Conglomerate denies allegations that it stole nutrient dispenser business idea from startup

Lotte Group, the country's fifth largest conglomerate, hopes its biopharmaceutical contract manufacturing arm will become a future engine of growth, following in the footsteps of Samsung. But the road ahead remains uncertain as Lotte is still in the early stages of the business. According to industry sources, Lotte Biologics is expected to face a myriad of challenges when it comes to finding a foothold in the market, with issues from price competitiveness to talent recruitment. In 2022, t

Samsung Electronics said Thursday it has developed a new technology for a single air purification filter that simultaneously removes fine dust and harmful gases, and can be used for up to 20 years through simple water washing. Researchers at the Samsung Advanced Institute of Technology implemented a filter technology that applies photocatalysts such as copper oxide and titanium dioxide -- the first development to be introduced anywhere in the world, according to Samsung officials. Before the lat

South Korea's extended export slump is attributable to higher energy prices, falling chip shipments and lower demand from China, the finance minister said Thursday. "When we analyze the latest trade deficits, most of them, roughly 95 percent, are attributable to three elements, namely energy, chips and China," Finance Minister Choo Kyung-ho said ahead of a closed-door meeting with economy-related ministers. In January, Asia's fourth-largest economy suffered an all-time monthl

WASHINGTON-- Shipments of American agricultural products to South Korea reached a record high of over $10 billion last year, US data showed Wednesday. US exports of agricultural products to South Korea came to $10.05 billion in 2022, up 2 percent from $9.85 billion a year before, according to the data from the US Department of Agriculture. The 2022 total also marks a whopping 67.3 percent spike from $5.97 billion in 2013. The top 10 export items to South Korea included dairy products, corn, wh

The proliferation of chatbots using artificial intelligence will become "killer applications" in boosting demand for advanced memory chips, SK hynix Vice Chairman Park Jung-ho said at a symposium Wednesday. Park, who also serves as the chief executive officer of the world's second-largest memory chip maker, said memory chips will always be at the center of innovation as the era of artificial intelligence unfolds. "As the era of AI unfolds, unsolved challenges of the past will

Chip industry not solely to blame for record-high trade deficit: KITA vice chairman

SK Biopharmaceuticals on Wednesday said its subsidiary SK Life Science is holding sales meetings in the US this week to boost sales of its seizure medicine cenobamate in the all-important market. Cenobamate, which is sold under the brand name of Xcopri, was approved in 2019 for partial-onset seizures in adults. The company has held the promotional event traveling across the US for the fourth consecutive year with an aim of strengthening its sales network and sharing its business plans with partn

South Korean telecommunications giant KT Corp. said Wednesday it has signed a partnership deal with the Mongolian government and the central Asian country’s business delegation to strengthen strategic cooperation in exploiting mineral resources and realizing digital transformation in the finance sector. Key officials of the Mongolian government and the country’s business delegation visited KT's headquarters in Jongno, central Seoul, a day earlier to sign the memorandum of unders

The Korean retail industry is busy preparing measures to erase actor Yoo Ah-in from their brands' promotions, after the actor tested positive for marijuana use and became embroiled in an open drug test investigation for the illegal use of propofol. Musinsa, the largest online fashion platform in Korea by sales, told The Korea Herald that the company is currently reviewing the termination of its brand model contracts with the actor. "With the investigation currently underway, we first d

The value of overseas direct shopping exceeded $4.7 billion last year, significantly up from $2.7 billion in 2018, according to the latest data from the Korea Customs Service released Wednesday. The number of users also tripled over the past five years from 5.19 million to 15.57 million last year. It is the first time the figure has exceeded 15 million, coming to more than 1 in 4 people here. The most popular category for purchases was health-related foods, on which buyers spent a whopping $862

Battery supplier SK On looking into problem with US automaker

World’s No. 1 memory chip maker to borrow money rather use its own W100tr reserve, sources say

Korean Air Chairman and CEO Walter Cho has been selected as the top aviation leader of the year by global aviation magazine Air Transport World, the nation’s flag carrier said Wednesday. “Since taking the helm at Korean Air in 2019, Walter Cho has rapidly gained a worldwide reputation for industry vision and dynamic management. His nimble and out-the-box thinking, particularly with regard to airline partnerships – especially the transpacific joint venture with Delta Air Lines &

LG Energy Solution said Wednesday it will improve reporting on climate-related risks in accordance with the Task Force on Climate Related Financial Disclosures, or TCFD, the first of its kind among battery makers here. TCFD is an international organization created by the Group of 20’s Financial Stability Board in 2015. It recommends companies to disclose information on governance, strategies, risk management and management objectives connected to climate change. “We will manage and