German pharmaceutical group Merck Life Science said Thursday the company will invest around 300 million euros ($326 million) to build a new bioprocessing complex in South Korea, its largest investment yet in the Asia-Pacific region. The new investment comes as the company renews its commitment to expanding its production capacities for biotech products in the fast-growing market. It also aims to boost the overall biotech industry in the region, saying the new facility alone will create some 300

HD Hyundai commemorated the 23rd anniversary of the passing of its founder, Chung Ju-yung, with a dedicated memorial event held Thursday that paid homage to his enduring legacy. The tribute took place at the HD Hyundai Global Research and Development Center in Seongnam, Gyeonggi Province, and was marked by a traditional statue unveiling ceremony in memory of the late founder. HD Hyundai Chairman Kwon Oh-gap, Vice Chairman Chung Ki-sun, and executives from affiliates attended the ceremony. The ce

South Korean petrochemical firm Hanwha Solutions said Thursday it has developed a proprietary extra-high-quality voltage cable compound to meet the surging global demand for advanced power grid infrastructure. Petrochemicals, derived from petroleum or natural gas, form the basis for advanced polymers used as insulation in extra-high-quality voltage cables. The company’s innovation is Cross-Linked Polyethylene, or XLPE, which enhances the heat resistance and efficiency of power cables throu

South Korean pharmaceuticals firm SK Bioscience said Thursday that it exported its cell-cultured flu vaccine, SKYCellflu, to Thailand, marking its first entry into a market with southern hemisphere requirements. The company shipped out approximately 440,000 doses of SKYCellflu to its Thai partner Biogenetech from its vaccine manufacturing facility in Andong, North Gyeongsang Province. SKYCellflu, the world's first cell-cultured flu vaccine endorsed by the World Health Organization, aligns w

Chinese e-commerce giant AliExpress has chosen to solicit open competitive bids in Korea instead of extending its delivery contract with CJ Logistics, set to expire in April. According to industry sources Thursday, AliExpress recently submitted bid proposals to major logistics firms here to handle customs clearance and parcel delivery services. The new contract period, which reportedly spans one year from May, is seen as AliExpress' cost-saving measure, according to sources. In addition to

Genesis unveiled the G90 Black on Thursday, refining its flagship sedan with an exclusive all-black design theme known as Genesis Black. The new theme dresses every element, from the grille to the 21-inch wheels, in a deep and consistent shade. Inside, the cabin mirrors this theme with black semi-aniline leather seats, wood trim and aluminum details. The car is on sale now with a starting price of 138 million won ($104,000). (Hyundai Motor Group)

President Yoon Suk Yeol (center) and business leaders attend this year's Commerce & Industry Day ceremony held in Seoul on Wednesday. From right: LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, Samsung Electronics Chairman Lee Jae-yong, Minister for Trade, Industry and Energy Ahn Duk-geun, Yoon, and K Group Chairman Chey Tae-won who doubles as chairman of the Korea Chamber of Commerce and Industry. (Yonhap)

Samsung Electronics Executive President Lee Young-hee, who is in charge of global marketing for mobile devices, poses with South Korean President Yoon Suk Yeol after receiving the Gold Tower Order of Industrial Service Merit in Seoul on Wednesday. Lee is credited for raising the brand value of Samsung. In 2022, she became the first female president at Samsung, apart from members of the founding family. (Yonhap)

Top executives hold first open talk session with shareholders

NCSoft, a leading South Korean gaming firm traditionally led by its founder, Kim Taek-jin, as the sole CEO, mapped out its historic shift to a co-CEO structure, introducing Park Byung-moo as co-CEO to streamline operational efficiency and diversify its business portfolio amid significant financial difficulties. The two co-CEOs explained the dual-leadership strategy during a media briefing broadcast on NCSoft's official YouTube channel on Wednesday. Under this new arrangement, Kim will focus

From Apple to Lululemon, big-name brands flock to revive popular shopping district

French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores, ultimately withdrawing completely from the market," a social media post by Sephora Korea announced Tuesday. Sephora said that it will fulfill pending ord

South Korea’s largest aerospace company Hanwha Aerospace said Wednesday it has been selected as a private entity to lead the nation’s next-generation space rocket project. The Public Procurement Service started the bidding process in December last year and Hanwha competed against Korea Aerospace Industries. After a thorough review of its technical capabilities and project sustainability evaluation on March 12, Hanwha was decided as the preferred bidder. Hanwha plans to sign the final

South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies

Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Nowon-gu, northern Seoul, on Tuesday, with Chairman Ham Young-joo in attendance. The program is designed to assist parents facing disruptions in their regular child care arrangements throughout the year, catering to their needs on