CJ's Miky Lee honored with Global Citizen Award

Miky Lee, vice chair of CJ Group and its entertainment and media subsidiary CJ ENM, made history as the first Asian female entrepreneur to receive the Global Citizen Award at the Atlantic Council’s ceremony in New York on Monday. “Entertainment may not have the power to end wars, but it does have the power to build bridges. Bridges of compassion, hope and empathy,” Lee told over 700 influential attendees at the Ziegfeld Ballroom, emphasizing the transformative power of culture,

Sept. 26, 2024

Coway powers up savings with energy-efficient appliances

South Korean home appliance maker Coway is redefining the market with high-efficiency products designed to ease the burden on consumers amid rising electricity costs. The company has integrated advanced technologies across its product lines -- water purifiers, air purifiers and bidets -- to reduce energy consumption and lower electricity bills for consumers. Two flagship products, the Icon Ice Water Purifier and Prime Stand Water Purifier, have gained attention in the Korean market for their exc

Sept. 25, 2024

Samsung Biologics unveils new contract development platforms in US

Samsung Biologics said Wednesday that it is participating in BioProcess International 2024, a global biopharmaceutical conference in Boston, where it has been showcasing new contract development platforms. BioProcess International 2024, which began Monday and runs through Thursday, is an annual event that brings together experts and companies from around the world to share the latest advancements in biopharmaceutical technologies. This year, over 220 companies are exhibiting. Samsung Biologics h

Sept. 25, 2024

Young Poong adviser says teaming up with MBK Partners meant to save Korea Zinc

The adviser of Young Poong Corp., the biggest shareholder of Korea Zinc Inc., on Tuesday defended Young Poong's joint tender offer to buy the top zinc smelter with private equity firm MBK Partners as an attempt to save the company. Chang Hyung-jin, son of Young Poong co-founder Chang Byung-hee, made the remark in a rare interview with the local wire Yonhap News Agency, as a management conflict flared up over the share purchase plan, which Korea Zinc has strongly protested as a "hostile

Sept. 24, 2024

Korea Zinc’s tit-for-tat dispute with MBK escalates

The vice chairman of Korea Zinc on Tuesday strongly condemned a takeover attempt by its major shareholder Young Poong, which teamed up with private equity firm MBK Partners for the bid, calling it a “predatory action” that would lead to the outflow of homegrown technology and put the country’s industrial competitiveness under threat. “Non-ferrous metals are a vital industry that supplies key raw materials to major domestic industries such as automobiles, semiconductor

Sept. 24, 2024

Daewoo E&C, Czech's Sudop Praha sign MOU for nuclear plant project

South Korean builder Daewoo Engineering & Construction said Tuesday it has signed a memorandum of understanding with Czech infrastructure company Sudop Praha as part of efforts to strengthen its partnership with local firms in constructing nuclear power plants in the Czech Republic. According to Daewoo E&C, the signing ceremony took place during South Korean President Yoon Suk Yeol’s visit to Doosan Skoda Power -- the Czech subsidiary of Doosan Enerbility, specializing in power gen

Sept. 24, 2024

[From the Scene] SKIET develops world’s most heat-resistant battery separator

DAEJEON -- “You shouldn’t be looking at your smartphones while you are walking around the (SK) R&D campus,” said Lee Su-hyun, group leader of the management support department at SK IE Technology, a battery materials subsidiary of SK Innovation, as he greeted a group of reporters at the SKIET Research and Development Center on Friday. “We have this rule called SGR meaning Safety Gold Rule on this research site to discourage employees from looking at their smartphones

Sept. 23, 2024

Daewoo E&C chairman seeks community support for Czech nuclear project

South Korean builder Daewoo Engineering & Construction said Monday it donated over 316 million won ($236,000) to the Czech Republic’s Trebic District, as part of its efforts to foster support in the region where a Korean consortium was selected as the preferred bidder for the construction of nuclear power plants. According to Daewoo E&C, the donation will be used to purchase fire trucks for Namest nad Oslavou, a municipality located about 11 kilometers from Dukovany in Trebic Distr

Sept. 23, 2024

Korean snack exports expected to hit record high in 2024

South Korean snack exports will likely hit a record high of $700 million this year, riding the wave of popularity of Korean culture and food overseas. From January to August, exports of Korean snacks were tallied at $494.2 million, marking a 15.4 percent increase compared to the same period last year, according to the Ministry of Agriculture, Food and Rural Affairs on Monday. Snacks were the third-largest export in the agricultural sector, following instant noodles and tobacco products. By mid-S

Sept. 23, 2024

Naver to establish Middle East unit for global expansion

Naver Corp., the operator of South Korea's leading internet portal, said Monday it has plans to establish a Middle Eastern unit in Saudi Arabia within this year as part of efforts to expand its global business. The new unit, tentatively named Naver Arabia, will be in charge of Naver's business projects in Saudi Arabia, including the creation of a digital twin platform for five Saudi cities and the development of an Arabic-based large language model, according to the Korean company. Nav

