Shin Yu-yeol, the only son of Lotte Group Chairman Shin Dong-bin, joined Lotte Japan earlier this year, the group confirmed on Wednesday. His educational and career path resembles his father’s corporate journey. Shin went to Keio University, got a management degree from Columbia University and previously worked at Nomura Singapore. His father also began his career at Nomura London when he was 25 and moved to Lotte International in Japan when he was 32. He graduated from Aoyama Gakuin

South Korean telecommunications firm KT announced Wednesday that the company has teamed up with Posco and Mystech to develop smart urban street furniture. Under the partnership signed Wednesday, the three Korean firms plan to introduce its smart street furniture system to smart cities that the local governments will introduce down the road. In the development phase, KT will provide its Internet of Things technologies. Posco will offer its steel materials, while local street furniture maker M

GM introduced Wednesday the brand‘s first super truck, Hummer EV, developed to forge new paths with zero emissions. It will be the first fully electric addition to GMC’s lineup, GM said, adding that it would be driven by next-generation propulsion technology that enables advanced off-road capability, on-road performance and an immersive driving experience. GMC is a division of GM that primarily focuses on trucks and utility vehicles. “This innovative truck comes to the mar

Samsung Biologics Co. on Wednesday reported its third-quarter net profit of 56.1 billion won ($49.5 million), up 27 percent from a year earlier. The company said in a regulatory filing that operating income for the July-September period rose 139.5 percent on-year to 56.5 billion won. Sales increased 48.6 percent to 274.6 billion won. (Yonhap)

SPC Group said Wednesday it will open a Shake Shack location in Galleria Timeworld in Daejeon in November. The Shake Shack store planned to launch in Daejeon is the third outlet for the burger chain to be opened outside the Greater Seoul area that includes Incheon and Gyeonggi Province, SPC said. A fence installed around the Shake Shack store at Galleria Timeworld department store is decorated with colorful graffiti art depicting people dining in the burger house by Junk House, SPC said. The

SK Engineering & Construction said Wednesday it has teamed up with US platform-as-a-service company Veea to develop and operate a Smart Safety Platform, a service designed to protect staff on construction sites. The safety management system collects and analyzes big data with regards to industrial disasters and sends information to supervisors and construction workers via portable devices, the construction company said. The move will see SK E&C bypass technical difficulties surrounding

Online forums operated by Naver Corp., South Korea's largest portal operator, had the most cases of COVID-19-related fake news censored among popular websites here, a lawmaker said Wednesday. The country took action in 47 cases on Naver's online forums out of a total of 196 cases of pandemic-related fake news it censored this year, according to Rep. Jo Seoung-lae of the ruling Democratic Party, citing data from the country's censorship body, the Korea Communications Standards Commission (KCSC).

Posco International said Wednesday it would partner with Seoul Techno Holdings to foster startups with global potential. The trading firm signed a business agreement with the tech firm of Seoul National University in Seoul to help local startups advance into the global market. The event was attended by Posco International CEO Joo Si-bo and Seoul Techno Holdings President Mok Seung-hwan. With this agreement, the two will build a win-win model to promote overseas expansion of startups with ex

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday it has won approval for its design for its upgraded floating liquefied natural gas (LNG) facility from ABS, a US ship quality assurance and risk management company. The approval in principle for Daewoo Shipbuilder's design for the LNG offshore facility by the US firm allows the shipbuilder to seek orders for the facility, the company said. Daewoo Shipbuilding has pushed for the project under the cooperation with ABS since June 201

Amid COVID-19 pandemic, official Mercedes-Benz dealer continues outreach online

LG Electronics Inc. on Wednesday unveiled an eye skin care device in South Korea as the company tries to expand its presence in the beauty and health care sector amid the pandemic-driven stay-at-home trend. Preorders for LG Pra.L EyeCare will run until Oct. 29 with a price tag of 599,000 won ($530), according to the company. It is the eighth product launched under LG's beauty appliance brand PRA.L., whose lineup includes an LED face mask and a hair growth helmet. The eyewear device is desi

Average 5G download speed in major countries

As the business appetite for cloud and remote work services grows amid the pandemic, South Korean telecom operators are expanding artificial intelligence (AI) services to help companies cope with the shift to new technologies. While the country's three major carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- have traditionally focused on AI services for subscribers, such as virtual assistants, they have recently targeted corporate clients to help them deal with growing network issues su

Jeju Air Co., South Korea's biggest low-cost carrier, on Wednesday resumed flights to the Chinese city of Harbin to meet travel demand from businessmen and students. Jeju Air will offer one flight a week on the Incheon-Harbin route from Wednesday after suspending the route for more than seven months amid the new coronavirus pandemic, the company said in a statement. The budget carrier has suspended most of its 76 international routes since March as countries strengthened entry restrictions to

Hyundai Motor Co., South Korea's biggest carmaker, on Tuesday launched the upgraded G70 sedan under its independent Genesis brand in the domestic market to boost sales amid the COVID-19 pandemic. The facelifted G70 comes with a 2.0-liter gasoline turbocharged engine, a 2.2 diesel engine or a 3.3 gasoline turbocharged engine, the company said in a statement. The upgraded version of the first-generation G70 underwent major design changes and features a wide and deep crest grille, quad headlamps