Cafe24 said on Wednesday that 35,836 new direct-to-consumer online stores were launched through its e-commerce platform, its highest figure in five years. The latest data means that store launchings during the quarter experienced a near 40 percent year-on-year increase, which comes down to over 10,000 new stores opening each month. September recorded the biggest growth during the quarter with 11,545 new stores joining the platform, a 50.34 percent jump from 3,866 in the same period last year.

Competition heats up as bidding begins for mega solar power project

GS Caltex said Wednesday it signed an investment agreement with a Vietnamese car wash startup to expand its auto repair and lubricants businesses in the Southeast Asian country. According to the South Korean refiner, it will invest 39 billion dong ($1.6 million) to acquire a 16.7 percent stake in VI Automotive Service, a parent company of VietWash. VietWash is a Ho Chi Minh City-based car wash startup that operates some 50 car wash centers in Vietnam. It also runs car wash centers at some 2

Celebrating Founder‘s Day, McDonald’s Korea Managing Director Antoni Martinez expressed appreciation and encouragement to employees on Wednesday. McDonald‘s Founder’s Day is held in October annually, to celebrate the birthday of its founder Ray Kroc, who was born on Oct. 5, 1902. The anniversary is globally celebrated by the burger chain’s branches across the world. To carry on the customer- and store-centered business management spirit of the founder, chi

Posco said Wednesday that it has partnered with ExxonMobil, a US-based oil and gas company, to expand into the liquefied natural gas industry with the high-manganese steel it has developed. According to the South Korean steelmaker, the two companies agreed to have their research institutes -- ExxonMobil Research and Engineering, ExxonMobil Upstream Research and the Posco Research Institute -- work together to further develop high-manganese steel technologies and work toward the application of

Preorders for the second batch of Sony Corp.'s next-generation gaming console, the PlayStation 5 (PS5), sold out in just an hour in South Korea, industry insiders said Wednesday. As of 2 p.m., all major retailers here said they have closed preorder reservations for the PS5. Eleven local online shopping malls and offline stores started to accept preorders for the gaming console from noon. Preorders for the first batch of the PS5 also sold out quickly here on Sept. 18. The PS5 is the successo

Winia Daewoo announced on Wednesday that the company has renamed itself Winia Electronics as part of its strategy to reinforce its business at home and abroad. Winia Daewoo is the home appliance unit of Daeyu Winia Group, which was launched in 2018 as the result of Daeyu’s acquisition of Dongbu Daewoo Electronics. The company provides mid-range home appliances, including refrigerators, air conditioners and electronic rice cookers. The rebranding comes after the overseas trademark li

Posco International said Wednesday it has supported local parts manufacturers struggling from the pandemic. The nation’s largest trading company said it recently provided 1 billion won ($861,000) in export growth funds to Hanmea Adm, a steel parts manufacturer that produces aluminum products to reduce car weight, in cooperation with the Export-Import Bank of Korea. The funding is the result of the firm’s business partnership with Eximbank and Seoul Guarantee Insurance in May to bu

Samsung Electronics Co. said Wednesday its new wristband will be launched in South Korea this week as the tech firm tries to boost sales of wearable devices. The Galaxy Fit2 will hit local shelves Thursday with a price tag of 49,500 won ($42), according to the company. The Fit2 wristband, which was unveiled last month, can automatically track up to five different types of activities and provides fitness information, such as calories burned, heart rate and distance. It also monitors and analyze

EV battery deployment and market share in Jan-Aug period

Functional gene-encoding stem cells and mass-production of exosomes as future treatments for neurodegenerative diseases

The US Air Force has postponed its plan to rent four to eight T-50A advanced trainer jets manufactured by Korea Aerospace Industries due to the ongoing coronavirus outbreak in the US, according to industry sources on Tuesday. The Air Force is currently reviewing a plan to rent T-50A jets until its new T-7A Red Hawks arrive from Boeing. The Air Force aims to rent the jets from Hillwood Aviation after the US-based contractor purchases the aircraft from KAI. Though the Air Force was set to offi

Firms to target Korea’s burgeoning console, cloud gaming market

Audi said Tuesday that it is starting a global brand campaign to transform its corporate identity, emphasizing sustainable and digital premium mobility. With the slogan “The future is an attitude,” the automaker said it seeks to show the automotive industry how to realize an electric, digitalized and emotional future. “By refining our brand strategy we give a contemporary definition to ‘Vorsprung (to lead)’ and make ourselves ready for the future -- for a new auto

Green Cross Medical Science Corporation, the diagnostics kits affiliate of GC, signed a $19 million deal to export diagnostic devices that will simultaneously and separately detect COVID-19 and influenza. GCMS will provide Polish company Handprod with $11 million worth of blood sugar measurement devices and glycated hemoglobin evaluation systems; and provide Swiss firm Medysis with $8 million worth of a combined diagnosis kits for COVID-19 and influenza, as well as an immunofluorescence antigen