The Ritz-Carlton to return to Seoul in 2031

The Ritz-Carlton, a top-tier luxury hotel brand, is set to return to South Korea, having been selected to operate a hotel at the redeveloped Millennium Hilton Seoul site by 2031, the asset manager for the site announced Monday. Igis Asset Management, which is in charge of running the Iota project that involves the redevelopment of the premises of the former Millennium Hilton Seoul in Jung-gu into a mixed-use property, selected The Ritz-Carlton brand as the preferred bidder to run the hotel to be

April 21, 2025

Samyang Roundsquare CEO steps down, continues to lead global push

Vice Chair and CEO of Samyang Roundsquare Kim Jung-soo, known for revitalizing the company through the global success of the Buldak series, has officially stepped down from her position as CEO of the group’s holding company, Samyang Roundsquare. Samyang Roundsquare announced Monday that Kim had officially resigned from the CEO role with the holding company earlier this month. Kim held the position for less than two years, having assumed the role in September 2023. She will continue to serve on t

April 21, 2025

Samsung Biologics turns 14, eyes W5tr milestone on global expansion

Samsung Biologics, the biotech arm of Samsung Group, celebrated its 14th anniversary on Monday and reaffirmed its commitment to global biopharmaceutical leadership, guided by a growth strategy built on three pillars: production capacity, portfolio diversification and global expansion. After posting a record 4.5 trillion won ($3.2 billion) in sales last year, the company is now aiming for 5 trillion won this year — just five years after it first crossed the 1 trillion won mark in 2020. “Over the

April 21, 2025

Korean shipbuilders await potential gains from new US port fees

The port fee on China-made ships announced by US President Donald Trump's administration is expected to benefit Korean shipbuilders, particularly in the container carrier segment, where firms here have seen their global market share decline amid China’s growing dominance, market analysts say. NICE Credit Investment, a Korean credit rating agency, stated that the new fee could help Korean shipbuilders narrow the competitive gap in the container ship market, in a report released earlier in April.

April 21, 2025

Hugel unveils aesthetic innovations in Kazakhstan

South Korean medical aesthetics company Hugel announced Monday that it had hosted a launch seminar earlier this month in Almaty, Kazakhstan, introducing its botulinum toxin Botulax and hyaluronic acid dermal filler Revolax to 120 local dermatologists and plastic surgeons. Held under the theme “Nextgen Beauty Congress,” the event marked Hugel’s official entry into the Kazakh market, a key foothold for its expansion into the Commonwealth of Independent States, or CIS, region. Kazakhstan’s aestheti

April 21, 2025

New alliances: Hyundai, Posco team up on steel, batteries to tackle US tariffs

Hyundai Motor Group and Posco Group, longtime industry rivals, have joined forces in a strategic alliance abroad, specifically in the US, a key market pressured by steep 25 percent tariffs on steel and automobiles. Hyundai Motor said Monday that it aims to create synergy with the steelmaker by securing a supply chain for key raw materials for electric vehicle batteries. Meanwhile, Posco seeks to create a foothold in the North American market, where the auto giant plans to set up a new auto steel

April 21, 2025

CGBio secures FDA nod for Novosis Putty clinical trial

Korean regenerative medicine company CGBio announced Monday that an investigational device exemption has been approved for CGBio's bone graft substitute, paving the way for pivotal clinical trials in the US. The approval by the US Food and Drug Administration marks a major milestone, making Novosis Putty the first Korean-developed bone graft substitute to enter pivotal clinical trials in the US. It also brings CGBio one step closer to achieving the premarket approval, or PMA, required for full c

April 21, 2025

LG CNS highlights how mathematical optimization solves business challenges

LG CNS, the IT solutions arm of LG Group, said Monday it had held a forum to highlight how mathematical optimization can tackle complex business challenges, inviting clients from industries including manufacturing, telecommunications, shipbuilding, logistics and chemicals. The inaugural AX Optimization Forum was held Friday at the Conrad Seoul in Yeouido, showcasing innovation cases based on mathematical optimization and exploring related technical trends. The company said the forum was the firs

April 21, 2025

[Photo News] Coral in focus

Samsung Electronics said Monday that its marine ecosystem restoration project, Coral in Focus, has helped cultivate a total of 110,046 corals across key locations, including Florida, Bali and Viti Levu, over the past year. As part of the initiative, the tech giant developed Ocean Mode for its flagship Galaxy smartphone, a specialized camera feature optimized for underwater photography. Since last year, the company has partnered with the Scripps Institution of Oceanography at the University of Ca

April 21, 2025

LG Display unveils in-house AI assistant to up productivity

LG Display said Monday it has become the first company in the display industry to internally develop and deploy an artificial intelligence assistant service tailored to enhance employee productivity. The AI assistant, designed to optimize individual workflow, provides features such as real-time translation during video conferences and automated meeting transcription, enabling employees to perform tasks more efficiently. In the first half of the year, the display maker plans to expand the AI assi

April 21, 2025

Posco to invest in Hyundai Steel's US plant project

POSCO Group, South Korea's leading steelmaker, said Monday that it will invest in Hyundai Steel Co.'s steel mill project in the United States, as part of its strategy to navigate US President Donald Trump's sweeping tariffs on steel imports. According to a press release, POSCO Group has signed a memorandum of understanding with Hyundai Motor Group for its participation in Hyundai Steel's US plant and to strengthen collaboration in the steel and rechargeable battery sectors. Last month, Hyundai S

April 21, 2025

S. Korea's exports of dried seaweed hit record high in Q1

South Korea's exports of dried seaweed products, known as "gim" in Korean, reached an all-time high in the first quarter, driven by growing global demand for the food, data showed Monday. Outbound shipments of gim reached $281 million in the first three months of the year, up 21.1 percent from a year earlier, according to the data compiled by the Korea Agro-Fisheries & Food Trade Corp. The figure is the highest for any first quarter. The volume of gim exports increased 7.5 percent on-year to 10,

April 21, 2025

Seoul shares open tad higher amid tariff woes

South Korean stocks opened slightly higher on Monday as the country is set for negotiations with the United States over the sweeping tariff scheme. The benchmark Korea Composite Stock Price Index rose 5.61 points, or 0.23 percent, to 2,489.03 in the first 15 minutes of trading. Seoul's industry ministry said Sunday that the government plans to kick-start tariff negotiations with the Donald Trump administration later this week in Washington. South Korea was slapped with 25 percent reciprocal tari

April 21, 2025

Exports down 5.2% in first 20 days of April

South Korea's exports went down 5.2 percent on-year in the first 20 days of April, data showed Tuesday. Outbound shipments reached $33.87 billion in the April 1-20 period, compared with $35.75 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports decreased 11.8 percent on-year to $34 billion during the period, resulting in a trade deficit of $1 billion. In March, exports gained 3.1 percent from a year earlier to $58.3 billion, marking a second consecutive

April 21, 2025

Korea, US to hold high-level tariff talks in Washington this week

South Korea and the United States will hold tariff talks in Washington, DC later this week, the Korean government said Sunday. According to the announcement, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun will attend the levy discussions with their US counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. The Korean government said the trade consultation is taking place at the reques

April 20, 2025