KFS director targets Latin America for forest carbon sink initiatives

Protecting forests -- the lungs of our planet -- seems no longer a matter of choice in the face of intensifying climate crises worldwide. To tackle these challenges, Nam Song-hee, director general of the International Forest Affairs Bureau of the Korea Forest Service, drew attention to the Reducing Emissions from Deforestation and Forest Degradation Plus, or REDD+, a forest conservation initiative under the United Nations Framework Convention on Climate Change. Designed to combat climate change

Jan. 19, 2025

LG Chem CEO reappointed to chair WEF industrial body

LG Chem Vice Chairman and CEO Shin Hak-cheol has been reappointed as chair of the Chemical & Advanced Materials Industry Governors at the World Economic Forum, becoming the first leader to extend his term in this position, the company said Sunday. The reappointment comes as Shin is attending the Davos Forum for the fifth consecutive year, which runs from Monday to Friday. The forum will gather over 2,700 global leaders from business, politics and academia to discuss pressing topics such as rethi

Jan. 19, 2025

Hana Financial, Bain Capital vow to bolster cooperation

Hana Financial Group Chairman Ham Young-joo and top executives of Bain Capital, a leading global private equity firm, recently met in Seoul to discuss expanding bilateral collaboration. Bain Capital’s delegation included co-managing partners John Connaughton and David Gross, as well as partner Lee Jung-woo. The discussions revolved around strengthening communication to facilitate increased investment in the Korean market, according to Hana Financial officials Sunday. Hana Financial and Bain Capi

Jan. 19, 2025

Hyundai Motor sets sights on India's micromobility market

Hyundai Motor Company said Sunday it has unveiled concept versions of its electric three-wheeler and micro four-wheeler at India’s Bharat Mobility Global Expo, ramping up its expansion efforts in the world’s third-largest car market. Recognizing the widespread popularity of micromobility in India, where ultra-compact vehicles are often favored for last-mile commuting on congested roads, the Korean auto giant has vowed to offer enhanced driving performance and safety compared to competing models.

Jan. 19, 2025

Major shipbuilders expected to post operating profits for 2024

Three major South Korean shipbuilders are expected to have posted an operating profit for last year, data showed Sunday. HD Korea Shipbuilding & Offshore Engineering Co. is forecast to have logged an operating profit of 1.43 trillion won ($980 million) in 2024, according to data compiled by Yonhap Infomax. Hanwha Ocean Co. likely swung to an operating profit of 169.1 billion won last year. Samsung Heavy Industries Co. suggested its operating profit surged 102.37 percent to 472.1 billion won in 2

Jan. 19, 2025

Woori Financial chief pens letter to reassure foreign investors

Woori Financial Group Chair Yim Jong-yong highlighted the group’s key accomplishments and reiterated his commitment to enhancing corporate value in a letter to major investors. According to Woori on Sunday, Yim emphasized his dedication to transforming Woori Financial into a stronger and more resilient financial group, citing Korea’s robust economic fundamentals and high level of political maturity as key enablers. “Given the strong commitment of value-enhancing enterprises, including Woori Fina

Jan. 19, 2025

Biocom California poised to bridge Korean biotech firms to US opportunities

SAN FRANCISCO -- For Korean investors and companies looking to engage with California’s dynamic life science sector, Biocom California Honorary President Joe Panetta assured that the association offers a wealth of resources to create abundant opportunities for cross-country collaboration and innovation. "We want to find partners and work in hubs that bring opportunity to our members to expand their business and access to capital," Panetta said during a press briefing held Wednesday in San Franci

Jan. 19, 2025

National Pension Service to support Korea Zinc's proposals amid management battle

The National Pension Service (NPS) on Friday decided to support two key proposals by Korea Zinc Co., including the adoption of a cumulative voting system, amid a deepening control battle with its biggest shareholder, Young Poong Corp. The decision was made at the NPS' trustee commission meeting to discuss issues for Korea Zinc's upcoming ad hoc shareholders meeting next week. The NPS, which holds a 4.51 percent stake in Korea Zinc, agreed to back proposals to adopt a cumulative voting system for

