JTI Korea appoints marketing expert as new head

Japan Tobacco Group subsidiary JTI Korea announced Monday the appointment of Irina Lee as its new general manager to ovesee the Korean market. Lee, a seasoned expert in the tobacco industry with extensive experience in marketing and sales, began her career in 1999 at the company’s global supply chain unit in Kazakhstan. With 26 years of expertise, Lee is now set to lead JTI Korea starting next year. Throughout her career, Lee has implemented consumer-focused marketing strategies tailored to dive

Dec. 30, 2024

S. Korean companies set to boast AI-powered technologies at CES 2025

South Korean companies are poised to showcase their advanced artificial intelligence technologies at CES 2025, the world's largest consumer electronics and IT trade show, scheduled to open in Las Vegas next week. Not only will major home appliance companies like Samsung Electronics Co. and LG Electronics Inc. participate, but other prominent Korean firms, such as SK hynix Inc., SK Telecom Co. and Hyundai Mobis Co., will also unveil cutting-edge innovations. AI is expected to dominate this year's

Dec. 30, 2024

Jeju Air CEO apologizes, vows full support for Muan crash victims

South Korea's largest low-cost carrier suffers first fatal accident in 19-year history Jeju Air CEO Kim E-bae apologized on Sunday for the tragic plane crash at Muan International Airport earlier that day, which left at least 176 people dead. "I express my deep regret and offer my sincere apologies to all the victims and their bereaved families," Kim said at a press briefing held in Seoul around 2 p.m. on Sunday. "Regardless of the cause of the accident, I feel a great responsibility as the CEO.

Dec. 29, 2024

SK chief warns low growth could be ‘new normal’

SK Group chief Chey Tae-won, who also serves as chairman of the Korea Chamber of Commerce and Industry, called on Korean companies on Sunday to push for fundamental reforms and develop growth strategies amid the economic shocks caused by the nation's political turmoil. “The economic outlook for the coming year is challenging. Several domestic and international research institutions forecast that our economic growth rate could decline to around 1 percent due to recent events both at home and abro

Dec. 29, 2024

Daewoo E&C pushes for urban development investments in southern Vietnam

South Korean builder Daewoo Engineering & Construction announced Sunday that its Chairman Jung Won-ju recently met with key stakeholders in Vietnam’s southern provinces of Binh Duong and Dong Nai to discuss the company’s expansion plans in the region. On Thursday, Jung held talks with Vo Van Minh, chairman of Binh Duong Provincial People's Committee at the committee's office and reaffirmed Daewoo E&C’s commitment to entering the southern Vietnam market. “Leveraging the successful experience and

Dec. 29, 2024

Posco-backed startups dominate innovation awards

South Korean steel giant Posco Group said Sunday that four startups it supported were honored with awards at a startup competition earlier this month. Aiming to promote entrepreneurship in Korea, 10 government agencies, including the Ministry of SMEs and Startups, jointly host the K-Startup Grand Challenge annually. This year, 6,238 teams participated in the competition, which was divided into two leagues -- one for enterprises established within the past three years and another for aspiring ent

Dec. 29, 2024

Hana, KB stress future growth, digital in reshuffles

Hana Financial Group and KB Financial Group, two of the top financial conglomerates based in South Korea, executed year-end reshuffles Thursday, highlighting future growth and digital innovation. Hana Financial launched a unit for future growth, integrating the existing strategy, digital and brand divisions. Vice Chairman Lee Seung-lyul is to oversee the unit. Vice Chairman Lee Eun-hyung will take over the global business, along with environmental, governmental, and social initiatives. The firm

Dec. 28, 2024

Korea to boost AI-led innovation in retail industry

South Korea's Trade Ministry unveiled a strategic plan Friday to reshape the retail industry through expanded adoption of artificial intelligence, aiming to boost efficiency and drive sector-wide innovation. At a meeting held at the Korea Chamber of Commerce and Industry in Seoul, attended by industry officials and experts, the Ministry of Trade, Industry and Energy outlined a multi-faceted strategy to increase the AI utilization rate among Korean retailers from less than 3 percent to 30 percent

