Exports of fisheries products fall 12% this year: data

South Korea's exports of fisheries products fell more than 10 percent on-year during the first seven months of 2023, data showed Sunday. Outbound shipments of marine products came to $1.75 billion in the January-July period, down 11.5 percent from a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Global sales of major fisheries goods suffered a decline, with exports of tuna skidding 21.1 percent to $322 million and those of pollack sinking 82.8 p

Aug. 27, 2023

Ex-Ssangyong Group Chairman Kim Suk-won dies at 78

Kim Suk-won, former chairman of the now-defunct Ssangyong Group, has died of old age, his aides said Saturday. He was 78. Kim took over the midsized business group, which started as a cement-making company in 1975. The business group went on to aggressively expand into the construction, financial and automaking sectors. In 1986, Ssangyong Group took over a local automaker that focused on producing SUVs. But Kim's empire crashed in the aftermath of the 1997 Asian financial crisis, and he was

Aug. 26, 2023

Celltrion expects 50% jump in 2024 sales after merger

South Korean pharmaceutical company Celltrion said it aims to log 3.5 trillion won ($2.6 billion) in revenue 2024 once its merger with two affiliates is completed, an increase of over 50 percent from the revenue estimated for this year. During an online meeting with investors on Thursday, Celltrion Founder and Chairman Seo Jung-jin said the company will consider an initial public offering of Celltrion Holdings, the holding firm of Celltrion Group, if necessary after the merger. When the merger o

Aug. 25, 2023

President Yoon appoints chief of broadcasting watchdog

President Yoon Suk Yeol on Friday approved the appointment of Lee Dong-kwan as the new head of the state broadcasting watchdog, the Korea Communications Commission, despite controversy surrounding Lee and his son. Yoon conferred a letter of appointment to Lee, a former journalist who served as a senior secretary for press affairs during the Lee Myung-bak administration, at the presidential office in Yongsan-gu, Seoul, on Friday in the late afternoon. The appointment decision came even after the

Aug. 25, 2023

How will China's lifting of group travel ban affect Korea's GDP?

China’s lifting of group tours to South Korea is estimated to lead to 800,000 more travelers and raise Korea’s gross domestic product by 0.06 percent this year, the Bank of Korea said Friday. The resumption of group tours is expected to have a significant impact on the recovery of Chinese tourists visiting Korea, considering that about 40 percent of all Chinese tourists were group tourists before the restrictions were put in place, according to an economic outlook report released b

Aug. 25, 2023

Seoul shares end lower ahead of Fed chief's speech

Seoul shares ended lower Friday, tracking losses on Wall Street, as investors await the US Federal Reserve chief's speech for any clues of its rate policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.54 points, or 0.73 percent, to close at 2,519.14. Trading volume was moderate at 569.76 million shares worth 8.19 trillion won ($6.2 billion), with decliners outnumbering gainers 488 to 367. Institutions and foreigners sold a combined 369 b

Aug. 25, 2023

E-Mart 24 to enter Cambodian market next year, aims to run 100 outlets by 2028

E-Mart's convenience store chain, E-Mart 24, said Friday it will foray into the Cambodian market next year to tap into the country's economic growth potential. E-Mart 24 plans to open its first outlet in the country by the first half of 2024, becoming the first Korean convenience store operator to do so. The Korean retailer said it signed a three-way memorandum of understanding with a Cambodian retail firm, Saisons Brother Holding Corp. and Korean real estate Hanlim Architecture Group

Aug. 25, 2023

[Photo News] Upgraded, immersive gaming experience

Samsung Display said Friday it has opened an experience zone, providing an upgraded and immersive gaming experience to visitors at the ongoing Gamescom 2023 in Cologne, Germany, with QD-OLED gaming monitors and OLED laptops. Samsung installed 34-inch Dell and Micro-Star International gaming monitors equipped with the South Korean panel maker's QD-OLED panels, as well as Samsung Electronics' Galaxy Book3 Ultra laptops featuring its OLED panels. Samsung said its gaming displays allow vis

Aug. 25, 2023

KT CEO nominee to debut at global leadership conference next month

South Korean telecommunications giant KT Corp.’s CEO nominee Kim Young-shub will take the stage as a keynote speaker at a global leadership conference organized by the UK-based mobile industry nonprofit GSMA next month. It will likely mark his first official schedule to step outside as KT’s new chief. The KT CEO nominee will deliver a keynote speech at the Mobile 360 APAC, the Asia-Pacific leg of the event that is scheduled to take place for the first time in Seoul on Sept. 7 and 8,

Aug. 25, 2023

Seoul shares open lower before Fed chief's speech

Seoul shares opened lower Friday, tracking losses on Wall Street, as investors await the US Federal Reserve chief's speech for clues on its rate policy. The benchmark Korea Composite Stock Price Index fell 23.46 points, or 0.92 percent, to 2,514.22 in the first 15 minutes of trading. Overnight, US stocks declined, with the Dow Jones Industrial Average falling 1.1 percent and the tech-heavy Nasdaq Composite declining 1.9 percent. Investors are keeping an eye on the speech Friday to be delive

