South Korean online lender K-Bank said Tuesday it posted the strongest performance for any first half on increased interest revenue. K-Bank's first-half net income stood at 45.7 billion won ($34.9 million), far beyond the 22.5 billion-won annual net profit of last year and marking the highest first-half earnings since its launch in 2017, the bank's data showed. The online lender attributed the record earnings to more account openings, expansion in loan portfolios and diversified source

LG Chem Ltd. said Tuesday it will build two production facilities in the US state of Illinois with a US food processing company to produce a biodegradable plastic widely used in food packaging. Under the two joint ventures with Archer Daniels Midland Co. (ADM), an agricultural food processor and biosolution company, they will build a facility to annually produce 75,000 tons of polylactic acid (PLA), in Decatur, the South Korean chemical company said in a release. A separate facility will be buil

Seoul hosted the country’s first electric car racing event over the weekend, after the competition was delayed twice due to pandemic, but despite the hype for the motorsports extravaganza, the season finale left a wake of disappointment regarding its management and operation.  Seoul E-Prix, the final race of season eight of the ABB FIA Formula E World Championship, was held on Saturday and Sunday. Races took place on a 2.7-kilometer track constructed around and looping through Jamsi

South Korean conglomerate looks to build up green energy portfolio

Samsung Electronics executive vice president Yang Tae-jong said the IT giant’s newest smart wearable device -- Galaxy Watch5 series -- offers the world’s most advanced sleep-tracking technology in a press conference held Thursday in New York, a day after the Galaxy Unpacked August 2022 event. “Galaxy Watch5 is loaded with various technologies including an innovative bioactive sensor that can measure biometrics to help (users) stay healthy. Galaxy Watch5 will be the best partn

Volkswagen’s R-Line Arteon, a sportier version of the flagship sedan, made its debut in South Korea in July. The new Arteon R-Line 4MOTION has been revamped with a bold front bumper that creates a balanced look of the chassis. The car also comes with a 20-inch Nashville Alloy wheel, a black rear tailgate spoiler, and a quad muffler to enhance the design of the sports sedan. Inside the car, black titanium nappa leather applied on the seats not only gives the car a sophisticated look bu

Hyundai Motor Group said Monday it ranked third globally in car sales in the first half of this year -- a first feat for the nation’s largest carmaker. According to its sales data, Hyundai Motor Co., its luxury Genesis brand and its smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period. The sales figure is the third largest following Toyota Motor Group’s 5.138 million units and Volkswagen Group’s 4.006 million units.

Every Formula E works as a giant laboratory to test the latest electric vehicle technology. But the competition rule that forbids carmakers from altering auto components, particularly batteries, should be lifted to bring electric mobility to the next level, Porsche Motorsports said in Seoul Friday. “Battery is one of the most important parts of electric vehicles -- or the most important -- as it has huge impact to the weight and performance,“ said Porsche Motorsport Vice President

South Korea's Hyundai Motor Group said Monday it ranked third in first-half global vehicle sales on increased high-end model sales despite the lack of automotive chips. Hyundai Motor Co., its independent Genesis brand and Hyundai's smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period, following Toyota Motor Group's 5.138 million units and Volkswagen Group's 4.006 million units, according to their sales data. In the fi

Corporate Korea a major force behind Korea‘s rise to cultural superpower

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