LS Eco Energy aims to double sales by 2030

LS Eco Energy, an Asia-focused subsidiary of LS Cable & System, has identified submarine cables and rare-earth elements as the new growth engine for future business as the company aims to more than double its annual sales by 2030. “For the next 15 years and beyond, large electricity demand will continue across the world,” said Lee Sang-ho, CEO of LS Eco Energy, in a press conference held Tuesday at the Federation of Korean Industries building in Seoul. “By expanding the cab

May 30, 2024

S. Korea partners with US aircraft startup for UAM commercialization

South Korea has partnered with a US electric aircraft startup to push forward the commercialization of urban air mobility, the transport ministry said Wednesday. Archer Aviation Inc. will join the Korean government's UAM test project dubbed "Grand Challenge" along with local companies -- Kakao Mobilty Corp., LG Uplus Corp. and GS Engineering & Construction Co., the Ministry of Land, Infrastructure and Transport said in a statement. Archer Chief Commercial Officer Nikhil Goel m

May 29, 2024

2 workers exposed to radiation at Samsung's chip plant in S. Korea

Samsung Electronics Co. said Wednesday two workers at one of its chip manufacturing facilities in South Korea were recently exposed to radiation and a government-led investigation is underway. The two workers in the chip production line of Samsung's Giheung Campus in Yongin, 42 kilometers south of Seoul, experienced X-ray exposure on their hands Monday, the company said in a text message response to reporter inquires. The company said it became aware of the incident Tuesday when the workers

May 29, 2024

[Photo News] Futuristic aircraft cabin

A mockup of an aircraft interior featuring smart cabin technology, developed by LG Display, Boeing, and LIG Nex1, is on display at the Aircraft Interiors Expo 2024 in Hamburg, Germany, on Tuesday. For the trade show, the three companies collaborated to develop four types of OLED panels to display various information such as captain's messages, in-flight duty-free sales content, weather conditions, and airline branding. Their lighter weight compared to LCD panels also can help improve the op

May 29, 2024

BAT Rothmans vows to prevent nicotine use by minors

BAT Rothmans, the Korean unit of British American Tobacco, said Wednesday it will intensify efforts to ensure that no one underage uses nicotine products, as part of their campaign to mark the annual World No Tobacco Day on May 31. The company also expressed support for more government efforts to prevent minors' nicotine use. "Underage individuals should never use nicotine, and we believe the government plays a crucial role (through regulations) in ensuring this,” BAT Rothmans&rs

May 29, 2024

The Woorishop, a win-win e-commerce solution for sellers, buyers

Korea's e-commerce platform sector is highly competitive, but The Woorishop thinks it has the standout solution: a cashback offer to keep customers coming back. The platform provider offers a package that returns high-percentage cash paybacks to consumers, allowing buyers to enjoy substantial discounts while sellers boost their sales. "The Woorishop operates on a business model that benefits both buyers and sellers when they interact online," said Jeon Ho-geun, CEO of The Woorisho

May 29, 2024

E-commerce platforms rise among self-employed

South Korea has for the last nearly three decades seen a rise in the number of self-employed individuals who have been forced to start their own businesses due to layoffs and reduced employment opportunities. With the number of job losses outpacing the number of new hires in recent data, a general increase in involuntary early retirements and the rapid rise of the digital gig economy since the COVID-19 pandemic outbreak, many people here have added side jobs or are working multiple freelance job

May 29, 2024

S. Korean conglomerates double executives specialized in AI within a year: data

Korea’s top 30 conglomerates have doubled the number of artificial intelligence specialists in executive management and board of director positions in the space of a year, shows data released Tuesday. According to Leaders Index, a local business analysis and research center, which reviewed first-quarter regulatory filings submitted by 295 companies from the 30 business groups, there are now 187 executive-level managers specializing in AI. This figure marks a significant increase from the f

May 28, 2024

Coupang ups investment to spur Taiwanese growth

South Korean e-commerce giant Coupang has set up its first overseas distribution unit in Taiwan in an apparent move to boost its presence in the burgeoning retail market there, according to industry sources Monday. The new subsidiary, named Haitong Shangmao, specializes in distributing locally produced daily necessities from Coupang’s fulfillment centers to customers. A Coupang official also confirmed the establishment, which he said is part of the company’s expansion plans for its s

May 27, 2024

[Photo News] MoodUp in Paris

LG Electronics' MoodUp refrigerators are displayed on the Champs-Elysees in Paris on Sunday. For the promotional event, the company transformed 216 meters of the city's famous avenue into an experience zone, allowing over 4,000 visitors to try the new refrigerators with LED doors that change colors. LG plans to launch the MoodUp refrigerators in 15 countries this year. (LG Electronics)

