South Korean steel giant Posco signed a contract to acquire mining tenements in Argentina from Australian lithium miner Galaxy Resources for $280 million, the company said Monday.The contract gives Posco full mining rights for an area of 17,500 hectares in a northern sector of the Salar del Hombre Muerto salt flat. As large as one-third of the city of Seoul, the land contains salt water capable of producing 25,000 metric tons of lithium a year, if extracted.With the contract, Posco will be able

Retailers adopt advanced technologies to raise offline store sales

LG Chem, a leading battery maker in South Korea, said Monday the company will increase the sales portion of low cobalt batteries for laptops and other digital devices to 40 percent next year, in light of the industry’s efforts to reduce cobalt use. The company has been trying to reduce cobalt use for various IT applications. Cobalt is a raw material that is difficult to secure due to its tight supply stemming from political risks in the primary cobalt producer, the Democratic Republic of Congo.D

Hyosung Group Chairman Cho Hyun-joon has promised wider business cooperation with Yuan Jiajun, the governmor of Zhejiang province in China, at its headquarters in Seoul on Saturday during Yuan’s four-day visit to Korea, according to the company on Monday. Hyosung Chairman Cho Hyun-joon (left) shakes hands with governor Yuan Jiajun of Zhejiang province at Hyosung’s headquarters in Seoul on Saturday. (Hyosung)Zhejiang, an eastern coastal province of China, is Hyosung’s first overseas production ba

The Korea International Trade Association will establish a center within the Coex Convention and Exhibition Center in Gangnam, southern Seoul, next year, to help South Korean startups advance into the global market, a spokesperson said Monday. Bird's-eye view of Global Startup Center (KITA)The trade organization said the Startup Global Center, slated to open in April, would have professional consultants on board to advise startups on how to break into the global market and implement projects wit

Daewoong Pharmaceutical Chairman Yoon Jae-seung stepped down from his post Monday, following recent accusations that he had repeatedly abused employees with verbal threats and profanities during meetings.It marked yet another case of “gapjil” -- a Korean term referring to the abuse of power against a person in a lower-level position -- involving the controlling family of a major South Korean corporation. Daewoong Pharmaceutical is one of the country’s biggest pharmaceutical companies that is fam

Kumho Tire’s newly launched premium tire model Majesty 9 has been recording strong sales performance, with the market responding positively to the tire’s superior quality and upgraded features, the company said Monday.　According to Kumho, average monthly sales of the Majesty 9 SOLUS TA91 since May has been 30 percent greater than that of the tire’s former model in the same period last year, reflecting the newer model’s appeal.　The Majesty 9 tire offers a quieter and more comfortable ride on the

Hyundai Motor is looking for a local partner to mass-produce an electronic scooter it unveiled at the Consumer Electronics Show last year, an industry source told The Korea Herald on Monday.The carmaker has transferred the design of the scooter to its locomotive manufacturing unit, Hyundai Rotem, in preparation for mass production, according to an industry insider who declined to be named. “Rotem officials are searching for a partner here to manufacture the first batch of Ioniq scooters,” said t

South Korean budget air carrier Jeju Air Co. said Monday it will open a new route connecting the country's southern port city of Busan and Yantai, a city in eastern China, starting this fall.The low-cost airline said it will operate four flights a week between Busan and Yantai starting Oct. 28. The company currently operates 13 regular flights to China, including Hong Kong and Macao.The company said the decision came as the demand for flights to China is expected to grow down the road.  (Jeju Ai

German carmaker BMW ranked No. 1 among imported cars registered in South Korea, industry data showed Monday, maintaining its lead despite a string of vehicle fires that have shaken consumer confidence in the brand.According to the data compiled by the Korea Automobile Manufacturers Association and the Korea Automobile Importers & Distributors Association, there were 389,566 BMW vehicles registered in the country as of July, accounting for 19 percent of all foreign-made cars.(Yonhap)The German ca

The nation’s antitrust watchdog said on Sunday that it was proposing legislation to overhaul the nation’s fair trade laws and strengthen regulations against unfair business practices. It is now inviting feedback from the public before submitting the proposal to the National Assembly. If the laws are revised as proposed, the overhaul will be the first major change to Korea’s fair trade laws in 38 years. Foremost among the changes is the revocation of the Fair Trade Commission’s exclusive right to

Chemical company LG Chem has pledged capital expenditure of over 4 trillion won ($3.6 billion) this year, up some 60 percent on-year, to enhance research and development capacity. The move, coupled with its constant increase in overseas contracts, is part of a bid to prepare for the arrival of the “fourth industrial revolution.”LG Chem is a Korean manufacturer of basic materials, automotive batteries, information technology and electronics materials.  LG Chem naphtha cracking center in Yeosu, So

Samsung Display’s organic light-emitting diode panel has continued to prove its excellence in Samsung Electronics’ latest premium smartphones and tablets. Samsung’s latest smartphone Galaxy Note 9 sports the largest OLED display on any of its phones with a 6.4-inch panel, 18.5:9 aspect ratio and quad high definition with a resolution of 1440 x 2960 pixels. The Samsung Display panel boasts screen reflectance, absolute color accuracy, peak brightness, native color gamut, contrast ratio and screen

Tech titans to showcase interconnected home appliances, AI and 8K TVs at IFA kicking off this week

Local branch of the French luxury giant, Chanel Korea has come under fire for allegedly selling a used bag to a Korean customer, raising concerns over its inventory control and management policy.According to local media outlet News One, a Korean customer purchased a Chanel 2.55 flap bag at a department store for 7 million won ($6,280) in April. She later found someone else’s bankbook and credit card inside the bag.The bankbook and credit card had been issued in March, a month before the bag owne