Expanding economic ties between South Korea and China is one of top priorities the Chinese Communist Party will discuss at its October congress, Chinese Ambassador to South Korea Xing Haiming said Thursday. “The economic ties bringing the two countries closer than ever should be a stepping stone to enhanced cooperation on supply chains,” Xing told a forum hosted by the Korea International Trade Association to celebrate 30 years of the Korea-China diplomatic ties. Steps China plans to

  LG Group Chairman and Chief Executive Officer Koo Kwang-mo called on some 30 executives across Korea's fourth-largest business group to define the future of customer experience, and the start of it could be identifying who their future customers will be. "LG's key to having an upper hand in the future lies in our unique customer experience, products, solutions and brand value," Koo told executives at a workshop with executives on Thursday in Gwangju, Gyeonggi Province. "Thi

Korean Air Lines Co. said Friday it has signed a five-year deal with Royal Dutch Shell plc. to purchase sustainable aviation fuel (SAF) from the British firm beginning in 2026 to help combat climate change. SAF is non-conventional aviation fuel derived from alternative raw materials, such as cooking oil waste, household waste and industrial waste gas. SAF has emerged as a key carbon reduction tool in the aviation industry to cope with global climate change as it may reduce carbon emissions by up

Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup

Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech

A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has

Corporations spent 1.9 trillion won ($1.3 billion) at golf clubs across the country last year, according to a study on company credit card spending released Thursday by the Golf Consumer Agency of Korea. The study, which was conducted based on data provided by Rep. Yun Chang-hyun’s office, revealed that 27.5 percent of all golf course sales in 2021, or 1.9 trillion won out of 6.9 trillion won, came from company credit cards. The proportion of company card payments among golf course sales h

The Korea Enterprises Federation held a meeting with Chinese Ambassador to Korea Xing Haiming at a Seoul hotel on Thursday to discuss ways to further bolster economic ties between the two countries. KEF Chairman Sohn Kyung-shik and other business leaders representing major companies, including Hanwha, Doosan and Hyundai Motor, took part in the annual meeting that was launched in 2020. “Celebrating the 30th anniversary of their bilateral ties this year, South Korea and China are crucial par

Korean Air Lines Co., South Korea's national flag carrier, said Thursday there was a minor collision incident involving its aircraft and an Icelandair plane at London Heathrow airport. No injuries have been reported. The incident occurred during the departure of a Korean Air B777-300ER from the Heathrow airport. "During Korean Air flight KE908's taxiing operation to the runway, the aircraft's left winglet came into contact with Icelandair flight FI454 aircraft's tail rud

South Korea's business sentiment worsened for October amid high commodity costs and aggressive policy tightening in major economies, a central bank poll showed Wednesday. The business sentiment index (BSI) came to 79 for October, down three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers points fell seven points on-month to 75 and the index for non-manufacturing firms also decreased 1 point to 81. The fall is largely attributed t

SEJONG -- South Korea’s policymakers on Wednesday unveiled their goal of taking up 12 percent of the global auto market and expanding the country's capacity in manufacturing electric vehicles with 3.3 million units a year, expressing its confidence in tackling concerns over US' inflation reduction bill. Setting a target of becoming the world's third-largest automaker, the government will “resolve regulatory barriers” and “offer tax benefits" to help local carmakers

Posco Group said Wednesday its two affiliates – Posco Holdings and Posco E&C – have signed a memorandum of understanding with the nation’s largest hydrogen production and sales company Approtium in a fresh push for hydrogen business. Under the agreement, the three companies will invest a combined 200 billion won ($139 million) by 2026 into establishing facilities for hydrogen production. The annual production capacity is expected to reach 40,000 tons. Approtium, based in the

South Korean telecommunications giant KT is looking to expand the content provided on its streaming service Olleh TV through a partnership with US cable channel operator AMC Networks. KT said Wednesday it had signed a partnership with AMC Network’s content production arm AMC Studios on Tuesday to launch the producer’s original series on its platform and to participate in joint productions. With the new agreement, Olleh TV subscribers will gain access to AMC originals including popula

Samsung Group's insurance affiliates said Wednesday they have signed a deal with US asset management behemoth Blackstone Inc. to invest some $650 million in alternative assets, such as real estate and infrastructure facilities. The two -- Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. -- will chip in the amount in the alternative fund managed by Blackstone. In recent years, Samsung's financial firms have been aggressively pushing for global investment. Samsung Life