The Korea Forest Service announced Wednesday it has signed a memorandum of understanding with the Kyrgyz Republic to enhance cooperation on forestry issues amid the growing impacts of climate change. Kyrgyzstan is grappling with deforestation and forest fires exacerbated by dry weather and overgrazing, highlighting an urgent need for international collaboration. Under the agreement, Korea plans to leverage its forestry expertise to boost joint efforts in forest restoration, seed conservation and

Industry Dec. 4, 2024

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

Industry Dec. 2, 2024

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b

Industry Dec. 2, 2024

Rental accommodation provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, as serviced apartments, in particular, caters to resid

Industry Dec. 2, 2024

In aims to showcase South Korea's advanced nuclear power technologies and their potential to address global energy and climate challenges, the Global Nuclear Energy & Safety Confex 2024 will take place from Tuesday to Thursday at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province. Hosted by the Korea Nuclear Association for International Cooperation, the three-day event, themed “Borderless Energy: Globalizing Nuclear Business,” will

Industry Dec. 1, 2024

South Korean oil refiner S-Oil hosted an awards ceremony in Seoul on Thursday to honor the contributions of eight “Hero Firefighters,” together with the Korea National Council on Social Welfare. At the 2024 Hero Firefighters Award Ceremony, a panel of firefighting experts named Fire Lt. Yoo Seung-geol as the “Top Hero Firefighter.” Yoo received a cash prize of 20 million won ($14,300) for acts of bravery. In June, he rescued a person trapped in a flood during an underwate

Industry Nov. 28, 2024

Mirae Asset Global Investments has continued to expand its presence in global markets. Of its total assets under management at 370 trillion won ($265 billion), almost 40 percent are now managed overseas. When Mirae Asset first ventured into overseas markets back in 2003, it was met with considerable skepticism. Critics doubted whether the company could compete with established giants such as Goldman Sachs and Merrill Lynch. However, Mirae Asset Founder Park Hyeon-joo recognized the long-term p

Industry Nov. 27, 2024

Hana Financial Group recently hosted a ceremony with the Korean Ministry of SMEs and Startups to celebrate surpassing 10,000 holders of its savings accounts tailored for small and medium-sized enterprise workers. Late last month, Hana Bank launched a savings program in collaboration with the ministry to support the growth of SMEs by helping their employees build a nest egg and encouraging longer tenures with their companies. Employees who deposit at least 100,000 won ($71.6) per month can receiv

Industry Nov. 27, 2024

JB Financial Group is seeking another big leap under Chairman Kim Ki-hong who has recently been reappointed for the third term for his leadership in elevating the group’s financial stability and profitability. In the third quarter of this year, its return on equity reached 14.7 percent, reflecting a 2.6 percentage-point increase on-year. The company highlighted this as the highest ROE ratio among domestic financial holding companies, surpassing the double-digit target often regarded as a b

Industry Nov. 27, 2024

HD Hyundai Heavy Industries announced Wednesday the delivery of Jeongjo the Great, an 8,200-metric-ton Aegis destroyer, during a ceremony at its headquarters in Ulsan, some 310 kilometers southeast of Seoul. Government representatives from seven countries, including Poland, Peru and the United States, attended the event. Delegates also toured the latest frigate Chungnam, which is set to be delivered to the Republic of Korea Navy next month. Poland and Peru are emerging as potential clients for t

Industry Nov. 27, 2024

Posco International, the trading and energy arm of Posco Group, announced Monday that its local subsidiary has completed the first gas processing plant in Queensland, Australia. In April 2022, Posco International acquired Senex Energy together with Hancock Prospecting. It aims to triple Senex's annual natural gas production from 20 petajoules to 60 petajoules, enough to produce approximately 1.2 million metric tons of liquefied natural gas. Senex Energy has initiated commissioning tests for

Industry Nov. 25, 2024

By Kim Wan-ki Drivers instinctively reach for their seat belts, whether they’re off to work in the morning or heading out for a weekend picnic. According to a 2023 traffic culture index survey, seat belt usage in South Korea reached approximately 85 percent, which reflects the belief that seat belts are an essential safety device protecting drivers from potential accidents. Then, what is the equivalent of a seat belt for export enterprises? How can they safeguard their innovative technolo

Industry Nov. 25, 2024

Korean Air has introduced a special flight schedule for customers wishing to redeem mileage points for trips to Jeju Island. Mileage users will have preferential booking access for three days: Dec. 28, Dec. 30, and Jan. 1. Reservations open Thursday, and customers can join the event through the airline’s official website or mobile app. The promotion applies exclusively to flights between Gimpo and Jeju Island. The flight from Gimpo Airport will depart at 1:40 p.m., arriving at Jeju Airport

Industry Nov. 21, 2024

LS Cable & System, a leading Korean cable manufacturer, is bolstering ties with global infrastructure investors to supply its submarine cables for floating offshore wind power projects in Ulsan. According to the company on Thursday, LS signed a letter of intent with Copenhagen Infrastructure Partners, a global investment firm specializing in the renewable energy sector. CIP’s project company, Haewoori Offshore Wind, plans to develop a large-scale floating wind park with a capacity of 1

Industry Nov. 21, 2024

South Korean design software developer Zyx Technology announced Tuesday that it has signed a memorandum of understanding with Jeonbuk National University to nurture future software talent in North Jeolla Province. Under the partnership, ZYX Technology plans to offer ZYX CAD licenses worth a combined 1 billion won ($720,000) over the next three years, while carrying out research and development in the AI software sector. ZYX CAD is a versatile computer-aided design software that leverages multipl

Industry Nov. 19, 2024