The American Chamber of Commerce in Korea hosted the AmCham Automotive Summit 2024 on Tuesday at the Grand Hyatt Seoul to provide insights into the impact of sustainability initiatives on the automotive industry. Partnered with US applied safety science company UL Solutions and automobile manufacturer General Motors, the event brought together key government officials and industry leaders to explore the vast spectrum of changes within the industry. Under the theme, "Future Mobility Technolo

Industry June 25, 2024

This article is the second installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. South Korea has ample room to strengthen its business diplomacy with the United States, particularly in trade and pivotal sectors such as clean energy and digital technology, according to James Fatheree, an executive director of The GR Company and

Industry June 24, 2024

"Imagine a library where the shelves are stocked not with books, but with the latest beauty trends, eco-friendly cosmetics and vegan options that you can try out; that's Olive Young Myeongdong Town," said Lee Yoon-jeong, a manager at a branch in Myeong-dong, Seoul, of Olive Young, the nation's largest beauty retailer owned by CJ Group, during a special docent tour Wednesday. The Myeongdong Town branch, located in the bustling shopping district, is one of two Olive Young store

Industry June 23, 2024

Chung Hyung-kwon, former head of Alibaba Korea, has been named the CEO of Gmarket, the troubled e-commerce unit owned by Shinsegae Group. The new appointment is part of a series of executive reshuffles at the Korean retail giant whose key affiliates are running out of cash amid operational losses. Before joining Alibaba Group, Chung, a financial specialist, worked at multiple investment banks, such as Goldman Sachs and Credit Suisse, and served as an executive at Coupang, Shinsegae's e-comm

Industry June 19, 2024

South Korean bakery giant SPC Group has been fully absolved of a 64.7 billion won ($46.8 million) fine, as the Supreme Court upheld a ruling in the company's favor in its lawsuit against the nation's antitrust watchdog for allegedly unfairly supporting its affiliates. The Supreme Court confirmed on Monday a lawsuit filed by five SPC Group affiliates, including SPC Samlip, against the FTC, to cancel the fine. In July 2020, the FTC claimed that SPC funneled a total of 41.4 billion won in

Industry June 19, 2024

Korea's sole all-cargo airline Air Incheon has been named the preferred bidder for Asiana Airlines' cargo freighter division, paving the way for it to expand its business routes to the Americas and Europe. The purchase price is estimated to range between 450 billion won and 500 billion won ($325-million-$362 million). Air Incheon is to sign a stock purchase agreement by the end of July after two weeks of due diligence and contract discussions. If the deal closes by the first quarter of

Industry June 18, 2024

Lufthansa Group CEO Carsten Spohr visited Seoul earlier this month to renew his commitment to the Korean market, where demand for premium airline services continues to grow. "We see tremendous potential in the Korean market and will strive to offer a premium experience to Korean customers with our vast selection of routes," the CEO said during a press conference held at a Seoul hotel on June 5. He was visiting Korea to attend an executive meeting in the Asia-Pacific region. He especial

Industry June 18, 2024

AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus

Industry June 17, 2024

The Fair Trade Commission's decision to impose a record fine of 140 billion won ($102 million) on Coupang has sparked debates about the true role of online retailers in Korea. While Coupang is regarded as a giant online retailer that acts as a middleman between sellers and buyers, it also functions as a seller on its own platform, offering products under its own label. Coupang was slapped with the highest fine ever imposed by the antitrust watchdog on Wednesday for manipulating search ranki

Industry June 14, 2024

Daewoo Engineering & Construction Chairman Jung Won-ju visited Turkmenistan this week to meet with government officials and business partners to explore new opportunities in the country’s burgeoning infrastructure development market. Jung was visiting the country as part of a business delegation accompanying President Yoon Suk Yeol on his state visit for a summit with Turkmen President Serdar Berdymukhamedov in Ashgabat, the Turkmenistan capital. During the visit, the Daewoo chief insp

Industry June 13, 2024

Business leaders and government officials from South Korea and Turkmenistan pledged to further strengthen cooperation in infrastructure and digital development at a bilateral business forum held Tuesday in Turkmenistan's capital, Ashgabat. The forum, hosted by the Korea Chamber of Commerce and Industry and chaired by SK Group Chairman Chey Tae-won, who doubles as chairman of the KCCI, in collaboration with the Turkmenistan Chamber of Commerce, was attended by more than 250 participants. Wit

Industry June 11, 2024

South Korea's exports to the United States are likely to exceed those to China this year for the first time in 22 years, according to a joint report released Monday by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. From January to May, exports to the US amounted to $53.3 billion, approximately $610 million more than exports to China which stood at $52.69 billion. Large companies have already shifted their export trend since last year, while small and medium-size

Industry June 10, 2024

SAN DIEGO -- SK Biopharmaceuticals CEO Lee Dong-hoon expressed increased confidence in solidifying the company's reputation as an "anti-epilepsy treatment franchise," following a surplus in the first quarter of this year, driven by the strong performance of Xcopri, launched in the United States in 2020. "Sales of Xcopri are currently driving our revenue, but our long-term goal is to succeed through our own research and development pipeline," Lee said during press confere

Industry June 7, 2024

Korea Herald correspondent SAN DIEGO -- With Samsung Biologics securing as clients 16 of the top 20 global pharmaceutical companies based on market capitalization, up from 14 last year, its CEO John Rim expressed confidence in the company's continued expansion in the coming years. The CEO announced Wednesday during a press conference at the Bio International Convention in San Diego that their clients' orders have more than doubled this year. While industry sources suggest that this has

Industry June 6, 2024

By Kim Hae-yeon Korea Herald correspondent SAN DIEGO -- President Yoon Suk Yeol’s security aide was spotted on Tuesday at Bio USA, the biotech industry’s largest gathering being held in San Diego, immediately prompting media scrutiny about the purpose of the rare visit. Wang Yun-jong, the third deputy director of the presidential National Security Office, stayed at the site for about 30 minutes. He was accompanied by Choi Sun, a presidential secretary for biotech policy, and other

Industry June 5, 2024