Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28. My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest r

Industry Jan. 27, 2022

The Korean digital comics platform Naver Webtoon plans to fortify its foothold in the North American and ASEAN video content market, capitalizing on an extended IP value chain that now encompasses web novel giant Wattpad and the recently launched Wattpad Webtoon Studios. While Naver Webtoon has long developed expertise in adapting Korean webtoons into films, teaming up with Wattpad is expected to expand its presence to the web novel sector. Wattpad, North America’s largest web novel platf

Industry Jan. 27, 2022

South Korean food manufacturer Samyang Foods signed an agreement with Good Neighbors, a child advocacy non-governmental organization in Seoul, to promote child protection, the company said Wednesday. Under the agreement, the company donated 10 million won ($8,350) as a scholarship raised through a matching grant program participated by its executives and staff. Last year, Samyang Foods established a partnership with a district branch of the organization in Seongbuk-gu, where the company‘s

Industry Jan. 26, 2022

South Korean distiller HiteJinro said Tuesday it has launched its 2022 Lunar New Year gift packages consisting of 67 bundles of import wine collections. The gift set comes at a time when more people are opting to drink alone at home amid the protracted coronavirus pandemic. HiteJinro said it is targeting both beginners and devotees, and those in between. The holiday lineup includes Gernard Bertrand’s Art de Vivre red and white wine, released last year. The company noted that it feature

Industry Jan. 25, 2022

LG innotek will pay a combined 144.5 billion won ($120.5 million) of payments to its suppliers weeks earlier than scheduled to support small- and mid-size businesses reeling from the pandemic, the company said Tuesday. The materials arm of LG aims to improve cash flow for partner companies struggling to operate their businesses, invest in facilities, and develop material components in the grip of an economic downturn. By the end of last year, LG innotek already moved up the payment timeline f

Industry Jan. 25, 2022

GS Engineering and Construction said Monday it has signed a memorandum of understanding with California-based SG H2 to supply modules that will be used to construct green hydrogen plants. 　 The renewables project, led by SG H2 Energy’s special purpose company SG H2 Lancaster LLC, is expected to produce 11 tons of green hydrogen in Lancaster, California, an amount that can fuel 1,700 mid-size hydrogen-powered cars. The deal will mark the first time for a Korean firm to export hydrogen pl

Industry Jan. 24, 2022

Lotte Confectionery said Thursday it will invest 34 billion won ($28.5 million) in its Russian subsidiary, Lotte KF RUS, looking to scale up the local production of its popular Choco Pie chocolate cakes in the country. The Koreans’ staple chocolate snack enjoys nation-wide popularity in Russia, as it tapped into the country’s tea culture that pairs hot beverage with biscuit-type sweets. The pie even serves as a low trans-fat breakfast meal there. While Orion has been at the

Industry Jan. 20, 2022

　CITIC Capital, a global investment company managing $16 billion worldwide, has invested in Organica, a plant-based food company in Korea, the companies said on Wednesday. 　It is the first case of CITIC Capital of China making a direct investment in a Korean company, they added. 　CITIC has shown interest in Organica’s vision for sustainability and its plant-based product lines, ranging from clean juices and snacks to ready-made meals, the Seoul-based company said. It aims to gain a glob

Industry Jan. 19, 2022

Korea’s two leading carriers, Korean Air and Asiana Airlines, plan to expand mileage services to encourage customers to spend their points that would otherwise be left unused over travel restrictions. The plan is to cut down liabilities on their balance sheets by incentivizing customers to use up mileage points which is counted as “debt.“ Reducing debts on their balance sheets is a must for the two, as they are awaiting for authorities‘ approval for their merger. Korea

Industry Jan. 17, 2022

Samsung Electronics on Friday debuted its new Galaxy XCover Pro, a rugged smartphone that features a removable battery, a feature long gone in today’s smartphone market. The compact phone, priced at 275,000 won ($231.80), comes in black and white and features a 5.3-inch LCD display as well as a waterproof and dustproof body. The most distinctive feature is a 3,000 mAh replaceable battery that lasts long enough for all-day use and supports a quick charge rate of up to 15 watts. Upon its

Technology Jan. 14, 2022

Korea’s top health and beauty retailer CJ Olive Young said Wednesday it aims to land a million customers overseas with the US and Canada being the target markets.  The firm said its online platform Olive Young Global, launched in 2019, now ships Korean beauty products to some 150 countries around the world. Over the past six months alone, sales from the platform posted an almost 20-fold surge, the firm said without offering specific figures. Membership also soared to some 300,000 use

Business Jan. 12, 2022

Zara, the global fast-fashion clothing retailer, said on Tuesday that it has rolled out a kids collection of modern hanbok exclusively for the Korean market. The collection was unveiled ahead of the Lunar New Year holiday that kicks off later this month. It includes durumagi-inspired coats, vests, dresses, norigae or decorative pendants, lucky pouches, socks and shoes. The collection is available for children aged six months up to five years, the company said. “The modern reinterpretatio

Industry Jan. 11, 2022

Procter & Gamble has released a detergent with degerming power for customers concerned with laundry that still smells after washing. Humidity is the typical culprit behind musty clothes, but in the winter it could be the machine itself that is to blame, according to the company. The inner tub of the washing machine, which holds the clothes, could be teeming with bacteria that cause a lingering unpleasant odor even after drying, it added. Downy Degerming Power Liquid Detergent offers a p

Business Jan. 6, 2022

Hongsam, Korean red ginseng, has become a popular choice for Lunar New Year gift in overseas markets, stretching from Asia to the United States, Australia, Russia and the Middle East, the company said Wednesday. Korea Ginseng Corp. (KGC), Korea’s leading Red Ginseng manufacturer, unveiled a map of Korean red ginseng markets around the world, showing its best-selling product by country. According to the map, EveryTime, stick pouches of Red Ginseng extract favored for its portability, has m

Business Jan. 6, 2022

SPC Group Chairman Hur Young-in stressed corporate sustainability during a New Year meeting held Monday, urging executives to carry out the company’s vision of building its legacy as a global enterprise with more than 100 years of history. At the virtual meeting, he suggested three objectives: ensuring unrivaled product quality, innovating corporate culture and integrating environmental, social and governance values into its franchises. Chairman Hur set forth his aspiration to augment R&

Business Jan. 6, 2022