SEJONG – The online shopping market has become a core factor for the nation’s gross domestic product in recent years, as it makes up a core portion of household consumption. Data from Statistics Korea showed that the monthly turnover of retailers operating online retail operations came to 12.58 trillion won ($10.16 billion) in March. It posted growth of 191.8 percent over five years, from 4.31 trillion won in March 2015. The monthly turnover has continued to surge -- to 5.22 trill

Korean Air said Friday that it will launch a mobile application service for passengers to check whether their baggage is safely loaded. The service will be provided for passengers on international flights from Incheon International Airport starting June 1. The app prevents errors in loading of the luggage by comparing the barcode information of the baggage transferred during check-in with the scan information onboard an aircraft, the firm said. It is available to any Skypass member who inst

Foreign Ministry maintains they are ‘discussing how to respond’

South Korean retail giant E-mart’s online store SSG.com said Friday it has witnessed a spike in its business as worried customers are shunning online grocery delivery platforms of Coupang and Market Kurly whose logistics centers reported virus infections recently. According to SSG.com, the number and sales of early morning deliveries on Friday jumped 14 percent and 37 percent, respectively, compared to last week after two Coupang employees and one Market Kurly employee working at their

South Korean battery maker Samsung SDI said Friday it has started injecting capital into EcoPro EM, a joint venture with EcoPro BM, a supplier of electric vehicle battery materials to Samsung. According to Samsung SDI, it will fund a total of 120 billion won ($96.9 million) with EcoPro BM into EcoPro EM. Samsung SDI and EcoPro BM will contribute 48 billion won and 72 billion won, respectively, to control 40 percent and 60 percent of the JV, respectively. The JV is expected to begin construc

SEJONG -- Top economic policymakers and heads of state-run creditor banks on Friday discussed a self-rescue plan submitted by cash-strapped Doosan Heavy Industries & Construction Co., the finance ministry said Friday. Two state-run creditors -- the Korea Development Bank and the Export-Import Bank of Korea -- have been in talks with Doosan Group, the parent of Doosan Heavy, on a debt restructuring plan for the builder of turbines, power plants and roads. During the Friday meeting, the c

South Korean perfumery startup Blend C recently launched its fragrance brand Balanza, which boasts a range of fine fragrance body washes and hand creams based on organic formulas. Dubbed the “Memory Collection,” the products come in three different scents -- Claro, Suave and Bosque -- based on the idea that each fragrance brings back nostalgic memories from the past. Claro emanates notes of freesia and blue cyclamen, while Bosque is a fresh burst of citrus bergamot with a woody

SK Telecom said Friday it plans to develop an artificial intelligence-based post-production platform to help local firms to export cultural content products abroad. The South Korean telecommunications firm said it has signed a memorandum of understanding with local post-production firm New ID to collaborate on the project. “The latest partnership deal will meet increased foreign demand for Korea’s cultural productions,” the company said. “The two companies expect the

South Korea is seeking to import remdesivir as an emergency treatment for coronavirus patients, based on recommendations by local experts and clinical tests, health officials said Friday. The investigational antiviral drug by US pharmaceutical giant Gilead Sciences Inc. will only be administered to critically ill coronavirus patients, as a group of local infectious disease experts recommended it after checking its effectiveness and safety. The central quarantine control headquarters said it w

LG Group Chairman Koo Kwang-mo emphasized his vision for the future at LG Science Park in Magok, Seoul, to mark the second anniversary of its opening, the group said Friday. On Thursday afternoon, Koo visited the complex and discussed the group’s digital transformation, artificial intelligence and securing talented people, according to the firm. At the site, he asked the employees to create a “culture of bold challenges,” saying, “When you do nothing or do not challe

South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said Friday. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Networks gas stations. SK Energy remains number one. The oil refining firm signed a contract with SK Networks to acquire its retail business of petroleum products on Feb. 28 and reported a bus

McDonald’s Korea said Friday it has won an award from the Korean government for its efforts to create decent jobs and implement employee-friendly policies. The firm received the 2020 National Industrial Award in the employment-friendly category on Thursday, hosted by the state-run Institute for Industrial Policy Studies and co-sponsored by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups. McDonald’s Korea received the award for contributing to the

Vietnamese state-run dairy giant Vinamilk has entered South Korea to meet growing demand for premium milk products, Vina Korea said Friday. Vina Korea, a Korean company set up by five local distribution firms for the sale of Vinamilk products, began to sell milk tea, soybean milk and condensed milk-based coffee products in the Korean market through online stores Thursday, Vina Korea Chief Financial Officer Yun Yo-wang in Seoul said by phone. "Vinamilk decided to advance into Korea as it

Hyundai Oilbank said Friday it has launched new mascots as it finalizes its acquisition of the gas station business of SK Networks. The South Korean oil refiner introduced three dinosaur mascots -- Gio, Dio and Kio -- named to represent its respective brands for gasoline, diesel and kerosene. It is poised to take over some 300 gas stations from SK Networks. The takeover is expected to allow Hyundai Oilbank to dethrone GS Caltex and become the second-biggest oil station following SK Energy a

As more people opt to eat at home, in addition to government-distributed emergency funds usable at markets, the price of samgyeobsal, a popular pork meat in South Korea, has soared to the highest in two years and 10 months, data showed Thursday. According to Korea Institute for Animal Products Quality Evaluation, a kilogram of samgyeobsal cost 23,864 won ($19.30) as of May 27. The price increased by 522 won on May 25 and 89 won on May 26. The price of hanwoo, or Korean beef, also surged, reac