SK Inc, the strategic investment arm of SK Group, said Thursday it invested in a food-tech startup specializing in cultured salmon, in a bid to diversify its investment portfolio in food business. The holding unit of the nation's third-largest conglomerate said it invested 10 billion won ($7 million) in Wildtype, a United States-based producer of cultured salmon. Cultured salmon is salmon that is cultivated in pilot labs with real animal cells, with mixture of nutrients, sugars, salts, amino aci

Industry Nov. 24, 2022

The production of the country's first homegrown COVID-19 vaccine was indefinitely suspended Tuesday, amid the slowdown in demand for vaccines tailored to combat SARS-CoV-2, the original strain of coronavirus. According to industry insiders, South Korean vaccine maker SK Bioscience suspended the production of finished SKYCovione products. However, despite the suspension of final products, the vaccine bulk -- the liquid base materials used as main ingredient of vaccines -- are still in produc

Industry Nov. 23, 2022

Business leaders and experts gathered Tuesday at the headquarters of the Korea Chamber of Commerce and Industry to discuss the current bearings of South Korean retail industries and plans they should undertake going forward. Woo Tae-hee, executive vice chairman of the KCCI, said that according to a survey conducted by the KCCI, "worsening consumer confidence" was chosen by some 300 retail industries in the country as the top issue to tackle for the years ahead. "Consumer confidenc

Consumer Nov. 22, 2022

South Korean e-commerce giant Coupang said on Monday it will be holding special promotions for products directly imported from overseas, in commemoration of global shopping event Black Friday. The event, which continues through Sunday, provides discounts and coupons for users who buy directly imported goods from Rocket Delivery, Coupang's 24-hour delivery service. Users of Rocket Jikgu, Coupang's overseas delivery service, will also benefit from the event. The promotions are joined b

Industry Nov. 21, 2022

The Ministry of SMEs and Startups said Monday that local startups saw record-breaking growth in diverse sectors as they work to meet the needs of consumers amid the pandemic. According to the ministry, the number of startups whose sales exceeded 100 billion won ($73.8 million) was 739 companies as of end of 2021, a 16.7 percent increase from a year prior. Of the 739 startups, 569 logged 100 billion won in sales for two consecutive years. A total of 108 companies reached 100 billion won in sales

Industry Nov. 21, 2022

Incorporating corporate social responsibility-related strategies into a company's business yields greater profits for the company in the long run, as it realizes multifaceted achievements, according to the head of a CSR solution provider. CSR-related businesses score wins with diverse demographic, including companies' customers, stakeholders, the government and companies themselves, with their characteristic sustainability, said Lee Yoon-suk, founder and CEO of InnoCSR during an interv

Industry Nov. 21, 2022

The Ministry of Science on Friday suggested a slew of ideas such as tax reductions for over-the-top, or streaming, content producers to expand the South Korean content business and boost its global competitiveness. The government said the support will foster high-quality, exclusive content production on domestic platforms as well as emerging media businesses involving the metaverse and content creators. "We will turn the nation's content industry into an engine for the country's g

Technology Nov. 18, 2022

The unofficial "richest man in the world" and the de facto leader of Saudi Arabia's choice of lodging during his stay in South Korea is garnering attention with his extravagant decision to stay in a suite room that goes for 22 million won ($16,449) a night. According to industry insiders, Saudi Arabia's Crown Prince Mohammed bin Salman arrived at Seoul Air Base around midnight and spent the night at the Lotte Hotel Seoul, a luxury business hotel situated in central Seoul. The

Industry Nov. 17, 2022

The Korea Chamber of Commerce and Industry on Wednesday said it has set a goal to collect a combined 31 billion won ($23.4 million) from the nation’s top 10 chaebol groups in an aim to support Busan’s bid for the 2030 World Expo. According to the largest business lobby here, the “special membership fees” were decided based on discussions with the companies during a general assembly in September, with their asset value being the key criteria. Samsung Group has pledged to p

Industry Nov. 16, 2022

SK Geocentric, a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it had secured loans worth 475 billion won ($358 million) from global banks, in recognition of the company's future plans for its environmental, social and governance initiatives. SK Geocentric held a signing ceremony for a three-year agreement for sustainability-linked loans with five global financial institutions: France's BNP Paribas, Agricultural Bank of China, Bank of China, Japan's M

Industry Nov. 15, 2022

To commemorate its 40th anniversary, South Korean clothing manufacturer Hansae is preparing to take a leap forward with its textile business by undertaking an efficient and sustainable working process, according to the company on Tuesday. "We aim to have the company reach one hundred years by discovering new growth engines with a creative and innovative corporate culture," said Kim Ik-hwan, vice chairman of Hansae. As part of its aim to work under a more efficient production process, t

Industry Nov. 15, 2022

South Koreans' working hours may have decreased by 10 percent compared to a decade ago, but the country still works longer hours than most of its OECD peers, ranking fifth among them, data found Monday. According to the recent OECD's data, Koreans worked 1,915 hours last year, the fifth-longest among 38 OECD member countries. The hours marked a 10.3 percent decline from 10 years earlier, when the country topped the list with 2,136 hours in 2011. Despite the decrease in average annual hours worke

Economy Nov. 14, 2022

South Korea’s Fair Trade Commission is seeking to set up a new team dedicated solely to overseeing merger and acquisition deals among local and foreign businesses, according to industry sources on Sunday. The plan was reportedly included in a recent report on the antitrust watchdog’s reorganization submitted to the Ministry of the Interior and Safety. Currently, the FTC is responsible for reviewing the legitimacy of M&A deals and other antitrust issues involving Korean companies

Industry Nov. 13, 2022

South Korean energy company GS Caltex is seeking to diversify its business portfolio with the completion of a new olefin production facility worth 2.7 trillion won ($2.01 billion) in Yeosu, South Jeolla Province. On Friday, the company held a ceremony to celebrate the completion of the facilities, with its top brass, including CEO Hur Sae-hong, in attendance. Olefin, a linchpin element in the petrochemical business, is used as a basic material for plastic, synthetic fiber and synthetic rubber. T

Industry Nov. 13, 2022

Korean general trading firm STX said Thursday it has donated 130 million won ($95,000) to the families of foreign victims of the Itaewon Halloween tragedy, as it seeks to offer comfort for their losses. The company said it donated money to the family and multiculturalism division of the Seoul Metropolitan Government for them to then deliver to the bereaved families. "We would like to convey our condolences to the foreigners who lost family members on foreign soil due to a sudden accident,&q

Industry Nov. 10, 2022