Korea’s No. 1 bakery chain repeats success story by offering some 300 products to please different palates worldwide

To foster a pleasant and fair work environment that promotes productivity, South Korea’s leading chemical firm LG Chem said Thursday it is taking measures to expand the avenues for communication and debate so employees can have more say. The company introduced the "CEO Discussion Table" this year, a program in which Shin Hak-cheol, LG Chem's CEO and vice chairman, and other workers can participate together in the decision-making process for the company’s main strategie

A majority of European companies doing business in Korea posted robust sales last year, but offered a mixed outlook for 2023, a business confidence survey conducted by the European Chamber of Commerce in Korea showed Thursday. The business lobby conducted the survey together with the Korea-German Chamber of Commerce and Industry and nine other European national chambers and business councils supported by consultancy Roland Berger Seoul. A total of 184 companies, representing over 60,000 employ

The chairman of the American Chamber of Commerce in Korea called on the Korean government to offer flat income tax benefits for foreign workers on a permanent basis. During a press conference held at the IFC Forum in Seoul to commemorate the 70th anniversary of the US-Korea alliance and the founding of AmCham Korea on Thursday, AmCham Korea CEO James Kim said the 20-year flat income tax benefit for foreign workers should be extended further, citing other countries who offer them on a permanent

South Korean commodities trader Posco International said Thursday that it has won gas mine exploration rights in Indonesia as part of efforts to beef up energy and resource businesses. A consortium involving the Korean firm and Indonesia’s state-owned Pertamina Hulu Energy gained the rights to explore and operate the Bunga gas block off the eastern Java island. The two will each own a 50 percent stake in the project, while Posco International will hold the operational rights. The Bunga gas

Starbucks Korea said Thursday it will donate a restored handwritten note of Korean independence movement leader Kim Gu, whose pen name is Baekbeom, to the National Trust for Cultural Heritage as part of its social contribution activities. The note, written in classical Chinese, reads “Yoo Ji Pil Seong,” which can be roughly translated to “If there is a will, it will be achieved.” Kim wrote it to honor the death of independence fighter Yun Bong-gil in 1949. In commemoratio

Samsung Electronics said Thursday it has launched a virtual open radio access network site running on the ultra-fast 5G network along with Dish Network, the fourth-largest telecommunications carrier in the US. Earlier, Samsung had supplied an initial shipment of 24,000 Open RAN-compliant radios and 5G virtualized RAN software solutions to accelerate Dish’s network deployment across the US, which will allow to provide reliable and fast nationwide coverage to its network users. “Samsun

South Korea's trade minister said Thursday the government will provide more incentives to overseas businesses investing in high-end industries playing key roles in the supply chain, as the country aims to attract more investment amid economic uncertainties. Trade Minister Ahn Duk-geun made the remark in a statement released ahead of his planned meeting with foreign business organizations later in the day, where the country plans to share its vision to become a "global hub of innovation

SK Networks said Wednesday it has invested an accumulative $176 million in some 20 global projects as of 2023, disclosing its global investment performance for the first time at an investment briefing session. “Based on our investment experiences in Silicon Valley, we will play a gate-keeper role in global innovation,” said SK Networks General Executive Director & President Choi Sung-hwan in his opening remarks at the event held in Seoul. “We will use our influence not just

Hyundai Motor Group's all-new Grandeur has won the 2023 Car of the Year award, the Korea Automobile Journalists Association announced Wednesday. According to the KAJA, the all-new Grandeur earned an overall score of 80.75 out of 100, closely beating out BMW's 7 series, which received an 80.43. The association reviewed 18 vehicles from 13 brands for the award. (Hyundai Motor Group)

Asiana Airlines said Wednesday it is preparing to expand its international routes by increasing the number of flights to 40 a week on 12 different routes starting next month. This comes along with a recent upsurge in international travel after the steady lifting of travel restrictions as the pandemic has slowed down. “Starting with this initial flight expansion, we will continue our efforts to gradually reopen international travel this year,” an official commented. Asiana plans to fi

Liquor makers pressured by increasing cost of logistics, raw materials

The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i

Hanwha Aerospace, along with Lockheed Martin and other firms, invest $17.8m in Fortem Technologies

Product quality, cash flow cited as key factors for LG to win high-profile deal