Posco International said Wednesday that it has partnered with the Korea Institute of Startup & Entrepreneurship Development to support small and midsized ventures and startup companies in entering overseas markets. Posco International and the institute held an online conference on the day to offer business consultations to 25 startup companies in fields including artificial intelligence, smart cities and the environment, the company said. From the business experience and global networks

Hanwha Q Cells has become the world’s first solar module manufacturer to pass international product testing institute TUV Rheinland’s new Quality Controlled PV certification. TUV Rheinland’s QCPV certification is an extended stress test program based on International Electrotechnical Commission technical standards. Compared to the IEC’s certification, which only conducts a short-term credibility test on solar modules, the QCPV certification comprises three stages: shor

Samsung Electronics Co. was the second-largest smartphone vendor in the African smartphone market in the third quarter of the year, a report showed Wednesday, as the South Korean tech giant tries to expand its presence against Chinese competitors. Samsung accounted for 20 percent of the African smartphone market in the July-September period in terms of units, down from a 24 percent share a year ago, according to market researcher International Data Corp. (IDC). China's Transsion continued its

Korean Air’s president has said there would be no layoffs as a result of its takeover of Asiana Airlines. Woo Kee-hong, the airline’s president, said during a press briefing on Wednesday that most staff at both airlines would stay despite the takeover as Korean Air had “no plans to reduce supply.” His remarks come one day after a court ruling cleared the first legal hurdle for the acquisition. The share price of Asiana, which had been on the rise since the announcement

Nearly two-thirds of South Koreans are hoping to travel to another country next year, according to a new survey by e-commerce platform TMon Inc. Among those 1,800 surveyed over a five-day period last month, 64 percent said they wanted to travel abroad in 2021, of which 57 percent said they will do so after getting vaccinated against COVID-19. Over half of respondents said they wanted to go on holiday with family and spend at least five days traveling. The findings come as reports of a breakth

South Korea on Wednesday officially expressed its intention to host its first World Expo in the southeastern port city of Busan in 2030. South Korea made the announcement in a virtual meeting held by the Bureau International des Expositions (BIE), which oversees the event, according to the Ministry of Trade, Industry and Energy. South Korea will hand in its application to the BIE next year. “This will become an opportunity for us to show the world that we can set examples in not only s

An accelerator for tech startups operated by Naver Inc., South Korea's largest internet portal operator, said Wednesday it has made new investments in two promising tech startups. Naver's D2 Startup Factory, also known as D2SF, said it has selected the two startups -- Techtaka Co. and Medibloc Co. -- that provide innovative technology in the logistics and health care sectors, respectively. "Logistics and medical sectors require expertise and a meaningful change is impossible without under

Hyosung is ramping up its investment in spandex in Brazil to capture rising demand for stretchable fiber used for comfortable clothing amid COVID-19 pandemic. Hyosung is the world’s largest spandex manufacturer with its brand Creora, with a 32 percent market share. Hyosung T&C, a fiber production unit of Hyosung Group, said Wednesday it would invest 40 billion won (about $36 million) by December next year to increase the production volume of its spandex plant by 10,000 metric tons i

Amid high uncertainty, current CEOs retain positions while key affiliates see new chiefs

LG Chem‘s non-alcoholic steatohepatitis treatment pipeline TT-01025 has been approved to carry out a clinical phase 1 trial by the US Food and Drug Administration, LG Chem announced Wednesday. The phase 1 trial will be conducted by PPD’s clinical research unit in Las Vegas, with LG Chem‘s Manfred Stapff as the lead researcher. TT-01025 is a pipeline LG Chem licensed in from Chinese biotech TransThera Biosciences in August. LG Chem has exclusive rights to develop and commerci

Mezoo, Medipixel, Vuno selected for collaboration, overseas advances

Automaker aims to sell over 1 million battery electric vehicles worldwide by 2025

Hyundai Motor Co. said Wednesday its vehicle sales in the United States fell 9 percent last month from a year earlier on lower demand amid the COVID-19 pandemic. Hyundai Motor sold 55,171 vehicles in the US in November, down from 60,601 units in the same period of last year, the company said in a statement. The monthly sales declined as "there were three fewer selling days and one less selling weekend" last month amid COVID-19 challenges, it said. "We've never had a better pr

Changes in No. of workers

Large South Korean companies' social contributions fell nearly 10 percent in the first nine months of the year amid a coronavirus-caused economic downturn, a corporate tracker said Wednesday. Out of the country's top 500 firms by sales, 247 business concerns contributed a combined 1.13 trillion won ($1.02 billion) to social activities during the January-September period, down 9 percent from a year ago, according to CEO Score, which tracks corporate management. The decrease was ascribed to grea