Innocean wins 10 Red Dot Design awards

Innocean Worldwide, the advertising subsidiary of Hyundai Motor Group, said Monday that it has won a total of 10 Red Dot Design Awards, one of the world’s top design competitions. The prestigious German award, held annually, recognizes innovative works and products from various categories, including product design, brand and communication design, and concept design. This year, Innocean garnered a number of recognitions in the advertising category. Most notably, it secured the Best of the B

Aug. 21, 2023

Samsung’s WindFree AC is peak of luxury design: top interior designer

Top interior designer Kwon Soon-book has praised Samsung Electronics’ latest WindFree air conditioner under the company's premium Bespoke Infinite line as a stylish home appliance to compliment any luxury interior in a recent interview. “(The) design might appear very simple at first. But it is precisely this simplicity that allows it to coexist with all elements, enhancing its spatial value,” said Kwon, CEO at Magenta Studio. According to Kwon, the key to a timeless aesth

Aug. 21, 2023

Coway water purifier plant runs at 'full throttle' amid upbeat sales

South Korean home appliance maker Coway announced Friday that its ice-making water purifiers posted a 20 percent increase in sales in July compared to last year, amid unprecedented scorching weather. The sales of ice water purifiers during this summer peak season, from May to July, soared almost 50 percent from the previous year, according to the company. “To meet the increasing demand, our production line in Gongju, South Chungcheong Province, has been operated at full throttle since May,

Aug. 20, 2023

Samyang releases new spicy ramen brand Meptaeng

South Korean food manufacturer Samyang Foods said Sunday it launched a new spicy ramen brand called Meptaeng to mimic the global success of its bestseller Buldak Spicy Chicken Ramen, the popular spicy ramen product. Targeting consumers' distinctive craving for spicy noodles, the company said it has focused on introducing a diverse range of spiciness for its new noodle products. The three flavors include black pepper beef, garlic clam and chili pepper green onion. In order to help consumers

Aug. 20, 2023

[KH Explains] Ruling calls time on Lineage clones

A district court has ruled in favor of NCSoft, a major South Korean game developer, in an intellectual property suit that could significantly impact the landscape of massively multiplayer online role-playing games, or MMORPGs, in the country. Lineage, a megahit MMORPG developed by NCSoft in 1998, has led to the birth of the term “Lineage-like games” – referring to many MMORPGs that resemble major aspects of Lineage such as the user interface and basic playing rules. However, th

Aug. 20, 2023

Samsung SDI seeks global tech talent

Some 200 participants attended Samsung SDI's job fair in Korea on Friday, the firm said Sunday, as it seeks to secure top tech talent to continue its growth momentum. In cooperation with local universities, the battery maker hosted the 2023 Tech & Career Forum at a Seoul hotel that was attended by professors, PhD students and its own top executives. “It all comes down to people to materialize our business goal. Be the star that shapes Samsung SDI’s bright future,” Sa

Aug. 20, 2023

A third of global GDP covered by Korea-US-Japan partnership

The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday. The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida. "We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutti

Aug. 20, 2023

Daewoong eyes W148b in exports amid upbeat botulinum sales

South Korean drugmaker Daewoong Pharmaceutical said Sunday it has set a target of hitting 148.5 billion won ($110 million) in overseas exports this year amid booming sales of its drugs such as botulinum toxin. The company's overseas exports of drugs in 2022 amounted to 134.8 billion won, an increase of more than 200 percent compared to 2020, when it logged 44.8 billion in exports, according to the firm. The company said its growth in exports was largely attributed to the sales of Nabota, or

Aug. 20, 2023

Eximbank to bolster ties with US, Japanese financial institutions

The state-run Export-Import Bank of Korea said Sunday that it inked a new partnership deal with US and Japanese financial institutions to bolster ties between the three nations, an outcome of last week’s trilateral summit talks. The Eximbank said it signed a trilateral memorandum of understanding with the US International Development Finance Corporation and the Japan Bank of International Cooperation at the US institution’s headquarters in Washington, Friday. The signing ceremony was

Aug. 20, 2023

Manufacturers' sentiment in positive terrain for 5 months through Sept.