Jan. 17, 2025

Hanwha Ocean's visit to Indian shipping authorities raises expectations for collaboration

High-ranking delegates from Korean shipbuilder Hanwha Ocean met with Indian shipbuilding authorities, raising expectations of potential collaboration to boost India’s shipbuilding industry. India’s Ministry of Ports, Shipping and Waterways announced Wednesday on social media that Hanwha's delegation led by Senior Vice President Lee Jin-su visited the ministry's Secretary Shri T.K. Ramachandran to discuss opportunities for strengthening partnerships between the company and Indian shipyards. The m

Jan. 17, 2025

ZYX Technology donates CAD software licenses to PNU

South Korean design software developer ZYX Technology announced Friday that it has signed a memorandum of understanding with Pusan National University to provide ZYX CAD licenses valued at approximately $10 million. As part of the three-year agreement, the company will supply instructional licenses to students and faculty to foster future software talent in the nation’s second-largest city. ZYX CAD is computer-aided design software available through the Korean Public Procurement Service. Compati

Jan. 17, 2025

Seoul shares end lower on foreign selling

Seoul shares ended slightly lower Friday on foreign selling, with China's better-than-expected economic growth falling short of boosting investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.94 points, or 0.16 percent, to close at 2,523.55. The main index has risen 0.3 percent this week. The Kospi had opened in negative terrain, tracking overnight losses on Wall Street. The Dow Jones Industrial Average fell 0.16 percent and the tech

Jan. 17, 2025

Korea settles dispute with US Westinghouse to cooperate in nuclear energy

Agreement expected to clear hurdle for Korea to successfully ink contract for Czech nuclear power plant bid Korea Hydro & Nuclear Power and Korea Electric Power Corp. have reached a settlement with Westinghouse, a US nuclear power firm, over an intellectual property dispute, bolstering the group's chances to successfully secure a contract with the Czech Republic to build two nuclear reactors there. According to the two Korean state-run energy companies on Friday, they decided to come to an agree

Jan. 17, 2025

Homeplus offers Seollal gift sets at half price

South Korean discount chain Homeplus announced Friday that it would offer holiday gift sets for Seollal at up to 50 percent off for two weeks from Thursday through Jan. 30. Preorders, which began on Dec. 12, drove overall sales growth of more than 20 percent, supported by a 46 percent increase in alcoholic beverages, a 48 percent rise in confectionery and teas, a 24 percent boost in fishery products and a 13 percent increase in fruits. Notably, sales of fruits such as Shine Muscat grapes, kiwis

Jan. 17, 2025

[JPM 2025] Korea's next-gen leaders eye global biopharma future

SAN FRANCISCO -- Heirs to Korea’s leading conglomerates stepped onto the global biopharma stage at this year’s JP Morgan Healthcare Conference, highlighting their ambitions in the pharmaceutical and biotech sectors. At the conference held Monday through Thursday in San Francisco, key figures including Seo Jin-seok of Celltrion, Shin Yoo-yeol of Lotte Biologics, and Chey Yoon-chung of SK Biopharmaceuticals, underscored their companies’ commitment to future growth by building connections with part

Jan. 17, 2025

Hanwha Life delivers mobile welfare centers to support Jakarta's women and children

Hanwha Life on Friday delivered a mobile welfare service vehicle to Jakarta, Indonesia, to support the physical and mental health of women and children. "Visiting Family Center" vans were handed over to the Jakarta government Thursday. The ceremony was attended by around 200 people, including Hanwha Life Senior Executive Vice President of Communications Hong Jeong-pyo, Jakarta Governor Teguh Setyabudi, government officials, child protection agency representatives and residents. The "Visiting Fam

Jan. 17, 2025