Chung Euisun, chairman of Hyundai Motor Group, visited the Czech Republic to ask for the country's support for Busan’s bid to host the 2030 World Expo, according to the carmaker on Friday. In the meeting with Czech Prime Minister Petr Fiala, Chung explained Busan’s competitiveness and the port city’s future vision for hosting the global event. “Busan Expo seeks nature-friendly life and technology innovation to prepare for a sustainable future and resolve global issue

South Korean builder Daewoo E&C held a ground-breaking ceremony of Vietnam Hanoi Starlake B3CC1 Complex, a $500 million development project that involves two multipurpose 35-story buildings in the Vietnamese capital, on Wednesday. Spanning over 211,462 square meters of floor space, the complex will comprise a hotel and offices. Korean hotel chain Hotel Shilla will be responsible for the operations of the envisioned hotel. Dignitaries including Daewoo E&C CEO Baek Jung-wan and Hanoi Peopl

Hyundai Motor Group will launch promotional activities in Latin America to support South Korean port city Busan’s bid to host the 2030 World Expo, the carmaker said Thursday. According to the company, Hyundai Motor President and CEO Chang Jae-hoon will visit three Latin American countries – the Bahamas, Chile and Paraguay – and meet high-level government officials to explain Busan's competitiveness and the port city’s future vision for hosting the global event. The Latin

South Korean builder Daewoo E&C and its Nigerian counterpart signed a letter of intent to rehabilitate an oil refinery in the African country with Nigerian President Muhammadu Buhari in attendance. The letter of intent signed by the Daewoo E&C CEO Baek Jung-wan and the Group CEO of Nigerian National Petroleum Corporation Mele Kyari is aimed at reoperating the Kaduna refinery located at Chikun, Kaduna, Nigeria, capable of producing up to 110,000 barrels of petroleum per day. The plant h

Despite worsening chip environment, chipmaker plans to invest W21tr on facilities in Q4

The Ministry of Science and ICT said Thursday that it is mulling writing a guideline on how tech giant Kakao should compensate its free-service users who suffered damages during its service outage earlier this month. The government hopes that the guideline, which would be the first of its kind, would help expedite the compensation process under a "first compensate" principle, a ministry official told Yonhap. This comes after Kakao Chief Executive Officer Hong Eun-taek said the company

Samsung Electronics chief Lee Jae-yong’s promotion to executive chairman on Thursday completes the generational power shift among South Korea’s four major chaebols. Lee, 54, is a third-generation chaebol scion, like Hyundai Motor's Chung Euisun who is two years younger. SK's Chey Tae-won is the eldest son of the group founder's brother, while LG's Koo Kwang-mor is a fourth-generation chaebol leader. Chey, 61, assumed the top position at the relatively early age of 38, after his fath

Price competitiveness, fast production, readiness of war cited as reasons

NFT platform leaves pricing of art to collective intelligence

Blockchain company X-widget said Thursday it is developing a virtual asset information-providing solution called Artificial Intelligence Index (AIIN) by combining artificial intelligence and big data technologies. The service is set to launch in early 2023. The new service will use X-widget’s independent blockchain platform to provide virtual asset-related indexes, a prediction on virtual asset prices, a collective virtual asset management service, and an investment community network servi

Kakao Bank, the internet-only bank under mobile platform service provider Kakao Corp., on Thursday said it plans to enhance its banking services for the self-employed business, seeking to expand its customer base. The lender has posted fast growth with a focus on household banking since its launch of banking operations in 2017. According to the tax agency's data, more than 1 million individuals launch independent businesses every year as of end-2021. As of end-September, loans for individua

Samsung Electronics Vice Chairman Lee Jae-yong has been promoted to chairman of the world's largest chipmaker and smartphone maker, ending a high-profile succession process that took more than three decades to complete, with a vow to invest in transcending technology that could reboot the tech giant's growth engine. Lee, 54, was crowned Samsung Electronics' new executive chairman with the board of directors' approval Thursday morning, 10 years after he held the vice chairman

Samsung Electronics Co. on Thursday posted a sharp drop in profits for the third quarter, as its main semiconductor business faced major headwinds from weakening memory chip prices and demand. The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 percent from a year earlier to 9.38 trillion won ($6.6 billion). Its operating profit for the July-September period fell 31.4 percent on-year to 10.85 trillion won. Revenue i

South Korean drug maker Boryung has acquired the selling rights of Alimta, a non-small cell lung cancer treatment developed by US pharmaceutical company Eli Lilly, for the local market. According to Boryung on Tuesday, the acquisition agreement also included the copyright and licensing rights of Alimta in the country. First introduced in Korea in 2006, Alimta was the first drug to significantly reduce the anti-cancer drug’s adverse effects and toxicity while improving the survival rate of

As part of its ESG drive, South Korean internet service provider SK Broadband said Wednesday it has been bolstering eco-friendly corporate culture and media campaigns. The company has been seeking to lower carbon emissions and power consumption in the company by streamlining and replacing old equipment. It has also reduced the use of paper by adopting electronic bills. Under an in-house campaign titled "net zero life practice" to foster environment-friendly corporate culture, SK Broadb