South Korean food giant CJ Cheiljedang Corp. said Monday its second-quarter net profit plunged almost 50 percent from a year earlier due to a global economic slowdown and higher cost burden. Net profit for the three months ended in June was 127.5 billion won ($97.6 million), down 49.6 percent from the same period last year, the company said in a regulatory filing. The operating income for the April-June period fell 31.7 percent on-year to 344.6 billion won, and revenue decreased 4 percent to 7

Telecom giant posts 12-year record-high Q2 operating profit

The Ministry of Agriculture, Food and Rural Affairs set a goal to double the exports of kimchi to $300 million by 2027 via a comprehensive plan to bolster the nation's kimchi industry, the ministry announced Monday. The Food Ministry unveiled its five-year plan for 2023 to 2027 for the promotion of the domestic kimchi industry. The plan comes as the Kimchi Industry Promotion Act, which mandates the announcement of the nation's general plan to invigorate the indigenous kimchi industry e

Increasing women’s participation in clinical trials boosts medical equity in general, experts say

Korean companies have stepped up efforts to support the World Scout Jamboree as the event's host announced an early withdrawal from the campground in North Jeolla Province due to inclement weather on Monday afternoon. Some major conglomerates, including Samsung and Hyundai, have invited Scouts to their business sites, following President Yoon Suk Yeol's order to offer tour programs for the jamboree participants. Hyundai Motor Group on Monday opened its commercial vehicle plant in Jeonj

Two weeks after superconductor claims, no one successfully replicates buzzworthy result; disputes in research team likely led to early hype

Japan’s Osaka and Tokyo were the two most popular outbound destinations for South Korean travelers in the first half of this year, according to government data Monday. Data from the Ministry of Land, Infrastructure and Transport showed that the route connecting Incheon Airport and Osaka’s Kansai International Airport was the most popular flight route in the January-June period with about 1.7 million passengers. The second busiest international flight route was the Incheon-Tokyo (Nar

The PASS Smart Ticket is demonstrated at a domestic airport gate, as the Korea Airports Corp. and the three major Korean telecom firms rolled out the new service Monday. The service, available at 14 major domestic airports including Seoul's Gimpo, Busan's Gimhae and on Jeju Island, enables users to verify both their ID and boarding pass in the PASS app — a digital ID service run by the telecom providers — on their smartphones. (SK Telecom, KT, LG Uplus)

Real-time electricity usage is displayed at the Korea Electric Power Corp.’s Seoul branch on Monday. Electricity demand is expected to peak this week, amid a record-breaking heat wave that has persisted nationwide. The government said it will closely monitor the supply situation to prevent any interruptions. (Yonhap)

Korean Water Resources Corp. (K-water) has provided one of its buildings in Daejeon to accommodate scouts from Singapore after they left the World Scout Jamboree campsite in Saemangeum, North Jeolla Province due to safety concerns last Saturday. During the 65 Singaporean scouts' stay at the institute for five days, K-water provided them with tour programs to explore the industry, culture, history and nature of Daejeon and South Chungcheong Province. On Monday morning, the scouts visited the

LG Display announced Monday that it has won a Bosch Global Supplier Award for its technological prowess, becoming the first company in the industry to gain global recognition in the automotive display sector. The Bosch Group, the world’s No. 1 automotive parts manufacturer, reserves the award for only 46 suppliers from the pool of its 35,000 global partners worldwide. Since 1987, the award has recognized outstanding performers in the manufacturing and supply of raw materials, products and

Carrot General Insurance, the nation’s largest digital insurer, said Monday it has hired Lee Jin-ho, a former Apple specialist in artificial intelligence and machine learning, as its new chief technology officer. "Incorporating my expertise and experience gained in Silicon Valley, I am committed to supporting Carrot General Insurance in its transformation into a data-driven platform business," Lee said in a statement. Carrot General Insurance is a joint venture set up by Hanwha G

South Korean humanoid robotics company Rainbow Robotics said Monday it is joining a 17.4 billion won ($13.36 million) state-run project to develop robots specialized for firefighting. Overseen by the Korea Institute of Robot and Convergence, affiliated with the Ministry of Trade, Industry and Energy, the project aims to create two advanced firefighter robots by 2028. One robot is designed to navigate disaster zones, with the ability to swiftly and precisely locate human presence. The other is ex

SK Nexilis Co., a South Korean copper foil maker, said Monday it has signed a deal with German battery manufacturer Varta A.G. to exclusively supply its product for what will be Varta's first mass production of electric vehicle batteries. SK Nexilis said it is also in talks with Varta over a possible long-term supply agreement, at least for over five years, considering the potential additional demand from Varta should it increase production. SK Nexilis did not provide any further details ab

KB Financial Group Chief Yoon Jong-kyoo has decided not to seek his fourth term, the group said on Sunday, just days before the conglomerate's planned announcement of its shortlist of candidates for the head position. Yoon said he made the decision for the group's "new future and transformation." The incumbent chairman has held the post since 2014 and his three-year-long third term is set to expire on Nov. 20. Yoon also hoped to see a new chief driving sustainable growth, ena