Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy,” Lotte Group said. “The company will accelerate biotech, hydrogen energy

For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green

Goobne Chicken, one of the leading South Korean chicken franchises, said Friday that it has opened its first US branch in LA. The store, located at Korean supermarket Hannam Chain Del Amo in Torrance, LA, will bring various Korean-style chicken flavors to cater to the growing interest in K-food in the US, it added. According to Goobne Chicken CEO Chung Tae-yong, the company also plans a second branch in the US later this year. In 2014, Goobne Chicken opened its first international branch in

Corporation’s de-facto leader likely to rejoin boardroom; vows to ‘do utmost’ to revive economy

Posco International, the trading arm of the Posco Group, said Friday that its board has approved a bill to absorb Posco Energy. The merger will be put to the vote at the general shareholders‘ meeting on Nov. 4 and finalized on Jan. 1, the company said in a statement. 100 shares of Posco International will be worth 116 shares of Posco Energy. Posco International will issue new shares according to the merger ratio and transfer approximately 46 million shares to Posco Holdings, the shareho

Samsung Biologics has tentatively signed a deal worth 457 billion won ($350 million) with AstraZeneca on contract manufacturing, the company said in a regulatory filing Friday. The two sides reached the agreement in May last year, but was unveiling it this time as they were renewing the contract to include “increases in demand” from AstraZeneca. The renewed deal accounts for 29 percent of Samsung Biologics’ total sales in 2021, which was approximately 1.5 trillion won. The

A major association for South Korea's car industry has sent a letter to the US House of Representatives and requested changes in tax incentives proposed under a major climate change and energy bill, stressing that they could put Korean carmakers on an unequal footing. The Korea Automobile Manufacturers Association (KAMA) said that it delivered the concerns regarding the tax breaks in the Inflation Reduction Act, pending the House's approval, in the letter sent to US House Speaker Nancy

As DS Techeetah, a racing team by Stellantis’ French auto brand DS Automobiles, aims to win the Formula E season finale championship taking place in Seoul over the weekend, its team racers said the championship is all about technology and sustainability.  “I’m sure that Formula E is pushing the manufacturers to make models that are quicker and more efficient,” said two-time champion Jean-Eric Vergne during a press conference held in Seoul on Thursday, two days prio

South Korean bio company Panacell Biotech said Wednesday it will start clinical trials to test the toxicity of natural killer cells, exosomes, and brown adiposed-derived stem cells when used to treat long COVID. Natural killer cells are immune cells that can kill tumor cells and cells infected with viruses. The biotech company said it can also be used to treat long COVID as well as other terminal illnesses. Long COVID symptoms span from migraines, hair loss, decreased libido and inflamed res

South Korean e-commerce giant, Coupang, raised its earnings forecast for the year after posting its first-ever profit for the entire business in the second quarter, as bigger operating cost savings and higher membership fees improved profitability, the company said Thursday. The company is betting on positive annual earnings before interest, tax, depreciation and amortization, reversing the previous projection for a $400 million loss. The second quarter loss narrowed to $67.14 million, down 87

600,000 doses of SKYCovione to be released this month, but public's low trust in vaccine in general is hurdle

The electronic parts supplier LG Innotek was awarded with the Jaguar Land Rover Quality Certificate for two consecutive years, the company said Thursday. The certificate, awarded by UK car manufacturer Jaguar Land Rover, evaluates partner companies for their quality of components and compliance with delivery dates. LG Innotek has supplied DC-DC converters, components that convert high-voltage direct currents from the battery into low-voltage direct currents, to Jaguar Land Rover since 2017.