Yesco Holdings CEO Koo Bon-hyuk, 42, voluntarily stepped down from his role 10 days after his appointment, citing a lack of experience, the company announced Wednesday.Koo is the third-generation scion of the Koo-family who founded and own LS Group, the overarching business above Yesco Holdings, the holding entity of city gas retailers.His promotion from the executive vice president of LS-Nikko Copper to the CEO position at Yesco Holdings had made headlines last year as what many perceived as a

Samsung Electronics Co.'s new foldable smartphone to be unveiled next month may be priced under 2 million won ($1,710), industry sources said Thursday, as the South Korean tech giant eyes attracting more consumers over its global rivals.Samsung's clamshell-type foldable phone, supposedly known as the Galaxy Z Flip, is set to be introduced at the company's "Unpacked" event in San Francisco on Feb. 11, along with a new version of its flagship smartphone that is likely to be named the Gal

Relatives and associates gathered to bid a final farewell to Shin Kyuk-ho, the late founder and honorary chairman of Lotte Group, commemorating his legacy in a ceremony in Seoul on Wednesday.Shin was a self-made entrepreneur, who built his way up to establish Lotte Group, one of the five biggest conglomerates in South Korea – the others being Samsung, Hyundai, LG and SK. He passed away Sunday at the age of 97. More than 1,400 people participated in the ceremony held at Seoul’s Lotte

Samsung Biologics said Wednesday its operating profit in 2019 rose 65 percent on-year, on the back of increased revenue. The company recorded 701.6 billion won ($602 million) revenue with operating profit of 92 billion won operating profit, up 31 percent and 65 percent on-year, respectively.The growth was credited to the enhanced operation rate of its three plants.Its net profit recorded 203 billion won, a 21 billion won, or -9.5 percent, fall on-year. Samsung Biologics explained this reflects t

Samsung Electronics’ upcoming smartphones -- possibly including the clamshell device unofficially dubbed “Galaxy Z Flip” and the flagship Galaxy S20 series -- are expected to feature a new video chat service supported by Google’s Android system, according to sources on Wednesday. There are ongoing trilateral talks among device manufacturer Samsung, mobile carrier SK Telecom and Google on starting a video messaging service on Samsung’s Android-powered phones, a high-

South Korea’s exports of information and communication technology products fell nearly 20 percent on-year in 2019, according to data by the Ministry of Trade, Industry and Energy. It is due mainly to a prolonged trade row between the United States and China, a drop in chip prices and a base effect as the country posted record-high exports in 2018.The nation’s outbound ICT shipments totaled $176.9 billion last year, down from $220.4 billion in 2018. It still recorded a trade surplus o

 Samsung Electronics and Posco are the only South Korean companies to record an operating profit of 1 trillion won ($858 million) for more than 20 years, latest data showed Wednesday. A new study by the Sustainable Growth Institute surveyed changes in operating profit of Korean companies between 1998 and 2018. The number of companies with an operating profit exceeding 1 trillion won stood at 18 in 2018, up from four in 1998, the survey found. The growth, however, has halted since 2010 when

Automaker sees boost from higher-end models; firm to maintain year-end dividend at the 3,000 won level

Daewoong Pharmaceutical said Wednesday it has signed a deal worth $50 million to supply Mexico’s Moksha8 with gastric acid blocker fexuprazan. Given the local authorities’ approval, Moksha8 aims to launch fexuprazan in the second half of 2022. The expansion of Daewoong’s fexuprazan to overseas markets is in direct competition with CJ HealthCare’s tegoprazan-based K-CAB. Both fexuprazan and tegoprazan are potassium-competitive acid blockers, an advanced treatment compared

CEO Kwon Young-sig bets on convergence of MMORPG and Battle Royale genres for global market

South Korea's exports of ginseng reached a new fresh high in 2019 on the back of increased shipments to China and Vietnam, data showed Wednesday.Outbound shipments of ginseng products advanced 12.4 percent on-year to reach US$211 million in 2019, according to the data compiled by the Korea Agro-Fisheries & Food Trade Corporation.It was the first time that they had risen above the $200 million threshold.Exports of processed ginseng products, including drinks, led the growth by advancing 22 pe

Korean food service enterprise Didim said Wednesday its Korean barbecue brand Mapo Galmaegi signed a franchise contract with a Pakistani company to start business there. Didim said it signed the contract with M Anwar Bro, a Pakistani importer that exclusively supplies Korean and Japanese automobile parts to the market there on Tuesday.  M Anwar Bro also owns construction- and computer-related subsidiaries. Recently, the Pakistani company sought to expand its businesses into food, and contac

California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry on Wednesday. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outlets in three other spots in Seoul -- Samcheong, Apgujeong and Yeoksam.  Blue Bottle Coffee reportedly will open its fifth shop in on the first floor of Cheonggye Hankook Building, located in Jongno, next t

Sales of imported commercial vehicles in South Korea fell 11 percent in 2019 from a year earlier as demand remained weak amid a slowing economy, an industry association said Wednesday.The number of newly registered imported commercial vehicles fell to 3,896 units last year from 4,394 a year ago, the Korea Automobile Importers and Distributors Association said in a statement.The annual sales data does not include figures for dump trucks, as KAIDA only began to add those numbers to its commercial

A funeral ceremony for Shin Kyuk-ho, the late founder and honorary chairman of South Korea's Lotte Group, was held Wednesday as his family and associates commemorated his legacy and accomplishments as chief of the retail giant.Shin, who had built the country's fifth-largest conglomerate spanning from food to hotel business, died of a chronic illness due to age-related symptoms on Sunday. He was 99.The ceremony was held with the participation of more than 1,400 family members and company official