Online shopping in South Korea continued to increase in May as the lifting of virus curbs bolstered demand for travel and cultural services and foodstuffs, data showed Friday. The value of online shopping transactions stood at 17.3 trillion won ($13.4 billion) in May, up 10.5 percent from the previous year, according to the data from Statistics Korea. Purchases made through smartphones, tablets and other mobile devices increased 14.6 percent on-year to 12.9 trillion won. Mobile shopping took up

South Korea's exports rose 5.4 percent on-year in June on solid demand for chips and petroleum products, but the country extended its trade deficit for the third consecutive month due to high global energy prices, data showed Friday. During the first six months of this year, the country saw exports reach an all-time half-year high, but high-flying energy prices sent the trade deficit to the highest figure for any first-half period, according to the data compiled by the Ministry of Trade, In

South Korean automotive giant Hyundai Motor Group said Thursday that it would establish an overseas corporate body in the state of Delaware, as part of its focus to invest in US companies with future technologies and to manage them more efficiently.  The decision follows a $10.5 billion investment plan for the US, which was announced during US President Joe Biden’s state visit to Seoul on May 21. It marks the largest overseas spending by the Korean company so far.  Tentatively

Posco Chemical, a chemical materials provider under South Korean steel giant Posco, has joined hands with UK’s sustainable, low-carbon battery company Britishvolt to co-develop battery materials and expand presence in the European market, according to the firm on Thursday.  Under the partnership, the two firms will work on developing battery materials for Britishvolt’s EV batteries and push ahead with mass-production deals to expand supply chain in the European market. They pl

As consumers tend to buy products based on their experience, a product designer should understand the basic needs of a human to come up with a creative design that catapults a product’s mass market appeal, head of a design school under South Korea‘s largest conglomerate told a conference Wednesday. Lee Don-tae, president of Samsung Art and Design Institute, speaking at The Korea Herald’s Global Business Forum in Seoul, said the key to achieve design originality for commercial

LG Electronics and S.M. Entertainment unveiled on Thursday their joint venture -- Fitness Candy -- to target the home training market by offering digital workout content. The joint venture will have the home appliance maker develop an application, cloud server, online platforms, and necessary devices such as muscle-training equipment, indoor bicycle and smartband for Fitness Candy’s home fitness services. LG's counterpart, S.M. Entertainment will take the charge of providing various cont

South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding agreement with a US mining company for the supply of two kinds of lithium products used in electric vehicle (EV) lithium-ion batteries. Under the memorandum of understanding, Compass Minerals, a Kansas-based provider of essential minerals, will provide LGES with 40 percent of the lithium carbonate and lithium hydroxide it will be producing for seven years starting in 2025, LGES said in a release.

Jungheung Group Vice Chairman Jung Won-ju (right) and Urban Development Minister of El Salvador Edgar Romeo Rodriguez Herrera shake hands to encourage Daewoo E&C’s participation in the Los Chorros highway expansion project. The project, mainly focusing on connecting San Salvador to western parts of the country, includes the use of the Export-Import Bank of Korea’s Economic Development Cooperation Fund for a construction of 902-meter-long bridge. The organizers of the project are

BMW Group Korea said Wednesday that it has launched a digital vehicle management program, BMW Service Care Plus, last month, the first of its kind in the automobile industry. The service was launched to meet the needs of an expanding customer base, according to the company. Customers with BMW vehicles released more than six years ago cannot apply for BMW’s BSI (BMW Service Inclusive Standard), the company’s warranty system. However, BMW Service Care Plus now services customers wit

Construction company Daewoo Engineering & Construction said Wednesday that it has been participating in a community service project to improve the housing environment for descendants of independence fighters. The construction company took part in the project — hosted by nonprofit volunteer organization Habitat for Humanity Korea — by donating 200 million won ($154,621) in February, and repairing seven homes belonging to the descendants of activists who fought against the 1919-1

Dunamu, operator of popular crypto exchange Upbit, said that experts representing the latest blockchain trends such as non-fungible tokens and metaverse gaming will attend its annual developers’ conference as speakers. The Upbit Developer Conference 2022 will be held for two days from Sept. 22 at the Busan Port International Exhibition and Convention Center under the theme “Imagine Your Blockchain Life.” Speakers include Sebastien Borget, CEO and co-founder of metaverse game

LG Energy Solution said Wednesday it is reviewing the profitability of its new battery plant in the US, citing growing uncertainties surrounding inflation woes and unfavorable foreign exchange movement. In March, the world’s second-largest electric vehicle battery maker announced plans to build its own battery plant in Queen Creek, Arizona, with an annual capacity of 11 gigawatt hours of cylindrical batteries. A 1.7 trillion won ($1.3 billion) investment had been planned to be injected in

LG chief seeks strategic shift toward futuristic tech amid lingering uncertainties

Posco Engineering & Construction, a construction unit under steel giant Posco, opened a second sample house of The Sharp Geochang Porsiel as it prepares to start its official sale, the company said Friday. The second Sharp Geochang Porsiel complex comprises six 20-story buildings, and a total of 443 households. Interior designs and sizes vary from medium-sized flats to penthouses, the company said. Residents of Geochang-gun, Gyeongsang Province, Busan, and Ulsan aged 19 or older who hold

Hyundai Steel has built a so-called Smart Enterprise system, an advanced management program that oversees from production to sales and infrastructure management through AI technology, officials said Tuesday. The new system features AI technology and big data to advance the entire process from manufacturing to sales at steel mills, Hyundai Steel said.  “The company will complete the Smart Enterprise system by forming the most optimized decision-making process centered in customers b