South Korean conglomerates Hyundai Motor Group and LG Group made donations to assist flood victims amid continuing heavy rainfall, the groups said Sunday. Hyundai Motor pledged 2 billion won ($1.68 million) to benefit flood victims and repair damage. The nation’s biggest carmaker will provide the funds to the Hope Bridge Korea Disaster Relief Association on Monday while also offering free vehicle maintenance checkups for association staff providing laundry services and daily necessities

HDC Hyundai Development Co. has agreed to face-to-face negotiations with Kumho Industrial to prevent the rupture of the deal to acquire Asiana Airlines, according to a statement released by HDC on Sunday. In the statement, the construction company said it will try its best to accept the terms put forward by Kumho for the meeting between the CEOs of both companies, such as the location and time, to keep the acquisition process going as smoothly as possible. HDC also reaffirmed its stance that

LG U+ on Sunday unveiled a 5G solution that can control up to 50 self-driving forklift trucks simultaneously. According to the South Korean telecommunications company, it has signed a memorandum of understanding with global forklift maker Clark Material Handling Asia, Chinese logistics solutions company Mushiny and domestic measurement solutions firm KN to develop a 5G-based unmanned forklift that can work without the help of a professional operator. “This is a solution that allows t

LG Electronics said Sunday it is expanding its robot business to the hotel industry by introducing a delivery robot. Two delivery robots are in a pilot phase at Mayfield Hotel in northwestern Seoul this month, which will deliver food from an indoor kitchen to an outdoor terrace and carry back dishes to the kitchen. It is the first time the tech giant is unveiling a robot that is capable of driving on its own in an outdoor environment. After testing the outdoor robot at Mayfield, the comp

Retail prices of leafy vegetables would rise further this week due to damaged farms, difficulty in delivery as heavy downpours continue

Chicken or beef? Airline meals seek ways to rebrand amid pandemic

Creditors of embattled Asiana Airlines Co. are drawing up a set of countermeasures against the potential rupture of a deal to sell the country's No. 2 carrier, as local property developer Hyundai Development Co. is leaning toward withdrawing from the 2.5 trillion-won ($2.1 billion) deal, industry sources said Sunday. The state-run Korea Development Bank (KDB) last week warned that HDC should proceed with the deal to buy Asiana Airlines, rejecting HDC's request for another round of due diligenc

Demand for premium kicks in Korea grows prominent as more platform businesses facilitate trading

Hanjin KAL Corp. said Friday it will spend 53.6 billion won (US$45.2 million) to buy new shares to be issued by its low-cost carrier Jin Air Co. Earlier in the day, the board of directors of Hanjin KAL, the parent of Jin Air, decided on the purchase of Jin Air's 7.36 million new shares, Hanjin KAL said in a regulatory filing. After the purchase slated to take place in November this year, Hanjin KAL's stake of Jin Air will be lowered to 56.38 percent from the current 60 percent, Hanjin KAL

Hanwha Q Cells, a leading solar power solutions provider, said Friday that it will buy US energy software company Geli to further its standing in the industry. The energy business arm of Hanwha Solutions said it plans to acquire a 100 percent stake in the American company, with the entire deal to be completed within the year. The process involves getting the go-ahead from the Committee on Foreign Investment in the United States, the company said. Geli, also referred to as Growing Energy Labs,

Korean telecom giant KT said Friday its operating profit increased by 18.6 percent though its sales dropped during the same period in the second quarter this year. Operating income of KT in the second quarter reached 207.6 billion won ($175 million), compared to 203 billion won last year, according to a regulatory filing Friday. Sales of KT during the same period dropped 3.6 percent to 5.8 trillion won, the regulatory filing also showed. Improved earnings from business-to-business units he

　Genexine‘s COVID-19 treatment candidate GX-17 was given the Korean drug authority’s grant to proceed to phase 1 human trials, Friday. 　GX-17 is a protein drug recombining human IL-7 and hybrid Fc (hyFc) that the company had been developing as an anti-cancer treatment. It is a T-Cell growth factor that proliferates a patient‘s immune cells, by which it slows the progression of an illness and hastens recovery. 　With the addition of GX-17, South Korea now has 13 treatment resea

Daewoong Pharmaceutical on Friday accused the US’ International Trade Commission’s decision to put a 10-year sales ban on its botulinum toxin product of “lacking evidence” and being “biased and distorted.” Daewoong said it has filed a detailed complaint to the USITC for its “significant errors.” Daewoong has been enwrapped in legal battles in Korea and in the US against Medytox for nearly five years over an alleged theft of trade secrets by a for

Celltrion posted a record-setting second quarter report on Friday, citing Truxima’s rapid market uptake in the US and increased productivity at its reinforced plant No. 1 in Songdo, Incheon. Celltrion’s second quarter revenue reached 428.8 billion won ($361.7 million), up 82.5 percent on-year, and operating profit hit 181.8 billion won, up 118 percent on-year. Both are the highest numbers Celltrion has reported in any quarter. The company is confident it has ample power to generate

Korea’s third-largest mobile carrier LG U+ said the company’s operating profit in the second quarter increased by 59.2 percent on-year, the fastest growth rate for three consecutive quarters among local mobile carriers. In the meantime, quarterly sales for LG U+ went up by 5.1 percent on-year to reach 3.2 trillion won ($2.7 billion) during the April-June period, the company added. Since the fourth quarter last year, quarterly operating profit for LG U+ has increased by 75 percent,