Aug. 25, 2023

BOK extends rate pause amid mounting US, China pressure

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, maintaining it a fifth consecutive time amid growing China fears and a widened rate gap with the US. In a rate-setting meeting presided over by BOK Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to maintain the current policy rate, which has stayed at 3.5 percent since February. “The board decided to hold the rate, projecting it would take significant time for the inflation rate, whic

Aug. 24, 2023

Posco International makes first swine vaccine export to Vietnam

Posco International announced Thursday that it has exported a swine pneumonia vaccine Vietnam's to National Veterinary Joint Stock Company or NAVETCO, marking Posco's first overseas animal vaccine export. Developed by Innovac, a venture company run by a group of researchers at Kangwon National University, the vaccine, called INO MHP, can immunize around 100,000 pigs, the company said. The swine pneumonia vaccine is vital for Vietnam due to its significant pig population and pork being

Aug. 24, 2023

Doosan Robotics joins hands with MS to build GPT-based robots

Doosan Robotics, in partnership with Microsoft and Doosan Digital Innovation, is set to develop a context-aware control system for collaborative robots, or “cobots,” based on generative pre-trained transformer technology. The partnership was formalized Thursday through a memorandum of understanding for Doosan Robotics to employ Microsoft's Azure OpenAI Service for a GPT-based robot control system. Azure will provide access to the GPT language model while Doosan Digital Innovatio

Aug. 24, 2023

Naver's HyperClova X AI unrivaled in Hangeul

South Korean internet giant Naver on Thursday unveiled HyperClova X, an upgraded version of its hyperscale artificial intelligence model, which boasts greater Korean language skills than its US rivals, OpenAI's ChatGPT and Google's Bard. In response to the global generative AI craze brought about by ChatGPT late last year, the South Korean IT firm has chosen HyperClova X to be the backbone model of its AI-powered services and become its future growth engine. “Naver dreams of chan

Aug. 24, 2023

Posco, Hanwha, KAC team up to build UAM landing sites in Seoul

South Korean steel giant Posco Group said Thursday the company will put in joint efforts with Hanwha Corporation Engineering & Construction and Korea Airports Corporation to build landing and take-off sites for urban air mobility (UAM) vehicles in Seoul, in a bid to further accelerate the commercial operation of an urban air transportation system in Korea. During a signing ceremony held at KAC's headquarters in western Seoul on Wednesday, the three companies signed a memorandum of under

Aug. 24, 2023

All Mercedes-Benz’s cars contain piece of Korea: CEO

Mercedes-Benz Group CEO Ola Kallenius on Thursday touted South Korea’s level of automotive technology and the importance of the German automaker’s partnership with Korean companies. “Korea is hugely important for us. But not just in the battery cell space where we have strong partnerships for years,” said Kallenius in a press conference at Hotel Shilla in central Seoul. “This is one of the leading nations in automotive innovation and I don’t think we build a s

Aug. 24, 2023

Samsung Food to debut at IFA

Samsung Electronics said Thursday it would be launching a new food platform application offering personalized recipes and diet plan services using artificial intelligence at this year’s IFA, set to be held in Berlin early next month. The new platform, Samsung Food, would integrate all the food-related functions and services Samsung has launched previously, such as Family Hub’s Smart Recipe, the company said. Using the app, the users can search for recipes of dishes around the world

Aug. 24, 2023

Hyundai Mobis geared for IAA Mobility 2023

Hyundai Mobis, an automotive parts maker under South Korean conglomerate Hyundai Motor Group, said Thursday it is participating in the upcoming IAA Mobility 2023 to show off its vision of electrification at one of the largest automotive trade shows, in Germany. IAA Mobility will take place in Munich, Germany, on Sept. 5-10. This marks Hyundai Mobis’ second year attending the event, following its debut in 2021. Hyundai Mobis said it will display an array of over 20 advancements in electrifi

Aug. 24, 2023

[Photo News] LG Chief in business trip

LG Group Chairman Koo Kwang-mo is briefed on quantum technology from Xanadu CEO Christian Weedbrook at the Canadian quantum computing company’s headquarters in Toronto, Tuesday. On his four-day trip to the US and Canada, the LG chief inspected the group’s business operations, including LG Chemical’s Innovation center in Boston and LG Electronics’ AI research center in Toronto, and visited a number of local institutes to discuss possible cooperation. (LG Corp.)

Aug. 24, 2023

Pocari Sweat launches 2nd 'Beat the Heat Campaign'

Dong-A Otsuka, South Korea’s leading beverage maker, on Thursday revealed its second annual “Beat the Heat Campaign” video in collaboration with the Ministry of the Interior and Safety. Following the first campaign held last year, the company is striving to raise awareness on safety and health measures that must be taken during heat waves. With the message “Do not face the heat,” this year’s video puts importance on staying hydrated and getting enough shade an

Aug. 24, 2023