Representatives from South Korean steel giant Posco on Wednesday met with government officials to explore ways to boost Korean startups and revitalize the regional economy, discussing the performance of its in-house venture development platform and its future outlook. The meeting took place at Change Up Ground in Pohang, North Gyeongsang Province, one of its venture incubator facilities, with more than 40 people in attendance. It included Chairperson Woo Tong-ki of the Presidential Committee for

Internet giant Naver’s payment platform, Naver Pay, said Wednesday that its QR-based offline payment service is now available at Alipay Plus merchants in 42 countries, mainly catering to Korean tourists. "We are committed to actively expanding our payment service to establish it as the preferred payment method for Koreans traveling abroad," said a Naver Pay official. The 42 countries span across Asia, including China, as well as European nations, the US, and Australia. Followin

Genesis BBQ Group Chairman Yoon Hong-geun received an official commendation from the New York Police Department for his contributions to enhancing the public safety of 32nd Street in Manhattan's Koreatown, the firm said Wednesday. The Korean fried chicken franchise has been implementing increased security measures at its US branches while offering police officers special discounts to encourage them to visit, which has helped reduce crime in the area. Genesis BBQ currently operates over 250

Han Sung Motor, the largest Mercedes-Benz car dealer in Korea, is ramping up efforts to carry out diverse corporate social responsibility activities, buoyed by the voluntary participation of employees. As ESG efforts continue to emerge as key corporate principles, Han Sung Motor is giving back to society via eco-friendly volunteering as well as activities for underprivileged people, the company said. On Nov. 7, 53 employees of Han Sung Motor's after-sales service department gathered at Yeou

Amid slowing EV sales, Korean firms adjust production volume, brace for price war against cheaper Chinese batteries

Korea Airports Corp. said Tuesday the head of the state-run airport operator met with the head of Japan Airport Terminal, in a bid to discuss the two airport operators' future strategies for airport operations. According to the KAC, Chief Executive Officer Yoon Hyeong-jung met with Isao Takashiro, the CEO of Japan Airport Terminal, during the two airport operators' annual meeting, which was last held in 2019, took place in Tokyo on Monday. The KAC currently operates Gimpo International

Korean business groups were not fully happy with the government's proposal to mostly retain the existing 52-hour workweek system on Monday, calling for further reforms. The Ministry of Employment and Labor proposed to maintain the current workweek system while applying complementary measures for some industries that require greater flexibility in working hours. The Korea Enterprises Federation, in particular, strongly criticized the proposal. “The proposal is not as comprehensive as t

Daewoong Pharmaceutical said Tuesday that its botulinum toxin product, Nabota, posted 113.3 billion won ($85.3 million) in sales as of the third quarter this year. Overseas sales made up 93.5 billion won or 83 percent of the total, the company added. Nabota's overseas sales have continued growing in recent years, an outcome of Daewoon's global push. The portion reached 61 percent in 2021 and then surged to 77 percent last year. US sales, in particular, reached 44.5 billion won, making

SK Battery America, SK On’s US subsidiary, will furlough workers at its battery plant in Jackson County, Georgia, and cut down production amid the sluggish electric vehicle market, the South Korean battery maker said Tuesday. “SK Battery America is temporarily adjusting its line operations and furloughing a portion of our production employees,” said SK On. “We have taken the decision as a part of our efforts to optimize line operations and workforce management with flexib

LG Group affiliates, including the country's leading home appliance maker, LG Electronics, are preparing grand promotional events to celebrate the first championship win of its baseball team, the LG Twins, in 29 years. The Twins defeated the KT Wiz 6-2 in Game 5 of the Korean Series at Jamsil Baseball Stadium in Seoul, claiming the best-of-seven series 4-1 on Monday, for their first championship since 1994. "I am really grateful to the fans who have shown unchanging love and support fo

South Korea's largest tobacco company KT&G has unveiled a new shareholder return plan worth 2.8 trillion won ($2.1 billion), together with future business plans, during an online investor relations event. During the event held Monday under the title "KT&G Value Day," the company renewed its commitment to improving shareholder benefits from a long-term perspective. Under the new plan, which kicks off next year, the company plans to pay 1.8 trillion won in dividends, and to

HD Hyundai Oilbank's head of its global business division, Lee Seung-soo and Sunoco LP Chief Commercial Officer Austin Harkness pose for a photo after extending a contract to supply petroleum products to America’s largest independent fuel distributor through 2024. Since 2021, the Korean oil refiner has exported gasoline and diesel to Hawaii, switching to a long-term contract the following year. Under the updated contract, Hyundai will supply 3.6 million barrels of petroleum products p

Hana Financial Group on Monday held a conference for Hana Waves, an in-house program to nurture future female leaders, to share the stories of nearly 100 leaders produced through the program over three years. Under the slogan “Women’s Actions, Voice, Emotion,” Hana started the first Hana Waves program in 2021, hoping to boost female leaders to steer the group’s future. As part of the group’s gender diversity efforts at the C-suite level, members of the first series

Hyundai Motor Company said Tuesday that the automaker has set up repair and check-up services for its electric vehicles at over 1,000 repair shops across the country. Named Bluehands, the repair shops have a separate station designed for EVs and at least one technician who has received the Hyundai Master Certification Program Electrified, a company-approved certificate for EV maintenance. The automaker said it plans to keep the EV maintenance services going at Bluehands for EV owners. (Hyundai M

Until five years ago, carmakers were hesitant to introduce cybersecurity measures in vehicles despite being aware of their necessity due to cost issues. However, when the European Union introduced cybersecurity regulations in 2022, it became virtually impossible to enter the European market without meeting the new standards. The change has made cybersecurity an essential element to ensure the survival of carmakers. The advancements in vehicle software, diversification of vehicles’ function