A smart factory from LS Electric was awarded at the World Economic Forum for its innovative technologies and efforts to increase energy efficiency, the company said Thursday. According to the South Korean power solutions producer, its smart factory in Cheongju, North Chungcheong Province, was among winners of the “Lighthouse Factory” title awarded to factories that set an example in the manufacturing industry for effectively utilizing next-generation technologies like artific

Industry Sept. 30, 2021

Rules and regulations tend to change too quickly in South Korea without adequate input from stakeholders, often leaving foreign companies doing business here perplexed, the chief of the European Chamber of Commerce in Korea said Wednesday. “In many instances, the new policies lack the adequate evaluation on whether they will have the desired effect without unintended consequences,” Dirk Lukat, chairperson of the ECCK, said at an online press conference. The chief and other senio

Industry Sept. 29, 2021

One out of 5 companies in South Korea could not meet its debt obligations for the past three years, a report showed Tuesday. According to an analysis by the Korea Federation of Industries, Korea ranked fourth among 25 member nations of the Organization for Economic Cooperation and Development, with 18.9 percent of its large companies classified as “marginal” as of 2020. A company is categorized as being marginal when its operating profit fails to cover interest payment obligation

Industry Sept. 28, 2021

Michelin-starred chef Gordon Ramsay will open a Seoul branch of his famed burger restaurant at Lotte World Tower in Jamsil, southern Seoul, this December. The Seoul location will be the first Gordon Ramsay Burger in Asia, and the third branch to open globally. Ramsay rose to stardom as the iconic host of “Hell’s Kitchen,” an American cooking competition show that has aired since 2005. The British chef owns several restaurants under his name which, all together, have earned

Consumer Sept. 24, 2021

Lotte Department Store is offering its first-ever voluntary retirement since first opening 42 years ago. The operator of the department store chain, Lotte Shopping, said Friday it told employees that it will be “accepting voluntary retirement applications for the next two weeks” in an internal announcement Thursday. The restructuring program is particularly for staff members who have worked for the firm for more than 20 years. Around 2,000 employees meet this qualification, the

Consumer Sept. 24, 2021

Samsung Electronics and LG Electronics scooped various accolades at an international industrial design competition, the two companies said Wednesday. LG Electronics bagged 10 prizes, including a gold award for its StanbyME TV, famous for its moving stand design, at the 41st International Design Excellence Awards. The plugless TV model has previously received the main prize at the iF Design Awards and the Red Dot Design Awards 2021. Four other products -- LG’s Soundbar Eclair, a laundr

Technology Sept. 22, 2021

NBA superstar LeBron James will be playing in a Bibigo-branded jersey for the upcoming season, as CJ’s frozen dumpling and sauce brand signed a partnership deal with the Los Angeles Lakers. The basketball team announced on its social media Tuesday, local time, that it signed a marketing partnership with Bibigo’s US branch.  Attached with the announcement was a photo of LeBron James wearing a Bibigo-embroidered uniform. ”We’re proud to introduce our new patch part

Consumer Sept. 22, 2021

Beauty products often come in extravagant packaging -- only to later end up in a landfill after a single use. Statistics show only 10 percent of cosmetics packaging is recyclable, due to the complex designs, colors and multilayer structures. Faced with growing criticism for its contribution to the global waste problem and in a bid to appeal to environmentally conscious consumers, cosmetics companies are turning to refilling stations where consumers can bring empty bottles and buy what they

Consumer Sept. 17, 2021

Only six South Korean companies made it on the list of the world’s top 500 global leading firms, compiled by the Federation of Korea Industries, the business lobby group said in a report Thursday. The list is made by its affiliate research body based on operating profits and sales revenue data from S&P Capital IQ, an international market research and information provider. A total of six companies -- Samsung Electronics, SK hynix, Hyundai Motor, LG Electronics, Posco and Kepco &ndas

Industry Sept. 16, 2021

Google, under fire in South Korea for allegedly abusing others with its market power, on Wednesday hit back at the criticism, arguing it contributed 11.9 trillion won ($10.25 billion) in economic benefits to Koreans last year. Holding an online press event it called “Google for Korea,” executives of the US giant cited data from global market analysis firms to tout the positive side of its presence in Korea. “Last year, YouTube’s creative ecosystem contributed around 1

Technology Sept. 15, 2021

Volvo Korea unveiled the latest face-lifted version of its flagship sport utility vehicle XC60, equipped with a new smart car system developed in partnership with South Korean mobile carrier, SKT. “Cars no longer only have the function of transportation. It’s a means of one’s lifestyle experience. We hope (the new XC60) becomes a trendsetter in this new wave of change,” said Lee Yoon-mo, CEO of Volvo Cars Korea, during an online meeting with the press on Tuesday. The

Mobility Sept. 14, 2021

Consumer appetite for expensive imported cars is bigger than ever in South Korea. According to data from the Korea Automobile Importers & Distributors Association on Monday, total sales of imported cars with a retail price exceeding 100 million won ($85,156) as of August jumped 65.5 percent on-year. The total number of vehicles in that price range sold in the first eight months of the year was 45,042. This exceeds the total number of high-end imported cars sold in all of 2020, when sales

Mobility Sept. 13, 2021

Genie Music became the largest stakeholder of Millie’s Library, an e-book service provider, as the KT-backed music-streaming platform looks to expand its audio content business. According to the company Friday, Genie Music acquired a 38.6 percent stake in the e-book firm for 46.4 billion won. Millie’s Library is a subscription-based e-book service startup. The platform is No. 1 in the South Korean market, boasting 3.5 million subscribers, some 100,000 e-book titles and some 3,000

Industry Sept. 10, 2021

SK ecoplant has won a bid to build a $2.2 billion expressway in Norway, making them the first South Korean construction company to enter the infrastructure business in the north European country. According to the construction arm of SK Group, a “Sotra Link” consortium consisting of SK ecoplant, Australia’s Macquarie Capital and Italian construction company Webuild, has been chosen for the “Rv555 The Sotra Connection” expressway construction project. SK owns a 2

Industry Sept. 9, 2021

Hyundai Motor’s plans to develop a remote charging system for battery-powered electric vehicles has been given a go-ahead from the Korean government, it was announced Thursday. The wireless EV charging system is among the 10 pilot projects granted a regulatory sandbox, according to the Ministry of Science, ICT and Future Planning and the sandbox support center at the Korea Chamber of Commerce and Industry. The regulatory sandbox measure, introduced in 2019, seeks to foster new business

Mobility Sept. 9, 2021