Lee Si-woo, formerly co-CEO of Posco alongside Kim Hak-dong, who served as CEO of Posco and vice chairman of Posco Holdings, will now lead the steelmaker on his own. Posco Holdings’ reshuffle released on Wednesday indicates that Kim will step down from his position and moves to the group’s executive adviser. Lee is expected to play a crucial role in guiding Posco through its transition toward carbon neutrality, while enhancing profitability and reinforcing the company's presence

Companies Feb. 22, 2024

Chinese e-commerce platform AliExpress is in talks with Dongwon F&B to introduce the Korean food company's products on its platform, increasing engagement with Korean brands to expand its presence here. According to industry sources on Wednesday, the Chinese company has been in contact with several food businesses here, including Dongwon F&B, the South Korean food company renowned for its canned tuna products. "At present, Dongwon F&B and AliExpress are in preliminary discu

Companies Feb. 21, 2024

Several advertisers are facing pressure to cancel their contracts with South Korean soccer star Lee Kang-in, following the 23-year-old’s alleged discord with national soccer team captain Son Heung-min. According to industry officials on Monday, some companies intending to feature the Paris Saint-Germain midfielder in their advertisements are reevaluating their decisions, while others are considering whether to suspend existing contracts. Chicken chain Alachi, which Lee has represented sinc

Companies Feb. 19, 2024

The Financial Supervisory Service announced Sunday an updated plan aimed at providing foreign investors with more English information on financial disclosures, as part of efforts to facilitate foreign investment in Korean companies. The initiative to provide English services commenced in January 2023 following a decision by three of the nation’s financial organizations -- the Financial Services Commission, the FSS and the Korea Exchange. As part of this initiative, the FSS began updating

Market Feb. 18, 2024

South Korean food giant CJ CheilJedang's overseas food business outperformed its domestic sales for the first time in the fourth quarter of 2023, driven by the strong performance of its flagship products in the US, Australia and Europe. On Tuesday, CJ CheilJedang reported its consolidated earnings for 2023 with sales of 29.2 trillion won ($21.9 billion) and an operating profit of 1.29 trillion won. Its food business, in particular, posed 11.3 trillion won in sales and 654.6 billion won in oper

Companies Feb. 14, 2024

    KT&G, South Korea’s largest cigarette manufacturer, said Wednesday that its ultra-slim cigarette brand Esse achieved cumulative sales of over 900 billion cigarettes last year. Since its launch in 1996, Esse has sold a total of 901.6 billion cigarettes, with 405.1 billion sold overseas. Last year alone, Esse sold 21.9 billion cigarettes at home and 28.9 billion cigarettes internationally. Since 2001, when KT&G started exports to the Middle East and Russia, Esse has b

Companies Feb. 14, 2024

Seoul's Sinchon neighborhood has long been a vibrant playground for youngsters and foreign visitors alike. It's known as a college area thanks to its proximity to prestigious universities like Yonsei, Ewha and Sogang, and its youthful buzz attracted an influx of franchise brands opening stores there in the early 2000s. Starbucks, for instance, launched its first South Korean store in Sinchon. Lotte Group opened the country’s first Krispy Kreme branch in the student area because o

weekender Feb. 10, 2024

Daewoo Engineering & Construction's Chairman Jung Won-ju, who doubles as vice chairman of Jungheung Group, met with India’s top government officials to tap into new infrastructure project opportunities in the country, the South Korean builder said Thursday. On Friday, Jung met with Dammu Lavi, the secretary for economic relations at the Ministry of External Affairs of India, in New Delhi, to express Daewoo E&C's interest in participating in projects while highlighting the

Companies Feb. 8, 2024

Samsung Biologics, South Korea's largest contract development and manufacturing organization, said Wednesday that it has signed a contract with LegoChem Biosciences to develop antibody-drug conjugate -- or simply ADC -- therapeutics, designed as targeted treatment for cancer. LegoChem Biosciences, founded in 2006, specializes in research and development capabilities in therapeutics, especially with a focus on ADC technology and synthetic drugs. Last year, LegoChem transferred its ADC drug c

Companies Feb. 7, 2024

The Korea Herald and iStaging inked a memorandum of understanding to foster a cooperative relationship in the realm of new media, particularly leveraging virtual reality technology. iStaging is a Taiwanese company that specializes in virtual reality solutions. The company has developed virtual reality content for over 100,000 corporate clients, including LVMH, YSL, Toyota, ASUS and Mercedes-Benz. Virtual reality content created by iStaging includes virtual showrooms, virtual exhibitions, virtual

Companies Feb. 6, 2024

Lotte Global Logistics' new CEO Kang Byoung-ku pledged to take its logistics networks to a new level for oversea expansion while tapping into cross-border e-commerce business on his first day in office. “I promise to establish Lotte Global Logistics as a leading company in the global logistics industry through challenge and innovation,” said Kang during his inauguration speech on Friday. To achieve this, Kang outlined four key strategies. Kang emphasized a focus on differentiati

Companies Feb. 5, 2024

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

Companies Feb. 4, 2024

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

Companies Feb. 1, 2024

South Korean food manufacturer Samyang Foods said Wednesday it posted 1.19 trillion won ($893 million) in sales and 146.8 billion won in operating profit last year -- the highest figures in the company's history. According to the company, its sales and operating profit rose by 31 percent and 62 percent, respectively, while its net profit increased by 56 percent to 124.9 billion won. Samyang Foods attributed the upbeat sales to its bestselling Buldak Spicy Chicken Ramen series in overseas ma

Companies Jan. 31, 2024

Imported milk has been enjoying unexpected popularity in Korea recently, with the import volume more than tripling over the past three years alone. According to the Korea Customs Service, imports of pasteurized milk totaled 3.74 metric tons, worth 41.5 billion won ($31.1 million), last year, up 32 percent from a year prior and a threefold surge from 2020. Almost 90 percent of the imports came from Poland, followed by Australia (4.1 percent), Germany (3.9 percent) and France (2.2 percent). Despit

Industry Jan. 31, 2024