Daewoo Engineering & Construction has been chosen as the preferred bidder to build nuclear power plants in the Czech Republic, the company said Thursday. According to the Ministry of Trade, Industry and Energy earlier in the day, the Czech government has selected the state-run Korea Hydro & Nuclear Power as the preferred bidder to build four nuclear power units in the country. If the final contract is signed in March 2025, Daewoo E&C will be responsible for the construction. Daewoo E

Companies July 18, 2024

Amid the burgeoning community of social media platforms, including YouTube and TikTok, the number of Korean individuals earning over 100 million won ($72,300) annually from their content on these platforms increased from 2020 to 2022, according to a report released Monday. The report submitted by the National Tax Service to Rep. Cha Gyu-geun of the Rebuilding Korea Party revealed the total number of individual creators increased from 27,560 in 2020 to 39,366 in 2022. Over the same period, the to

Industry July 16, 2024

DNK, a Seoul-based property management solution provider, formerly known as Dongnae, said Tuesday it has launched its fully redesigned property management system that enhances convenience for asset managers through centralized operational services. Currently managing over 15,000 units in the Korean market, the system now offers advanced features such as tenant tax reporting tools and banking virtual account integration. It supports English and Korean. Additionally, DNK disclosed its intention to

Companies July 16, 2024

LG Electronics said Monday it has opened a new research lab in Frankfurt, Germany dedicated to developing its heating, ventilation and air conditioning (HVAC) technologies, with a focus on providing practical air solutions for the European market. The Frankfurt facility, covering around 1,000 square meters, is the third of its kind, following branches in Changwon, Korea and Atlanta, the US. Its primary focus is to develop high-quality HVAC technologies for residential, commercial and industrial

Companies July 15, 2024

Beverages and food items labeled with "zero" -- intended to indicate they are sugar-free -- have faced criticism in Korea, as their promoted benefits often lead consumers to overconsume them, believing they contain no ingredients that could negatively impact health. In recent years, zero-labeled items have emerged among Korean consumers, largely driven by the increasing demand for healthier sugar-free snacks. These products provide a similar sweetness as those made with regular sugar b

Industry July 14, 2024

South Korean e-commerce giant Coupang said Friday it is not considering acquiring a part of Homeplus, a supermarket chain grappling with poor performance in recent years. The announcement was made in response to local media reports suggesting that Coupang plans to acquire Homeplus Express from MBK Partners, the private equity fund that owns Homeplus. Homeplus' supermarket business comes in two types: Homeplus, a large discount store, and Homeplus Express, a smaller hypermarket. Homeplus o

Companies July 12, 2024

Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi Eung

Companies July 11, 2024

McDonald's Korea has introduced new items under its "Taste of Korea" lineup -- including a cheeseburger and a chicken muffin featuring locally sourced peppers -- highlighting its commitment to collaborating with rural areas across the country. In its fourth edition since 2021, this year’s Taste of Korea lineup focuses on peppers produced in Jinju, South Gyeongsang Province, in the Jinju Pepper Cream Cheese Burger and Jinju Pepper Cream Cheese Muffin. “McDonald’s

Companies July 11, 2024

The Korea Housing Builders Association said Wednesday that its special delegation is visiting Vietnam this week to explore new opportunities in the Southeast Asian country where diverse development projects are underway to boost the vibrant economy. The delegation consists of 13 members, led by Chairman Jung Won-ju, who doubles as chairman of Daewoo Engineering & Construction. They departed for the seven-day trip on Saturday, during which they plan to meet with government and business leader

Industry July 10, 2024

Korean e-commerce giant Coupang said Monday it will raise its membership fee for existing members from 4,990 won ($3.60) to 7,890 won starting Aug. 7, prompting mixed expectations about the impact of the fee hike. This move follows Coupang’s decision to increase its membership fees for new members to the same price of 7,890 won starting on April 13. Coupang counted approximately 14 million members as of last year, more than double the 6 million in 2020 when it launched the membership servi

Companies July 8, 2024

South Korea’s Hyosung Heavy Industries said Monday it secured a 330 billion won ($240 million) deal to supply 420-kilovolt high-voltage transformers to Norway’s electricity agency Statnett. The project aims to expand infrastructure for renewable energy and replace aging facilities in phases by 2029. Out of the total order, Hyosung signed a deal for the first batch, valued at 304 billion won, Friday. Hyosung attributed the latest deal to its expertise spanning from design to installat

Companies July 8, 2024

Lee Jin-sook, former president of Munhwa Broadcasting Corporation’s Daejeon unit, has been nominated as the new chairperson of the Korea Communications Commission, the presidential office announced Thursday. The 63-year-old started her career at Munhwa Broadcasting Corporation, also known as MBC, as a news reporter in 1987. Lee was South Korea's first female war correspondent, covering the Gulf War in 1991 and the Iraq War in 2003. In recognition of her contributions, she received the

Politics July 4, 2024

Starbucks Korea is launching the Festival for All promotional event to celebrate the 25th anniversary of its operations in the nation, the coffee giant announced Thursday. This seven-day event kicks off Friday and features new food and beverage products from overseas branches. For beverages, the company will showcase its French vanilla latte and "The Melon Of Melon Frappuccino," initially launched in the US and Japan, respectively. The French vanilla latte includes two shots of blonde

Companies July 4, 2024

Lim Sang-seop, former deputy minister of the Korea Forest Service, has been nominated as the new minister of the agency, the presidential office announced Thursday. The 54-year-old is a seasoned forest expert with extensive experience in both policy and fieldwork. He joined the forestry agency in 1998 after passing the higher technical civil service examination and has held various positions within the organization. The presidential office praised Lim as an expert who has contributed to enhancin

Politics July 4, 2024

Korean energy, retail and construction conglomerate GS Group launched its annual hackathon on Wednesday, running to Thursday, centered on artificial intelligence to drive digital transformation across the company. GS Group has hosted such hackathon events since 2020, but this marks the first year participants are allowed to use generative AI, including ChatGPT, with the aim of enhancing AI utility capabilities among employees. "With the advent of generative AI, we've entered a peri

Companies July 3, 2024