Korean dietary supplements makers eye Chinese market

South Korean dietary supplements manufacturers are accelerating their entries into the growing Chinese market as the number of elderly people continues to increase in the country, according to industry sources on Sunday. On the back of an aging population, the Chinese dietary supplements market grew 3 percent on-year to reach around 73 trillion won ($54.5 billion) in 2022, according to a report released by the Korea Trade-Investment Promotion Agency. Among Korean companies, Korea Ginseng Corp.,

Feb. 4, 2024

GM Korea unveils 2024 roadmap with four new vehicles

General Motors will release four new vehicles in South Korea this year including two electric vehicles as the global automaker looks to expand its presence in the local market, GM's Korean office said Friday. "We plan to strengthen GM’s presence in the fiercely competitive domestic market and meet the needs of those seeking the unique American product experience and new lifestyle that only GM can provide by expanding our comprehensive range of products," said Hector Villarre

Feb. 4, 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

[KH Explains] US Election: calm before the storm for Korean auto, battery makers

South Korean automakers and battery firms are closely monitoring this year's US presidential election and calmly bracing for negative impacts in the case of the Joe Biden administration’s Inflation Reduction Act possibly being repealed in a second Donald Trump term. The IRA, which is intended to boost American manufacturing and keep China in check, offers incentives to buyers of electric vehicles with certain battery parts and materials secured from US soil or via international partne

Feb. 4, 2024

[Photo News] Hanwha in Saudi

Hanwha Group's defense affiliates -- Hanwha Aerospace, Hanwha Systems and Hanwha Ocean -- are showcasing their latest weapons systems at the World Defense Show 2024 held in Riyadh, Saudi Arabia, from Sunday to Thursday. Displaying the defense solutions covering the air, land and ocean such as an advanced engine for a fighter jet, K9 howitzer and submarine technology, Hanwha said it will look to explore partnerships in the Middle East. (Hanwha Aerospace)

Feb. 4, 2024

Court to rule on Samsung chief's alleged 2015 merger fraud

A Seoul district court is set to deliver a decisive ruling on Monday for Samsung Electronics Chairman Lee Jae-yong over the 2015 merger fraud case, under which he could face a prison term. The Seoul Central District Court will issue its decision on Lee, along with 14 current and former employees of Samsung, on charges of rigging company valuations and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates -- Cheil Industries and Samsung C&T Corp. The final ruli

Feb. 4, 2024

[Photo News] IBK chairman starts second year at helm

Industrial Bank of Korea Chairman and CEO Kim Sung-tae convened a meeting with top executives from the bank's subsidiaries and branches at the IBK training center in Chungju, North Chungcheong Province, on Friday, marking the start of his second year in office. Emphasizing the bank's pivotal role in "driving Korea's economic growth by leveraging policy financing for small and medium-sized enterprises," Kim underscored the importance of boosting support for small business

Feb. 4, 2024

Posco International to invest W1tr in energy sector expansion

Posco International, the trading arm of Posco Group, is poised to invest 1 trillion won ($755 million) exclusively in the energy sector this year, paving the way to establish itself as a globally recognized eco-friendly conglomerate in its key business area. The company outlined its business plans Tuesday, emphasizing "global expansion" as its mantra for 2024 to strategically bolster its major business value chain. Specific plans include a threefold increase in natural gas production a

Feb. 2, 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

Merck to pour capital into Korea's AI chip industry

Merck, the science and technology juggernaut based in Germany, will continue to put capital into Korea in line with the growth of the country's semiconductors industry while expanding cooperation with key clients and the world's two largest memory chip producers, Samsung Electronics and SK hynix. The German firm is seeking to leverage its capabilities to supply materials and equipment needed for chip manufacturing as its Korean clients increase their investments into artificial intelli

Feb. 2, 2024

Hahn & Co. completes aquisition of SKC’s fine ceramics biz for W360b

Hahn & Co., the nation's largest private equity firm based on assets under management, announced Friday that it has acquired 100 percent stake in SKC's fine ceramics business for 360 billion won ($270 million). SKC operates as the semiconductor material arm under SK Group, the country's second-largest conglomerate. The acquisition comes three months after the contract was signed in late October. Under Hahn & Co.’s ownership, the company will operate with a new name

