With first kimchi factory in US, Daesang gears up for global expansion

South Korean food giant Daesang Group has completed construction of the first kimchi factory in the US, setting up an overseas base not only to penetrate the local market but also to expand exports to Europe and Oceania. Located in the City of Industry in LA, home to industrial facilities from overseas with business links to Asian countries, the factory can produce 2,000 metric tons of kimchi annually. The company has invested 20 billion won ($16.4 million) for building production lines and w

March 29, 2022

BIZA Metaversity brings educational institutions together

BIZA Metaversity is AMAXG Group’s decentralized two-way artificial intelligence platform for education. A compound of “metaverse” and “university,” Metaversity expands the scope of educational institutions to the virtual world and brings different institutions together. It is a non-face-to-face web conferencing smart educational platform where anyone can be a lecturer. Educational institutions around the world including elementary, middle and high schools, uni

March 29, 2022

Digital asset NFT trading platform BIZA UVIT pioneers new genre

AMAXG Group’s BIZA-UVIT is a digital asset trading platform for non-fungible tokens (NFT) in content, culture, art, e-sports, movable assets and real estate. AMAXG built strategic partnerships with a number of organizations including the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association, and is quickly entering the business of digitally tokenizing user&rsquo

March 29, 2022

Anything is possible at BIZA-Metaworld, AMAXG says

BIZA-Metaworld is a blockchain-based metaverse platform where the virtual world is almost seamlessly interwoven with the physical world, bridging the gap between the two realms. The term metaverse brings together the Greek prefix “meta” meaning after or beyond, and “universe,” which refers to physical reality. This “universe beyond real life” invites users to do practically anything that is possible in the real world, from shopping to socializing, and even m

March 29, 2022

With BIZA-CarnegieMall, AMAXG wants to deploy fintech services

BIZA-CarnegieMall is the world’s first blockchain-based peer-to-peer (P2P) shopping mall, an application of blockchain technology to an e-commerce platform. According to AMAXG, any entrepreneur can run their own store on the platform, without additional charges on signing up to the shopping mall or registering products. Transactions will be conducted through the company’s own digital currency, BIZA, while BIZA wallets will be used as payment gateway -- the virtual equivalent of a

March 29, 2022

Samsung Bioepis buyout to bolster Samsung Biologics’ portfolio: CEO

INCHEON -- With the buyout of Samsung Bioepis’ stake, Samsung Biologics will become a global bio company based on the three pillars of contract development and manufacturing, biosimilars and new drugs, CEO John Rim said Tuesday. “Through issuing new stocks to raise about 3 trillion won ($2.46 billion) this year, we will take a full-fledged leap into becoming a global comprehensive bio company and lay the groundwork for sustainable growth,” said Rim during the company’s

March 29, 2022

SK Inc. pledges more shareholder benefits

SK Inc., the strategic investment arm of SK Group, on Tuesday pledged to enhance shareholder benefits while consolidating its investment portfolio centering on advanced materials, biopharmaceuticals and carbon neutrality. The holding firm of the nation’s third-largest conglomerate held a general meeting of shareholders at its Seoul headquarters earlier in the day, during which all agenda items, including financial statements for the fiscal year of 2021 and the reelection of SK Group Chai

March 29, 2022

Will KDB bail out SsangYong Motor under new administration?

After another failed attempt by SsangYong Motor to find a new owner, now all eyes are on whether the state-run Korea Development Bank will change its mind and bail out the ailing carmaker under the incoming Yoon Suk-yeol administration. SsangYong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra, on Monday called off its merger and acquisition talks with Edison Motors, a local electric bus maker, after Edison missed a March 25 deadline to pay for the deal price worth 304.8 bi

March 29, 2022

Han Sung Motor launches 11th Dream Gream scholarship project

Han Sung Motor, the official Mercedes-Benz dealer, announced Tuesday the launch of its 11th Dream Gream scholarship program for artistically gifted students through the metaverse platform Zepeto. The Dream Gream scholarship program supports both financially and academically middle and high school students that want to pursue a career in arts, according to Han Sung Motor. The launching ceremony was held on a virtual space in Zepeto named “Dream Gream Meta-planet” that portrayed the

March 29, 2022

Kumho Tire wins AA grade in MSCI ESG ratings

Kumho Tire said Tuesday it has won an AA grade in Morgan Stanley Capital International’s recent environmental, social and governance evaluation, being ranked among the top 12 percent of the automotive parts industry. The tire manufacturer has improved its ratings every year, from a BBB grade in 2019 to an A in 2021 and an AA this year. 　 MSCI ESG Ratings identifies ESG risks financially material to all sectors and measures each company’s resilience to such risks relative to indust

