Mask sales are still growing a week since the lifting of the mask mandate for public transportation, according to sales data compiled from online shopping sites Monday. The South Korean government has been gradually easing mask-wearing rules starting with wearing masks outdoors last May and in most indoor spaces earlier this year. Most recently, last Monday, the indoor mask rule for public transportation, including subways, buses and taxis, was lifted as well, though experts still strongly advis

Consumer March 27, 2023

Samsung Electronics and Aramco, Saudi Arabia’s state-run oil and gas company, have signed a memorandum of understanding for a strategic partnership to accelerate the industrial adoption of 5G network technology in the largest Middle Eastern country by area. Under the agreement, the two companies will promote the digital transformation of Saudi Arabia’s industrial sectors by adopting LTE and 5G high-speed network technologies.

Technology March 24, 2023

The Korea Agro-Fisheries and Food Trade Corp. is making strides to establish South Korea as a global agricultural powerhouse by cultivating human resources and promoting traditional Korean liquor. Its CEO, Kim Chun-jin, gave a special lecture to students attending the agency’s Agricultural Marketing College, as well as to members of the Agrifood Frontier Leader Organization during a seminar held in Suwon, Gyeonggi Province, on Tuesday. The lecture outlined the roles that those working in t

Industry March 23, 2023

Hana Financial Group said Wednesday that it has signed an agreement with Cha University Medical Center, a medical group specializing in fertility treatments, to make joint efforts to tackle the nation’s chronic low birthrate. The two institutions held a signing ceremony for the new partnership at Cha Bio Complex in Pangyo, Gyeonggi Province, with their leaders, including Hana Financial Group Chairman Ham Young-joo, in attendance. Korea’s birthrate – the average number of childr

Industry March 22, 2023

LG Electronics said Monday it presented a blueprint for ThinQ, a platform brand that connects home appliances and consumer electronics with smart technology for higher efficiency, at the Connectivity Standards Alliance member meeting in Seoul. Jung Ki-hyun, vice president of LG's platform business center, attended the four-day event as a keynote speaker and shared the company's vision for providing more consumer-friendly smart home services. He outlined three core values of ThinQ: adva

Technology March 20, 2023

The Export-Import Bank of Korea is making strides to expand its network with financial institutions based in Latin America to clear the path for South Korean companies to enter emerging markets in the region. Eximbank Chairman Yoon Hee-sung attended the 2023 Annual Meeting held by the Inter-American Development Bank in Panama from March 16 to 19. At the event, he signed a Confirming Bank Agreement with James Scriven, CEO of IDB Invest -- the private sector arm of IDB Group -- to solidify Eximban

Market March 19, 2023

The Export-Import Bank of Korea said Thursday it has signed a memorandum of understanding with NuScale Power, an Oregon-based nuclear power company, for financial cooperation aimed at expanding the reach of Korean companies in securing overseas orders. Eximbank Chairman Yoon Hee-sung met with NuScale Power CEO John L. Hopkins to sign the contract at NuScale’s office in Rockville, Maryland. NuScale Power, which specializes in small modular reactor, or SMR, technology, is a company in which

Industry March 16, 2023

Hyundai Elevator said Wednesday it is joining a government-led consortium to participate in bidding to win a megacity project in Indonesia, which ranges from construction to mobility and smart city solutions. The consortium, named One Team Korea, is led by Land, Infrastructure and Transport Minister Won Hee-ryong, with a total of 22 companies joining across industries. As part of the team, Hyundai Elevator said it has joined hands with its sister firm Hyundai Movex in a bid to offer its elevator

Industry March 15, 2023

South Korea’s IT solutions provider LG CNS said Tuesday it has signed a memorandum of understanding with SAP, the German software giant, to bolster their strategic partnership in building next-generation enterprise resource planning, or ERP, solutions. The MOU signing ceremony was held at SAP’s headquarters in Walldorf, Germany, on March 10, with LG CNS CEO Hyun Shin-gyoon and SAP CEO Christian Klein in attendance. Under the MOU, the two companies agreed to develop and operate new ER

Technology March 14, 2023

Hyundai Engineering & Construction and Hyundai Engineering have officially embarked on a project to build the largest petrochemical facilities to date in the South Korean city of Ulsan. The plan, dubbed “the Shaheen Project,” is the construction of high value-added petrochemical production facilities in which South Korean oil refiner S-Oil has invested a whopping 9.3 trillion won ($7 billion). It is the largest investment made by Aramco -- a Saudi Arabian state-operated oil and g

Industry March 10, 2023

SK Networks said Thursday it has committed a total of $22 million in both direct and indirect investments to secure a 2.6 percent stake in the recent Series C funding round held for Humane, an AI startup founded by ex-Apple employees through the company’s investment subsidiary Hico Capital. This bold investment decision, which SK Networks has disclosed to its stakeholders following the end of the Series C funding round, rides along the tides of the growing industry-wide interest in AI tech

Technology March 9, 2023

Samsung Electronics has hired veteran engineer Lin Jun-cheng, who previously worked at the tech giant’s foundry rival, Taiwan-based TSMC, according to local reports on Thursday. Lin was recently appointed as senior vice president of the advanced packaging team under Samsung’s chip business division, Device Solutions. His key responsibility is expected to be overseeing the development of cutting-edge packaging technology, which plays a key role in enhancing advanced higher-performance

Industry March 9, 2023

March 8, International Women's Day, has been a day to rally in support of gender equality and promote inclusivity across all areas globally. British American Tobacco, the cigarette giant, is one of the leading players in advocating the theme, “Embrace Equity,” in multiple areas of its workplace. BAT, which operates regional offices worldwide, including one in South Korea under the name, BAT Rothmans, says female leaders are at the forefront of the company’s vision for incl

Industry March 8, 2023

South Korean department store franchise Hanwha Galleria announced Monday that it is opening the first Korean store of US burger chain Five Guys in southern Seoul at the end of June this year. Five Guys is an American fast-food chain with over 1,800 stores across 23 countries. The upcoming Seoul opening is its sixth launch in Asia. The first Korean store, a two-story building with a total of 150 seats, will be located on a 618-square-meter site in the bustling Gangnam Station area in southern Seo

Industry March 6, 2023

South Korean biotech firm Samsung Bioepis is expanding into the global market with SB11, a biosimilar drug used to treat ophthalmologic diseases such as macular degeneration. According to industry sources on Sunday, SB11 was introduced to the Canadian market last Wednesday through its partner company Biogen, following an earlier launch in Germany on Feb. 23. SB11 references Lucentis, a drug developed by global pharmaceutical company Genentech. It received sales approval in Europe and the US unde

Industry March 5, 2023