Citibank Korea hosts digital forum for corporate clients

Citibank Korea on Wednesday shared insights on the digital market and presented overseas business opportunities to the nation’s leading digital companies during the “Korea Digital Leaders Summit 2023." The summit targeted the bank’s corporate clients, who run businesses on digital platforms including e-commerce, video games, fintech and online travel agencies. Some 30 leaders and executives from digital businesses participated in this year’s event. “We hope the

Dec. 7, 2023

GC Biopharma breaks ground for Indonesia’s first blood products plant

GC Biopharma, GC Group’s biopharmaceutical unit, announced Wednesday that the company held a groundbreaking ceremony for its first Indonesian plasma fractionation plant within an industrial complex near the country's capital of Jakarta. The event comes six months after the company received approval from the Indonesian government to join the construction project, a trilateral partnership with the Indonesian Red Cross and P.T Triman, a local drugmaker. Under the partnership, GC Biopharm

Dec. 6, 2023

LG Display launches voluntary redundancy program in efficiency drive

LG Display, the top display maker in producing high-end organic light-emitting diode panels for TVs, has launched a voluntary redundancy program for its factory workers in its latest bid to reduce costs after months of operational losses, according to industry sources on Wednesday. Workers at its manufacturing plants in Paju, Gyeonggi Province and Gumi, North Gyeongsang Province, are eligible for voluntary retirement if they are over 40 years old. The company is offering severance pay for 36 m

Dec. 6, 2023

AliExpress vows to invest W10b to root out fake goods in Korea

AliExpress, an online direct purchase platform owned by Chinese e-commerce giant Alibaba Group, has revealed plans to invest 10 billion won ($7.6 million) in South Korea over the next three years to extensively regulate counterfeit goods sold on the platform, according to the firm on Wednesday. The announcement comes amid ongoing consumer complaints about counterfeit goods purchased through the platform since its official debut in Korea in 2018. "We feel an increased sense of responsibility

Dec. 6, 2023

KFCC hosts workshop for sustainable growth in Africa

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Wednesday it successfully hosted a three-day workshop in Kenya, to discuss ways to foster financial inclusion and a transition to sustainable growth in Africa. The workshop titled “Cooperatives for a Sustainable Transition in Africa” kicked off in Nairobi on Monday in collaboration with the International Cooperative Alliance and the University of Leuven in Belgium.

Dec. 6, 2023

[Photo News] Startup demo day

KB Financial Group Chief Digital Platform Officer Cho Young-suh (first from left, front row) and participants pose for a photo after the “2023 Hub Day," held at the KB Innovation Hub center in Seoul on Tuesday. Hub Day is an annual startup Demo Day hosted for the members of the KB Starters program, a startup accelerator program run by the financial giant. A total of 40 startups participated in this year’s event to share business ideas and seek partnership opportunities with KB s

Dec. 6, 2023

[Korea Quiz] Voluminous traditional Korean porcelain

Find the answer at the bottom. Large, voluminous and round white pottery vessels known as “moon jars” stand as quintessential examples of South Korea’s Joseon-era porcelain art. Originating from the late 17th century, these distinctive porcelain jars maintained their popularity through the late Joseon period, setting themselves apart as unique creations not replicated in China or Japan. The term "moon jar" is a relatively recent invention, created by Korean mode

Dec. 6, 2023

[KH Explains] China ups OLED ante to take over Korean shares

China’s recent move to ramp up investment in organic light-emitting display panels is stoking fears among Korean display makers that they may face another fierce price war with their Chinese runner-ups, even over the most sophisticated display technology. Last week, China's top display panel maker, BOE Technology, announced a plan to invest 63 billion yuan ($8.84 billion) to build a production facility with 8.6-generation technology for OLED panels for laptops and tablet PCs. The amou

Dec. 5, 2023

Korean defense firms head to Egypt defense expo to expand market presence

South Korean defense firms are looking to expand their market presence in Africa and the Middle East as they showcase their latest cutting-edge weapons systems at the Egypt Defense Expo 2023 taking place at the country’s international exhibition center in Cairo this week. According to Korea Aerospace Industries and LIG Nex1 on Tuesday, the two companies participated in the EDEX for the first time this year. Korea Aerospace Industries, also known as the KAI, said it will concentrate on in

Dec. 5, 2023

[Photo News] Winter seaweed harvests

Farmers harvest gim, or dried seaweed, using a unique technique which involves repeating a drying and wetting process in the open sea, in waters near the fishing village of Taean, South Chungcheong Province, Tuesday. Gim is one of South Korea's top export items which has seen growing popularity overseas. Korean gim accounts for almost 70 percent of the global seaweed market. (Yonhap)