Sept. 23, 2024

Yuhan, Janssen halt next-gen cancer drug collaboration

South Korean pharmaceutical giant Yuhan announced Friday it has terminated its collaboration with Janssen Biotech on the development of a next-generation targeted anticancer drug, citing the strong efficacy of its existing treatment, which has reduced the need for further development. According to the company’s regulatory filing, Yuhan and Janssen have amended their research partnership to discontinue the further development of a fourth-generation epidermal growth factor receptor (EGFR) ty

Sept. 20, 2024

Porsche Korea appoints new CEO

Porsche Korea announced on Friday the appointment of Mathias Busse as its new Chief Executive Officer and Representative Director. Busse, currently serving as Senior Director for the German market at Volkswagen Commercial Vehicles, will succeed Holger Gerrmann, who has led the company since 2019. Busse brings over 25 years of experience in the automotive industry, having held key leadership roles such as CEO of Porsche Taiwan Motors and Porsche Retail Hamburg GmbH. “We are grateful to have

Sept. 20, 2024

Hyundai Motor officially becomes KT’s largest shareholder

Hyundai Motor Group has officially become the largest shareholder of KT, one of the three main mobile carriers in Korea, the government said Thursday. After months of review, the Ministry of Science and ICT decided to approve the change in KT's largest shareholder, concluding that it does not harm the public interest. In March this year, the National Pension Service, the former biggest shareholder of KT, sold about 2.88 million shares of KT to lower its stake to 7.51 percent from 8.53 perce

Sept. 19, 2024

GS Caltex supplies eco-friendly fuel to Japan’s Narita Airport

South Korean oil refiner GS Caltex said Thursday that it has supplied some 5,000 kiloliters of sustainable aviation fuel to Japan’s Narita International Airport, as part of its efforts to expand its carbon reduction business. The fuel was produced by GS Caltex by blending conventional aviation fuel with sustainable aviation fuel provided by Neste, a leading biofuel producer in Finland. The supply deal was facilitated by Japanese trading company Itochu Narita Airport plans to sell the fuel

Sept. 19, 2024

LG Electronics partners with Ricoh to bolster B2B push

LG Electronics announced a new partnership with Ricoh, a leading global office solutions company, on Thursday, aiming to strengthen its competitiveness in the global business-to-business market. The memorandum of understanding, signed by Ricoh's President of digital services Takahiro Irisa and Paik Ki-mun, head of LG Electronics' information display business division, focuses on exploring new digital transformation services and expanding their B2B offerings. “We will strengthen

Sept. 19, 2024

Hanwha Ocean pledges W1.97tr to strengthen shipyard safety

Hanwha Ocean, a leading Korean shipbuilding and offshore company, announced on Wednesday plans to invest 1.97 trillion won ($1.49 billion) over the next three years to improve safety at its shipyard facilities. "After a thorough review of safety feedback from both internal and external experts, as well as the overall safety conditions at our shipyards, we have determined that a comprehensive overhaul of our current safety management system is needed," said Kim Hee-cheul, CEO of Hanwha

Sept. 18, 2024

Naver Map starts providing natural disaster information

Naver Corp.'s mobile map application has begun providing real-time service on natural disaster information starting this week, the company said Sunday. Naver Map now provides information about earthquakes, typhoons, heavy snow and rain downpours affecting South Korea on its app based on sources from the Korea Meteorological Administration (KMA) and other weather authorities, according to the company. In detail, users can check information about earthquakes with a magnitude of 3.5 or higher

Sept. 15, 2024

Daegu Homeplus gets fresh look with enhanced features, new brands

South Korean discount chain Homeplus announced Friday that it reopened its Chilgok branch in Daegu earlier this month, in an aim to refresh the branch into a leading regional shopping complex. The Homeplus Mega Food Market at Chilgok is the only large-scale retailer serving northern Daegu, separated from the bustling southern part of the city by the Geumho River. Homeplus expects the renovated store to be a central hub for the local community, offering an exceptional shopping, dining and enterta

Sept. 13, 2024

Celltrion secures contract to supply Herzuma to Brazil for 5th year

South Korean biosimilar giant Celltrion will continue to supply trastuzumab biosimilar Herzuma to Brazil, the company announced Friday. The company won the bid to supply a trastuzumab biosimilar to the Brazilian Federal Government for the fifth consecutive year. Under the contract, Celltrion will provide 660,000 vials of Herzuma through 2025. Celltrion remains the sole trastuzumab provider for the Brazilian government, with its Herzuma accounting for more than 50 percent of the market annually.

Sept. 13, 2024

Pulmuone launches frozen gimbap in China

South Korean food giant Pulmuone said Thursday that it has become the first Korean food company to introduce frozen gimbap into the Chinese market by selling its products at a leading retailer there. Pulmuone’s Tuna Kimbap, sold in packs of three rolls, is now available at Sam's Club, which operates 49 stores in China. A full 136,000 units will be exported to China by September, with plans to export a total of 620,000 units annually, the company said. The product packaging brandishes

Sept. 12, 2024