Amid escalating construction costs and volatility in the financial markets triggered by interest rate hikes, the domestic real estate sector is grappling with unprecedented risks. In response, Daewoo Engineering & Construction is pivoting to international markets, notably in urban development projects, to mitigate these challenges, the company said Tuesday. Despite the recent market downturn, Daewoo E&C has demonstrated resilience. The builder reported sales of 11.6 trillion won ($8.67 b

Industry March 26, 2024

Hana Bank announced Monday that it has inked a memorandum of understanding with global digital solutions provider ICE Digital Trade to innovate trading procedures, especially digitalizing trade-related documents and communications. ICE Digital Trade, part of New York-listed Intercontinental Exchange, connects over 56 global banks and 65,000 member companies through its digital trade transaction solution, called DSUA or Databridge Services & Users Agreement. This partnership aims to streamlin

Industry March 25, 2024

Kumho Tire’s model ECSTA HS52 tire has garnered recognition from tire performance tests conducted by German automotive magazines ADAC and Auto Bild, the company said Wednesday. In this year's comprehensive tire performance evaluations, the ECSTA HS52 model achieved third place with a "Good" rating from ADAC and fourth place, also rated as "Good," from Auto Bild. This made it the top-performing tire from a South Korean manufacturer. ADAC’s testing was among 16

Mobility March 24, 2024

South Korean steel firm Posco Group has woven social welfare into its corporate strategies through its child care centers, open not just for their own workers but also those of its partner firms, as part of efforts to help tackle the nation's falling birth rate. The Shared Coexistence Work Child Care Centers, initiated in June 2020, are collaborative ventures between Posco and its suppliers, underscoring the group's dedication to supporting a work-family balance in response to national

Industry March 24, 2024

Galleria Department Store, one of the nation’s leading luxury goods retailers, said Thursday that its sales to customers of foreign nationality soared to all-time highs in the first two months of this year, surpassing pre-pandemic levels. Its luxury brand stores posted 10 billion won ($8.4 million) and 7.5 billion won in sales to foreign customers in January and February, respectively, marking a 166 percent jump from the same period last year. "Foreign customer sales hit 26 billion wo

Industry March 21, 2024

South Korea’s largest aerospace company Hanwha Aerospace said Wednesday it has been selected as a private entity to lead the nation’s next-generation space rocket project. The Public Procurement Service started the bidding process in December last year and Hanwha competed against Korea Aerospace Industries. After a thorough review of its technical capabilities and project sustainability evaluation on March 12, Hanwha was decided as the preferred bidder. Hanwha plans to sign the final

Industry March 20, 2024

CJ CheilJedang said Tuesday it participated in the 2024 Natural Products Expo West, the world's largest trade event in the food industry, to showcase its key products and K-food innovation overall. Held in Anaheim, California, the expo marked its 42nd anniversary, attracting around 3,000 companies and approximately 60,000 visitors over five days starting March 12. This year’s event focused on the latest trends in health and wellness, featuring new food products and nutritional supplem

Industry March 19, 2024

Asiana Airlines on Monday announced that it has become the first domestic airline to win the Certification of Cross Border Transfers of Personal Information, as mandated by China's Personal Information Protection Law. This certification affirms the company's adherence to the stringent requirements necessary for the secure transfer and management of personal data to regions outside China. The achievement follows China's introduction of updated information protection regulations in

Industry March 18, 2024

South Korea was ranked eighth globally in terms of cryptocurrency profits last year, according to a report by blockchain data analytics firm Chainalysis on Sunday. Investors around the world saw a combined $37.6 billion in their crypto gains in 2023. The figure was a 76 percent plunge from a $159.7 billion profit in 2021 but a drastic rebound from a $127.1 billion loss in 2022. The relatively modest gains last year imply a more cautious approach by investors in liquidating their crypto assets, t

Industry March 17, 2024

Energy and environmental solutions provider SK Ecoplant announced Thursday the launch of a new IT Asset Disposition facility in Virginia through its recycling subsidiary, SK tes. The newly completed facility, spanning 12,000 square meters, is designed specifically for hyperscale data centers. It will manage the entire lifecycle of information technology assets, from collection and secure data destruction to recycling and reuse. Situated in a vital corridor of Virginia, where 70 percent of the wo

Industry March 14, 2024

Hyosung Group's corporate venture capital arm Hyosung Ventures said Tuesday that it had decided to invest in Colosseum, a company specializing in logistics center network solutions. Colosseum is a fourth-party logistics provider, offering comprehensive solutions that encompass inventory management, transportation, packaging and logistics consulting. "We are exploring innovative business partners that fit the rapidly changing trends of future industries beyond the logistics system solut

Industry March 12, 2024

South Korean e-commerce giant Coupang announced Monday that it will expand its Rocket Jikgu service coverage to Japan, following its fast-delivery service launches for the US, China and Hong Kong. The expansion of Rocket Jikgu, an overseas direct purchase service, will now allow the direct purchase in Korea of products from Japan. The Japanese overseas direct purchase market grew by 11 percent in 2023 compared to the previous year, with major categories including fashion, food and home goods, ac

Industry March 11, 2024

South Korean food company Daesang has unveiled its new Korean Street Food product line through its international brand, O'food. According to the company on Monday, the launch signals a strategic push to adapt and expand the company’s offerings to meet the growing global appetite for Korean cuisine. In recent years, O'food's Tteokbokki product has seen a remarkable 4.7-fold sales increase over the previous year, highlighted by strategic placements in major US supermarket chai

Industry March 11, 2024

South Korean education provider Vine Group announced Thursday that its Sollute study abroad program has successfully concluded its 2024 winter vacation youth English camps. The winter vacation English camp, which attracted 141 participants, took place throughout January and February, lasting either three or seven weeks ahead of the new academic term. Its primary objective was to facilitate cross-cultural interactions while enhancing English language skills. Conducted in Canada, New Zealand, and

Industry March 8, 2024

The state-run Export-Import Bank of Korea said Thursday that it has inked a memorandum of understanding with the US Department of Energy to bolster their partnership in supporting the Korea-US supply chain and sustainable energy projects between the two nations. This marks the first time Eximbank has entered into such a partnership agreement with a US government agency, underscoring the growing ties and shared interests between the two nations in the realms of sustainable development and clean e

Industry March 7, 2024