Posco Group’s business principle “Corporate Citizenship” has been introduced as a case study example for a course in Stanford University’s MBA program, according to the Korean steelmaker on Wednesday.  Four years ago, Posco Group declared its management philosophy “Corporate Citizenship: Building a Better Future Together” as a guiding business principle, vowing to strengthen its commitments to environment, social, and governance issues. Such a concept,

Corporate donations made for Korean athletes competing at the Beijing Winter Olympics have exceeded 40 billion won ($33.4 million) over the past four years, according to industry data collected by the Federation of Korean Industries Wednesday. A total of 91 companies have donated cash and goods worth 41.75 billion won between 2018 and 2021 to support Korean national athletes preparing for this year’s Olympics, the data found. Donations were made mostly through related sports associatio

An organization of some 5,000 people in the digital asset and blockchain industry and academia has been launched. The idea is to present the government with industrial roadmaps in a systematic manner, as it has been difficult to do so with a number of blockchain-related groups springing up. The Korea Blockchain Enterprise Promotion Association (KBEPA) and the Korea Blockchain Association Organization Federation held a ceremony to launch a “blockchain (digital asset) industry committee&r

Celltrion Inc., a major South Korean biopharmaceutical firm, said Wednesday that its net profit jumped 20.1 percent on-year last year on the back of robust sales of its biosimilar products in overseas markets. Net profit came to 623.7 billion won ($521.1 million) last year on a consolidated basis, compared with a profit of 519.2 billion won a year earlier, the company said in a regulatory filing. Celltrion said its operating profit reached a record high of 753.9 billion won last year, up 5.9 per

Samsung Fire & Marine Insurance Co., South Korea's top non-life insurer, said Wednesday it will cut its auto insurance premiums by an average 1.2 percent in April on falling loss rates. It will mark Samsung Fire & Marine Insurance's first premium reduction since 2020, when its car insurance premium increased more than 3 percent amid soaring deficits. Samsung Fire & Marine Insurance, the non-life insurance arm of top conglomerate Samsung Group, said it has made the decision as its aut

Samsung Electronics unveiled Tuesday a plan to add six new board members and put them to the vote at an upcoming shareholder meeting in March. With the move, Samsung is likely to place more emphasis on its memory chip operations and sustainability in its business, which includes smartphones, consumer electronics goods and semiconductor chips. Among the incoming inside board member nominees is Samsung Electronics CEO Kyung Kye-hyun, who oversees its Device Solutions Division dedicated to semic

South Korea’s antitrust watchdog has sent a review report to US electric vehicle maker Tesla to notify its conclusion of an investigation showing that Tesla allegedly fiddled with battery performance in low temperatures. The report notified Tesla of violating advertisement laws by exaggerating the performance of its Model 3 vehicles. Tesla advertised that its Model 3 vehicles can drive up to 446 kilometers once fully charged, without informing customers that its driving range can decreas

NCSOFT Corp., a major South Korean online and mobile game developer, said Tuesday its net profit decreased 32.5 percent in 2021 due to increased costs. Net profit stood at 395.7 billion won ($329.8 million) last year, compared with 586.6 billion won a year earlier, NCSOFT said in a regulatory filing. Operating profit came to 375.2 billion won, down 55 percent on-year from 824.8 billion. Annual sales fell 4.4 percent over the same period to 2.3 trillion won. Its increased spending on marketing

South Korean stocks extended their losing streak to a third session Tuesday, as investors' appetite for risky assets weakened amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 27.94 points, or 1.03 percent, to close at 2,676.54 points. Trading volume was moderate at about 575 million shares worth some 9.2 trillion won ($7.7 billion), with losers outnumb

Posco Chemical said Tuesday it ran an experience program where children can make miniature electric vehicles and charging stations and learn about their eco-friendliness. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it opened “Green Dream Class” at four children’s culture centers from Jan. 24 to Feb. 11 where Posco Chemical staff and executives participated as instructors and assembled miniature EVs and charging stations t

Lotte Members, the membership service for Lotte Group companies, said Tuesday it has seen a 23 percent surge in transactions for luxury goods since the onset of the coronavirus pandemic. According to a study based on transaction data of its L.Pay mobile payment system and L.Point membership points, sales of luxury goods in 2020 and 2021 increased 23 percent compared to the same figures from 2018 ad 2019. Among age groups, consumers in their 20s showed the highest 70.1 percent increase in lux

Hanwha Systems, a global defense electronics and smart ICT solutions provider, said Tuesday it has joined hands with Israel Aerospace Industries to globally promote combat solutions and technology for naval platforms.  Under an agreement for mutual marketing, the two firms will collaborate on expanding their presence in Asia where Hanwha Systems has built its sales network for years. IAI, with more than 50 years of experience cooperating with the world’s navies, is a customer-tailo

LG Group’s virtual fashion designer powered by the hyperscale artificial intelligence has debuted at New York Fashion Week, bringing the engine’s text-to-image generation capability to new heights, its holding company LG Corp. said Tuesday.  The virtual fashion designer, named Tilda, has collaborated with Park Youn-hee, a South Korea-born fashion designer behind the Greedilous brand. The collection was unveiled during a Fall 2022 runway show Monday held at Spring Studios, a po

Volvo Car Korea Co. on Tuesday launched the Volvo brand's first pure electric model, the C40 Recharge SUV, as part of the Swedish carmaker's electrification push. The C40 Recharge is one of seven all-electric models to be released by Volvo Cars by 2030. The Swedish carmaker aims to become fully electric by 2030. The coupe-styled electric SUV is equipped with a 78kWh battery and a front and rear dual-motor system, which allows it to go from zero to 100 kilometers in 4.9 seconds. It can travel u

The state labor relations commission decided Monday to stop mediating wage negotiations between management and unionists at Samsung Electronics Co., raising the possibility of a walkout for the first time at the nation's largest conglomerate. The National Labor Relations Commission failed to successfully bring the two parties to an agreement following two arbitration efforts in less than a week. With the decision, the unions can go ahead with a walkout if their members vote for it. If that h