Posco, Hanwha, KAC team up to build UAM landing sites in Seoul

South Korean steel giant Posco Group said Thursday the company will put in joint efforts with Hanwha Corporation Engineering & Construction and Korea Airports Corporation to build landing and take-off sites for urban air mobility (UAM) vehicles in Seoul, in a bid to further accelerate the commercial operation of an urban air transportation system in Korea. During a signing ceremony held at KAC's headquarters in western Seoul on Wednesday, the three companies signed a memorandum of under

Aug. 24, 2023

All Mercedes-Benz’s cars contain piece of Korea: CEO

Mercedes-Benz Group CEO Ola Kallenius on Thursday touted South Korea’s level of automotive technology and the importance of the German automaker’s partnership with Korean companies. “Korea is hugely important for us. But not just in the battery cell space where we have strong partnerships for years,” said Kallenius in a press conference at Hotel Shilla in central Seoul. “This is one of the leading nations in automotive innovation and I don’t think we build a s

Aug. 24, 2023

Samsung Food to debut at IFA

Samsung Electronics said Thursday it would be launching a new food platform application offering personalized recipes and diet plan services using artificial intelligence at this year’s IFA, set to be held in Berlin early next month. The new platform, Samsung Food, would integrate all the food-related functions and services Samsung has launched previously, such as Family Hub’s Smart Recipe, the company said. Using the app, the users can search for recipes of dishes around the world

Aug. 24, 2023

Hyundai Mobis geared for IAA Mobility 2023

Hyundai Mobis, an automotive parts maker under South Korean conglomerate Hyundai Motor Group, said Thursday it is participating in the upcoming IAA Mobility 2023 to show off its vision of electrification at one of the largest automotive trade shows, in Germany. IAA Mobility will take place in Munich, Germany, on Sept. 5-10. This marks Hyundai Mobis’ second year attending the event, following its debut in 2021. Hyundai Mobis said it will display an array of over 20 advancements in electrifi

Aug. 24, 2023

[Photo News] LG Chief in business trip

LG Group Chairman Koo Kwang-mo is briefed on quantum technology from Xanadu CEO Christian Weedbrook at the Canadian quantum computing company’s headquarters in Toronto, Tuesday. On his four-day trip to the US and Canada, the LG chief inspected the group’s business operations, including LG Chemical’s Innovation center in Boston and LG Electronics’ AI research center in Toronto, and visited a number of local institutes to discuss possible cooperation. (LG Corp.)

Aug. 24, 2023

Pocari Sweat launches 2nd 'Beat the Heat Campaign'

Dong-A Otsuka, South Korea’s leading beverage maker, on Thursday revealed its second annual “Beat the Heat Campaign” video in collaboration with the Ministry of the Interior and Safety. Following the first campaign held last year, the company is striving to raise awareness on safety and health measures that must be taken during heat waves. With the message “Do not face the heat,” this year’s video puts importance on staying hydrated and getting enough shade an

Aug. 24, 2023

This year's Merck Award winners announced

Merck Korea, the Korean unit of the German chemicals giant Merck, said Thursday that two Korean display specialists were named as the winners of its Merck Award this year during the International Meeting of Information Displays held at Bexco in Busan this week. Marking its 20th anniversary this year, the Merck Award recognizes scientists for their outstanding scientific contributions to display technology. This year, Jeong Jae-kyeong, a professor at Hanyang University, won the top honor, the Mer

Aug. 24, 2023

SM6 Feel combines perks of popular Renault sedans

Renault Korea Motors' SM6 Feel sedan, an upgraded version that integrates existing SE and LE trims, has been gaining popularity in the domestic market as a stylish yet cost-effective option. The car company said Thursday that its SM6 Feel accounted for 71 percent of the total sales of its SM6 vehicles in the first half of the year. Prior to the model's launch, the carmaker surveyed customers to reflect their needs and preferences in the new trim. The new sedan adopts all the preferre

Aug. 24, 2023

BOK holds rate at 3.5% amid China fears

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, holding it for the fifth consecutive time since February. Recent economic indicators show inflation could rebound within this year as the base effect from last year’s dip in international oil prices wears off. Oil prices have been on the rise recently, too, adding to the growing inflationary pressure on the Korean economy, which heavily dependent on energy imports. Chinese deflation and default risks from its real

Aug. 24, 2023

Seoul shares open sharply up on tech gains

Seoul shares opened more than 1 percent higher Thursday, tracking overnight tech gains on Wall Street, amid expectations the Bank of Korea is likely to freeze its policy rate later in the day. The benchmark Korea Composite Stock Price Index rose 27.09 points, or 1.08 percent, to 2,532.59 in the first 15 minutes of trading. Wall Street finished higher Wednesday, with the tech-heavy Nasdaq Composite rallying 1.59 percent ahead of the release of Nvidia's earnings results. The Dow Jones Industr

