Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr

A boy was reportedly injured from biting into fried chicken that had a metal screw in it, sold from a local franchise. According to local media reports Wednesday, the boy, 12, had to have two teeth pulled out after a screw found inside a chicken wing became stuck in his gums.  The chicken was reportedly from a major Korean fried chicken franchise brand. Included in the media reports were a photo of the boy’s bloody gums and a doctor’s note showing the boy had two of his te

Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday.  Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres

Nationwide shortage of diesel exhaust fluid set to disrupt cargo delivery

Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act

South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore

Lotte Group is commemorating what would have been the 100th birthday of its late founder Shin Kyuk-ho by publishing his memoirs, giving out scholarships and funding for startups, holding a concert, and opening a memorial hall in the Lotte World Tower in Jamsil, Seoul. On Monday, Lotte unveiled a bronze bust of Shin and a memorial hall displaying media and historical records of the conglomerate’s history, a replica of Shin’s office in the early days, his old shoes, reading glasses, p

Korean cuisine brand Bibigo and entertainment arm CJ ENM’s genre-specific studios to lead foray into global markets

An instant tteokbokki from Dongwon F&B is on a path to break the 20 billion won ($16.9 million) mark in annual sales by the end of this year, backed by the global popularity of the spicy Korean street food. Sales of “God of Topokki” as of October surpassed 18.5 billion won, the company said. The 10-month figure is a 20 percent increase from total sales generated over all of 2020. A popular Korean snack made with rice cakes and red chili pepper, tteokbokki is often spelled diff

South Korean technology conglomerates are making last-minute preparations ahead of submitting their semiconductor-related data to the US as the deadline approaches, industry insiders said Wednesday. The move is in line with the US Department of Commerce’s request on Sep. 24 for global semiconductor firms to hand over internal data on clients, inventory levels and chipmaking equipment by Nov. 8, so the department can “review” supply-side issues. Shortages of key parts, includin

The number of South Korean companies affiliated with large business groups under tight supervision rose by 52 in the August-October period as conglomerates expanded new businesses, the antitrust regulator said Wednesday. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) watch list reached 2,704, as of end-October, compared with 2,652 three months earlier, according to the commission. Major business groups newly launched or acquired 106 units, while offloading 54 others

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 4.1 percent last month from a year earlier due to a lack of semiconductor parts. Hyundai and Kia sold 108,828 vehicles in the world's most important automobile market in October from 113,489 units a year ago, according to the companies' sales data. Hyundai's US sales fell 1 percent to 56,761 units from 57,395 over the cited period, while Kia's declined 7.2 percent to 52,067 from 56,094.

GC Pharma announced Tuesday that the European Medicines Agency has granted orphan drug designation to its Hunterase ICV, a novel treatment for mucopolysaccharidosis type II, also known as the Hunter syndrome. The designation brings a variety of significant advantages under the EMA’s effort to encourage the development of drugs to treat rare diseases or conditions. GC Pharma said the company will be able to speed up regulatory procedures to market Hunterase ICV in Europe. Hunterase ICV

South Korea’s autonomous driving startup 42dot said Tuesday that it has raised 104 billion won ($88.5 million) in a series A funding. That raised the total investment the firm has secured to date to 153 billion won, the company added. The investors include Hyundai Motor, Shinhan Financial Group, Lotte Rental, Lotte Ventures and several local venture capital firms. 42dot plans to use the funding to accelerate its autonomous driving technologies and beef up human resources. The start