Global startup accelerators flock to Seoul for Foster Bridge summit

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Dec. 2, 2024

K-fashion platform Ably secures W100b funding from Alibaba

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

Dec. 2, 2024

LG makes big push to export chillers for AI data centers

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Dec. 2, 2024

Hyundai Hillstate Deungchon starts sales of apartments

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b

Dec. 2, 2024

Weave Living to launch flagship serviced apartments in Seoul

Rental accommodation provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, as serviced apartments, in particular, caters to resid

Dec. 2, 2024

Hyundai Rotem wins $60m defense contract in Peru

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo

Dec. 2, 2024

Rebellions, Sapeon merge to create Korea's first AI chip unicorn

Artificial intelligence startup Rebellions said Monday that it has completed a merger with Sapeon Korea, SK Telecom’s AI chip subsidiary, to officially form Korea’s first AI chip unicorn under the unified name Rebellions. The merger was finalized about six months after the plan was announced in June. Rebellions has valued the merged entity at around 1.3 trillion won ($929 million), based on the agreed merger ratio of 1:2.4 for Sapeon Korea and Rebellions, respectively. The merged ent

Dec. 2, 2024

Woori Bank boosts internal verification at overseas branches

Woori Bank is enhancing its internal controls by implementing a fingerprint authentication system in the software used at its international branches, the lender said Sunday. Woori Bank is the first Korean commercial bank to adopt this technology for its overseas operations. The system uses advanced encryption to securely manage data through fingerprint verification, allowing employees to access the bank's computerized system and perform tasks. This innovation is aimed at preventing financ

Dec. 1, 2024

Rising cacao costs cited for driving up S. Korea's chocolate snack prices

South Korea's major confectionery companies have decided to raise the prices of their popular chocolate snacks on the back of soaring cacao prices, driven by climate change. Orion announced a 10.6 percent average price increase for 13 products starting Sunday. The price of its popular products like Choco Songyi and Bichobi will rise by as much as 20 percent. Orion also said it would temporarily suspend the supply of its chocolate bar, To You, instead of applying an unavoidable price increas

Dec. 1, 2024

[Photo News] Art takes off at Incheon Airport

Incheon International Airport unveiled a large-scale art project on Saturday, as part of its fourth-phase expansion completion, transforming Terminal 2 into a vibrant cultural hub. Featuring 18 art pavilions spread across 8,000 square meters, travelers can enjoy a fusion of Korean traditions and art from across the world as they walk through and spend time at the terminal. Some highlights from the permanent exhibition include Chae Byungrok’s "Good Luck & Colorful Wishes" an

Dec. 1, 2024

FSS chief intensifies probe into Young Poong for accounting flaws

South Korea’s top financial regulator is intensifying its investigation into Young Poong amid growing concerns over the company’s environmental violations and potential improper collusion with private equity firm MBK Partners, as tensions rise in its continuing dispute with Korea Zinc. Lee Bok-hyun, head of the Financial Supervisory Service, said Thursday that the agency had launched a probe into Young Poong after uncovering accounting irregularities, including unrecognized impairmen

Dec. 1, 2024

Samsung challenges LG in home appliance subscription market

Samsung Electronics has entered a new round of competition with LG Electronics in the home appliance subscription services market by launching its own service centered on artificial intelligence products. Samsung announced Sunday the introduction of its AI subscription club service, which is available at the tech giant’s offline store nationwide and official online store. This service allows consumers to pay a monthly subscription fee to use home appliances for a certain period. By subsc

Dec. 1, 2024

Korea’s advanced nuclear tech to take center stage at NES 2024

In aims to showcase South Korea's advanced nuclear power technologies and their potential to address global energy and climate challenges, the Global Nuclear Energy & Safety Confex 2024 will take place from Tuesday to Thursday at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province. Hosted by the Korea Nuclear Association for International Cooperation, the three-day event, themed “Borderless Energy: Globalizing Nuclear Business,” will

Dec. 1, 2024

Samsung promotes tech-savvy execs to tackle challenges

Samsung Electronics on Friday promoted a total of 137 executives in a year-end reshuffle, including tech-savvy executives with strong achievements in their respective areas, with a goal of reviving stagnant business performance. The total number of promotions is slightly down from last year’s 143, and includes 35 new vice presidents and 92 new managing directors. “Samsung Electronics carried out a major personnel reshuffle strictly based on the principle of meritocracy, with an aim t

Nov. 29, 2024

Morocco promises robust incentives for Korean businesses

Over 100 business leaders and government officials from Morocco and South Korea gathered to explore new business opportunities and enhance bilateral relations between the two nations in Seoul on Thursday evening. The Moroccan Embassy in South Korea hosted an investment forum under the theme “Morocco -- Sustainable Hub for Investment and Trade." Chafik Rachadi, ambassador of Morocco to Korea, emphasized the historical ties and growing partnership between the two nations in his welcomin

Nov. 29, 2024

Incheon Airport completes expansion to handle 100m passengers annually

Incheon International Airport has completed the fourth-phase facility expansion, establishing itself as a megahub airport capable of accommodating over 100 million passengers annually. The Ministry of Land, Infrastructure and Transport and Incheon International Airport Corporation hosted a grand opening ceremony for the renewed airport at Incheon International Airport's Terminal 2 in Yeongjongdo, Incheon, Friday. “This project is a testament to Korea’s long-term planning,”

Nov. 29, 2024

Woori Bank taps corporate banking expert as next CEO

Woori Financial Group has nominated Jeong Jin-wan, Woori Bank's vice president overseeing banking for small and medium enterprises, to be the bank's next chief executive officer, Friday. The decision follows a two-month management succession process initiated in late September, in line with financial authorities' governance regulations. The group’s subsidiary CEO recommendation committee selected the vice president leading Woori Bank's Small and Medium Enterprises Group

Nov. 29, 2024

[Contribution] Preparing for future with strategic public procurement

By Baek Seung-bo South Korea's public procurement has grown to a market worth 210 trillion won (about $150 billion). Each year, central government agencies, local governments, and other public institutions spend this staggering amount procuring goods, services, and infrastructure. This represents nearly 10 percent of Korea’s GDP. With such an immense scale, it’s no surprise that the public procurement market involves numerous participants -- approximately 600,000 companies and

Nov. 29, 2024

LX Pantos to collaborate with China’s Guiyang Logistics

Korean logistics company LX Pantos has signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services. LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee, finalized the deal following their meeting in Seoul on Thursday. Discussions centered on expanding logistics collaboration between South Korea and China, the company said.

Nov. 29, 2024

Global Youth Powerhouse Summit in HK explores innovation, economic growth

The Global Youth Powerhouse Summit 2024 brought together leaders, innovators and young professionals in Hong Kong to tackle pressing global challenges and create new momentum for economic growth and innovation. Under the theme “Empowering professionals for a Global Initiative: A Voice from Hong Kong,” more than 200 participants attended in person at the Hong Kong Maritime Museum, along with 4,500 virtual attendees from over 30 countries. The inaugural summit, hosted by the Hong Kon

Nov. 29, 2024