T'way Air, a South Korean low-cost carrier, said Monday it will adopt three A330-300s next year in preemptive efforts to meet the post-coronavirus travel demand. T'way Air has recently signed a letter of intent with European aircraft maker Airbus to lease the A330-300 passenger jets and plans to gradually inject them on the long-haul routes to Australia, Croatia, Singapore and Malaysia, the company said in a statement. T'way Air suspended most of its international routes in March as countries

South Korean drug and biopharmaceutical companies have recorded stellar performances this year despite the coronavirus pandemic, data showed Monday. Nine local pharmaceutical firms struck 14 technology export deals worth 10.15 trillion won ($9.2 billion) this year, up 19 percent from a year earlier, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The surge was attributed to their big investments in developing new drugs and expanding production facilities. Spend

Major brewers keep plugging beers with little to no alcohol. Are they worth trying?

South Korea’s kimchi exports have reached an all-time high this year, government data showed Sunday. According to the Korea Customs Service, overseas sales of kimchi amounted to $131.52 million as of November, surpassing $106 million, recorded for the whole of 2019. By export destination, Japan accounted for 49.3 percent of the shipments, valued at $64.95 million. The US and Hong Kong followed, with $21.04 million and $7 million worth of sales. The largest exporter was Daesang, the

The COVID-19 outbreak shook up the startup scene around the globe. While many suffered, some well-placed companies, like US-based videoconferencing firm Zoom, saw explosive growth because they offered pandemic-friendly solutions. Hwang Jong-duck, who helps foreign startups enter the South Korean market, sees plenty of opportunities for Zoom-like success in Korea as disruptive solutions gain ground in everyday life and spread to a wider range of business sectors. “Firms are now launchi

South Korean food and beverage manufacturer Dongsuh Foods and its holding firm, Dongsuh Companies, made year-end donations worth 550 million won ($500,000), the companies said Sunday. The donations are for the Community Chest of Korea, ChildFund Korea and the Korea Foundation for Women, according to the companies. The money will be spent on basic necessities for low-income families as well as medical care for children from those families. “We have decided to deliver the donation dur

Prolonged crisis pushes even hardcore manufacturing sector to change with the times

S-Oil will make a foray into hydrogen, fuel cell and recycling businesses as part of its strategy to transform into a total energy-to-chemical company by 2030, it said Sunday. CEO Hussain A. Al-Qahtani unveiled the new growth strategy, dubbed “Vision 2030,” detailing the Korean refinery’s response to the global trend of energy transition and carbon neutrality. To keep in line with South Korean government’s plan to curb carbon emissions, the company laid out an invest

Retailers to suffer the most; exporters likely to be spared from restrictions

South Korea’s refinery industry is projected to hemorrhage massive losses of over 5 trillion won ($4.5 billion) this year, but it may be nearing the end of a tunnel with the arrival of COVID-19 vaccines, industry sources and experts said Sunday. As the demand for oil shows no sign of immediate recovery in the fourth quarter of this year, due to the prolonged coronavirus outbreak, four major Korean refineries -- SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank -- are widely expected to

Sell-by date doesn't mean expiry date, but confusion leads to food waste of 1.54 trillion won a year

Chey Tae-won, chairman of South Korea's SK Group, has been named vice president of the Olympic Council of Asia (OCA), the top sports governing body on the continent. "The General Assembly elected a new OCA Vice President to serve as coordinator for the 90 sports federations that take part in the five OCA multi-sport games: Chey Tae-won, Vice President of the Asian Handball Federation and President of the Korea Handball Federation," the OCA said on its website after its general asse

Hyundai Motor Group said Friday it has developed a Korean-English translation app to support smooth communication among its employees in local and overseas offices. Dubbed the H-Translator, the app is based on artificial neural network (ANN) algorithm and is specialized in the automobile industry, the South Korean automaker said. Hyundai explained that it has come to develop the translator to support timely communication and strengthen work efficiency, as the company has been actively recrui

South Korea needs to focus on strengthening its technical competence as the trade war between the US and China and tech decoupling continues, an economic researcher warned Friday. Speaking at an online conference entitled “Next Trend,” associate researcher Yeon Won-ho at the Korea Institute for International Economic Policy said it is hard for South Korean businesses to benefit from the sanctions between the US and China as both countries are focusing on building their domestic indu

Online retailer Coupang is holding a contest of consumer experience stories, with prize money of 25 million won ($23,000) in total. Coupang users with stories to share should submit their entry to its website or on its mobile platform by Dec. 27. The retailer is best known for its next-day Rocket Delivery service. “We prepared this event to communicate with and express our appreciation to the customers,” said the e-commerce giant in a statement. “While this is a tough tim