Kia makes breakthrough in China sales

Kia is showing signs of recovery in China, recording more than 20,000 units in monthly sales for three consecutive months from June to August. If this momentum continues, the company is on track to reach or surpass its goal of selling over 200,000 units in China by the end of the year. Kia’s recovery is primarily driven by two factors: the introduction of new, market-specific models and an expansion of its export operations. According to Kia’s Chinese joint venture, Jiangsu Yueda Kia

Sept. 17, 2024

Sales in convenience stores rank 2nd in H1 after department stores

Sales in South Korean convenience store chains ranked second among offline shopping outlets after department stores in the first half, the trade ministry said Tuesday. The ratio of sales in convenience stores came to 16 percent in the January-June period following department stores' 16.8 percent, showed data from the Ministry of Trade, Industry and Energy. Convenience stores exceeded large discount stores in terms of annual sales ratio for the first time in 2021 and have since maintained th

Sept. 17, 2024

Lime green plates deepen slump in Korea’s luxury car sales

Corporate vehicle sales in South Korea continue to plunge this year, particularly among high-end imported models, due in large part to a new government policy aimed at curbing tax abuses. The introduction of lime green license plates for costly corporate-owned cars, effective January 2024, is seen as a primary factor behind the sharp decline. According to data from the Carisyou Data Research Institute, registrations of corporate vehicles priced over 80 million won (approximately $59,600) fell by

Sept. 16, 2024

How to navigate September market volatility

The local stock market is likely to remain stuck on growth for the time being, reflecting the woes of the US economy, market analysts said. They also advised investors to build up a defensive portfolio to respond to high volatility. The local bourse has remained sluggish in recent days, coupled with concerns about the recession of the US economy. The benchmark Kospi, which closed at 2,681 points on Sept. 2, has been fluctuating at around 2,500 in recent days, marking an around 100-point drop. Fo

Sept. 16, 2024

Naver Map starts providing natural disaster information

Naver Corp.'s mobile map application has begun providing real-time service on natural disaster information starting this week, the company said Sunday. Naver Map now provides information about earthquakes, typhoons, heavy snow and rain downpours affecting South Korea on its app based on sources from the Korea Meteorological Administration (KMA) and other weather authorities, according to the company. In detail, users can check information about earthquakes with a magnitude of 3.5 or higher

Sept. 15, 2024

Only 12 pct of unsafe food imports taken off market for disposal: report

Only about 12 percent of food imports determined to be unsafe have actually been taken off the market, a lawmaker said Sunday, citing related government data. According to the data from the Ministry of Food and Drug Safety, an average of 12.5 percent of 141 import food items that had been ordered to be recalled since 2022 have actually been removed from the local market. Rep. Seo Mi-hwa of the main opposition Democratic Party said some of the recalled food items had a collection rate of over 80

Sept. 15, 2024

Over half of Koreans plan to spend same on Chuseok gifts as last year: KCCI survey

Most South Koreans showed positive sentiments about spending more on Chuseok gifts this year, despite the ongoing inflation and economic challenges, a recent survey found. According to the survey conducted by the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, more than half of respondents, or 56.2 percent, planned to spend a similar amount on Chuseok gifts as they did last year, while 29.1 percent said they would increase their spending. The survey polled 1,00

Sept. 14, 2024

BOK likely to cut key rate in November: analysts

South Korea's central bank is likely to cut its policy rate in November, rather than in October, as it wants to be confident of a slowdown in household debt increase amid moderating inflation, analysts have said. The Bank of Korea has only two rounds of its monetary decision meetings left this year in October and November. Last month, the BOK kept interest rates unchanged at 3.5 percent, the highest level in about 16 years, for the 13th straight time. The central bank delivered seven cons

Sept. 14, 2024

Daewoong unveils new Indonesian stem cell facility with GMP certification

South Korean drug maker Daewoong Pharmaceutical has announced the launch of a new stem cell plant in Indonesia, marking the 20th anniversary of its entry into the Indonesian market. The facility is set to drive large-scale research and development projects in collaboration with local pharmaceutical and biotech industries, according to the firm. The stem cell plant, established by Daewoong Biologics Indonesia -- a subsidiary of Daewoong Pharmaceutical -- will begin full-scale operations following

Sept. 13, 2024

Food conglomerates to refine strategies during Chuseok

During the five-day Chuseok holiday, leaders of food and distribution conglomerates are anticipated to refine their management strategies for the second half of the year, focusing on enhancing profitability in a challenging business environment. With the industry grappling with a downturn intensified by high prices and interest rates, the primary aim will be to devise measures to bolster profitability and navigate the performance crisis in the months ahead. According to industry sources on Frida

Sept. 13, 2024

Kia joins forces with Geotab, 42dot to streamline PBV fleet management

Kia has joined forces with Canadian fleet data provider Geotab and Hyundai Motor Group’s software arm 42dot to create an advanced fleet management system for its new line of purpose-built vehicles. This collaboration, formalized in a memorandum of understanding signed Friday at Geotab’s headquarters in Canada, marks an important step in developing solutions for businesses that manage large vehicle fleets. Kia’s PBVs are commercial electric vehicles designed to be customizable.

