SK Group Chairman Chey Tae-won reinforced his commitment to supporting Busan’s bid to host the 2030 World Expo on Thursday, days before the final voting takes place in Paris to choose the host. Busan, South Korea's second-largest city, is competing against Saudi Arabia’s Riyadh and Italy’s Rome to host the global event. “When we first jumped into this international race, the prospect of Busan winning the expo bid seemed almost impossible," Chey wrote in an Insta

Industry Nov. 24, 2023

Top officials from the Bank for International Settlements and the Bank of Korea visited Naver 1784, the tech giant's second headquarters, to discuss ways to integrate artificial intelligence technology in the financial sector, Naver said Friday. BIS General Manager Agustin Carstens and BOK Senior Deputy Gov. Ryoo Sang-dai were among the officials visiting the Naver's second headquarter building in Seongnam, Gyeonggi Province. The officials were greeted by Naver's top executive

Industry Nov. 24, 2023

Samsung Electronics said Friday it is launching an outdoor advertisement campaign in major cities in Europe, including London and Madrid, to ramp up promotional efforts for Busan’s bid to host the 2030 World Expo. The ads feature famous attractions in the South Korean port city. In London, cabs sporting similar wrap-around ads will drive across the city, the company said. The tech giant will run the campaign through Nov. 28, when the host city of the global event is to be determined in a v

Industry Nov. 24, 2023

KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te

Industry Nov. 23, 2023

Kakao Bank, an internet-only bank, launched promotional events on Wednesday for overseas remittance service users, as it recently hit over a cumulative 3 million international wire transfers. Both new and existing customers sending money internationally will automatically receive a 50 percent discount on transfer costs, with no limits on frequency, transfer amount and recipient countries. The event will run until Dec. 20. The current fee, in the range of 5,000 ($3.86) to 10,000 won, will be halv

Industry Nov. 22, 2023

South Korea’s largest chemical firm LG Chemical is ramping up efforts in social contribution projects as part of its ongoing environment, social, and corporate governance campaign. In August 2020, LG Chem declared its new ESG vision called Green Connector, unveiling its commitment to four key areas: education, ecosystems, economy and energy. To pursue this vision, LG Chem launched its flagship online education program Like Green later that year to educate elementary and middle school stude

Industry Nov. 21, 2023

SK Telecom’s decadeslong involvement in Korean esports has once again reaped dividends -- at least in glory -- as its T1 won the 2023 League of Legends World Championship title for a fourth time Sunday, defeating Weibo Gaming of China. The top telecom carrier in terms of membership launched T1 in 2004 when the nation’s esports industry was still in its nascent stage, as part of efforts to better engage with younger generations. As LoL, the multiplayer online battle arena game, star

Industry Nov. 20, 2023

iStaging Asia, a joint venture between South Korean company I&OK and Taipei-based iStaging, said Thursday it has applied for a total of three patents in the field of three-dimensional spatial web transformation. The patents include: 3D spatial transformation from a 2D model, 3D spatial editing and 3D floor plan rendering. The technologies will enable businesses to transform their products into 3D models by simply recording a video of a product with a smartphone, which also reduces costs and ti

Industry Nov. 16, 2023

South Korean oil refiner S-Oil on Wednesday donated a fund of 270 million won ($207,408) at a ceremony held at the headquarters of the Korea Coast Guard in Incheon, together with the Korea National Council on Social Welfare, as part of its ongoing program to support the nation’s coast guard officers. The fund will be used to honor coast guard officers it deems "heroes," support medical treatment for coast guard officers and provide tuition scholarships for children of officers ki

Industry Nov. 15, 2023

Representatives from South Korean steel giant Posco on Wednesday met with government officials to explore ways to boost Korean startups and revitalize the regional economy, discussing the performance of its in-house venture development platform and its future outlook. The meeting took place at Change Up Ground in Pohang, North Gyeongsang Province, one of its venture incubator facilities, with more than 40 people in attendance. It included Chairperson Woo Tong-ki of the Presidential Committee for

Industry Nov. 15, 2023

Genesis BBQ Group Chairman Yoon Hong-geun received an official commendation from the New York Police Department for his contributions to enhancing the public safety of 32nd Street in Manhattan's Koreatown, the firm said Wednesday. The Korean fried chicken franchise has been implementing increased security measures at its US branches while offering police officers special discounts to encourage them to visit, which has helped reduce crime in the area. Genesis BBQ currently operates over 250

Industry Nov. 15, 2023

South Korea's largest tobacco company KT&G has unveiled a new shareholder return plan worth 2.8 trillion won ($2.1 billion), together with future business plans, during an online investor relations event. During the event held Monday under the title "KT&G Value Day," the company renewed its commitment to improving shareholder benefits from a long-term perspective. Under the new plan, which kicks off next year, the company plans to pay 1.8 trillion won in dividends, and to

Industry Nov. 14, 2023

South Korean shipbuilder Hanwha Ocean said Monday that it will expand investment in its wind power business from the initial target of 200 billion ($151 million) to 300 billion won to secure an edge in the burgeoning industry. The company said it plans to issue new shares to raise capital for the planned investment. Currently, the global market for offshore wind power generation is growing at an annual rate of 18 percent. The field is expected to become one of the major renewable energy sources

Industry Nov. 13, 2023

South Korean food giant Samyang Roundsquare, formerly known as Samyang Foods Group, has been rapidly expanding its global presence with the soaring popularity of its bestselling spicy ramyeon products. Over the past decade, its flagship Buldak Ramyeon has established itself as a leading Korean brand, gaining footholds in a total of 95 countries. Since the export of Buldak series came into full swing in 2016, Samyang’s earnings have also seen a surge. The company posted 909 billion won ($

Industry Nov. 12, 2023

South Korea’s leading beverage maker Dong-A Otsuka said Friday that it delivered scholarship funds worth 5 million won ($3,800) to Shin Su-min, a teenage modern pentathlete, at the 17th Youth Hero Prize ceremony hosted by the Korea Scout Association. The award, launched in 2007 by the KSA, aims to nurture future talents by recognizing prospective youths in a total of five categories including physical sports, academics, culture & art, community service, and scouting. Among those five

Industry Nov. 12, 2023