuriCare products heading to more overseas markets
LG Electronics is aggressively launching its PuriCare products overseas, the company said Friday. The electronics giant‘s three representative air purifying products are a 360 degrees-rotation air purifier, a portable mini air purifier and an industrial-sized air purifier. The LG PuriCare 360 Air Purifier has already been launched in the US, China, Japan, India and Thailand. Additionally, it will become available in the United Arab Emirates, Jordan, Egypt, Vietnam and Hungray this year.
July 3, 2020
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AMPAC Fine Chemicals appoints Jeff Butler as President
AMPAC Fine Chemicals, one of the constituents of the consolidated global pharmaceuticals contract manufacturing organization SK Pharmteco, said Friday that it has appointed Jeff Butler as the new president. Butler was previously vice president of project management at AFC. Promoted as the president, Butler is now responsible for operations across all US-based facilities, AFC said. “Jeff has been very instrumental in the growth of AFC. His technical leadership coupled with his busine
July 3, 2020
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Samsung resumes fridge production in S. Korea
Samsung Electronics Co. said Friday it has reopened a refrigerator production line in South Korea after closing the facility a day earlier due to virus concerns. Samsung said its refrigerator factory in Gwangju, some 330 kilometers southwest of Seoul, resumed operation in the morning after a worker who was suspected to have come in contact with a virus patient tested negative for COVID-19. The company on Thursday halted refrigerator production at the plant to prevent the possible spread of
July 3, 2020
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GS Caltex expands eco-friendly compounded resin
GS Caltex is expanding an upcycling method that goes further than simply recycling plastic waste and creates new value by mixing materials. The firm said it plans to increase the production of compounded resin made from recycled plastic waste to streamline resources and reduce carbon emissions. Compound resin is a functional plastic widely used as a raw material for automotive and home appliance parts. If plastic waste is recycled to produce compounded resin instead of being incinerated, c
July 2, 2020
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Korean, European businesses seek greater cooperation at virtual conference
South Korean and European business experts held an online forum Thursday to discuss ways to jointly respond to challenges in the wake of the pandemic and strengthen cooperation in areas such as future mobilities, secondary batteries and bio-health. As a follow-up event to the summit between the two regions, the EU-Korea Virtual Business Conference 2020 was jointly hosted by the Korea Chamber of Commerce and Industry and the European Chamber of Commerce in Korea. The conference aimed to discus
July 2, 2020
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[From the Scene] Italian artisans design Samsung’s luxury fridge ‘New Chef Collection’
It’s not everyday that one feels attracted to a refrigerator, but Samsung’s new fridge is too beautiful to call it just a machine. Samsung Electronics on Thursday invited reporters to a studio in Seongsu-dong, eastern Seoul, to showcase its premium “New Chef Collection” refrigerator amid the COVID-19 outbreak. Inside the dimly-lit studio stood the $10,000 refrigerator with a chic metallic design, which immediately defied the monotonous and boring look of a typic
July 2, 2020
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ZEISS Korea President Peter Tiedemann elected to lead KGCCI
The Korean-German Chamber of Commerce and Industry elected Peter Tiedemann, president and representative director of ZEISS Korea, as its new German Chairman. At its 39th annual general meeting held on June 18 at the Grand Hyatt in Seoul, he was chosen to succeed Ingrid Drechsel, the former president of Bayer Korea. With more than 30 years of professional work experience, Tiedemann worked many years for Wacker Chemie in Germany, South Africa, Turkey, China and Singapore, and for more than 15 ye
July 2, 2020
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[Monitor] Impact of telecommuting on work efficiency
Most managers in South Korean companies are of the view that telecommuting has either improved work efficiency and employee satisfaction or remains unchanged, a new survey showed Tuesday. The Korea Chamber of Commerce and Industry surveyed personnel managers of 300 Korean companies on the status of remote work that is in force due to the new coronavirus outbreak. Around 83.6 percent said work efficiency was similar or has improved while 16.4 percent of the respondents said it has declined.
July 2, 2020