LG Chem said on Friday that it has secured a 20-year deal to purchase clean electricity from two wind farms in South Korea, as part of its efforts to reduce carbon emissions and achieve net zero by 2050. Facilitated by the state-run utility Korea Electric Power Corporation, LG Chem formed a power purchase agreement with ST International, an energy trading company, and Shinhan Asset Management, the owners of the two wind farms, with a combined capacity of 241 megawatts, located in Yeongdeok and Y

Companies May 31, 2024

South Korean steel giant Posco Group said Friday that it held a ground-breaking ceremony for its new plants dedicated to nickel and precursor production, as part of efforts to secure a stable supply chain for secondary battery materials. For this project, Posco partnered with CNGR, a Chinese company renowned for its global leadership in precursor production. In January, Posco Holdings and CNGR established Posco CNGR Nickel Solution, their 60:40 joint venture specializing in nickel refining. Addi

Companies May 31, 2024

BAT Rothmans, the Korean unit of British American Tobacco, said Wednesday it will intensify efforts to ensure that no one underage uses nicotine products, as part of their campaign to mark the annual World No Tobacco Day on May 31. The company also expressed support for more government efforts to prevent minors' nicotine use. "Underage individuals should never use nicotine, and we believe the government plays a crucial role (through regulations) in ensuring this,” BAT Rothmans&rs

Companies May 29, 2024

Korea's e-commerce platform sector is highly competitive, but The Woorishop thinks it has the standout solution: a cashback offer to keep customers coming back. The platform provider offers a package that returns high-percentage cash paybacks to consumers, allowing buyers to enjoy substantial discounts while sellers boost their sales. "The Woorishop operates on a business model that benefits both buyers and sellers when they interact online," said Jeon Ho-geun, CEO of The Woorisho

Companies May 29, 2024

South Korea has for the last nearly three decades seen a rise in the number of self-employed individuals who have been forced to start their own businesses due to layoffs and reduced employment opportunities. With the number of job losses outpacing the number of new hires in recent data, a general increase in involuntary early retirements and the rapid rise of the digital gig economy since the COVID-19 pandemic outbreak, many people here have added side jobs or are working multiple freelance job

Companies May 29, 2024

South Korea widened the range of drinks that restaurants can sell by the glass Tuesday, as drinkers increasingly prefer to consume alcohol in smaller amounts, rather than by the bottle, according to government officials. Previously, restaurants were restricted from selling most types of alcoholic beverages in individual glasses because this practice was deemed unauthorized processing by law. Although violations such as eateries selling wine by the glass were common, restaurants that broke these

Industry May 28, 2024

South Korean e-commerce giant Coupang has set up its first overseas distribution unit in Taiwan in an apparent move to boost its presence in the burgeoning retail market there, according to industry sources Monday. The new subsidiary, named Haitong Shangmao, specializes in distributing locally produced daily necessities from Coupang’s fulfillment centers to customers. A Coupang official also confirmed the establishment, which he said is part of the company’s expansion plans for its s

Companies May 27, 2024

For both developed and developing countries, carbon neutrality is no longer a choice, but a human survival strategy, experts and policymakers told the H.eco Forum 2024 on Wednesday in Seoul. During a panel talk with the theme of “Energy Transition for Net Zero Roadmap,” Yoo Yeon-chul, executive director of the UN Global Impact Network Korea, shared how three core themes shaped recent notable international events, such as the 28th UN Climate Change Conference held in Dubai in 2023 and

Social Affairs May 22, 2024

Chinese e-commerce platforms, including the big three -- AliExpress, Temu and Shein -- suffered a more than 40 percent fall in sales in April, possibly hit hard by consumer concerns over product safety. According to a Monday report by BC Card, the nation’s largest payment processing company, payments on Chinese e-commerce platforms dropped more than 40 percent last month compared to the previous month. The transaction volume also decreased by 38.1 percent over the same period. Payments for

Industry May 20, 2024

South Korean builder Daewoo Engineering & Construction Chairman Jung Won-ju met Cambodian Prime Minister Hun Manet, who was visiting South Korea for a bilateral summit, to seek support for the builder's expansion plans in Cambodia, the company said Friday. During the meeting, Jung requested support for Korean companies making inroads investments into the Cambodian market and discussed ways to enhance economic cooperation between the two nations, the firm said. "Daewoo E&C, as o

Companies May 17, 2024

CJ Group's health and beauty drugstore CJ Olive Young showed stronger year-on-year performance in the first quarter, largely driven by robust sales in foreign markets and an increasing number of foreign visitors to Korea. According to its regulatory filing Thursday, the company reported 1.08 trillion won ($797 billion) in sales for the first quarter of the year, up 30 percent increase compared to the same period last year. The profit figures were not immediately disclosed. The company first

Companies May 17, 2024

South Korean logistics company LX Pantos said Thursday it has signed a memorandum of understanding with Sinotrans, the Chinese logistics giant, as part of efforts to facilitate maritime and aerial transportation for deliveries to the US and Europe, as well as between the two Asian countries. The signing event was held Monday at Sinotrans’ headquarters in Beijing, with the attendance of LX Pantos CEO Lee Yong-ho, Sinotrans President Song Rong and other relevant officials. Under the agreemen

Companies May 16, 2024

Korean food giant CJ CheilJedang beat earnings estimates in the first quarter of this year, largely driven by increased overseas sales. According to its regulatory filing Tuesday, the company posted 4.44 trillion won ($3.24 billion) in sales and 267 billion won in operating profits in the first months of the year. Its profits alone surged 77.5 percent from the same period last year. Its flagship food business reported 2.83 trillion won in sales and 184.5 billion won in operating profits, up 2.6

Companies May 14, 2024

In the realm of materials science, diamonds have long held a prestigious status for their unparalleled hardness and brilliance. Traditionally, the synthesis of these coveted gems has relied on high-pressure, high-temperature methods, representing a significant barrier to large-scale production. However, recent research by Rodney S. Ruoff and his team at the Center for Multidimensional Carbon Materials within the Institute for Basic Science has opened a new chapter in diamond synthesis -- growing

Industry May 14, 2024

Samyang Roundsquare shares rallied Monday, driven by investor expectations of the growing popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The shares soared to a record high of 353,000 won ($258) at one point in the morning before closing at 329,000 won. Over the past three months alone, the shares jumped more than 70 percent. Samyang's upward trajectory began in August 2023 when it posted record exports of its Buldak products in the second quarter. E

Companies May 13, 2024