McKinsey & Co., a global consulting firm, said Wednesday it has promoted partner Hyejin Kang to senior partner. Kang, who assumes the role on April 1, holds a bachelor's degree in microbiology from Seoul National University and a doctorate in neuroscience from the California Institute of Technology in the US. Since joining the company in 2001, Kang has been in charge of evaluating corporate culture of Korea’s top 100 companies. She is credited for playing a leading role in facilit

LG Innotek said Wednesday it has successfully developed an upgraded vehicle-to-everything communication module that drastically improves data transmission speed. The second-generation 5G network-based module, using Qualcomm chips, is considered a crucial safety component for autonomous driving. The company said it is seeking to start promotional activities targeting global car and parts makers, with an aim to debut the final product by 2025. The official product name is 5G-V2X Cellular Module. T

SK hynix, the world's second-largest memory chip maker, will not carry out an additional cut in chip production this year, and will stick to its plan to build an advanced packaging plant in the US, the company's chief executive officer said Wednesday. Speaking at a shareholders meeting at the company's headquarters in Icheon, Gyeonggi Province, SK hynix Vice Chairman and co-CEO Park Jung-ho forecast the demand for chips to recover in the second half of this year. But as uncertaint

South Korea’s top brewer, Oriental Brewery, said Wednesday it is releasing an upgraded version of Hanmac, its Korean rice-based lager beer that made its grand debut in 2021. Hanmac was launched as “Korea’s most representative lager project” to celebrate the 100th anniversary of the nation’s beer history. Being loved for its unique refreshing flavor and softness, the beer is making a comeback under the slogan, “Smooth Korea.” The brewer said the new Hanma

In 1977, a little over two decades after the war that hardened the division of the peninsula ended, South Korea celebrated an economic milestone with much fanfare: $10 billion in yearly export volume. It had been just a year since the country had stopped receiving US aid worth a colossal $12.6 billion from 1946 through 1976, which helped rebuild most modern infrastructure there had been before the war. “Our achievement of $10 billion in exports has a bigger meaning than just its size in

Trade, Industry and Energy Minister Lee Chang-yang pledged to make Korea a top investment-friendly country in the world during the 5th AmCham Doing Business in Korea Seminar 2023 held at the Grand Hyatt Seoul on Wednesday. “Through various efforts such as establishing a support system for boosting corporate investment and attracting foreign investment, the Korean government will make Korea a country where global companies can boldly plan future investments,” Minister Lee said during

Celltrion's founder and returned chairman Seo Jung-jin said the company will be able to secure some 5 trillion won ($3.8 billion) for mergers and acquisitions of pharmaceutical and biotechnology firms, through which the company aims to boost its new drug development capability. The company also plans to build its fourth manufacturing plant in the US, according to the chairman. "After the first half this year, the number of M&A candidates will come down to around 10, and the company w

Korean building materials company LX Hausys said Wednesday it will cooperate with Reynaers Aluminium, a Belgian manufacturer of aluminium products, in a bid to accelerate its entry into the domestic aluminum window market. With a memorandum of understanding signed with Reynaers Aluminium in the headquarters of LX Hausys in Seoul, LX Hausys said both companies plan to comprehensively cooperate in the overall process of designing, manufacturing and developing technologies needed to produce high-en

1st vice minister of science underscores importance of developing unmatched technology for global space cooperation

Hyosung Group Chairman Cho Hyun-joon on Tuesday received the 38th CEO Grand Prix, one of the top honors given to business leaders in Korea, the textile-to-energy giant said Wednesday. The annual award, presented by the Korean Academic Society of Business Administration, has honored entrepreneurs who contribute to the nation’s economic growth with spirited entrepreneurship and excellent management skills since 1987. The Hyosung chairman, since his inauguration in 2017, was credited for re

Passersby walk past Apple's fifth retail store in Seoul on Wednesday. The Apple Gangnam, located near the Shinnonhyeon Subway Station in southern Seoul, will start operation at 5 p.m. Friday. Some 140 staff will be stationed to offer services not only in Korean, but also in Chinese, Japanese, Thai, French, German and English, the company said.

Posco International Corp. said Wednesday it has signed a memorandum of understanding with two bioplastic companies to enter the biodegradable plastic recycling sector as part of its bid to expand its green portfolio. Posco International signed the deal with TotalEnergies Corbion, a Netherlands-based bioplastic company, and Esol, a South Korean supplier of polylactic acid, on Tuesday, under which the three companies will collaborate to develop PLA recycling technologies, Posco International said.

Incheon Airport marks its 22nd anniversary on Wednesday this year, celebrating a rebound in international travel and cargo shipping after the pandemic upended air travel for three years. Despite the setback, it has maintained its status as the second-largest logistics hub in Northeast Asia, Incheon International Airport Corp. said in a statement. Incheon Airport processed the second-largest amount of international cargo in the world both in 2021 and 2022, the airport said. Including passenger pl

South Korea’s car exports jumped nearly 50 percent in February on-year to reach an all-time high on the back of solid demand for eco-friendly cars. The value of outbound shipments of automobiles came to $5.59 billion last month, up 47.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest monthly figure, with the previous record being set in December last year when exports stood at $5.42 billion. In terms of volume, exports s

GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said Tuesday that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month. The company said it will stop selling Carlsberg beer products from Friday, labeling the unilateral notice “tyrannous.” According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but si