South Korea’s top brewer, Oriental Brewery, announced Friday that it has proven its global quality standards by winning the "Superior Taste Award" in seven categories organized by the International Taste Institute this year. OB Beer's seven brands -- Cass Fresh, Hite, Cass Light, Cass 0.0, Cass White, OB Lager, and OMG -- received a total of 13 stars, with each brand being honored with an award. Cass Fresh and Cass Light have won the award for four consecutive years, while C

Consumer June 9, 2023

The Ministry of Land, Infrastructure and Transport estimates the repair cost of an Asiana Airlines aircraft that was forced open by a passenger mid-air, to be about 640 million won ($494,000), according to data released by a lawmaker Friday. In its interim probe, the ministry found the aircraft involved in the incident suffered damages to three areas, the emergency door and slides, according to data from the Transport Ministry received by office of Rep. Jang Chul-min of the main opposition Democ

Industry June 9, 2023

Posco International announced Thursday that its subsidiary, Posco Mobility Solution, has signed a contract with Hyundai Motor Group to supply additional 2.5 million units of automotive motor cores for Hyundai's flagship electric vehicles, to be produced between 2025 and 2034. The latest deal came after two previous supply agreements Posco International signed with the Korean auto giant in November last year and January this year, under which the company would supply 3.4 million and 950,000

Industry June 8, 2023

KB Financial Group said Wednesday that Chairman Yoon Jong-kyoo stressed the role of finance in achieving a net-zero transition at a meeting of the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero, or GFANZ, held in Singapore on Monday. The GFANZ is an alliance of over 550 financial institutions from 50 countries. Established in April 2021, the coalition aims to promote a net-zero economy and tackle climate change. Its Asian advisory committee was also set up in June las

Economy June 7, 2023

South Korean cinema platform provider RNR Inc. is seeking to spur innovation in the nation’s film distribution industry by offering a unique business model based on a bespoke theater experience under the brand name, “Monoplex.” In a recent tech conference held in Seoul, its CEO, Ray Seok, stressed that the company’s theater business focuses on distributing content rather than operating large multiplex cinemas with multiple screens. The core of this business model is the

Industry June 5, 2023

SK Group announced Sunday that the total social value generated by its key affiliates last year was 20.5 trillion won ($15.6 billion), up 1.6 trillion won or 8.6 percent from the previous year. Social value refers to the degree to which companies have contributed to solving or alleviating social problems facing stakeholders. The nation’s second-largest conglomerate has unveiled the value of its social impact every year since 2018. Economic contribution, consisting of employment, dividends

Industry June 4, 2023

Hyundai Elevator announced Thursday that it has launched an advanced elevator maintenance service, called Miri, which integrates the Internet of Things, artificial intelligence, big data and robotics technologies. The new Miri, which means “in advance” in Korean, reflects the company’s commitment to providing the best customer satisfaction, the company said. Hyundai Elevator held the launch event at its smart campus in Chungju, North Chungcheong Province, with CEO Cho Jae-cheon

Technology June 1, 2023

South Korean builder Hyundai Engineering & Construction announced Thursday that it will begin pre-sales of its Hillstate Sunhwa the Wise – a residential and commercial apartment complex in Daejeon, some 160 kilometers south of Seoul. The complex consists of five 49-story buildings with a total of 851 units. The builder plans to offer the first installment deposit fixed at 10 million won ($7,500) and an interest relief guarantee to the contract holders. The complex, among others, boasts

Industry June 1, 2023

SK Networks' US investment subsidiary, Hico Capital, announced Wednesday that it will pursue a partnership with global venture capital firm Bow Capital as part of efforts to nurture promising startups and bet on their growth potential. The latest partnership comes after their top executives, including SK Networks President and Chief Operating Officer Choi Sung-hwan and Bow Capital Chairman Vivek Ranadive, held a meeting in Silicon Valley on Tuesday (local time). During the meeting, the two

Industry May 31, 2023

Mirae Asset Global Investments said Friday that it held a gathering of executives worldwide to discuss the asset manager's future direction in the global exchange-traded fund business and to evaluate the current status of each market. With 70 CEOs and chief investment officers of Mirae Asset's overseas subsidiaries in attendance, ETF Rally 2023 took place from Monday to Wednesday in Seoul and Hongcheon, Gangwon Province. During the event, the executives introduced the ETF business in e

Industry May 26, 2023

South Korea’s second-largest steelmaker said Friday that it has obtained a low-carbon product certification for its flagship H-beam steel product from the Ministry of Environment, the first to do so in the domestic steel industry. With the latest attainment, Hyundai Steel has secured Environmental Product Declaration certifications for a total of 13 products and a low-carbon product certification for one item. Low-carbon product certification is granted to products with carbon emissions be

Industry May 26, 2023

Renault Korea Motors seeks to lure tech-savvy young drivers with its digital campaign “Create Your SM6,” the Korean unit of the French auto giant said Wednesday. The carmaker offers an artificial intelligence-based design tool, called Stable Diffusion, for participants to create their own SM6 sedan car and submit the image as a non-fungible token to win digital coins. Based on the car’s highest-trim model Inspire, almost 14,000 NFTs have been submitted ahead of Friday’s d

Mobility May 24, 2023

South Korean internet giant Kakao Corp. announced Tuesday that it held talks with officials from the Saudi Tourism Authority on building mobile infrastructure to revitalize tourism in Saudi Arabia at the Kakao headquarters in Pangyo. Top executives from both sides, including STA’s President of APAC Markets Alhasan Aldabbagh, and STA’s Chief Technology Officer Choon Quek attended the meeting. Saudi Arabia has selected Korea as one of its strategic partners by presenting the "Saud

Industry May 23, 2023

South Korean steel giant Posco said Tuesday it has won three medals for new stainless technologies at the Stainless Steel Industry Awards held by Worldstainless, a non-profit international association, earlier this month in Brussels. The company touted the latest feat as yet another recognition of its technical prowess following its gold medal win at the same awards last year. This year Posco was the only company to win all three medals -- gold, silver and bronze -- in the new stainless technolo

Industry May 23, 2023

South Korean food and beverage manufacturer Dongsuh Foods announced Monday it will operate an Oreo pop-up store in Seongsu-dong, Seoul, until June 18 to mark Oreo Day on May 25. Commemorating Oreo’s 111th anniversary since its launch in 1912, the pop-up store is designed to give consumers a different experience of the brand, celebrating the achievement of becoming the world's No. 1 cookie. The pop-up store consists of a total of three spaces: the Welcome Zone, the Connect Zone and the

Consumer May 22, 2023