Incheon International Airport has completed the fourth-phase facility expansion, establishing itself as a megahub airport capable of accommodating over 100 million passengers annually. The Ministry of Land, Infrastructure and Transport and Incheon International Airport Corporation hosted a grand opening ceremony for the renewed airport at Incheon International Airport's Terminal 2 in Yeongjongdo, Incheon, Friday. “This project is a testament to Korea’s long-term planning,”

Industry Nov. 29, 2024

Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin, has been promoted to executive vice president of Lotte Corp., the group's holding unit, to oversee the retail giant’s global strategy and speed up its leadership succession plans. Lotte announced a management reshuffle on Thursday, replacing 21 CEOs across its affiliates. Born in 1986, Shin currently leads the future growth division at Lotte Corp. and the global strategy division at Lotte Biologics. He previously ser

Companies Nov. 28, 2024

Hyosung Heavy Industries said Wednesday that it has become the first in the domestic industry to surpass 10 trillion won (about $7 billion) cumulative production value for circuit breakers. The company held a ceremony Tuesday at its Changwon plant in South Gyeongsang Province to mark the achievement. Around 400 Hyosung officials attended, including CEO Woo Tae-hee, Kwon Ki-Yeoung, head of circuit breaker division, and Kim Jin-ho, manager of the Changwon plant. Hyosung started producing circuit b

Companies Nov. 27, 2024

Located in the bustling shopping district of Myeong-dong, central Seoul, a newly opened CU convenience store offers a curated selection of popular K-foods -- snacks, drinks and ready-to-eat meals -- primarily aimed at attracting international tourists interested in Korean culture. BGF Retail, the operator of CU convenience stores, introduced this branch, on Nov. 20, as the fourth in its series of themed stores. The new store builds on previous "library" themes focused on ramyeon, sna

Companies Nov. 27, 2024

South Korean bakery giant SPC Group said Tuesday it has opened its first Paris Baguette franchise store in the UK, marking its debut in franchising within the European market. Paris Baguette had previously operated company-owned stores in Europe, including France and the UK. The first franchise store, which is Paris Baguette’s third outlet in the UK, is located in Canary Wharf, a financial business district in east London. The Canary Wharf store occupies a 50-seat space on the first floor

Companies Nov. 26, 2024

Global tobacco giant British American Tobacco on Monday officially launched its synthetic nicotine-based liquid e-cigarette, Nomad Sync 5000, in South Korea, the first market in the world to release the product. The Nomad Sync 5000, available in sweet “Purple” and refreshing “Cold” flavors, offers up to 5,000 puffs with a liquid capacity of 10 milliliters and a nicotine concentration of 0.9 percent. Priced at around 17,000 won ($12), the product is now available at vape s

Companies Nov. 25, 2024

South Korea's traditional culture of making "jang," a culinary practice encompassing knowledge and techniques related to the production of fermented soybean condiments, is poised to gain global recognition, as UNESCO considers adding it to the list of intangible cultural assets. On Nov. 5, an evaluation body under UNESCO’s Intergovernmental Committee for the Safeguarding of Intangible Cultural Heritage recommended Korea’s “Knowledge, beliefs, and practices relate

weekender Nov. 23, 2024

South Korean builder Daewoo Engineering & Construction said Friday that Chairman Jung Won-ju was honored with the Mahatma Gandhi International Award in recognition of his efforts to strengthen economic cooperation and exchanges between South Korea and India. The award, an accolade presented by the New Delhi-based Non-Resident Indians Welfare Society, recognizes international figures who foster mutual understanding and strengthen cultural and economic ties between India and other nations. Jun

Companies Nov. 22, 2024

The American Chamber of Commerce in Korea hosted a seminar Wednesday in Seoul, partnering with local law firm Kim & Chang to explore key trade and tariff policy changes expected under a second Trump administration. The session, which drew attendance from local companies seeking to navigate the evolving US-Korea economic relationship, focused on anticipated shifts in US trade policy and their implications for Korean businesses. "Given President Trump’s campaign promises and his fir

Industry Nov. 22, 2024

South Korea’s antitrust watchdog has fined three paper manufacturers a total of 30.5 billion won ($21.8 million) for colluding to raise newsprint prices. According to the Korea Fair Trade Commission on Thursday, Jeonju Paper, Daehan Paper and Paper Korea engaged in price-fixing by twice raising prices by 60,000 won per ton, in 2021 and 2022. The companies also pressured local newspaper companies that resisted the price hikes by reducing their supply of newsprint. The three companies are do

Industry Nov. 21, 2024

South Korean food company CJ CheilJedang announced Thursday it plans to build new production facilities in Hungary and the US as part of efforts to expand its presence in global markets. According to the company, the new Hungarian plant will be located on a 115,000-square-meter site in Dunavarsany, a town near the Budapest metropolitan area. With an investment of 100 billion won ($71.3 million), the new facility will feature advanced automated production lines. Production is expected to begin in

Companies Nov. 21, 2024

South Korean steel giant Posco Group said Wednesday that it will shut down a wire rod mill at its steelworks in Pohang, North Gyeongsang Province, citing global oversupply. The company explained that the decision reflects recent market challenges, including the ongoing global steel surplus, aging facilities, and the impact of China’s low-cost exports. According to Posco, the global wire rod market in 2023 had a production capacity of approximately 200 million metric tons, while demand reac

Companies Nov. 20, 2024

Samsung Biologics said Wednesday that its cumulative orders this year have exceeded 5 trillion won ($3.59 billion), driven by consecutive large-scale deals with global pharmaceutical companies. In a regulatory filing, the company announced two new contract manufacturing agreements with a European pharmaceutical firm worth a combined 930.4 billion won. While specific product details remain undisclosed, the contracts will run through December 2031. As of November, Samsung Biologics has secured 11

Companies Nov. 20, 2024

Daewoong Pharmaceutical announced Tuesday that it has filed for a domestic patent for a new obesity drug that suppresses appetite and promotes fat burning. The company said the candidate drug targets both GLP-1 and GIP receptors and is designed as a small molecule-based oral agonist. GLP-1 and GIP are hormones that help regulate blood sugar levels and body weight. GLP-1 boosts insulin secretion to control blood sugar and suppress the appetite, while GIP supports insulin release and promotes fat

Companies Nov. 19, 2024

JEJU ISLAND -- Jeju’s iconic mandarin orange industry is grappling with mounting challenges as climate change disrupts traditional cultivation practices. This year, prolonged tropical nights and rising temperatures delayed harvests and impacted fruit quality, prompting the island to adapt its agricultural practices. “Mandarins develop their yellow color when nighttime temperatures fall below 20 degrees Celsius,” said Hyun Jong-ho, manager at the Namwon Agricultural Product Ce

Industry Nov. 18, 2024