GS Group said Tuesday it has donated 1 billion won to the Community Chest of Korea to help victims affected by the recent heavy downpour in South Korea. “We hope the donation will support those who suffered from heavy monsoon rains,” a company official said. “The group will continue its relief efforts.” GS Group affiliates have been separately joining relief efforts to support recovery efforts. GS Caltex last month delivered 100 million won worth relief kits to a l

LG U+, a South Korean telecommunications firm, said Tuesday that the company has commercialized the world‘s first 5G-based augmented reality glass solutions. The wearable device named LG U+ Real Glass is supported by smart glasses provided by mixed-reality product developer Nreal and chipmaker Qualcomm, according to the telecom firm. The glasses, which are to be connected to users‘ smartphone via USB, can project a display as wide as 254 centimeters. Users can project multiple ap

Korean CDMO to claim 30% of world’s biologics manufacturing capacity

The business sentiment of small and micro businesses in South Korea improved in the second quarter, although it remained lower than the pre-pandemic level. A survey conducted by the Korea Federation of Credit Guarantee Foundations showed Monday that the business survey index covering 2,183 small businesses reached 47.4, up 30.7 points from the first quarter. An index above 100 means more are optimistic. The BSI in the first quarter plunged to 16.7 from 57.7 in the fourth quarter of 2019 due

Indian carmaker Mahindra & Mahindra Ltd. will give up its status as the biggest shareholder of SsangYong Motor Co. if it finds a new investor, the South Korean company said Monday.    Mahindra's board of directors recently agreed to lower the company's 74.65 percent stake in SsangYong Motor to below 50 percent if an investor comes up for the cash-strapped automaker, a SsangYong spokesman said over the phone. Mahindra Managing Director Pawan Goenka made the remark during a

An appellate court on Monday acquitted Lee Sang-hoon, former chairman of Samsung Electronics Co.'s board of directors, of disrupting union activities at a Samsung affiliate in violation of labor laws, overturning a jail sentence by a lower court. Lee and 31 other former and incumbent Samsung executives and officials were indicted in 2018 on charges of leading and engaging in group-wide efforts to neutralize the labor union at Samsung Electronics Service, a customer service affiliate, by gather

South Korea’s No. 1 food wrapping company expands presence globally

Mountainside solar farms emerge as main culprit for triggering landslides amid downpour, despite some doubts　

Medytox on Monday released a file containing the full text of the US International Trade Commission’s initial determination against Daewoong in a trade dispute between the two South Korean pharmaceutical companies. The document is 274 pages long, and Medytox said it would allow individual readers to make their own judgments about the case. Daewoong said last week that the ITC’s decision was groundless. Medytox and Daewoong are embroiled in a high-profile battle over the former&rsq

SK Innovation will become the world's first battery maker to commercialize nickel cobalt manganese (NCM) batteries that contain 90 percent nickel, according to industry sources Monday. The South Korean battery maker will supply lithium-ion batteries that contain 90 percent nickel, 5 percent cobalt and 5 percent manganese inside cathodes to Ford F-150 electric pickup trucks set for release in 2023, they said. “SK Innovation is ready to mass-produce NCM 9-1/2-1/2 batteries (or “N

Expectations are running high for the groundbreaking for Samsung  Electronics’ third memory plant in Pyeongtaek, Gyeonggi Province, amid continuing uncertainties due to the protracted COVID-19 pandemic. According to news reports on Monday, Samsung seems to be preparing to break ground for the so-called “P3” line in Pyeongtaek, which will be even larger than the existing P1 and P2 lines. Samsung had invested over 30 trillion won ($25.29 billion) in each of the two. So

HMM said Monday it has secured stable business for Spain’s container terminal Total Terminal International Algeciras through strategic partnership with French shipping company CMA CGM. The South Korean shipping firm said it has signed a contract to sell a 50 percent stake in Algeciras container terminal to CMA CGM. HMM still maintains its status as the largest shareholder by holding 25 million plus one shares through a special purpose company. Through the contract, HMM can secure pr

Seoul’s main bourse Kospi broke its daily record for the four consecutive day from Tuesday through Friday last week, raising expectations it may exceed the 2,400-point mark soon. According to data by Korea Exchange, the benchmark index on Friday closed at 2,351.67, rising 9.06 points, or 0.39 percent, from the previous day. The closing price marked the highest in one year and 10 months. On Aug. 27 2018, the index stood at 2,355.43. During Friday’s trading, the Kospi even reach

　Sales of mobile games here soared to a record high in the first half of the year amid the coronavirus pandemic that has largely confined people to their homes, industry data showed. 　Combined sales of three app markets - Google’s Play Store for Android devices, Apple’s App Store for iPhones and ONE - stood at 2.83 trillion won ($2.37 billion) in the January-June period, up 1.3 times from a year earlier, according to data from mobile big data platform IGAWorks. 　The figure also

The South Korean government said Sunday it plans to recalibrate its subsidy program for electric vehicles as almost half of the grants in the January-June period were for premium Tesla brands. The Ministry of Environment is poised to revise the current calculation system for EV subsidies by October after discussions with municipalities, related experts and concerning associations. High-end EV brands are expected to be removed after consultations, as Tesla alone devoured 43 percent of total 2