South Korean defense firm Poongsan said Thursday it has bagged orders in the Middle East to supply ammunitions worth 95.7 billion won ($77.9 million). The company will export three types of 50-caliber machine gun bullets to the region by 2021. The armor-piercing 50-caliber bullet is one of the most powerful rounds of ammunition, typically used for M2 machine guns and K6 heavy machine guns to perforate or penetrate hardened or bullet-resistant targets such as armored fighting vehicles. &l

Industry April 16, 2020

South Korean battery maker LG Chem said Thursday that the Polish government would open its airways to allow LG Chem employees to resume the expansion of the company’s electric vehicle battery plant in Poland. It is an exception to the country’s strict measures to contain the coronavirus outbreak. According to LG Chem, the company will dispatch some 200 employees on a special LOT Polish Airlines flight Friday to the construction site in Wroclaw, Poland, to restart the work to expan

Industry April 16, 2020

South Korean esports company SK Telecom T1 said Thursday that it had signed a sponsorship deal with BMW Group, becoming the first sports club in Korea to do so. According to SKT T1, BMW will provide T1 players at home and abroad with the latest vehicles, including the BMW X7. The T1 players will wear uniforms bearing the BMW logo as part of a joint marketing effort. “BMW will develop hardware and software for T1 players with its innovative technology to promote the long-term growth o

Industry April 16, 2020

Coupang became the first Korean e-commerce company to surpass 7 trillion won ($5.75 billion) mark in annual sales, getting ahead of offline retailer Lotte Mart, one of the three biggest discount store chains in the country. According to Coupang’s audit report Tuesday, it recorded 7.15 trillion won in sales in 2019, a 64.2 percent surge from 4.35 trillion won in 2018, while operating loss decreased by more than 400 billion won, to 720 billion won from 1.12 trillion won. Meanwhile, Lott

Consumer April 16, 2020

Korean food and beverage giant Binggrae on Tuesday launched a sparkling water brand Santorini. The company hopes to make a mark in the 100-billion-won ($82.2 million) domestic sparkling water market here. Named after a Greek island Santorini in the southern Aegean Sea, its new brand will be available in four flavors: plain, lime, lemon and grapefruit. “As more customers are replacing soft drinks with sparkling water due to concerns over sugar, Binggrae has decided to join the growing

Industry April 14, 2020

Korean cosmetics giant Amorepacific said Tuesday it was recognized by Monde Selection, an international quality institute with almost six decades of history. According to Amorepacific, the cosmetics firm’s three brands -- Vitalbeautie, Pleasia and Boncho Study -- won one gold, four silver and one bronze in the 2020 Monde Selection quality awards. In the diet and health products category, Vitalbeautie’s Ginseng Extract Ampoule won a gold award while the brand’s Metagreen an

Industry April 14, 2020

South Korea’s largest alcoholic beverage provider by market share Oriental Brewery said Monday it has launched sustainable beer packaging for its flagship beer brand Cass. According to OB, it has replaced existing packaging boxes with 100 percent recyclable ones for a pack of 12, 500-milliliter bottles of Cass beer. For 640-milliliter bottles, the transition is currently taking place. “OB’s existing packaging boxes were previously 96-97 percent recyclable, but this is the

Industry April 13, 2020

SK Innovation said Monday it has newly launched a unified brand to facilitate “deep change” and reestablish corporate values from the ground up in the face of challenges posed by the coronavirus outbreak. The new brand “Hi !nnovation” portrays its will to embrace new era by accelerating deep change through its “Green Balance 2030” initiative and is setting new corporate values, given the current economic circumstances, the company said. Though it started

Industry April 13, 2020

A regulatory void is undermining South Korea’s renewable energy industry due to the government’s failure to lay down ground rules for the burgeoning industry. A lack of oversight has led to an increase in fraud and loopholes in safety, resulting in businesses calling for more regulations. According to a recent press release from the Korea Energy Agency, unlicensed solar power contractors are damaging the country’s renewable energy by impersonating government agencies suc

Industry April 12, 2020

South Korean video streaming platform Wavve said Sunday it has signed a partnership with NBCUniversal to export original hallyu k-pop content to the US media giant. According to Content Wavve, operator of the platform, the partnership was signed via a video conference on Friday and will allow the company to supply original content -- up to five movies and TV series a year -- produced by three South Korea terrestrial broadcasters -- KBS, MBC and SBS -- to NBCU for the next three years. &ldq

Industry April 12, 2020

Doosan Group is planning to sell all of its stake in material solutions affiliate Doosan Solus, intent to deliver an intensive self-rescue plan after receiving a massive bailout from state-run banks. According to industry sources Sunday, Doosan Group is negotiating with private equity fund SkyLake Investment on handing over all of its 61 percent stake in battery copper foil and organic light-emitting diode materials maker Doosan Solus for 600 billion to 800 billion won ($495 million-$660 mil

Industry April 12, 2020

The US Food and Drug Administration has lifted a clinical hold on the phase 3 trial of Kolon Life Science’s osteoarthritis drug Invossa in the US after a 11-month suspension imposed in May. According to industry sources on Sunday, the FDA sent an official notice to Kolon TissueGene, the biotech unit of Korea’s pharmaceutical firm Kolon Life Science, to resume the phase 3 trial of its degenerative arthritis treatment drug Invossa in the US. The official FDA notice said that all

Industry April 12, 2020

Paper manufacturer Moorim said Tuesday it is the first South Korean company to receive a biodegradable certification from a European institution for its paper cup products. The company’s biodegradable paper cup with water-based coating received “OK compost” certification from TUV AUSTRIA in March, a 140-year old European certification institution. Moorim’s Neoforet Cup can be biodegraded 100 percent within 45 days after use, while typical paper cups can’t be dec

Industry April 10, 2020

The explosive demand for Nintendo Switch video game console in South Korea has reignited debate about the selective approach to boycott of Japanese products by local citizens. According to Korean game distributor Daewon Media on Tuesday -- which retails more than half of Nintendo’s products here -- demand for the console has spiked following the recent release of Animal Crossing: New Horizons. Nintendo is a multinational video game giant headquartered in Japan, with offices in the US a

Industry April 10, 2020

State-run utility Korea Electric Power Corp. said Wednesday it would delay electricity bill payments for small businesses and underprivileged families struggling from the coronavirus outbreak. According to Kepco, small business owners using residential, industrial and general electricity and the underprivileged currently receiving fixed welfare discounts on electricity bills will be eligible for delaying their monthly payments for three months each from April to June. The application period

Industry April 9, 2020