Porsche on Tuesday launched the new Panamera in the Korean market. The third-generation sporty sedan boasts the new plug-in hybrid model equipped with the newly developed electric motor and revised four-liter V8 turbo engine. The upgraded hybrid powertrain can create a system output of up to 650 horsepower. With the advanced battery, the new plug-in hybrid vehicle can drive up to 91 kilometers on a single charge. The prices of the new Panamera 4 and Panamera Turbo E-Hybrid begin at 176.7 million

Hyundai Motor, South Korea's leading automaker, said Monday its monthly sales fell 3.7 percent in March from a year earlier due to sluggish demand in its home market. Hyundai Motor sold 369,132 vehicles last month, down from 383,396 units a year ago, the company said in a statement. Domestic sales sank 16.1 percent on-year to 62,504 units last month, and exports edged down 0.7 percent to 306,628 units during the cited period. Hyundai Motor said it sold 15,302 sedans, including 6,100 Grandeu

By Lee Seong-woo Vice president of the Korea Chamber of Commerce and Industry The Caribbean Sea, adorned with over 7,000 islands, lies to the east of Central America, where it meets the Atlantic Ocean. For many Koreans, this tropical paradise brings to mind the waterpark Caribbean Bay or the film series Pirates of the Caribbean. Yet, this region is plagued by frequent natural disasters, including earthquakes, hurricanes, volcanic eruptions, heavy rains and landslides. Sadly, most Caribbean cou

Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a substantial 27 percent increase from the previous year's 79.5 trillion won. Kakao Bank led the pack with total assets of 54.48 trillion won, followed by Toss Bank with 25.73 trillion won and

Daewoong Pharmaceutical has partnered with Chong Kun Dang for local sales of the gastroesophageal reflux disease (GERD) treatment Fexuclue, the country’s 34th new drug, the company said Monday. Fexuclue is a potassium-competitive acid blocker (P-CAB)-based GERD treatment that is designed to improve the shortcomings of proton pump inhibitor (PPI) drugs, such as slow onset of action and dietary effects. P-CABs have the longest half-life of up to nine hours among GERD medicines and have a lon

Samsung Bioepis, a biosimilar developer under Samsung Group, announced Monday that the company decided to launch its Soliris biosimilar Epysqli in Korea at a price nearly 50 percent cheaper than the original drug. Epysqli is a biosimilar referencing Soliris, a high-cost drug for the treatment of rare hematological disorders, developed by Alexion Pharmaceuticals. As of 2022, the drug generated global sales of approximately 5 trillion won ($3.7 billion). The global rights to Soliris are currently

South Korean financial groups have undergone a transition in their board composition, indicating governance changes centering on gender diversity and internal control. Given that a financial holding company’s board is the ultimate decision-making body engaging in establishing management strategies and budget planning for itself and its affiliated banking and securities units, the changes give a glimpse of the future direction that the groups are pursuing. Here are the key takeaways from

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Monday that it has appointed An Bin, the company's former global business chief, as its new CEO. “In order to transition into a global top-tier comprehensive health company, we must adopt a 'Global One Market' approach that combines both domestic and overseas markets," An, 51, said in his inauguration remarks. “We will aim to maximize profits in overseas markets while at home we will take a

New country chief emphasizes regaining customer trust

Hanwha Group Chairman Kim Seung-youn (center) and his son and Vice Chairman Kim Dong-kwan took a selfie with employees at the Hanwha Aerospace research and development campus in Yuseong-gu, Daejeon, Friday. Hanwha's chief visited the center to congratulate Hanwha Aerospace’s selection as the only bidder for the nation’s forthcoming next-generation launch vehicle project and to offer encouragement to the team of researchers. (Hanwha Group)

Tech giant sets up HBM-only research team in AI push

South Korea's JB Financial Group said Monday it has signed a partnership with OKXE, a Vietnam-based platform for used motorcycles, eyeing the expansion of its brokerage business in the country. At a signing ceremony held in Seoul on Friday, JB Financial Group and its affiliate JB Investment agreed to acquire a combined 8 percent stake in OKXE. OKXE was launched in Vietnam in 2020 by CEO Kim Woo-seok, bringing used motorcycle transactions from offline to online. With over 8 million users as

South Korean food giant CJ CheilJedang said Monday it has started selling plant-based dumplings at grocery stores within US military bases in Korea. These Bibigo dumpling products come in three varieties -- original, japchae and kimchi -- all featuring the company’s special vegetable protein based on beans, which provides a taste and texture similar to meat. Starting with dumplings, CJ said it plans to expand its product lineup to include frozen rice balls and gimbap. They added it aims

Korean Air hosted a surprise event at New York's John F. Kennedy International Airport on Friday, to celebrate the 45th anniversary of operating flights to the city, the nation’s largest air carrier said Monday. At the event, a round-trip prestige ticket from Incheon to New York was awarded to the 45th passenger of Korean Air flight KE082 bound for Incheon. Korean Air also gave out welcome eco-bags to all passengers aboard KE082, which were crafted in collaboration with the Korean Ass

Hanwha Ocean announced Monday that Philippe Levy, the former president of SBM Offshore Americas, will take the helm of its Offshore Business division. Levy brings 25 years of industry experience, notably with SBM Offshore, a Dutch-based oil and gas company. Additionally, he has served as an executive adviser for the state-run China National Offshore Oil Corporation in Guyana. In this role, Levy provided guidance on projects related to floating production storage and offloading and liquefied natu