Major South Korean companies' inventories spiked nearly 36 percent in the first nine months of this year amid a global economic slump, a corporate tracker said Tuesday. Combined inventories of 195 out of the country's top 500 firms by sales came to 165.4 trillion won ($122 billion) as of end-September, up 36.2 percent from the end of last year, according to the Leaders Index. It marks the highest third-quarter amount since the institute began data tracking in 2010. In particular, inven

South Korean memory chip manufacturer SK hynix has reached a compromise with Yeoju city over a dispute surrounding the chipmaker's right to use freshwater for new fabrication plants in Yongin, Gyeonggi Province, the government announced Monday. The settlement, with a memorandum of understanding signed on Monday at the National Assembly, opens the doors for SK hynix to proceed the chip cluster project as planned by 2027 on the 4.15 square-kilometer site, which would cost at least 120 trillion won

South Korean e-commerce giant Coupang said on Monday it will be holding special promotions for products directly imported from overseas, in commemoration of global shopping event Black Friday. The event, which continues through Sunday, provides discounts and coupons for users who buy directly imported goods from Rocket Delivery, Coupang's 24-hour delivery service. Users of Rocket Jikgu, Coupang's overseas delivery service, will also benefit from the event. The promotions are joined b

The Ministry of SMEs and Startups said Monday that local startups saw record-breaking growth in diverse sectors as they work to meet the needs of consumers amid the pandemic. According to the ministry, the number of startups whose sales exceeded 100 billion won ($73.8 million) was 739 companies as of end of 2021, a 16.7 percent increase from a year prior. Of the 739 startups, 569 logged 100 billion won in sales for two consecutive years. A total of 108 companies reached 100 billion won in sales

SsangYong Motor unveiled its wireless charging platform for electric vehicles under development on Monday at Coex, Seoul during an event hosted by the Ministry of Science and ICT. The carmaker displayed its first all-electric sports utility vehicle Korando e-motion equipped with a 61.6 kWh lithium-ion polymer battery and with a 22kW wireless charging system that can fully charge the electric vehicle in three hours. SsangYong Motor is currently trying to shorten the charging time and also trying

Doosan Fuel Cell, the hydrogen business unit of South Korean conglomerate Doosan Group, signed a contract worth 346.8 billion won ($255 million) to supply hydrogen fuel cell to China’s combined heat and power business operator, the Korean firm said Monday. Doosan Fuel Cell said it will provide a total of 105MW in hydrogen fuel cells to China’s ZKRG Smart Energy Technology (Foshan) Co. Of them, 50MW will be manufactured and assembled in Korea by 2024 while the remaining 55MW will be d

The number of flights landing and departing from Incheon International Airport will exceed pre-pandemic levels by next year. Incheon Airport was allotted 263,004 slots for the next summer season from late March to late October, during the International Air Transport Association Slot Conference held last week, according to Incheon International Airport Corp. on Monday. The Slot Conference is a working conference between IATA and non-IATA airlines worldwide for the allocation of slots at fully coo

Despite global sales expansion, Korea's automotive exports projected to suffer 4.2% drop next year

The city of Busan is hosting an expo for startups in Asia from Tuesday through Thursday at Bexco, under the theme “Connect Asia, Fly to the World.” The city government expects about 10,000 people engaged or interested in startups across Asia to attend Fly Asia 2022, consisting of conferences, an awards ceremony, exhibits and various opportunities for networking. Organized by Busan Techno Park and the Busan Startup Agency Preparation Office, Fly Asia 2022 kicks off with an opening cer

Ryu Young-sang (left), chief executive officer of South Korean mobile carrier SK Telecom, poses for a photo with NTT Docomo CEO Motoyuki Ii at a signing ceremony on Friday in Seoul. SK Telecom announced Monday it has signed a memorandum of understanding with its Japanese counterpart to seek a strategic partnership in the fields of the metaverse, sixth-generation telecommunication infrastructure and media content development.

Under its vision called “Green Connector,” South Korea’s leading chemical firm LG Chem is expanding its social contribution activities. The vision highlights four areas of focus—education, ecosystem, energy, and economy—in which LG Chem will try to maximize ESG values. LG Chem said Monday it will kick off the third edition of its environment and science education program “Like Green” for elementary and middle school students in December as part of its en

Incorporating corporate social responsibility-related strategies into a company's business yields greater profits for the company in the long run, as it realizes multifaceted achievements, according to the head of a CSR solution provider. CSR-related businesses score wins with diverse demographic, including companies' customers, stakeholders, the government and companies themselves, with their characteristic sustainability, said Lee Yoon-suk, founder and CEO of InnoCSR during an interv

South Korean game developer Nexon said Monday it has become the largest shareholder of US production company Agbo, co-founded by Anthony and Joe Russo, the directors of Marvel’s global megahits. After initially investing $400 million to acquire 38 percent of Agbo’s shares in January, Tokyo-listed Nexon recently invested an additional $100 million to acquire 11.21 percent. The latest acquisition made the game developer the No. 1 shareholder of the US firm, with 49.21 percent of its sh

AbleGamers Charity founder says Asian game developers have a lot of room to improve accessibility for all

Chief development officer at Krafton’s US independent game studio sees promise in Korea’s passionate video game industry