KT&G Corp., South Korea's dominant tobacco company, will suspend its tobacco business in the United States for an unspecified period, the company said in a regulatory filing Tuesday. "We need to conduct a review of our business in the US amid intensifying regulations over tobacco and growing competition," the company said, referring to a hostile business environment, such as the US Food and Drug Administration's recent move to introduce a bill to curb nicotine content an

No confirmed plans to go public yet, Dunamu CEO says

New AI system, boasting a whopping 300 billion parameters, approaches “human-like” language skills

UK-based home appliance maker Dyson said Tuesday it started selling its air purifiers equipped with technologies to sense and destroy indoor air pollutants including formaldhyde more precisely in South Korea. Its new fanless air purifiers feature algorithm-powered, solid-state formaldehyde sensors that distinguish the colorless gas pollutant from other volatile organic compounds. Dyson said the solid-state sensor, using electrochemical cell technology, is superior to gel-based sensors in that

Drug Ministry approves domestic supply of Moderna’s Spikevax, produced by Samsung Biologics

Following the family tradition, LX seeks smooth separation from LG

LG Energy Solution, the battery-making unit of LG Group, said Tuesday it has joined forces with German industrial giant Siemens to upgrade its battery plants into more advanced smart factories. Under a deal signed earlier in the day, the battery firm agreed to adopt Siemens’ software and other technologies to build an “intelligent manufacturing system.” Intelligent manufacturing, or smart manufacturing, is designed to optimize energy efficiency and quality control at product

Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure. The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea. The fintech startup said it will use 19 billion won to enhance the security sys

　South Korea’s imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed. 　The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry. 　It represents the first on-year increase in the country’s whisky imports since 2014. 　Industry sources attribu

Hyundai Heavy Industries Group, South Korea's 15th largest conglomerate by assets, said Monday its refining affiliate Hyundai Oilbank Co. filed for an initial public offering (IPO) with local bourse operator Korea Exchange. Hyundai Oilbank aims to trade its shares on South Korea's main KOSPI market in the first half of 2022, the group said. The proposed initial public offering is the third of its kind after the refiner failed to go public in 2012 and 2019. In 2012, a tumble in oil prices t

Samsung may work with archrival LG for OLED TV production

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream.  Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program.  Since 2012, Han Sung Motor has offered support to select

Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday.  Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation.  According to Hyundai Mobis’ 2045 car

This year will be the first time Choi Kyung-mi ordered a cake for Christmas. The freelance writer placed an order for a 38,000 won chocolate vegan cake she planned on sharing with friends and family at a party to celebrate the end of the year.  She was one of the lucky ones: Cakes have already been selling out at bakeries across the country. Tous Les Jours bakery franchise operator CJ Foodville said it has seen an explosive growth in reservations for its Christmas cakes this year, as ma

SK Group, South Korea's No. 3 conglomerate, said Monday it signed a deal with the Vietnamese government to boost cooperation in eco-friendly businesses, such as areas related to carbon emission cuts, hydrogen and digital technologies. SK Group Chairman Chey Tae-won signed the memorandum of understanding during a meeting with top Vietnamese government officials in Seoul, including Deputy Prime Minister Le Minh Khai and Parliament Speaker Vuong Dinh-hue, SK said. Under the MOU, the two sides wi