[From the Scene] Amazon courts K-beauty sellers on robust sales

US-based e-commerce giant Amazon is increasingly reaching out to Korean beauty product makers to join its sprawling online platform, where demand for “K-beauty” products is soaring globally. Amazon Global Selling Korea, the Korean unit, held the Amazon K-Beauty Conference -- the first exclusively dedicated to Korean beauty products -- at a Seoul hotel on Thursday. Co-hosted by Kolmar Korea, Korea's leading original design manufacturer for global beauty brands, the event attrac

June 30, 2024

Woori Financial Group reveals progress in sustainable management

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors. “At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong

June 28, 2024

Hanwha Systems teams up with US satellite company

Hanwha Systems said Friday that its in-house venture Flexell Space had teamed up with US satellite manufacturer Terran Orbital, paving the way to enter the US market and expand its businesses. According to the announcement, the two sides inked a memorandum of understanding on solar cell supply and international business cooperation. They plan to co-develop satellite solutions to bolster their presence in both US and Asian markets. As the first part of their partnership, Flexell Space will supply

June 28, 2024

Kumho's EV tire wins acclaim in Europe

South Korean tire maker Kumho Tire said Wednesday its electric vehicle tire product, Ecsta HS52, has been recognized for its high-quality technology by the European automotive magazines ADAC and Auto Bild. ADAC and Auto Bild are two of the most influential automotive magazines in Europe and globally, known for their content on cars and related products, as well as their extensive performance testing. Kumho Tire’s Ecsta HS52 received a "good" rating from ADAC in their summer tire

June 26, 2024

Mirae Asset Global Investments' global assets exceed W340tr milestone

Mirae Asset Global Investments' assets exceeded 340 trillion won ($244.7 billion), with over 40 percent being managed on behalf of overseas clients, boasting extensive overseas footholds buoyed by its signature exchange-traded funds. In 2003, the firm’s aggressive market expansion began with Mirae Asset Group founder and Chairman Park Hyeon-joo’s long-term vision to stand shoulder-to-shoulder with global investment banking groups like Goldman Sachs and Merrill. “Over the p

June 26, 2024

Posco boasts full value chain for secondary batteries

GYWANGYANG, South Jeolla Province -- South Korean steel giant Posco announced Tuesday that it has successfully established a full value chain for secondary battery materials and components. “We anticipate that as the (electric vehicle) market grows, the value of raw materials within the battery supply chain will increase, and thus we plan to accelerate investments focused on high-profit raw materials,” said Baung Jin-chul, vice president of Posco Holdings, during a press conference h

June 26, 2024

[From the Scene] Posco sets path to green metal production

POHANG, South Gyeongsang Province -- A significant experiment is underway at Posco's massive steel-making complex in Pohang, the industrial heart of South Korea, ushering eco-friendliness into the steel industry. A four-story structure, with its safety fences painted in vivid yellow, houses electrode rods and storage for raw ironmaking materials. On Monday, the electric smelting furnace (ESF), which is usually housed within this structure, was temporarily laid out for overhaul separately as

June 26, 2024

[Photo News] Filipino mogul visits Doosan

Doosan Enerbility said Wednesday that Manuel Velez Pangilinan (right), chairperson of Meralco, the biggest electric power distribution company in the Philippines, had visited its headquarters in Changwon, South Gyeongsang Province. The Filipino mogul and his delegation checked out Doosan Enerbility's production capabilities at the latter's nuclear power plant, gas turbine plant and forging shop. Doosan said Pangilinan's visit is expected to expand and strengthen cooperation for en

June 26, 2024

Homeplus overhauls Ulsan site to boost in-store experience

South Korean discount chain Homeplus has renovated its Ulsan branch into the Homeplus Mega Food Market, a new concept store designed to offer an enhanced on-site shopping experience focused on fresh food products. “Along with the Homeplus Mega Food Market, the new core drive of Homeplus’ growth, we will continue to increase our interactions with customers while strengthening the competitiveness of our offline stores,” said Jo Do-yeon, head of Homeplus’ marketing departmen

June 23, 2024

ShinWon spurs fashion tech innovation with AI, big data

Korean fashion company ShinWon Corporation said Friday that it is increasingly adopting artificial intelligence and big data to lead tech innovation in fashion. By predicting future trends through extensive data analysis, ShinWon said it adapts swiftly to market changes, incorporating these insights into product planning and production. To understand market conditions and patterns, ShinWon employs online market sales data analysis, trend analysis and social media analysis. By examining actual sa

