Citigroup’s Korean unit Citibank Korea explained the bank's foreign exchange solutions and its outlook on the e-commerce market during an e-commerce industry seminar Thursday. During the seminar, model cases of FX solutions and digital payments that used Citibank's global network, were introduced. Aman Singh Chadha, the bank's regional head of e-Commerce financial products and head of eFX Solutions for the APAC region, further illustrated the trends of the e-commerce market during the semi

Market Sept. 25, 2022

State-run utility firm Korea Electric Power Corp. said Friday that a nuclear power plant it helped build in the United Arab Emirates had begun its operation. According to Kepco, operators of the unit 3 reactor at Barakah, UAE, has reached a criticality level. Criticality refers to the normal operating condition of a reactor in which nuclear fuel sustains a fission chain reaction. The joint venture between Kepco and Emirates Nuclear Power Corporation has completed test-runs for operation of unit

Industry Sept. 23, 2022

The head of the Korea Enterprises Federation has met a delegation from the European Parliament to stress the need for bolstering cooperation between European Union and South Korea amid the supply chain crisis and inflation risks. "Korea and the EU are mutually important trade and investment partners. Even during the pandemic, we saw the most trade and investment ever based on the free trade agreement held between Korea and EU last year,” said KEF Chairman Sohn Kyung-shik at a luncheon

Industry Sept. 22, 2022

KB Financial Group said Thursday it is making efforts to support the overseas expansion of homegrown startups. The financial giant held a launch ceremony for KB Global Fintech Lab in Singapore, with Kim Moon-hwan, director of the Korea SMEs and Startups Agency, local startup officials and KB executives including KB Financial Group Vice Chairman Yang Jong-hee in attendance. The newly launched lab will support domestic and international startups entering the global market and help them utilize glo

Industry Sept. 22, 2022

Rep. Yoon Sang-hyun of the ruling People Power Party discussed ways to cope with the current global economic crisis and collapse of the supply chain during a meeting with a leading cybersecurity firm on Wednesday. On a luncheon meeting, Shyam Sankar, chief operating officer at Palantir Technologies, and Rep. Yoon spoke about how Palantir provides a platform that provides data-based decisions to combat economic crises and supply chain disruptions caused by Russia's invasion of Ukraine. &ldqu

Industry Sept. 21, 2022

LG Innotek said Wednesday that it is showcasing its latest substrate products at an international trade show kicking off this week. The electronics component manufacturer will be participating in the Korea International Electronic Circuits and Packaging Show 2022 held in Songdo, Incheon, from Wednesday to Friday. One of the key products to be unveiled is its new FC-BGA -- flip-chip ball grid array -- substrate, the mass production of which is to start next year. A FC-BGA board is used to connect

Industry Sept. 21, 2022

Posco Chemical said Wednesday that its joint venture with OCI Co., called P&O Chemical, has started construction of a new local plant to produce a key coating material used in secondary batteries. The plant, located Gongju, South Chungcheong Province, will have an annual production capacity of 15,000 tons of pitch, a carbon material used for coating the surfaces of anodes, a key component in rechargeable batteries. The two companies held a ground-breaking ceremony on Wednesday, with their to

Industry Sept. 21, 2022

The average South Korean adult consumed 52.9 bottles of soju and 82.9 bottles of beer last year, a report found Tuesday, equaling to a bottle of soju a week. According to the report based on sales data compiled from the National Tax Service and Korea Customs Service, a total of 825.8 million liters of soju and 1.79 billion liter of beer, including 255.2 million liter of imports, were distributed through local manufacturers last year. In terms of bottles, a total of 2.29 billion bottles of soju

Industry Sept. 20, 2022

LG Chem is renewing its commitment to upgrading value for customers, declaring 2022 as the “year of customers,” the company said Tuesday. As part of its efforts, the South Korean chemical specialist is extending its customer service network, called Customer Solution Campuses, around the world. Following Korea’s first CS Campus Daejeon in 1995, there are an additional two CS establishments in Osan, Gyeonggi Province, and Huanan of China. With a new Chinese CS campus under constr

Industry Sept. 20, 2022

SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, held meetings with Japanese political and business leaders, including Prime Minister Fumio Kishida, to ask Tokyo’s support for South Korean port city Busan’s bid to host the 2030 World Expo. Chey stayed in Tokyo on Thursday and Friday, according to the KCCI -- the nation’s largest business lobby -- on Sunday. On the first day, the KCCI chief met with Matsumoto Masayoshi, the v

Industry Sept. 18, 2022

Posco Group Chairman Choi Jeong-woo (right) joins efforts to remove mud and debris at the steel giant’s plant in the southeastern city of Pohang on Saturday. Posco said it aims to fully normalize operations of the typhoon-hit plant by early December. (Posco)

Industry Sept. 18, 2022

In its first debut outside of Europe, Volkswagen Korea launched its pure electric sports utility vehicle, ID.4, in Seoul on Thursday, stressing that the local market is "essential" for the German carmaker's e-mobility business. "Korea is one of the fastest pioneering EV countries. We decided to make sure we have our first ID.4 outside of Europe (in South Korea), as South Korea is essential for Volkswagen's e-mobility business," said Dr. Silke Bagschik, head of product line e

Mobility Sept. 15, 2022

Ikea Korea saw its sales falling this fiscal year for the first time since its entry in 2014, the company said Wednesday, citing the lift of social regulations as a key reason for Koreans' reduced spending on home furnishing products. During a media conference, the South Korean branch of the Swedish furniture giant said it had recorded sales of 618 billion won ($444 million) between September 2021 and August 2022, marking a 10 percent decrease from the previous fiscal year. Ikea Korea has shown

Industry Sept. 14, 2022

The use of disposable cups has soared during the pandemic years, with the annual number exceeding 1 billion for the first time last year, a report showed Tuesday. According to an Environment Ministry report submitted to Rep. Lee Joo-hwan of the ruling People Power Party, the number of single-use plastic and paper cups consumed at 14 cafe and four popular fast-food chains was 4.34 billion over the past five years. Last year, the number reached 1.02 billion, a surge from 770 million in 2019. The a

Economy Sept. 13, 2022

Kim Min-soo, a senior college student, stands next to his bicycle as he waits for a delivery order on a bustling street in Hongdae, western Seoul, on a Saturday afternoon. After a few minutes of waiting, his phone, adjusted to the handle of his bike, lights up with a message and notifies him of a delivery call from a to-go restaurant. With the app’s artificial intelligence navigation system showing him the optimal route to the restaurant, Lee gets on his bike to pick up the food. “I

Economy Sept. 12, 2022