Dec. 28, 2024

Igis to redevelop Namsan Hilton site into a global landmark

Local real estate asset manager Igis Asset Management announced Friday that its plans to redevelop the former Hilton Seoul site near Namsan are officially underway, following approval from the Seoul Metropolitan Government earlier this week. The project, dubbed Iota, will transform the 338,982.69-square-meter site into a modern, large-scale hub featuring office towers, a six-star hotel, retail spaces and a public green area comprising 40 percent of the site. Construction is slated to begin in th

Dec. 27, 2024

[Photo News] Hyundai Rotem's train welcomed at Taoyuan Metro

TRAIN ARRIVES -- Hyundai Rotem CEO Lee Yong-bae (seventh from left, front), Taoyuan Mayor Chang San-cheng (sixth from left, front) and Representative of the Korean Mission in Taipei Lee Eun-ho (eighth from left, front), pose with city officials Thursday during a celebration marking the arrival of the first unstaffed light-rail train, manufactured by Korean trainmaker Hyundai Rotem, at the train garage for the Green Line of Taoyuan Metro in Taoyuan, Taiwan. The company delivered the first two wag

Dec. 27, 2024

Naver bets big on short-form content amid market growth

Korean portal giant Naver is rapidly increasing its profile in the short-form content with innovative features such as bite-sized videos and summary-based search services. Starting from Dec. 19, the portal service provider introduced a new feature, dubbed Shortents, to its PC and mobile platforms and placed it in the top search tabs. The artificial intelligence-powered service summarizes key information from popular content by specific topics, offering related resources. Updated hourly, Shortent

Dec. 27, 2024

Hanwha Aerospace signs W940b contract to offer Cheongung-II parts for Saudi Arabia

Hanwha Aerospace, the aircraft manufacturing division of the Korean conglomerate Hanwha, has sealed a 940 billion won ($640 million) deal to produce parts for the medium-range surface-to-air missile defense system Cheongung-II to be exported to Saudi Arabia, according to the firm's public disclosure on Thursday. Two contracts were signed by Hanwha Aerospace and LIG Nex1 -- the assembler of Cheongung-II -- on Tuesday, under which Hanwha Aerospace will supply LIG Nex1 with components for missile p

Dec. 27, 2024

Questions arise on how Shinsegae-Alibaba joint venture would create synergy

Future remains hazy as to how the joint venture will shake up the e-commerce market, market analysts say Shinsegae Group's announcement on Thursday of its planned joint venture with Alibaba International, aimed at amplifying their presence in both the Korean and global online retail markets, has yet to spark much optimism about its potential impact. Starting next year, Shinsegae and Alibaba will merge their e-commerce platforms, Gmarket and AliExpress Korea, under a 50-50 joint venture, while ma

Dec. 27, 2024

SK Telecom to divest three subsidiaries, focus on AI biz

SK Telecom has decided to sell off three subsidiaries and sub-subsidiaries to a midsized Korean firm, Samkoo, in a package deal to focus on its key businesses, including telecommunications and artificial intelligence. According to industry sources on Friday, the telecom carrier will divest its stakes in SK Communications, F&U Credit Information and SK m&service. SK Communications operates Nate, the No. 3 Web portal behind Naver and Daum, and NateOn messaging service, while SK m&service is a welf

Dec. 27, 2024

Shinsegae, Alibaba team up amid lingering China worries

Korean retail giant Shinsegae Group is establishing a joint venture with Alibaba International, a subsidiary of China's Alibaba Group, to regain its competitive edge in the increasingly challenging domestic e-commerce market. Sources from the nation's investment banking sector revealed Thursday that Shinsegae’s E-Mart convened a board meeting for the joint venture establishment, with both companies contributing equally through in-kind investments and co-managing the new entity. Set to launch nex

Dec. 26, 2024