May 27, 2024

LG Energy Solution hosts recruitment event in New York

LG Energy Solution said Sunday that its top executives traveled to the US last week to host a global talent recruitment event as part of the battery maker’s ongoing efforts to lure tech talents around the world. The Battery Tech Conference (BTC) is the company’s unique global recruitment event aimed at recruiting quality workers in research and development and promoting its vision for growth. Following last year’s event held in San Francisco, the event headed to New York this y

May 26, 2024

Genesis BBQ opens new US stores in Omaha

Genesis BBQ Group, Korea's largest chicken franchise, announced Thursday the opening of a new store in Omaha, in eastern Nebraska. With the launch of the Omaha branch, BBQ has successfully expanded its presence to 28 out of the 50 states in the US. Omaha is the largest city in the state and is also home to Berkshire Hathaway, the investment holding company of renowned investor Warren Buffett. BBQ's Omaha branch, located just ten minutes from Berkshire Hathaway's headquarters, is e

May 26, 2024

KakaoTalk messenger suffers service disruption for 2nd day

Kakao Corp., the operator of South Korea's dominant mobile messenger app, said Tuesday its service experienced a disruption for about an hour in the morning due to an error in its internal system. KakaoTalk's personal computer version was down from 8:30 a.m. to 9:24 a.m., the company said, noting it immediately responded to the issue. The messenger also experienced brief service outages Monday and last week. In 2022, KakaoTalk suffered a widespread outage due to a fire at a data center

May 21, 2024

BAT Rothmans launches premium glo Hyper pro

BAT Rothmans' flagship heated tobacco brand "glo" announced Tuesday the launch of its new premium device, Hyper pro, with pre-orders available on Coupang. The brand-new model features a new EasyView screen and the latest HeatBoost technology. The EasyView screen, a high-definition AMOLED display, reflects consumer feedback from previous models. It offers six screen modes, allowing users to easily check remaining usage time, heating time, battery level and more with just a single c

May 21, 2024

[Photo News] New brand identity for Bibigo

CJ CheilJedang has unveiled a new brand identity for Bibigo, the company’s Korean food brand, aimed at targeting global consumers, the food giant said Tuesday. The new BI resembles a Korean dining table, symbolizing human connection through culinary sharing. (CJ CheilJedang)

May 21, 2024

First glimpse of Hyundai Motor's new landmark complex in Gangnam

Hyundai Motor Group revealed Monday new concept images of its envisioned landmark named Global Business Complex with an emphasis on creating a foothold in global innovation for the future mobility industry and an eco-friendly site in Seoul. The auto conglomerate said the change in the GBC’s name, which was originally known as the Global Business Center, highlights the new landmark’s inclusiveness for visitors. Hyundai Motor plans to build two 55-story buildings at a height of 242 met

May 20, 2024

SC Bank Korea offers special interest rate for new members

Standard Chartered Bank Korea said Friday it will offer a special promotion for new customers who open a money market deposit account with a deposit of 30 million won ($22,125) or more, up to an individual limit of 2 billion won. Running until May 30, the promotion provides a special interest rate of up to 3.4 percent for 60 days maximum from the date of opening the account. The money market deposit account is a flexible savings account that offers daily compounding interest rates that vary base

May 19, 2024

Jeonbuk Bank to develop cross-border credit rating system with Cambodia

Jeonbuk Bank signed a memorandum of understanding with Credit Bureau Cambodia and Korea Credit Bureau, the leading credit rating agencies in Cambodia and Korea respectively, to provide credit information services for Cambodian customers. The signing ceremony, held during the Cambodia-Korea Business Forum in Seoul on Thursday, was attended by Cambodian Prime Minister Hun Manet, Korean Industry Minister Ahn Duk-geun and other officials from both governments. Jeonbuk Bank, in collaboration with the

May 19, 2024

Daewoo E&C chairman meets Cambodian PM

South Korean builder Daewoo Engineering & Construction Chairman Jung Won-ju met Cambodian Prime Minister Hun Manet, who was visiting South Korea for a bilateral summit, to seek support for the builder's expansion plans in Cambodia, the company said Friday. During the meeting, Jung requested support for Korean companies making inroads investments into the Cambodian market and discussed ways to enhance economic cooperation between the two nations, the firm said. "Daewoo E&C, as o

May 17, 2024

CJ Olive Young's Q1 sales jump on strong overseas trade

CJ Group's health and beauty drugstore CJ Olive Young showed stronger year-on-year performance in the first quarter, largely driven by robust sales in foreign markets and an increasing number of foreign visitors to Korea. According to its regulatory filing Thursday, the company reported 1.08 trillion won ($797 billion) in sales for the first quarter of the year, up 30 percent increase compared to the same period last year. The profit figures were not immediately disclosed. The company first

May 17, 2024