LG Electronics confirmed Thursday that it would stop producing smartphones in South Korea and move manufacturing plants to Vietnam in an effort to improve profitability amid a slump in global smartphone demand. 　The smartphone maker has decided to transfer its phone manufacturing plants in Pyeongtaek, Gyeonggi Province, to Haipong in Vietnam. Those working at its Pyeongtaek factories will be posted to Changwon, South Gyeongsang Province. 　With the transfer expected to be completed by the end o

Revenue increases 13 percent from year earlier

The Asia News Network, an alliance of 24 media companies across 20 Asian countries, had its board members gather Thursday at Lotte Hotel in Seoul to celebrate the group’s 20th anniversary and discuss its future direction at a time of closer regional cooperation on political, business and cultural fronts.ANN was founded in 1999 with the founding members’ vision to deliver news about Asia through Asian eyes. “We know Asia better” has been the ANN’s longstanding motto.Chon Shi-yong, chief editorial

All graduates to be hired by tech giant

South Korean oil refiner SK Innovation returned to profit in the first quarter of this year, driven by its chemical business and non-oil refining areas, such as batteries and materials. 　SK Innovation posted 12.4 trillion won ($10.6 billion) in sales and 331.1 billion won in operating profit in the January-March period, according to its regulatory filing Thursday. Sales dropped 11.1 percent on-year but rose 1.9 percent from the previous quarter. Operating profit dropped 53.5 percent on-year but

Executives of Oriental Brewery, South Korea’s largest beer manufacturer, celebrated Earth Day this week by making products containing effective microorganisms and donating them to a volunteer center in Gangnam, the company said Thursday.On April 17, five days before Earth Day, some 20 OB executives gathered at a volunteer center to discuss “green survival,” which refers to the need for people to take action in order to pass down a healthy and green Earth to future generations.  OB CEO Bruno Cose

Botulinum toxin producer Hugel has submitted a new drug application in China for its product, the company announced Wednesday.Hugel is to become the first Korean company to enter the greater China region, which includes mainland China and Taiwan. Hugel and its Chinese partner, Sihuan Pharm, completed phase 3 clinical trials in 2018 and submitted the application Wednesday after finalizing the paperwork. Hugel expects to receive marketing approval within the first quarter of 2020, as the standard

Hanjin Group’s holding company Hanjin Kal said Wednesday its board of directors had decided to appoint Korean Air President Cho Won-tae as the group’s new chairman. The appointment of Cho is aimed at minimizing the leadership vacuum in the group and maintaining stable business operations, Hanjin Kal said in a statement, adding there will be no separate inauguration ceremony for Cho. Hanjin Group Chairman Cho Won-tae (Hanjin Group)This comes about two weeks after Cho’s father, former Hanjin Group

　Global streaming service Netflix said Wednesday it has concluded its trial of mobile-only subscription plans for South Koreans users, signaling it will not roll out the pricing scheme that is cheaper than current membership plans.　“The tests have concluded,” Netflix said in a statement sent to the The Korea Herald. “These tests we conduct may not get rolled out as member plans. Netflix will continue its efforts to provide the best entertainment experience for its members.”　Netflix said last wee

SK has denied local reports that the conglomerate is gearing up for a $1 billion investment in Vietnam’s largest private company Vingroup.“We have been reviewing a number of investment cases, but there is no such case confirmed yet,” the company’s spokesman said. (Yonhap)News reports said the nation’s third-largest conglomerate will soon invest $1 billion to acquire shares of Vingroup through its overseas investment arm SK South East Asia Investment. Based in Singapore, SK’s investment unit was

CJ is shutting down its loss-making Korean restaurant chain Bibigo in China, with a plan to dissolve the unit by August this year, according to an industry source. The move is part of restructuring of its food and beverage business due to poor profitability. It follows the closure of VIPS, the group’s family restaurant chain that ended operations in March, the source told The Investor on Tuesday on the condition of anonymity. Bibigo restaurants in China took up half of the total n

KMS, which specializes in internet of things solutions for fire safety and prevention, received the Presidential Award for its automatic fire-extinguishing system at the 11th Industrial Safety Awards this year, the venture company said Wednesday. (KMS)NAGA Fireguard is an IoT-based automatic fire-extinguishing sensor that allows real-time monitoring and prevention of fire. Installed in places that are often difficult to reach or dangerous, such as underground communal areas or high-voltage elect

Korea Institute of Intellectual Property finds correlation between IP and economic impact

Equipped with comprehensive IP portfolio, KIPO chief pledges to expand scope of IP exports to ASEAN, India and Brazil

Korea Electric Power Corporation CEO Kim Jong-kap on Wednesday apologized to residents of Gangwon Province who lost their homes in the recent wildfires and said the firm would accept civil liability for the damage. “We truly apologize to the victims as the fire started from facilities managed by Kepco,” Kim told local residents at a town office in Goseong, Gangwon Province.  CEO Kim Jong-kap bows to local residents in a show of remorse for the recent wildfires that destroyed many of their homes.