June 21, 2024

Korean Air boosts flights to China, Japan

South Korean national flag carrier Korean Air will reopen some routes to China that had been suspended since the COVID-19 pandemic, in response to a recent rise in travel demand between the two countries. Starting in July, Korean Air will resume flights between Busan and Shanghai, as well as between Jeju Island and Beijing, with each route operating seven times a week, according to the air carrier on Thursday. Later this year, flights will also resume between Incheon and Hefei, Busan and Beijing

June 20, 2024

Hyundai Motor CEO named co-chair of Hydrogen Council

Chang Jae-hoon, president and CEO of Hyundai Motor Group, has been named as co-chairman of the Hydrogen Council, a global coalition of CEOs committed to speeding up hydrogen-based energy transition. The Hydrogen Council announced Tuesday Chang's appointment to replace Yoshinori Kanehana, chairman of Japan’s Kawasaki Heavy Industries, whose term ends in June. Chang will serve the chairman role alongside Sanjiv Lamba, CEO of Linde, the US industrial gas producer. This appointment follow

June 18, 2024

'Korea's Space X' Innospace to go public in July

Innospace, a South Korean startup specializing in developing hybrid space rockets, said Monday that it will go public on the country’s tech-heavy bourse Kosdaq next month, spearheading the private sector’s space shuttle era. “In order to commercialize space projects such as data services using communications and Earth-observing satellites, space exploration, space travel and asteroid mining, space launch vehicles, which can carry satellites, people and supplies to space, are a

June 17, 2024

HD Hyundai marks Veterans Month with gravesite cleanups

HD Hyundai organized gravesite cleanup services at Seoul National Cemetery and Yeongcheon National Cemetery in North Gyeongsang Province to honor the Korean Patriots and Veterans Month of June. A total of 140 employees participated in these volunteer services on June 14 and May 24. They began by paying respects to individuals of national merit followed by weeding, planting flowers, polishing tombstones and maintaining flags. In South Korea, individuals of national merit are recognized for signif

June 16, 2024

[Photo News] Tradition meets technology

LG Electronics said Sunday it has unveiled its new brand experience zone, called “Another Hanok,” for its latest energy-efficient home appliances, in Madrid, Spain. Styled on a traditional Korean house or "hanok," the net-zero space features the company’s artificial intelligence-based heating, ventilation and air conditioning solutions for corporate clients. (LG Electronics)

June 16, 2024

High schoolers' green startup Torus offers AI-powered food waste solution

US-based eco-friendly startup Torus said Friday it has offered its food waste handling service to 38 households in West Windsor, New Jersey, to connect waste producers and composting companies through an artificial intelligence-based matching system. This project, supported by Green Matters, a civic organization dedicated to environmental justice including climate issues, officially ran through Sunday, but Torus plans to continue the project afterward. Founded in December 2023 by Zikang Jiang, a

June 14, 2024

Doosan Bobcat breaks ground on new plant in Mexico

Doosan Bobcat, a South Korean industrial machinery builder under Doosan Group, has broken ground on a new manufacturing plant in Monterrey, Mexico, to handle increasing demand for loaders in the North American market, the company said Friday. Officials from Doosan Bobcat and the Mexican local government took part in the groundbreaking ceremony held on Thursday local time. The new overseas site will be Doosan Group’s first manufacturing facility in Mexico. Doosan Bobcat will invest $300 mil

June 14, 2024

Nongshim to build W229b logistics center on robust overseas sales

Nongshim, the top ramyeon manufacturer in South Korea, said Friday it plans to invest 229 billion won ($166 million) to build a new logistics center in Ulsan, South Gyeongsang Province, largely driven by increasing overseas sales in recent years. The new Ulsan logistics facility will enhance the company’s distribution network, facilitating connections between ingredient suppliers and its ramyeon production plants in Gumi and Busan. Nongshim said that the company is considering constructing

June 14, 2024

Line Pay service to be terminated in Japan next year: LY

LY Corp., the operator of popular mobile messenger Line, has announced its plan to terminate its Line Pay service in Japan next year, amid criticism over Japan's apparent pressure to shed Naver Corp., South Korea's biggest internet portal operator, from LY. LY, a 50-50 joint venture between Japan's SoftBank and South Korea's Naver, said Thursday the mobile payment service will be terminated by April 30, 2025, in Japan, citing "optimal allocation of management resources.&

June 14, 2024

KGC taps into Malaysia's top health store chains

Korea Ginseng Corp., the leading ginseng product manufacturer in the country, announced on Thursday its plans to introduce its flagship health functional food products to Guardian and Watsons, the top health and beauty stores in Malaysia, as part of efforts to expand its presence in Southeast Asia. This initiative follows a recent increase in health awareness in Malaysia, a significant economic player in the region, which has led to growth in the health-functional food market from 1.5 trillion w

June 14, 2024