March 29, 2022

Over 70% of firms plan to hire new workers this year: poll

More than seven in 10 South Korean firms are planning to hire new employees this year amid an economic recovery, a poll showed Tuesday. The survey of 508 companies with 100 or more workers showed 72 percent of the respondents replying they have plans to recruit new employees this year. Some 17 percent answered they have no hiring plans for this year, with about 11 percent remaining undecided. Commissioned by the Korea Enterprises Federation (KEF), South Korea's largest business lobby by membersh

March 29, 2022

Hyundai Motor chairman reelected as Kia executive director

Shareholders of Kia Corp. have reelected Hyundai Motor Group Chairman Euisun Chung as executive director for another three years, the company said Tuesday. Chung will begin his extended director position on April 1 to lead the South Korean automaker's transition into a provider of future mobility solutions, such as autonomous driving and electric vehicles, Kia said. His three-year directorship at Kia ends in March 2025. The chairman was reelected as executive director for another three years at

March 29, 2022

Upbeat earnings forecast for Samsung, SK hynix in Q1: survey

Samsung Electronics Co. and SK hynix Inc., the world's two largest memory chip makers, are forecast to report robust earnings in the first quarter, despite a hike in raw material prices and continued global supply woes, a financial data firm said Tuesday. Samsung is estimated to log 13.89 trillion won ($11.3 billion) in operating profits in the three months ending March 31, up 38.64 percent from a year ago, while SK hynix is expected to top 3.1 trillion won, up 137.08 percent, according to a sur

March 29, 2022

Retail sales up 4.7% in Feb. on online consumption growth amid pandemic

Retail sales in South Korea rose 4.7 percent in February from a year earlier on the back of growing online consumption amid the worst COVID-19 wave, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 12.19 trillion won ($9.99 billion) last month, up from 11.6 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increased retail sales are mainly attributable to the growth in online consu

March 29, 2022

KDB customers allowed to use Hana Bank's ATMs, offline branches

The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs and around 600 offline branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender. The deal is expected to help senior people and other digitally marginalized citizens have more a

March 29, 2022

S. Korea aims to underpin recovery, strengthen fiscal health in 2023 budget

South Korea said Tuesday it plans to focus its fiscal policy for next year on propping up the economic recovery and strengthen fiscal soundness amid mounting national debt. Under the 2023 budget guidelines, approved by the Cabinet, the government plans to normalize COVID-19 related emergency spending to pre-pandemic levels and make efforts to secure fiscal space to support new policy goals by the incoming government, according to the Ministry of Economy and Finance. Government ministries and age

March 29, 2022

S. Korea to offer more tax incentives this year

Tax exemptions and incentives are expected to increase by 3.6 trillion won ($2.9 billion) this year as the government seeks to underpin the economic recovery and support vulnerable people, the finance ministry said Tuesday. The value of the tax exemptions and credit is estimated at 59.5 trillion won this year, up from the 55.9 trillion won tentatively provided last year, according to the Ministry of Economy and Finance. The percentage of tax subsidies against total tax revenue and tax benefits i

March 29, 2022

[Graphic News] S. Korea’s coffee imports hit new high in 2021

　South Korea’s imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed. 　The value of the country’s coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. 　It marks the first time that South Korea’s coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency.

March 29, 2022

Seoul stocks open higher on US gains

South Korean shares got off to a strong start Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) increased 16.02 points, or 0.59 percent, to reach 2,745.59 as of 9:15 a.m. Overnight, the US stock market finished higher on hopes over peace talks between Russia and Ukraine. The Dow Jones Industrial Average advanced 0.27 percent, the S&P 500 increased 0.71 percent and the tech-heavy Nasdaq climbed 1.31 percent. On the Seoul bourse, most lar

March 29, 2022

Central bank chief nominee underlines 'insight' on changes in int'l order to respond to rising uncertainty

The nominee for the new central bank chief on Tuesday underlined the importance of having "insight" on any changes in international order to better respond to rising external uncertainty. Rhee Chang-yong made the remarks sent to reporters before leaving Washington, D.C. for Seoul for a confirmation hearing. He was nominated as the new chief of the Bank of Korea last week while serving as director of the Asia and Pacific department at the Washington-based International Monetary Fund (IM

March 29, 2022