Feb. 2, 2024

Naver to rev up generative AI services

After logging all-time high earnings last year, Naver CEO Choi Soo-yeon expressed her determination to strengthen the tech giant's core search platform and commerce services using generative artificial intelligence technology this year. "Based on AI and data, Naver will focus on enhancing competitiveness in key businesses, including search engines and commerce platforms," Choi said during the company’s earnings conference held on Friday. Choi expected that Cue, a generative

Feb. 2, 2024

Toss kicks off IPO process, eyes 2025 listing

Viva Republica, the operator of financial technology app Toss, has kicked off procedures for an initial public offering, having selected lead underwriters. Securities firms estimate that the company's valuation could reach up to 20 trillion won ($15.1 billion). Viva Republica selected crosstown rivals in the local IPO market -- Korea Investment & Securities and Mirae Asset Securities -- as the lead underwriters, according to industry sources Friday. The securities firms have reportedly

Feb. 2, 2024

Seoul shares spike nearly 3% on tech earnings

South Korean stocks rose by almost 3 percent Friday, backed by techs, autos and financials following solid earnings reports from US big techs. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 72.85 points, or 2.87 percent, to 2,615.31. Trade volume was high at 580 million shares worth 14.1 trillion won ($10.7 billion), with winners far outpacing losers 710 to 180. Foreign investors and institutions drove up the Kospi, buying shares worth 1.89 tri

Feb. 2, 2024

Govt. to grow K-food industry to W300tr by 2027

The South Korean government aims to propel the K-food industry to reach 300 trillion won ($227 billion) worldwide by 2027, responding to the burgeoning global appetite for Korean cuisine. The vision was announced by the Ministry of Agriculture, Food and Rural Affairs, during an emergency economic ministers meeting Friday. The target signifies a doubling from the 2021 figure of 152 trillion won, with the number of overseas Korean restaurants set to increase to 15,000 globally, up from 9,923 in 20

Feb. 2, 2024

Mastern to support local medical device maker expand US presence

Mastern America, the US subsidiary of local asset manager Mastern Investment Management, has joined hands with Hironic, a Korean medical device company, to expand its presence in the US market. Mastern America announced Friday that it has forged a four-party memorandum of understanding with Hironic, the city of Taylor, Texas, and the Taylor Economic Development Corp. A signing ceremony was held in Seoul on Wednesday, with Mastern America CEO Joseph Oh, Hironic CEO Lee Sang-won, Taylor Mayor Bran

Feb. 2, 2024

Inflation loses steam in Korea, falls to 2% range

Korea's inflation grew at slower pace in January, coming down to the 2 percent range for the first time in six months, data showed Friday. The government warned on the possibility of prices resurging in the months ahead. Consumer prices rose 2.8 percent on-year last month, according to data from Statistics Korea. The figure shows inflationary pressure easing significantly, following rises of 3.2 percent in December and 3.3 percent in November. It is also the smallest increase seen since 2.3 perc

Feb. 2, 2024

Starbucks Korea's NFT initiative saves 600,000 disposable cups

Starbucks Korea announced on Thursday that its recent NFT eco-project, designed to promote reusable cup adoption, has led to saving approximately 600,000 disposable cups from use over a two-week period from Jan. 16. The NFT eco-project at Starbucks Korea is the first of its kind in Asia and encourages Starbucks Rewards members to use personal cups when placing orders through the Starbucks app. Once individuals earn eco-stamps, with a limit of three per day, they can be exchanged for Starbucks NF

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

Will cheaper foldable phones become a reality?

Samsung Electronics, a pioneer in foldable smartphones, is ramping up efforts to expand the still-nascent and high-priced segment, fueling speculation that the tech giant could come out with cheaper versions with mass-market appeal as soon as this year. A recent news report said Samsung is expected to launch two models for the upcoming Galaxy Z Fold6 later this year, including a cheaper one without the pricey S-Pen stylus. Foldable displays are priced higher to support the scribble function on t

Feb. 1, 2024