South Korean construction management firm HanmiGlobal said Wednesday it signed a business agreement with British architecture-to-engineering firm Bryden Wood to innovate its construction methods. Through the memorandum of understanding, the two companies will jointly develop and implement modern methods of construction (MMC) and a design for manufacture and assembly (DfMA) in Korea. MMC is a construction method in which structures or components of buildings are constructed at external facilities

Industry Nov. 23, 2022

Kakao Entertainment, the content subsidiary of South Korean IT giant Kakao, may receive up to 800 billion won ($592 million) in investment from Saudi Arabia, following the kingdom's crown prince's visit to Seoul last week. The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is reportedly in discussion with its Singaporean counterpart, GIC Private Limited, about investing in the entertainment firm, according to news reports on Wednesday. PIF is one of the world'

Industry Nov. 23, 2022

South Korean automaker Kia said Tuesday it took home five titles on Thursday in US market research firm J.D. Power's ALG Residual Value Awards, winning the most number of awards among its rivals. J.D. Power’s residual value assesses commercial value, quality, brand awareness and sales strategy to recognize vehicle models that are projected to hold the highest percentage of retail price when resold after three years. The awards are the industry’s standard in recognizing vehicle m

Mobility Nov. 22, 2022

Under its vision called “Green Connector,” South Korea’s leading chemical firm LG Chem is expanding its social contribution activities. The vision highlights four areas of focus—education, ecosystem, energy, and economy—in which LG Chem will try to maximize ESG values. LG Chem said Monday it will kick off the third edition of its environment and science education program “Like Green” for elementary and middle school students in December as part of its en

Industry Nov. 21, 2022

South Korean game developer Nexon said Monday it has become the largest shareholder of US production company Agbo, co-founded by Anthony and Joe Russo, the directors of Marvel’s global megahits. After initially investing $400 million to acquire 38 percent of Agbo’s shares in January, Tokyo-listed Nexon recently invested an additional $100 million to acquire 11.21 percent. The latest acquisition made the game developer the No. 1 shareholder of the US firm, with 49.21 percent of its sh

Technology Nov. 21, 2022

Hybe, the multi-label K-pop powerhouse behind BTS, is set to accelerate its game business by investing in local game developer Flint. Hybe Chairman Bang Si-hyuk said Saturday, during a press conference held on the sidelines of South Korea’s largest annual gaming exhibition G-Star, that the company’s game-to-metaverse subsidiary Hybe IM will service Flint’s newly launched mobile game Dragon Blaze 2: Knights of Veda. Hybe had signed an investment agreement earlier with Flint in w

Industry Nov. 20, 2022

South Korean home appliance maker Coway said Thursday it will begin constructing a solar power plant on the roof of its global sleep technology subsidiary iOBED's factory, located in Paju, Gyeonggi Province, in December. The construction is set to be completed in March 2023. The solar power plant will begin operation in the first half of 2023, and is estimated to have an annual generation capacity of 800 kilowatt hours, according to the home appliance company. The plant will become the fift

Industry Nov. 17, 2022

South Korean manufacturer of electric vehicle chargers SK Signet said Wednesday it will start producing ultrafast 350-kilowatt electric vehicle chargers in the US from the second quarter of 2023. The plan comes after the company, an affiliate of the nation's second-largest conglomerate SK Group, revealed in October it was investing $15 million to acquire a new manufacturing facility in Plano, Texas. The plant, located on a 495,867-square-meter site, can produce 10,000 EV chargers with capac

Industry Nov. 16, 2022

South Korean food and beverage giant SPC kicked off a new safety management committee on Monday as part of follow-up measures in response to the recent death of a young employee at its affiliated bread-making factory. According to the food giant, the new committee will supervise industrial safety, working conditions and social responsibilities across the facilities of all SPC subsidiaries, and alert the company of potential accidents. SPC said it will guarantee the committee’s autonomy, st

Industry Nov. 14, 2022

South Korean discount chain Homeplus said Thursday it will combine its home meal replacement and meal kit product lines for the launch of a new brand called “Homeplus Signature Home Meal” to satisfy consumers’ demand for easy-to-prepare, nutritious meals. The new brand will offer high-quality products at reasonable prices, according to the retailer. The product lineup offers hansik, or Korean food, meal kits for at-home diners, as well as meals suitable for camping and as drink

Consumer Nov. 10, 2022

Popeyes, a US fried chicken fast food chain, said Wednesday it is returning to the South Korean market in the coming weeks after a nearly two-year hiatus. The chain had ceased operations here in December 2020, citing business difficulties and poor sales as key reasons. Popeyes is set to open its first new location near Gangnam Station in southern Seoul, with employee training starting on Monday. Meanwhile, South Korea's fast food market is experiencing a heated "burger race," as c

Consumer Nov. 9, 2022

Hanwha Group Chairman Kim Seung-youn held a banquet on Tuesday with Edwin Feulner, founder of the Washington-based policy think tank Heritage Foundation, in Seoul, to discuss ongoing geopolitical issues and its effects on the global economy. The latest meeting between Kim and Feulner took place on the sidelines of the American scholar's visit to Seoul for a conference on Seoul-Washington bilateral relations and market economy. The two have maintained their friendship since the 1980s, accord

Industry Nov. 9, 2022

Hana Financial Group Chairman Ham Young-joo met Friday with Henry Fernandez, chairman of the US financial firm Morgan Stanley Capital International, at Hana Financial Group's headquarters in central Seoul to discuss climate change response as well as environment, social and governance management. At the meeting, Ham introduced Hana Financial Group's ESG management efforts and its future plans to deal with the growing climate change risks. “Hana Financial Group is recognizing clim

Market Nov. 6, 2022

Commuter data published Thursday by South Korean telecommunications provider SKT showed that during the peak of rush hour, Seoul’s subways have similar levels of congestion as the Itaewon alley during Saturday’s crowd surge tragedy, raising safety concerns. According to data collected between Aug. 1 and Monday, Seoul Metro’s Line No. 1 operates at 252 percent of its passenger capacity at 6:40 p.m. as it passes by Guro Station towards Guil Station, carrying commuters home. Train

Mobility Nov. 3, 2022

Chanel raised the prices of its handbag, jewelry and clothing products in Korea by 5 to 12 percent on Wednesday, citing global price equity as the primary reason. This is the company’s fourth price hike this year. As per the price increase, the price of Chanel’s Mini Flap Bag rose by 7 percent, from 5.94 million won to 6.37 million won ($4,190 to $4,490), while the price of Chanel’s Classic Large Flap Bag rose by 6 percent, from 13.35 million won to 14.2 million won. Chanel&rsq

Consumer Nov. 2, 2022