[From the Scene] S-Oil’s Shaheen project on track for 2026 completion

ULSAN -- The construction site of S-Oil’s Shaheen project at its Onsan plant in Ulsan showed little to no activity Tuesday afternoon. Although the day’s workflow had seemingly stopped due to heavy downpours in the morning, the officials from S-Oil and Hyundai Engineering & Construction said the building process of the Shaheen project had already reached 40 percent completion. “Four major construction firms -- Hyundai E&C, Hyundai Engineering, Lotte E&C and DL E&

Oct. 23, 2024

Debt-ridden Kepco raises electric bills for businesses

The state-run Korea Electric Power Corporation decided Wednesday to raise industrial electricity rates by an average of 9.7 percent from Thursday, prompting immediate complaints among local businesses already reeling from rising costs and unfavorable foreign exchange rates. "The government and Kepco had no choice but to comprehensively consider the ongoing difficulties faced by the public and small business owners, as well as an economic situation in which consumer sentiment has not yet rec

Oct. 23, 2024

Samsung SDI showcases next-gen battery lineup at mobility show

Samsung SDI said Wednesday it has showcased its battery lineup, ranging from the prismatic battery P6 to the next-generation all-solid-state battery, at the Daegu International Future Auto & Mobility Expo. The company’s all-solid-state battery for electric vehicles boasts an energy density of 900 watt-hours per liter with a cathode-free structure. It is known to be theoretically safer than conventional lithium-ion batteries that use flammable liquid electrolytes. It sent samples to cli

Oct. 23, 2024

SK’s flu vaccine spreading across Asia

South Korean pharmaceutical company SK Bioscience said Wednesday that its SKYCellflu has become the first influenza vaccine from Korea approved by the Food and Drug Agency of Indonesia. Indonesia’s pharmaceutical market has been growing significantly. According to market tracker Insights10, the country’s flu vaccine market is expected to increase from $38.5 million in 2022 to $69.1 million by 2030. Due to its geography spanning both the Northern and Southern hemispheres, Indonesia re

Oct. 23, 2024

Gochujang heats up US as Americans seek out ‘swicy’ food

As the new trend of spicy-sweet -- "swicy" -- flavors has been gaining ground in the US restaurant scene, Korean gochujang (red chile pepper paste) is gaining popularity. According to a Tuesday report from CNBC, more Americans are seeking bold flavors, and gochujang has become one of the key ingredients fueling this movement. “Common menu items have paired fruity flavors with chili powder or used sauces like hot honey and gochujang, a red chile (pepper) paste that’s a pop

Oct. 23, 2024

[Photo News] Hana opens 99th nursery

Hana Financial Group announced Wednesday that it has opened the 99th nursery of its "100 Nursery Building Project" in Dongdaemun, central Seoul. The latest facility, "Hoegi Hana Nursery," is a public child care center serving multicultural families, offering space for up to 60 infants and children under five. The five-story building includes playrooms and an outdoor playground. Since launching the initiative in 2018, Hana Financial Group has partnered with regional government

Oct. 23, 2024

SPC invited to Macron’s exclusive dinner in Paris

South Korean bakery giant SPC Group said Wednesday that President Hur Jin-soo attended a dinner banquet hosted by French President Emmanuel Macron at Elysee Palace in Paris earlier this week. He was the only Korean business leader to be invited to the exclusive event marking the 60th anniversary of SIAL Paris, one of the world’s largest food trade fairs. The dinner brought together around 40 global business leaders from major food and distribution companies, including the Netherlands&rsquo

Oct. 23, 2024

S. Korea to maintain close communication with global investors ahead WGBI inclusion

Finance Minister Choi Sang-mok has said South Korea will maintain close communication with global investors to ensure the country's successful debut in a key global government bond index managed by FTSE Russell. Choi made the remark during his meeting in New York with representatives from major U.S. investment companies on Tuesday, noting that South Korea's inclusion in the World Government Bond Index reflects global recognition of its efforts to improve the investment environment. &qu

Oct. 23, 2024

Fuel tax cut to be extended by 2 months with adjustments

The finance ministry said Wednesday it will extend the tax cut on fuel by another two months with some adjustments amid the ongoing Middle East crisis. Under the decision, South Korea will apply a 15 percent discount on gasoline consumption and a 23 percent cut on diesel and liquefied petroleum gas, according to the Ministry of Economy and Finance. South Korea has been applying a 20 percent discount on gasoline consumption and a 30 percent discount on diesel and liquefied petroleum gas, which we

Oct. 23, 2024

Seoul shares open higher on retail buying

Seoul shares opened higher Wednesday on retail buying, though investors remain cautious due to concerns over a slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index (Kospi) rose 3.53 points, or 0.14 percent, to 2,574.23 in the first 15 minutes of trading. Overnight, US stocks closed mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13. In Seoul, large-cap stocks

