South Korean oil refiner S-Oil on Monday recognized eight firefighters for their heroic rescue efforts, handing out a total of 90 million won ($68,240) in prizes at the awards ceremony in Seoul, as part of the company's ongoing campaign to support the nation's firefighters. The ceremony was co-hosted by the Korea National Council on Social Welfare at 63 Square, near the Han River in Seoul, earlier in the day. Lieutenant Kwon Tae-jin from the Seoul Special Rescue Team was selected as

Industry Dec. 11, 2023

LG Energy Solution said Friday that it has signed an agreement with Impact Clean Power Technology, a leading Polish battery systems manufacturer, ramping up its foray into the European market for commercial electric vehicles. ICPT, established in 2005, operates the GigafactoryX near Warsaw, which manufactures and assembles advanced battery systems for larger EVs such as electric buses and trucks. Under the agreement, the Korean battery giant will supply 200,000 nickel cobalt manganese (NCM) ba

Industry Dec. 8, 2023

Mercedes-Benz’s new E-Class sedan is hitting the Korean market in January next year, the Korean unit of the German luxury carmaker said Friday. The 11th generation E-Class is a complete revamp from the 10th version launched in 2016. In Korea, the car claimed the No. 1 spot in sales for seven consecutive years among foreign brand cars. Korea is Mercedes-Benz’s fourth-largest market globally. The new model, unveiled at the digital world premiere this April, underwent a full change to f

Industry Dec. 8, 2023

Citibank Korea has been named the Best International Bank in Korea for 2023 by Asiamoney, a monthly financial magazine published in Hong Kong, the bank announced Friday. Asiamoney explained that it selected Citibank Korea for the latest award, as it demonstrated significant improvements in performance across various financial metrics, citing tangible gains in total revenue and net income compared to the previous year. The bank showed particularly strong growth in the corporate banking businesses

Industry Dec. 8, 2023

South Korean beauty giant LG Household & Health Care said Thursday that its sales on Japan's Qoo10 posted record growth of nearly 300 percent after its debut on the country's leading online marketplace just six months ago. Since June, the company has actively been raising its brand awareness and expanding its customer base in Japan through its participation in Qoo10's megasized sales event, also dubbed the "megawari" event in Japanese. Based on sales for the November

Industry Dec. 7, 2023

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Wednesday it successfully hosted a three-day workshop in Kenya, to discuss ways to foster financial inclusion and a transition to sustainable growth in Africa. The workshop titled “Cooperatives for a Sustainable Transition in Africa” kicked off in Nairobi on Monday in collaboration with the International Cooperative Alliance and the University of Leuven in Belgium.

Industry Dec. 6, 2023

Kolmar BNH, the health functional food developer and manufacturer under Kolmar Korea, announced Monday it has completed its third manufacturing plant in the city of Sejong, securing the largest annual production capacity in the industry. The four-story plant, built on a site occupying some 20,024 square meters in Sejong, has a total floor area of 24,871 square meters. The plant is capable of generating 1.8 billion units of solid-type health functional foods (tablets or pills) and 450 million p

Industry Dec. 4, 2023

Kakao Entertainment, a content arm under Korea’s IT giant Kakao Corp., said Friday that it proposed Japan's manga industry take joint legal action to tackle illegal distribution of webtoons and web novels. In the latest exchange session jointly held by Korea’s Copyright Overseas Promotion Association (COA), an organization of major Korean content companies for overseas copyright protection, and Japan’s Content Overseas Distribution Association (CODA), a leading Japanese

Industry Dec. 1, 2023

Korea Aerospace Industries announced Friday that it has inked an agreement with US space firm SpaceX to launch South Korea's next-generation mid-sized satellite No. 2 into orbit in 2025. With the latest deal, KAI has entered a second partnership with SpaceX following a similar agreement signed in July 2021 to launch the next-generation mid-sized satellite No. 4. Under the agreement, both No. 2 and No. 4 satellites will be mounted on Space X’s Falcon 9 rocket for launch into space orbi

Industry Dec. 1, 2023

Kyobo Life Insurance, one of Korea's leading life insurers, has launched a cost-effective renewable child insurance product that provides lifetime coverage starting from the prenatal period to facilitate the healthy growth of children. The new plan offers tailored protection against major health conditions and diseases throughout one’s life cycle from pregnancy and childbirth to adolescence. Upon turning 30, subscribers can transition to adult coverage, renewing the period up to the a

Industry Nov. 30, 2023

Buoyed by its rapidly expanding global presence, Woori Bank has vowed to achieve up to 25 percent of its net profit from overseas sales by 2030. As of November, Woori runs 469 global branches across 24 countries. Its global division logged an annual asset growth of 9 percent over the last three years, reporting a net profit of $340 million in 2022. To continue the upward trend, it plans to pour resources into its three units in the burgeoning Southeast Asian market -- Indonesia, Vietnam and Ca

Industry Nov. 30, 2023

Kakao Bank, Korea’s largest internet-only bank, has been leading efforts to achieve financial inclusivity in the industry, by developing various customer-friendly products and services. Since its founding in 2017, it has been catering to diverse financial needs by rolling out innovative savings accounts such as group savings accounts, 26-week and one-month installment deposit accounts, as well as tailored loan products for those with low credit scores. Buoyed by its user-friendliness and

Industry Nov. 30, 2023

JB Financial Group has accelerated its digital transformation efforts to bring more convenient options to a broader customer base by seeking innovative collaboration projects. Under the leadership of Kim Ki-hong, the group's chairman, the group has achieved record earnings over the past few years. To further expand its presence in the market and customer base, the banking group also tapped into the fintech and online banking industries. In July, it inked a partnership agreement with Seoul-b

Industry Nov. 30, 2023

Korean Air, South Korea's leading airline, said Wednesday that it has ordered 20 additional Airbus A321neo aircraft, as part of efforts to deliver a modern flight experience to its customers. With the latest order, the total number of its A321neo aircraft has reached 50. The Airbus A321neo is a small-sized, single-aisle airliner with a total of 182 seats. Its eight "Prestige" seat options in business class allow travelers to relax comfortably on a 180-degree fully horizontal sea

Industry Nov. 29, 2023

GM Korea, the Korean arm of the US auto giant General Motors, logged robust export sales in October, taking up nearly 20 percent of the nation’s total automobile exports, industry estimates showed Monday. Out of the total 225,391 Korea-made vehicles exported in October, 42,623 units or 18.9 percent were accounted for by GM’s two popular SUV models -- the Chevrolet Trailblazer and the Trax Crossover -- according to the Korea Automobile Manufacturers Association. GM Korea's number

Mobility Nov. 27, 2023