Dec. 5, 2023

Korea Herald, Indonesia's Kompas vow to deepen media ties

JAKARTA, Indonesia – The Korea Herald and Indonesia's Kompas Daily have pledged to strengthen media cooperation, solidifying their commitment during the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Established in 1965, the Jakarta-based Kompas Daily enjoys a distinguished reputation in Indonesia's media landscape. The forum itself was a collaborative effort between Herald Corp., publisher of The Korea Herald and Herald Business, and the Indonesian Chamber of Commerce

Dec. 5, 2023

KB unveils video to mark World Soil Day

KB Financial Group on Tuesday unveiled a video titled “Safeguarding Soil, A Source Of Life,” to celebrate World Soil Day, held annually on Dec. 5 to advocate for the sustainable soil management practices. The video first underscores the importance of healthy soil as an essential resource for sustaining life on Earth. It then discusses plastic, the leading cause of soil and water pollution. According to the video, plastic waste can release harmful chemicals into the surrounding soil,

Dec. 5, 2023

Daewoo E&C seeks to join Indonesia's capital relocation

Daewoo Engineering & Construction Chairman Jung Won-ju has recently engaged with industry leaders and officials in Indonesia to broaden the scope of the company's global construction projects, focusing on the extensive development of the Southeast Asian country's new capital that is expected to be inaugurated as early as August next year. Indonesia is actively preparing to relocate its capital from Jakarta to Nusantara, a purpose-built city in the East Kalimantan area. The planned

Dec. 5, 2023

[Photo News] Hana donates to charity

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Chairman Ham Young-joo and Community Chest of Korea Chairman Kim Byong-joon pose for a photo after the financial group donated 15 billion won ($11.43 million) to the charity's headquarters in central Seoul, Tuesday. Hana's 15 affiliates all contributed to the donation for the underprivileged. The group also received a donation certificate for donating a total of over 90 billion won this year. (Hana Financial Group)

Dec. 5, 2023

AmCham seminar explores health care as bigger part of Korea-US alliance

Health care officials from South Korea and the US on Monday gathered in Seoul to discuss the industry’s potential to be a bigger part of the Seoul-Washington alliance during a forum hosted by the American Chamber of Commerce in Korea. The Healthcare Innovation Seminar is one of the major events organized by AmCham, and the largest policy seminar on the health care industry in South Korea. This year's seminar is titled “The Role of the Healthcare Industry in Facing the Next Front

Dec. 4, 2023

Hanwha inks $2.6b deal to ship more K9 howitzers to Poland

Hanwha Aerospace said Monday it has signed a $2.6 billion contract (3.45 trillion won) to ship 152 K9 self-propelled howitzers to Poland through 2027, taking the next step in the arms deal signed between the two sides last year. The South Korean defense firm and the Polish State Armament Agency agreed on a framework to export Hanwha Aerospace’s 672 units of K9 self-propelled howitzers and 288 units of the multi-caliber rocket artillery system, K239 Chunmoo, in July 2022. Later in the sam

Dec. 4, 2023

Generational shift looms in SK leadership

SK Group Chairman Chey Tae-won is expected to carry out a complete reform of the conglomerate’s top leadership this week, seeking a generational shift to handle uncertainties in the fast-changing market. According to industry sources on Monday, Chey asked four chief executives of the group's major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho -- to step down,

Dec. 4, 2023

Kolmar BNH to ramp up production with new plant

Kolmar BNH, the health functional food developer and manufacturer under Kolmar Korea, announced Monday it has completed its third manufacturing plant in the city of Sejong, securing the largest annual production capacity in the industry. The four-story plant, built on a site occupying some 20,024 square meters in Sejong, has a total floor area of 24,871 square meters. The plant is capable of generating 1.8 billion units of solid-type health functional foods (tablets or pills) and 450 million p

Dec. 4, 2023

Insurance firms' net income jumps over 47% on-year in first nine months of year

The combined net income of insurance companies in South Korea surged nearly 50 percent in the first nine months of the year from a year ago on advances by both life and non-life insurers, data showed Monday. The combined net profit of 22 life insurance firms and 31 non-life insurance companies here came to 11.42 trillion won ($8.74 billion) in the January-September period, up 47.2 percent from the same period last year, according to preliminary data from the Financial Supervisory Service. The ne

Dec. 4, 2023

[Hello Indonesia] Cultural tapestry woven at 'Korea-Indonesia Friendship Night'

JAKARTA, Indonesia -- Amid resounding cheers, South Korean Ambassador to Indonesia Lee Sang-deok raised a spirited toast at the "Korea-Indonesia Friendship Night" event held on Thursday in Jakarta. The event took place following a business forum held to commemorate the 50th anniversary of bilateral diplomatic ties at the Hotel Mulia Senayan earlier in the day. "Closer friendship, stronger partnership," Lee proposed, raising a toast. Following Lee, Indonesian girl group Star

Dec. 3, 2023