KT&G’s Esse hits 900b mark in cigarette sales

    KT&G, South Korea’s largest cigarette manufacturer, said Wednesday that its ultra-slim cigarette brand Esse achieved cumulative sales of over 900 billion cigarettes last year. Since its launch in 1996, Esse has sold a total of 901.6 billion cigarettes, with 405.1 billion sold overseas. Last year alone, Esse sold 21.9 billion cigarettes at home and 28.9 billion cigarettes internationally. Since 2001, when KT&G started exports to the Middle East and Russia, Esse has b

Feb. 14, 2024

Daewoo E&C chairman seeks bigger footing in India

Daewoo Engineering & Construction's Chairman Jung Won-ju, who doubles as vice chairman of Jungheung Group, met with India’s top government officials to tap into new infrastructure project opportunities in the country, the South Korean builder said Thursday. On Friday, Jung met with Dammu Lavi, the secretary for economic relations at the Ministry of External Affairs of India, in New Delhi, to express Daewoo E&C's interest in participating in projects while highlighting the

Feb. 8, 2024

Citibank Korea sweeps Asset magazine's Triple A Awards

Citibank Korea and its sister firm Citigroup Global Markets Korea won six awards in the Korean market from a leading financial magazine in recognition of their endeavor in sustainable finance, the Korean unit of US banking giant Citigroup said Thursday. At the Asset magazine’s 2024 Triple A Awards, Citibank Korea won “Best Bank for Sustainable Finance” in recognition of its solid growth in the corporate financial business sector, which includes providing differentiated and cu

Feb. 8, 2024

Samsung Biologics, LegoChem team up to develop new targeted cancer drugs

Samsung Biologics, South Korea's largest contract development and manufacturing organization, said Wednesday that it has signed a contract with LegoChem Biosciences to develop antibody-drug conjugate -- or simply ADC -- therapeutics, designed as targeted treatment for cancer. LegoChem Biosciences, founded in 2006, specializes in research and development capabilities in therapeutics, especially with a focus on ADC technology and synthetic drugs. Last year, LegoChem transferred its ADC drug c

Feb. 7, 2024

The Korea Herald, iStaging team up for VR technology in new media

The Korea Herald and iStaging inked a memorandum of understanding to foster a cooperative relationship in the realm of new media, particularly leveraging virtual reality technology. iStaging is a Taiwanese company that specializes in virtual reality solutions. The company has developed virtual reality content for over 100,000 corporate clients, including LVMH, YSL, Toyota, ASUS and Mercedes-Benz. Virtual reality content created by iStaging includes virtual showrooms, virtual exhibitions, virtual

Feb. 6, 2024

Lotte Global Logistics new CEO vows global push

Lotte Global Logistics' new CEO Kang Byoung-ku pledged to take its logistics networks to a new level for oversea expansion while tapping into cross-border e-commerce business on his first day in office. “I promise to establish Lotte Global Logistics as a leading company in the global logistics industry through challenge and innovation,” said Kang during his inauguration speech on Friday. To achieve this, Kang outlined four key strategies. Kang emphasized a focus on differentiati

Feb. 5, 2024

AREX offers transit pass for international arrivials online

The Airport Railroad Express Train said Sunday that it has started online sales of a transit pass for public transportation to enhance the convenience of transfers at Seoul Station for international arrivals. Previously, passengers on the train operator’s airport express train -- which runs nonstop from Incheon International Airport Terminals 1 and 2 to Seoul Station -- had to disembark, leave the platform and purchase a transit card to use buses or subway trains. The online sale initiativ

Feb. 4, 2024

SPC Chairman Hur cleared of tax evasion charges

The Seoul Central District Court on Friday acquitted Hur Young-in, chairman of South Korea's largest bakery chain, SPC Group, of charges related to gift tax evasion through undervalued share transactions. Hur was accused of selling shares of Mildawon, the family-owned grain company, at below-market rates in December 2012 to avoid gift taxes. The shares sold for 255 won each, markedly lower than their 2011 appraised value of 1,180 won and their 2008 purchase price of 3,038 won. Prosecutors c

Feb. 2, 2024

SPC Group's W64.7b antitrust fines cancelled

South Korean food and bakery giant SPC Group has been spared from a fine of 64.7 billion won ($48.6 million) as Seoul’s high court ruled in favor of the company in its lawsuit filed against the nation’s antitrust watchdog. In 2020, the Korea Fair Trade Commission imposed fines, together with a corrective order, alleging that SPC affiliates, including Paris Croissant, SPL, BR Korea, and Shany, unfairly supported SPC Samlip, the group’s only listed firm, to raise its stock price

Feb. 1, 2024

Samyang Foods posts record sales of W1tr in 2023

South Korean food manufacturer Samyang Foods said Wednesday it posted 1.19 trillion won ($893 million) in sales and 146.8 billion won in operating profit last year -- the highest figures in the company's history. According to the company, its sales and operating profit rose by 31 percent and 62 percent, respectively, while its net profit increased by 56 percent to 124.9 billion won. Samyang Foods attributed the upbeat sales to its bestselling Buldak Spicy Chicken Ramen series in overseas ma