Sept. 13, 2024

Daegu Homeplus gets fresh look with enhanced features, new brands

South Korean discount chain Homeplus announced Friday that it reopened its Chilgok branch in Daegu earlier this month, in an aim to refresh the branch into a leading regional shopping complex. The Homeplus Mega Food Market at Chilgok is the only large-scale retailer serving northern Daegu, separated from the bustling southern part of the city by the Geumho River. Homeplus expects the renovated store to be a central hub for the local community, offering an exceptional shopping, dining and enterta

Sept. 13, 2024

MBK spices up yearslong feud over Korea Zinc

MBK Partners, a big-name private equity house based in South Korea, has stepped into the ongoing management dispute involving the country’s leading zinc smelter Korea Zinc, siding with its rival Youngpoong Group. Youngpoong Group’s owning family, the Chang clan, which holds a combined 33.1 percent shares in Korea Zinc, teamed up with MBK Partners by signing a shareholder agreement Thursday, in an agreement to jointly exercise voting rights on the shares. The two also agreed on a ca

Sept. 13, 2024

Mercedes-Benz Korea CEO might appear at government audit, industry reports

In the aftermath of the massive fire caused by a Mercedes-Benz electric vehicle in August, Mathias Vaitl, CEO of the German auto giant’s Korean unit, might appear for next month's government audit, industry insiders said Friday. Given the severity of the incident that took out an apartment complex parking lot and over 100 vehicles in Incheon on Sept. 1, the Land Infrastructure and Transport Committee of the National Assembly is reportedly considering calling Mathias as a key witness f

Sept. 13, 2024

Celltrion secures contract to supply Herzuma to Brazil for 5th year

South Korean biosimilar giant Celltrion will continue to supply trastuzumab biosimilar Herzuma to Brazil, the company announced Friday. The company won the bid to supply a trastuzumab biosimilar to the Brazilian Federal Government for the fifth consecutive year. Under the contract, Celltrion will provide 660,000 vials of Herzuma through 2025. Celltrion remains the sole trastuzumab provider for the Brazilian government, with its Herzuma accounting for more than 50 percent of the market annually.

Sept. 13, 2024

SK Bioscience celebrates topping-out of global research center in Songdo

South Korean biotech firm SK Bioscience said Friday it hosted a topping-out ceremony at the construction site of its Global Research and Process Development Center in Songdo, Incheon, Monday. In 2021, SK Bioscience signed a land contract with the Incheon Free Economic Zone authority to acquire part of the Incheon Technopark Expansion Complex. The company has invested 325.7 billion won ($244 million) in building the Global R&PD Center. With the project, SK plans to relocate its headquarters a

Sept. 13, 2024

[Photo News] Hyundai’s Genesis steers art at the MET

With support from Hyundai Motor Group’s premium brand Genesis, The Metropolitan Museum of Arts in New York has launched an art exhibition titled, “Long Tail Halo” on Thursday. In partnership with Genesis, The Metropolitan Museum of Art, one of the world’s largest art museums, has featured four installation pieces by renowned Korean contemporary artist Lee Bul, displayed prominently at the museum's main entrance. (Hyundai Motor Group)

Sept. 13, 2024

Telecom firms compete head-on for AI assistant service

Competition is heating up among major South Korean telecommunication companies to take the lead in the market for artificial intelligence assistants. LG Uplus, the country's smallest telecom company by market share, is set to launch a call-recording service, dubbed, “ixi O,” next month, according to industry sources on Friday. It is expected to offer services such as call recording, summary function and spam call and voice phishing filtering. Currently, AI assistants are evolv

Sept. 13, 2024

[Photo News] Pope rides Hyundai Ioniq 5 in Singapore

Pope Francis waves to the crowd from a Hyundai Ioniq 5, the auto giant’s flagship electric vehicle, as he arrives at the National Stadium in Singapore on Thursday. Singapore is the final stop of the pope’s 12-day, four-nation trip through Southeast Asia and the South Pacific – his longest and most distant tour of his papacy. (AFP-Yonhap)

Sept. 13, 2024

Economy shows signs of recovery on strong exports, soft inflation: finance ministry

The South Korean economy continues to show signs of recovery, driven by strong exports and manufacturing output, with consumer prices showing signs of stabilization, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly economic report, noting that domestic demand is also recovering, led by facility investment and the service sector. "The South Korean economy is experiencing a recovery trend amid the stabilization of consume

Sept. 13, 2024