Oct. 23, 2024

Daewoo E&C eyes bigger footing in Indonesia

Daewoo Engineering & Construction Chairman Jung Won-ju met with former Indonesian President Joko Widodo to explore new business ventures in the country, the company said Tuesday. The meeting took place at the presidential palace, Istana Merdeka, in Jakarta on Friday -- the last day of Widodo's term. During the meeting, Jung expressed appreciation for Widodo’s presidency which has enabled Indonesia to achieve steady economic growth through development policies related to social i

Oct. 22, 2024

LG Electronics unveils 2030 vision to boost corporate value

LG Electronics on Tuesday announced a mid-to-long-term plan to boost the company’s corporate value, with a goal to achieve sales of 100 trillion won ($72.6 billion) by 2030. The new announcement comes about two months after it said it would participate in the government’s Value-up Program, being the first to do so among the country’s top 10 conglomerates. In a regulatory filing, the home appliance giant reiterated its Triple 7 goal, under which the company aims to see a 7 perce

Oct. 22, 2024

[Hello India] Hyundai Motor makes landmark stock debut in India

Hyundai Motor India made a monumental debut on the Indian stock market, marking the largest initial public offering in India’s history and the first overseas subsidiary of a Korean company to go public in global markets. Hyundai Motor Group Executive Chair Chung Euisun and key executives, including Chang Jae-hoon, president and CEO of Hyundai Motor Company; Kim Un-soo, vice president of Hyundai Motor India; Tarun Garg, chief operating officer at Hyundai Motor India; and some 250 people fro

Oct. 22, 2024

Korean startups win at sustainability competition in Indonesia

The organizers of the 5th Korea-ASEAN Business Model Competition for SDGs, held in Indonesia, said Tuesday that the event attracted a wide range of startups and small and medium-sized enterprises from South Korea and ASEAN countries. This year's contest aimed to foster innovative solutions to achieve the United Nations Sustainable Development Goals, with two Korean companies securing first and second place. The plant-based food startup Millennial Flavor Town won $6,000 for its eco-friendly

Oct. 22, 2024

SKT launches web version of AI assistant A.

SK Telecom, South Korea’s largest wireless carrier by membership, launched the web version of its multi-agent large language model service A. on Tuesday. A. was first introduced as a mobile application, as a personal AI assistant supporting users in managing their daily routines with essential functions including calendar, tasks and routine checkers. Now the AI service is accessible on various PC browsers, such as Chrome and Safari on PCs and tablet PCS, allowing users to use the service o

Oct. 22, 2024

Seoul shares end lower on Samsung woes; won slips for 7th day

Seoul shares closed lower Tuesday as Samsung and other market heavyweights came under heavy selling following overnight losses on Wall Street. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.22 points, or 1.3 percent, to close at 2,570.70. Institutions and foreigners sold a combined 602 billion won ($436 million) worth of stocks, exceeding individuals' stock purchases valued at 582 billion won. Trade volume was moderate at 337.

Oct. 22, 2024

Hyundai Card chief's AI bet pays off for global expansion

Ten years and over a trillion won in investment — an extraordinary commitment to technology that few local finance companies can match. Hyundai Card Vice Chairman and CEO Chung Tae-young has shown that this massive bet was not a gamble but a visionary investment positioning the company for the next era as the world accelerates into the age of artificial intelligence. Last week, Hyundai Card signed a landmark deal with Japan’s Sumitomo Mitsui Card Co. to export its proprietary AI soft

Oct. 22, 2024

Hana Financial to lure seniors with Hana The Next

Hana Financial Group said Tuesday that it is ramping up efforts to offer more tailor-made services for senior customers under the new brand name Hana The Next. The new launch, a collaboration of its key affiliates including Hana Bank, Hana Securities and Hana Insurance, will cover both financial and non-financial areas from retirement planning to consultations on inheritance and gift taxes to health care. The first customer is TV celebrity Kang Ho-dong, who has also been named as the brand ambas

Oct. 22, 2024

KEF chief meets with EU ambassadors to beef up economic ties

Member companies of the Korea Enterprises Federation met with ambassadors of the European Union on Tuesday to elevate economic cooperation and discuss strategies for embracing the shift in the labor market induced by industrial restructuring. Top officials from 23 EU member nations’ embassies in Korea, including Maria Castillo Fernandez, the ambassador of the EU, attended the business roundtable event hosted by the KEF held at a hotel in Seoul on Tuesday. Sohn Kyung-shik, chairman of the

Oct. 22, 2024

APR expands K-beauty influence in Hong Kong

South Korean beauty company APR announced Tuesday that it has strengthened its presence in Hong Kong’s competitive market through strong sales from both a pop-up store and a major e-commerce platform. Earlier this month, APR’s flagship skincare brand, Medicube, launched on HKTVmall, Hong Kong’s largest online shopping platform, generating 180 million won in sales within just three days. The brand’s success continued with live broadcasts featuring popular products like the

Oct. 22, 2024