The Korea Institute of Design Promotion held a demo day event last week to allow social enterprises to share their success stories and have opportunities to get funding from investors. The KIDP, affiliated with the Ministry of Trade, Industry and Energy, has been carrying out a project, called "Social Enterprise Design Assistance Program," since 2019, with aims to nurture social enterprises in the design sector. The institution has been providing participating companies with consultati

Upcoming biannual meeting to be first of its kind after Lee Jae-yong’s promotion to chairman

South Korea's car exports reached an all-time high in November on strong demand for eco-friendly cars and stable supply of automotive semiconductors, data showed Monday. The value of outbound shipments of automobiles came to $5.4 billion last month, up 31 percent on-year to set the largest monthly record, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 219,489 vehicles were sold overseas last month, up 25 percent from the previous year a

Fashion and cosmetics retailer Shinsegae International Inc. said Monday it has acquired the exclusive domestic license from French cosmetics brand Laura Mercier, as it seeks to expand its imported cosmetics business. Laura Mercier, founded in 1996 by a French makeup artist of the same name, is sold in some 40 countries globally. Asia is one of Laura Mercier's key markets, accounting for 20 percent of the brand's sales, Shinsegae International said. The local rights to the brand were pr

South Korea's exports slipped 20.8 percent on-year in the first 10 days of December, data showed Monday, due mainly to weak shipments of chips and mobile devices. The country's outbound shipments stood at $15.4 billion in the Dec. 1-10 period, compared with $19.4 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 7.3 percent on-year to $20.3 billion during the cited period, resulting in a trade deficit of $4.9 billion. By sector, outbou

South Korea’s imports of camping and hiking equipment rose 2.5 percent on-year through October this year, data showed Wednesday, as more people enjoyed activities avoiding crowds amid the pandemic. The combined imports of leisure equipment, including camping and hiking gear, came to $304 million in the January-October period, rising from $297 million posted a year earlier, data compiled by the Korea Customs Service showed. It also marked a sharp rise from just $148 million posted for all o

Hyundai's 7th generation flagship sedan is equipped with futuristic features, revives its 1986 moniker 'square Grandeur'

Over half of retail business owners, or 55.3 percent, who were surveyed projected a gloomy outlook for 2023, as business sentiment among them seemed worse than pre-pandemic levels. According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 retail business owners that was released Sunday, respondents predicted an average of 1.8 percent growth in the retail sector next year, compared to this year’s estimated 5.9 percent growth. “Despite expectations about econ

LG Group said Sunday it has donated 12 billion won ($9.2 million) to the Community Chest of Korea as part of its year-end charitable giving. LG Corp. President Ha Beom-jong (center left) and Cho Heung-sik (center right), chairman of the Community Chest of Korea, pose for a photo during the ceremony held at the charity’s Seoul office Friday.

Hana Financial Group said Sunday it has provided support totaling 150 million won ($115,000) for 18 startup projects launched by college students. The program, Hana Social Venture University, is part of the group’s outreach that aims to support young students to find jobs or launch their own businesses. Since July, 292 potential startups consisting of 550 university students from 10 different schools have taken part in the program, which offers eight weeks of training, one-on-one consultin

South Korea’s intellectual property agency chief has been chosen as one of the 50 most influential people from the intellectual property industry this year by UK magazine Managing IP. Korean Intellectual Property Office Commissioner Lee Insil was named on the list released Tuesday, which also included US President Joe Biden and World Trade Organization Director General Ngozi Okonjo-Iweala. Lee was the only Korean IP expert to win the feat this year. The IP chief has been recognized for her

Despite excitement among iPhone, Galaxy users, questions remain over limited services in partnership with Hyundai Card

South Korean tech giant willing to spend big in attracting local tech talent

A total of 24 Korean companies have been added to the Dow Jones Sustainability World Index (DJSI World) this year, the Korea Productivity Center said Sunday. The selected domestic companies include SK Telecom, LG Electronics, Kia, Hyundai Engineering & Construction, S-Oil, Shinhan Financial Group, KB Financial Group and Samsung SDI, according to the public institution. The DJSI World is part of a larger family of Dow Jones Sustainability Indices (DJSI) launched in 1999 as the first global sustai

The Korea Forest Service said on Sunday it would establish its third comprehensive forest management plan in a bid to ramp up its attempts to advance the ecology in the Demilitarized Zone that divides South and North Korea. The five-year plan, set to be enacted in January, aims to enhance the biodiversity within the forest and expand the role of the DMZ as a carbon sink. Carbon sinks are areas that store carbon-containing chemical compounds for an indefinite period and remove carbon dioxide from