Lotte Shopping, the e-commerce arm under retail giant Lotte, said Wednesday it plans to inject some 1 trillion won ($705 million) to boost its online grocery business. In partnership with Ocado, UK’s retail solutions provider, the company will adopt the Ocado Smart Platform, which uses artificial intelligence, big data and machine learning technologies to offer fast delivery service of fresh groceries. The platform operates automated fulfillment centers where hundreds of robots sort and pi

Women still a fraction of CEOs at big firms

While consumer prices inched up 3% from 2019 to 2021, signature Chanel bag spiked 84%

FRANKFURT -- Celltrion, a South Korean pharmaceutical giant, is seeking to expand partnerships at this year’s Convention on Pharmaceutical Ingredients Worldwide, the company said Tuesday. Taking place in major European cities each year, CPhI is one of the largest global pharma industry events in the world that gathers household names and experts. The German city of Frankfurt is holding this year’s event from Tuesday to Thursday. According to Celltrion, the drug maker has set up an in

FRANKFURT, Germany -- Samsung Biologics, a leading South Korean contract development and manufacturing organization, has highlighted its speed in expanding production capacity and bringing clients’ drug products to the market as the company’s competitive edge in the global CDMO industry. “The most prominent differentiator is our speed to the market. We allow our customers to bring their products faster to the market,” said Kevin Sharp, Samsung Biologics’ vice presid

Posco International said Tuesday that it clinched a partnership with Dutch hyperloop technology provider Hardt, with an aim to seek business opportunities in the global market for ultra high-speed, eco-friendly transportation system. Under the agreement, Posco International will work on securing a smooth supply of Posco-manufactured steel materials for hyperloop facilities in Europe, and work further with Hardt on marketing the transportation. It is also considering a minor stake investment in

Daedong says its technological solution can resolve labor shortage at farms, keep it clean

SEJONG -- South Korea suffered a negative growth in exports for the first time in two years in the wake of sharply contracted demand for semiconductors around the globe and China’s economic slowdown, state data showed Tuesday. According to the Ministry of Trade, Industry and Energy, the nation’s exports posted $52.4 billion in October, falling by 5.7 percent compared to a year earlier. This monthly tally marked the first decline in two years since its outbound shipments fell by 3.9

Chaebol leaders pay tribute to victims of Itaewon crowd surge

Meta-owned social networking service Instagram said Tuesday its software bug, which resulted in a global-scale malfunction and affected random users, was fixed after eight hours. According to a US-based service outage-tracking website Downdetector, reports regarding the malfunction of Instagram soared starting around 10 p.m. Monday in Korea. Reports of the Instagram service malfunction soared from 305 at 9:48 p.m. to 7,300 at 11 p.m. Reported in-app type failures varied, such as suspension of ac

  Sixteen affiliates of South Korea's No. 1 business conglomerate Samsung have seen a drop in stock market cap by 129.36 trillion won ($90.78 billion) combined during the period of January to October, data showed Tuesday. This means nearly 20 percent of the market cap of the affiliates has evaporated compared to the end of 2021, according to the stock market data compiled by business intelligence Leaders Index. As a result, Samsung's 16 affiliates saw a total market cap of 541.8 trillion wo

'Korean biotechnology firms well positioned to take next step'

South Korea's science ministry is considering to develop a system that could warn authorities of potential crowd crush accidents by using digital data and technology to predict risk elements and the route of crowd movements. The new system was proposed at an emergency safety inspection meeting held by the Ministry of Science and ICT on Monday following the death of 154 people in a crowd crush that occurred Saturday evening during Halloween celebrations in Itaewon, central Seoul. “We h

South Korea’s Ministry of Land, Infrastructure and Transport will soon announce plans to make the country one of the world's top four in overseas construction capable of winning $50 billion in overseas deals per year by 2027, officials said Monday. Land Minister Won Hee-ryong is expected to emphasize active support in winning big overseas projects by working with the private sector and also support the technological development of the construction and equipment sectors. The government

Global resort brand Capella announced its South Korean debut in Yangyang, Gangwon Province, some 107 kilometers from Seoul. Under the 830 billion won ($584 million) project, the luxury beach resort will be constructed near Songjeon beach by the second half of 2025. The company said Capella Yangyang aims to become the largest wellness resort here with a total of 261 rooms. There will be restaurants, convention halls and a total of five swimming pools, a mixture of indoor and outdoor. The resort