JB Financial Group announced Thursday that it has named Senior Vice President Song Jong-keun as its new chief financial officer. An industry veteran, Song has extensive experience in finance and business management as well as a deep knowledge and understanding of the challenges facing the traditional banking industry, JB said. Born in 1965, he received both his bachelor's and master's degrees in international economics at Seoul National University before completing his MBA at the Unive

Market March 2, 2023

The European Chamber of Commerce in Korea announced Tuesday that Dirk Lukat, CEO of Schenker Korea, has been reelected as the chamber’s chairperson at the annual general meeting on Monday. The ECCK is an organization representing over 400 European companies operating in Korea. Board elections for the 2023-2025 mandate were also held on the same day. Per Stenius, chairman and CEO of Reddal, Lee Ga-young; managing director of Knoell Korea; Erik Roelans, CEO of ER-Marine Erik Roelans; co-CEO

Industry Feb. 28, 2023

The Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, is seeking ways to expand the presence and consumption of Korean food at US military bases. For the globalization of Korean food products, the agency's CEO Kim Chun-jin met with CEO Jacqueline Kim of the US wholesale trade group Kee World at the aT Center in Seoul. They discussed measures for stocking more Korean food products at commissary stores that provide groceries to military personnel, retirees and their

Consumer Feb. 24, 2023

LG Innotek said on Friday it had signed agreements with more than 100 partner companies to cooperate for fair trade and shared growth in a bid to create a sustainable business environment. In accordance with the contract, the company plans to promote joint cooperation in various fields such as finance, technology, management and education. The agreement was inked as a part of LG Innotek’s 2023 Shared Growth Win-Win Day event held at the LG Sciencepark headquarters in Seoul on Thursday. &ld

Industry Feb. 24, 2023

To foster a pleasant and fair work environment that promotes productivity, South Korea’s leading chemical firm LG Chem said Thursday it is taking measures to expand the avenues for communication and debate so employees can have more say. The company introduced the "CEO Discussion Table" this year, a program in which Shin Hak-cheol, LG Chem's CEO and vice chairman, and other workers can participate together in the decision-making process for the company’s main strategie

Industry Feb. 23, 2023

Asiana Airlines said Wednesday it is preparing to expand its international routes by increasing the number of flights to 40 a week on 12 different routes starting next month. This comes along with a recent upsurge in international travel after the steady lifting of travel restrictions as the pandemic has slowed down. “Starting with this initial flight expansion, we will continue our efforts to gradually reopen international travel this year,” an official commented. Asiana plans to fi

Mobility Feb. 22, 2023

The fast-changing job industry in Korea has been showing a shift in work culture with a rising inclination toward catering to individual growth and self-improvement, away from a focus simply on boosting corporate growth. The country’s leading battery maker LG Energy Solution is making strides to invest more in their employees. Under the philosophy that corporate growth is achievable when employees truly want to work in their positions, the company aims to move away from the increasingly ob

Industry Feb. 21, 2023

KB Financial Group on Monday pledged to donate 50 billion won ($38.5 million) in donations over the course of five years from this year to 2027 to add forces to the Ministry of Education’s plans to advance the nation’s elementary care system. KB’s donation will be used mainly to support the Neulbom School service, an edu-care service operated by the Education Ministry that simultaneously cares for and offers diverse and flexible after-school activity programs for elementary sch

Industry Feb. 20, 2023

Hana Bank announced Sunday that it has raised 30 billion won ($23.07 million) through a joint labor-management fund to provide energy expense support for the financially vulnerable. The funds raised are enough to cover cash subsidies for the energy expenses of 150,000 people, including users of financial products for the working class and borrowers who are adversely affected by high interest rates. The fund was put together with donations and proceeds from the management’s additional volun

Economy Feb. 19, 2023

Information technology service provider LG CNS said Thursday it is joining hands with Kyung Hee University to jointly develop and expand a 5G network system that can be applied in manufacturing plants and logistics. Earlier in the month, the IT service provider inked an agreement to jointly develop a 5G-based smart factory predictive maintenance solution, the company said. Predictive maintenance refers to a technique that uses data analysis to detect anomalies or defects in industrial operations

Technology Feb. 16, 2023

The value of overseas direct shopping exceeded $4.7 billion last year, significantly up from $2.7 billion in 2018, according to the latest data from the Korea Customs Service released Wednesday. The number of users also tripled over the past five years from 5.19 million to 15.57 million last year. It is the first time the figure has exceeded 15 million, coming to more than 1 in 4 people here. The most popular category for purchases was health-related foods, on which buyers spent a whopping $862

Consumer Feb. 15, 2023

Hyundai Elevator said Tuesday that its open API or Application Programming Interface is getting a firm footing among companies since its public release in March. The number of companies and institutions that have adopted the software has soared to 60. The users also include big businesses such as Kakao and LG Electronics, the company added. Hyundai Elevator’s cloud-based software connects elevators with various devices for better operational efficiency. In particular, the company aims high

Industry Feb. 14, 2023

Korean conglomerates have been rushing to send equipment and financial aid to Turkey and Syria to support disaster relief efforts after a devastating 7.8 magnitude earthquake on Feb. 6 that has so far left more than 33,000 people dead, and several thousands injured and in critical condition. Samsung Memory chip and smartphone maker Samsung Electronics has pledged to donate $3 million to support relief efforts in Turkey and Syria. Half of the amount will be donated to the Disaster and Emergency

Industry Feb. 13, 2023

The future of the coin and bank note printing industry hinges on creative product planning amid the growing diversification of payment methods, the head of the state-run Korea Minting, Security Printing & ID Card Operating Corporation said. During a gathering with delegates of global minting agencies, CEO Bahn Jahng-shick spoke of the KOMSCO's continued efforts to expand its coining business revolving around Korean cultural icons and content. “Now, more than ever, technological co

Industry Feb. 10, 2023

Porsche Korea on Friday launched a two-week crowdfunding campaign for its bee conservation project, "Bee'lieve in Dreams," the automaker said. The first batch of honey that was harvested last year from the carmaker's 247-square-meter bee garden in Daemo Mountain, Seoul, has been put up for sale on Wadiz, a crowdfunding platform in Korea, until Feb. 24. All proceeds will be donated to efforts for growing honey plants and protecting bees from the risk of extinction, the Korean

Industry Feb. 10, 2023