Jan. 31, 2024

LX Pantos, EWP team up to expand solar power production

LX Pantos, the logistics arm of LX Holdings, said Tuesday that it has signed a partnership with Korea East-West Power Corp., an affiliate of the state-run Korea Electric Power Corp., to ramp up production of eco-friendly solar power as part of its efforts to cut emissions. Under the agreement, LX Pantos will provide some 18,000 square meters of roof space at its logistics center in Ansan, Gyeonggi Province, to build the Kepco affiliate’s 2.5-megawatt solar power station. The energy firm

Jan. 30, 2024

Lotte Duty Free, Modetour seek to capitalize on Vietnam's tourism boom

Lotte Duty Free said Friday that it signed a memorandum of understanding with the South Korean travel agency Modetour on Thursday to strengthen joint marketing efforts toward Korean tourists to Vietnam. Under the agreement, Lotte Duty Free and Modetour will work together to develop new product packages combining duty-free shopping and tourism in Vietnam. Lotte Duty Free has been grappling with the decline of Chinese tourists to South Korea due to an economic slowdown. As an alternative, the comp

Jan. 26, 2024

Orion promotes locally-source food in Vietnam

Orion, a South Korean confectionery manufacturer, said Friday that it has teamed up with Vietnam National University of Agriculture in a bid to secure quality raw materials for its snack production in Vietnam. Orion Food Vina, the confectioner’s Vietnamese unit, and the Institute of Argo-Biology under the VNUA signed a strategic partnership agreement on Thursday in Hanoi, stipulating their cooperation in production, development, supply and quality control of seed and raw potatoes over the

Jan. 26, 2024

Kurly turns profit for first time

Kurly, the operator of e-commerce platform Market Kurly, said Tuesday that it posted a profit in earnings before interest, taxes, depreciation and amortization, or EBITDA, in December last year – its first since its establishment in 2015. The company said that EBITDA for December increased by more than 10 billion won ($7.5 million) compared to the previous year. The specific amount of the earnings was not immediately disclosed due to confidentiality issues. The company stressed that the fi

Jan. 23, 2024

JungKwanJang opens first drugstore

JungKwanJang, South Korea’s leading red ginseng brand under Korea Ginseng Corp., said Monday that it has opened its first drugstore, Jung Mall Euljiro Store, in central Seoul. The new store sells not only JungKwanJang's own products, but more than 90 different products from other companies as well, the company said. JungKwanJang's physical stores previously dealt in only the company's own ginseng extract products. The products available at the Jung Mall Euljiro Store include

Jan. 22, 2024

Hanlim partners with NBBJ to support Seoul’s urban innovation

Hanlim Architectural Group, an end-to-end real estate service company from South Korea, has partnered with American architectural firm NBBJ to foster international growth and support Seoul's urban innovation initiatives. The partnership was formalized at NBBJ's Los Angeles office on Jan. 15, amid the presence of Hanlim Architectural Group Chairman Park Jin-sun, NBBJ CEO Robert Mankin, Design Leader Pascal Suh and Real Estate Strategist Rick Pauios. Representing the global design initia

Jan. 19, 2024

Posco International to supply EV parts to Hyundai Mobis

Posco International said Thursday that it will supply 1.03 million motor cores for Hyundai Motor Group electric vehicles produced in Europe. The parts are to be supplied to Hyundai Mobis’ EV factory in Slovakia from 2025 to 2034. Of the total, 550,000 units are to be sent to Hyundai Motor’s Turkey plant, while 480,000 units will go to Kia’s Slovakia plant. The company said the new deal gives a big boost to its upcoming production site in Poland. In June, Posco International est

Jan. 18, 2024

[Graphic News] Number of newly launched businesses falls

The number of newly established companies in South Korea fell for the second consecutive year in 2022 amid an economic slowdown, data showed. Some 997,000 businesses were newly established in 2022, down 3.5 percent from a year earlier, according to data compiled by Statistics Korea. In 2021, the figure decreased 3.4 percent, or 35,000 firms, on-year to come to 1.02 million amid the COVID-19 pandemic. By industry, the number of newcomers in the real estate sector fell by the largest 32,000 entiti

Jan. 17, 2024

Pernod Ricard Korea promotes sustainability in bar industry

Pernod Ricard Korea, the local subsidiary of global wine and spirits company Pernod Ricard Group, said Tuesday that it held a special lecture on Monday to promote a sustainable culture in the bar industry. As part of the company's professional training program called "Bar World of Tomorrow," Pernod Ricard Korea has been conducting special lecture series since 2022, inviting influential figures in the bar industry as speakers. "In order to establish a culture of sustainability

Jan. 16, 2024

LG Chem CEO named business council member of Davos forum

LG Chem Vice Chairman and CEO Shin Hak-cheol has been named a member of the International Business Council, part of the World Economic Forum’s annual meeting in Davos, Switzerland, the Korean chemicals firm said Monday. The WEF, also known as the Davos Forum, kicked off in Switzerland on Monday and goes through Friday. It brings together thousands of leaders from business, government and various other sectors. LG Chem said that WEF Chairman Klaus Schwab invited Shin to be a member of the I

Jan. 15, 2024