South Korea's manufacturing confidence remained in positive territory for five consecutive months through September, a state think tank said Sunday, driven by an optimistic outlook for the chip industry. The professional survey index for the manufacturing sector's business conditions came to 109 for September, compared to this month's 111, the Korea Institute for Industrial Economics & Trade (KIET) said. A PSI reading above 100 means optimists outnumber pessimists. The latest

Aug. 20, 2023

Samsung Group gets partial go ahead to rejoin S. Korea's largest business lobby group

An independent compliance committee responsible for oversight of South Korea's largest conglomerate, Samsung, gave a partial go-ahead for the group’s reentry to the Federation of Korean Industries, the country’s largest business interest group. Samsung withdrew from the FKI in 2017, after a high-profile corruption scandal involving Samsung Chairman Lee Jae-yong and the ousted former President Park Geun-hye. “The committee did not confirm whether Samsung should join or not

Aug. 18, 2023

SK Biopharmaceuticals signs license deal to introduce its epilepsy med in the Middle East, Africa

SK Biopharmaceuticals announced Friday that it had signed an out-licensing deal with Hikma MENA FZE, the Middle East and North Africa unit of British drugmaker Hikma Pharmaceuticals, for its epilepsy medication Cenobamate. Cenobamate is a medication for partial-onset seizures in adults. The drug is currently sold under the brand name Xcopri in the US and Ontozry in Europe. Under the agreement, Hikma MENA FZE is granted rights to commercialize Xcopri in 16 countries in the Middle East and North A

Aug. 18, 2023

SK On, Ford, EcoProBM pool $887m in Quebec cathode plant

South Korean electric vehicle battery maker SK On announced Friday a joint investment of 1.2 billion Canadian dollars ($887 million) with Ford and Korean battery manufacturer EcoProBM to construct a cathode manufacturing facility in Quebec, Canada. This collaboration aims to ensure a consistent supply of cathode material for SK On and expand EcoProBM's market reach. The facility spans 278,000 square meters and is projected for completion by 2026. Once operational, it is expected to annually

Aug. 18, 2023

Celltrion to merge with sales unit to enhance synergy

South Korean pharmaceutical company Celltrion said Thursday it will merge with its sales unit, Celltrion Healthcare, next month to enhance business synergy and operational efficiency. “The boards of both companies have approved the merger proposal,” Celltrion Chairman Seo Jung-jin said during a livestreamed online briefing later in the day. “The merger will be completed by Dec. 28.” According to the company, for every 1 share, Celltrion Healthcare's shareholders will

Aug. 17, 2023

Swapping apples for mangoes: Korea eyes more tropical fruits

Seasonal fruits in South Korea could become vastly different in the following decades, as warmer temperatures will gradually reduce cultivable areas for popular fruit crops here. Apples, grapes and pears could slowly fade into the background, while tropical fruits such as mangoes and passion fruit take center stage. “We may not be able to see the change immediately. But, fruit crops that we will see at discount stores and traditional markets may change in the future. What we call seasonal

Aug. 17, 2023

Fila’s Acushnet posts record quarterly sales on upbeat US sales

South Korean fashion company Fila Holdings Corp. said Thursday its US subsidiary Acushnet posted record sales of 906.01 billion won ($675.42 million) in the April-June period this year, up 9.3 percent from a year ago. Acushnet is a golf equipment and apparel company that owns the leading golf brands including Titleist and Footjoy. Currently, Fila controls about 50 percent of stakes in the company. Fila attributed the company’s record earnings to the boosted demand for Titleist golf balls a

Aug. 17, 2023

Lotte donates $100,000 to Hawaii wildfire victims

South Korea’s fifth-largest conglomerate Lotte Group said Thursday it made donations worth $100,000 in a bid to help Hawaii cope with the aftereffects of devastating wildfires that recently demolished the island of Maui. Lotte said the donation will be sent to Friends of Hawaii Charities -- a public charity organization founded in 1998 with an aim to support Hawaiian women, children, elderly and community groups with essential life needs. Specifically, the donation will be used to repair t

Aug. 17, 2023

[Photo News] LG’s big push in Europe

LG Electronics said Thursday it will introduce its new built-in kitchen package at this year’s IFA trade show held in Berlin, Germany, Sept. 1-5. With the new built-in kitchens, which boast better energy efficiency and premium style, the tech giant aims to expand its presence in built-in home appliance markets in Europe and North America, which make up more than 70 percent of global sales. (LG Electronics)

Aug. 17, 2023

FSC vows to tackle overheated themed stocks

Kim So-young, vice chairman of the Financial Services Commission, stressed the agency's commitment to shielding investor trust from volatile themed stocks. “During the second half, we will strengthen our efforts to address the issue of excessive investment concentration in themed stocks,” Kim said during a press conference held at the Central Government Complex in Seoul on Thursday. The FSC's stance on themed stocks follows a recent surge in volatility in Korean seconda

Aug. 17, 2023

[Photo News] Zero disposables

S-Oil President Ryu Yul joins the “Zero Disposables Challenges,” an environmental initiative launched by Environment Minister Han Hwa-jin in February to reduce the use of disposables in public. A number of key business leaders have participated in the campaign. Ryu named Lotte Data Communication CEO Roh Jun-hyung and Kumho Petrochemical CEO Baek Jong-hoon as the next participants. (S-Oil)

Aug. 17, 2023