The official Starbucks Korea mobile application was hacked on Monday, resulting in the theft of approximately 8 million won ($6,300) from the in-app cards of some 90 customers. A recent post from someone on an online forum alleged that unauthorized payments worth a total of 2.8 million won were made in one day via their Starbucks app in 11 separate transactions, both online and in-store. "A payment of 300,000 won was made online from my account linked to the Starbucks app, then an additiona

Consumer July 14, 2023

Hunetplus, a next-generation semiconductor and display materials company, said Thursday that it has successfully developed a deposition mask for OLED display panel fabrication using organic and inorganic hybrid materials. Conventional deposition masks used in OLED displays, also known as fine metal masks, are metallic plates that deposit light-emitting organic materials to an accurate location on a substrate during the OLED display manufacturing process. By doing so, they ensure the precise depo

Technology July 13, 2023

South Korean battery materials company EcoPro said Thursday it will invest 2 trillion won ($1.6 billion) in an industrial complex in Pohang, North Gyeongsang Province, to boost an ecosystem for developing cathode materials for rechargeable batteries. The company signed a memorandum of understanding with the city and provincial governments. The 2 trillion-won funding is the city’s largest-ever single deal secured. Under the agreement, EcoPro plans to invest 2 trillion won over a period of f

Industry July 13, 2023

Bacardi Korea, the leading rum brand in South Korea, will be launching its "Do What Moves You" (DWMY) campaign in collaboration with artists Toil and Skinny Brown from record label Daytona Entertainment. Marking the third DWMY campaign in Korea, this year’s campaign is targeted at the younger MZ audience -- an acronym for millennial and Generation Z -- who strive to express themselves confidently and unapologetically without being swayed by others' opinions. The campaign wil

Consumer July 12, 2023

Posco Holdings has set a goal of achieving 62 trillion won ($48 billion) in sales of secondary battery materials by 2030 by expanding its raw material production capacity, it said Tuesday. During its Posco Group Secondary Battery Materials Business Value Day, the firm announced the new goal, which is a 51 percent increase compared to the announced target last year of 41 trillion won. The raw materials it plans to expand production include lithium and nickel as well as next-generation, cathode an

Industry July 11, 2023

Some 200 experts from the biofuel, petroleum refinery and automaking industries gathered to attend the 2023 International Green Fuels Symposium on Tuesday to evaluate sustainable fuel market trends and examine related policies in the country. Under the theme “The Role of Green Fuels in Realizing 2050 Carbon Neutrality," the event was hosted by the Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council. Lawmakers, government officials and ac

Industry July 11, 2023

Coway has once again been recognized as one of South Korea’s best brands, marking a ninth consecutive year, by leading global brand consultancy Interbrand. "We are committed to developing innovative products and services to enhance daily convenience by leveraging our technological capabilities and expertise," the company said. "As a global life solutions company with goals to expand beyond Korea, we will continue to enhance our brand value." Every year, Interbrand condu

Industry July 9, 2023

Yun Seog-dae, CEO of Korea Water Resources Corp., also known as K-water, has been named the fourth chairman of the Asia Water Council during the council’s general meeting held in Hwaseong, Gyeonggi Province, last week. He will serve his three-year term until 2026. "I am very honored to be elected chairman of AWC, a representative joint water platform in Asia. I understand the great responsibility that comes with being elected at a time when we face the major challenge of solving globa

Industry July 9, 2023

Although various business models such as the business-to-consumer, or B2C, model have consistently trended in South Korea, they are not always an attractive choice for foreign investors for several reasons, such as the limited size of the domestic market, competition in logistics management and decreased profitability. As these issues are becoming widely recognized, there have been efforts from companies to revamp existing B2C platforms into global B2B, or business-to-business, platforms. As the

Industry July 6, 2023

SK Bioscience said Wednesday it has signed a business agreement with a state-owned pharmaceutical company in Thailand to boost vaccine production and vaccine development infrastructure in the Southeast Asian country. Under the agreement, SK Bioscience and Thailand's Government Pharmaceutical Organization will cooperate in the long term to strengthen Thailand’s response system against new pandemics and localize the country’s vaccine manufacturing capabilities. These efforts will

Industry July 5, 2023

The Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council are set to co-host the 2023 International Green Fuels Symposium on July 11 at the Four Seasons Hotel in Jongno-gu, Seoul. Sponsored by the South Korean Ministry of Land, Infrastructure, and Transport, the Ministry of Environment, and the Korea Biofuels Forum, this year’s theme is “The Role of Green Fuels in Realizing 2050 Carbon Neutrality”. The event will explore recent global

Industry July 4, 2023

Hana Financial Group said Monday it is working together with Binus University, a prestigious private university in Indonesia, to foster global talent in the financial sector. Under the partnership agreement signed in Seoul on Friday, Hana Financial Group will provide opportunities for Indonesian university students to work as interns at Hana offices starting in the second half of this year. Binus University plans to operate the International Talent Pool Management program, which provides credits

Economy July 3, 2023

South Korea and Spain are teaming up to conduct joint research on smart manufacturing and future mobility as part of their agreement signed last year to bolster technology ties, according to the Korea Institute for the Advancement of Technology, an institution affiliated with the Ministry of Trade, Industry and Energy, on Sunday. In November last year, the two countries set up an industrial technology partnership committee and discussed possible areas for collaboration. As a follow-up to the agr

Technology July 3, 2023

SK Group’s pharmaceutical arm, SK Biopharmaceuticals, said Friday that it has decided to acquire a 60 percent stake, or 40 million shares, in US biotech company Proteovant Therapeutics for 62 billion won ($47 million). This deal size is equivalent to 19.6 percent of the Korean company’s total equity capital. Established in New York in 2021, Proteovant Sciences is a 60:40 joint venture between Swiss biotech company Roivant Sciences and SK Group. SK Biopharmaceuticals expects that the

Industry June 30, 2023

Hyundai Steel has renewed its commitment to achieving its carbon neutrality goal by launching its own low-carbon steel brand, HyECOsteel, the first of its kind in the nation’s steel industry. The steelmaker said Thursday it will be ramping up marketing activities targeting automotive and shipbuilding industries around the world where calls are growing for eco-friendly efforts. The renewed marketing push comes after the company unveiled in April its carbon neutrality road map to reduce carb

Industry June 29, 2023