Aug. 24, 2023

CEOs of SK On, Mercedes-Benz discuss EV partnership in Seoul

Chey Jae-won, executive vice chairman of SK Group and co-chief of its battery-making arm SK On, met with Germany luxury carmaker Mercedes-Benz CEO Ola Kallenius to discuss ways to strengthen business cooperation in the electric vehicle sector, the energy-to-chip conglomerate said Wednesday. Chey and Kallenius discussed various cooperation plans on electric vehicle products and services, including battery supply and Tmap, the SK-made navigation service widely used across Korea, the SK Group off

Aug. 23, 2023

[From the Scene] SK bioscience rolls out Korea's first cell-based flu vaccine

ANDONG, North Gyeongsang Province -- Researchers wearing blue personal protective equipment hunker down over digital screens and packaging machine belts as thousands of syringes are briskly moved through machines at SK bioscience’s vaccine manufacturing facility, L HOUSE, in Andong, North Gyeongsang Province, Tuesday. After going through a series of procedures such as being analyzed for their defection rate and having plunger rods inserted into the syringes, the drugs are labeled and pac

Aug. 23, 2023

[KH Explains] Mango bingsu prices continue to go up but why?

High-end Korean hotels have continued to raise prices this year of mango bingsu, a Korean shaved ice dessert popular in the summer, despite mango prices having stabilized. This year, Four Seasons Hotel Seoul sold its mango bingsu at 126,000 won ($94), 31.3 percent higher than last year. Shilla Seoul also raised the price of its progenitor luxury mango bingsu by 18.1 percent to 98,000 won, while Lotte Hotel increased the price by 4.5 percent to 92,000 won. The price rally drew particular attentio

Aug. 23, 2023

CJ CheilJedang launches new global campaign for Bibigo brand

South Korean food giant CJ CheilJedang said Wednesday it launched a new global marketing campaign for its Bibigo brand, dubbed “Live Delicious.” The campaign clip, featuring a TikTok-friendly dance and music, was distributed in Korea, the US, Europe, Japan, China, and Thailand via YouTube. “If the company’s past campaign for Bibigo aimed to build connections with customers by focusing on the integrity of our food products, the latest campaign focuses more on appealing to

Aug. 23, 2023

Seoul shares end lower ahead of US chipmaker's earnings, Fed chief's address

Seoul shares ended lower Wednesday as investors await US chip giant Nvidia Corp.'s earnings results and comments from the US Federal Reserve on its monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index declined 10.24 points, or 0.41 percent, to close at 2,505.50. Trading volume was moderate at 535.96 million shares worth 8.35 trillion won ($6.2 billion), with losers outnumbering gainers 503 to 367. Overnight, US stocks ended mixed, with

Aug. 23, 2023

China's property woes will have minimal impact on Korea: FSC

South Korea’s financial authorities downplayed the possibility that the uncertainties stemming from the Chinese real estate crisis will have a serious and direct impact on domestic financial markets. “There is no need to feel excessively anxious, as the stable fundamentals of the Korean economy and financial market are being maintained," Kim So-young, vice chairman of the Financial Services Commission, said during an emergency meeting held Tuesday in Seoul, with representatives

Aug. 23, 2023

[Photo News] Greetings

LS Group Chairman Koo Ja-yeol (right), who doubles as chairperson of the Korea International Trade Association, and Poongsang Group Chairman Ryu Jin, the new chairperson of the Federation of Korean Industries, shake hands after their first official meeting as the heads of the nation’s top business groups at the Trade Tower in Seoul, Wednesday. During the meeting, the two leaders exchanged opinions on the role of their organizations in creating social value, national agenda items and ways t

Aug. 23, 2023

EcoPro to set up joint venture with SK On, Ford in Canada

South Korean battery materials company EcoPro said Wednesday it is poised to set up a joint venture for a battery cathode materials manufacturing plant with SK On and Ford Motor Company in Quebec, Canada. Of the 1.2 trillion won ($897.3 million) investment, the joint venture, called EcoPro Cam Canada LP, plans to provide 600 billion won, while the Canadian government and Quebec will cover the other half in subsidies. EcoPro said the company will hold the largest stake in the joint venture compar

Aug. 23, 2023

[KH Explains] Kia eyes expansion into European defense market

Poland has decided to acquire military vehicles made by Kia, opening up more possibilities for the South Korean automaker’s defense products in Europe. The Polish Ministry of National Defense announced last week that it had approved the Polish Armaments Group’s 270 million euro ($293 million) contract to acquire 400 units of Kia’s Raycolt reconnaissance vehicles, called Kia Light Tactical Vehicles. PGZ is an arms procurement holdings company established by the Polish government

Aug. 23, 2023

LG's portable TV to debut in US, Europe

LG Electronics said Wednesday that its latest portable TV, called LG StandbyMe Go, will be officially launched in North America and across Europe later this month. The TV, housed in a suitcase with a built-in battery and speakers, allows users to bring a quality entertainment experience wherever they go without compromising convenience or quality. The product quickly sold out shortly after its debut at home in June. The portable touchscreen is user-friendly, requiring no separate assembly or i

Aug. 23, 2023