South Korean builder Daewoo Engineering & Construction announced Tuesday that Kim Bo-hyun, the current executive vice president, is set to take on the role of CEO at the upcoming board meeting scheduled for December. Kim, born in 1966, is a retired South Korean Air Force brigadier general and former fighter pilot. He joined Daewoo in 2021 as the head of the acquisition team during Jungheung Group’s takeover of the company. After a year as an adviser, he took on the role of executive vi

Companies Nov. 5, 2024

Hyosung Heavy Industries said Monday it has signed a contract with Denmark's leading offshore wind company, Orsted, to supply high-voltage electrical equipment, further strengthening its presence in the European transformer market. Under this agreement, Hyosung will deliver 400 kilovolts of high-voltage transformers and reactors to Orsted by 2027, which will be used for the Hornsea 4 project, an offshore wind farm planned for 2.4-gigawatt capacity off the coast of Yorkshire in northern Engl

Companies Nov. 4, 2024

South Korean bakery giant SPC Group said Monday that it has shared its overseas business know-how and advanced baking techniques with a delegation of Mongolian government and business officials during their stay in Seoul. The delegation of some 10 people visited SPC’s premium bakery cafe, Passion5, in Itaewon, central Seoul, on Friday, during which they were given an in-depth overview of SPC’s overseas strategy and expansion plans. The company said it shared essential strategies it a

Companies Nov. 4, 2024

GUMI, North Gyeongsang Province -- In front of the modest Gumi Station building on Friday, the streets bustled with crowds enjoying ramyeon, despite the rainy weather. Claiming to be "the longest ramyeon restaurant in the world," the 475-meter long strip occupied by the event zone featured 24 booths offering an array of ramyeon-based dishes prepared by chefs from local establishments, including snack bars, bistros, and food trucks. In a seating area accommodating up to 960 people, visi

Industry Nov. 3, 2024

South Korean cosmetics giant Amorepacific said Thursday that its third-quarter operating profits nearly doubled, driven by strong overseas sales and improved operational efficiency in the domestic market. According to a regulatory filing, Amorepacific posted revenue of 1.07 trillion won ($775 million) and an operating profit of 75 billion won in the third quarter of 2024, up 11 percent and 160 percent, respectively, year-over-year. The company attributed this growth largely to its global rebal

Companies Oct. 31, 2024

HDC Hyundai Development Company, a leading South Korean real estate developer, said Thursday it has recently seen progress in its ongoing efforts for sustainable growth. HDC recently received an “A” rating in environmental, social and governance management from the Korea ESG Standards Institute, the highest rating in the construction sector. This improvement marks a one-grade increase from the previous year. Key advancements in governance included appointing a female outside director

Companies Oct. 31, 2024

Juliette Biao, director of the United Nations Forum on Forests Secretariat, describes South Korea’s forest policy as a global model of successful reforestation and sustainable forest management, achieved through a balance of scientific methods and community-based efforts. “Korea’s forest policy is one of the great examples of success in conservation, reforestation, and sustainable management. Since the mid-20th century, the country has transformed degraded landscapes into well-

Industry Oct. 31, 2024

Korea Ginseng Corp., best known for its JungKwanJang brand, said Wednesday it has launched a new red ginseng-based health functional product lineup for blood sugar management. The products, under the new brand GLPro, include GLPro Core and GLPro Double Cut. Both products incorporate KGC’s proprietary red ginseng ingredient, KGC05pg, which has been officially recognized by the Ministry of Food and Drug Safety for its effectiveness in helping to regulate blood sugar levels. KGC explains that

Companies Oct. 30, 2024

LG Chem, South Korea’s leading chemicals company, is ramping up its automotive adhesives business as the rising market for electronic components in vehicles is expected to fuel demand. On Wednesday, LG Chem announced it had secured a deal to supply its heat-dissipating adhesives to a US-based electric vehicle company. The client’s name was not immediately disclosed due to confidentiality reasons. The heat-dissipating adhesive is used to bond battery cells within modules and packs. Wi

Companies Oct. 30, 2024

The American Chamber of Commerce in Korea hosted a seminar on Tuesday in Seoul, partnering with the Korea International Trade Association to explore key business opportunities and challenges associated with expanding into the US market. Now in its sixth year, the annual seminar focused on providing essential insights and practical strategies for Korean companies aiming to establish or expand their presence in the US, with particular emphasis on US market trends and key implications of the 2024 U

Industry Oct. 29, 2024

South Korean steelmaker Posco Group said Tuesday it plans to establish a comprehensive steel manufacturing facility in India in partnership with Indian steel giant JSW Group. The facility will incorporate core processes -- ironmaking, steelmaking and rolling -- aiming for an annual production capacity of 5 million tons. Odisha, located on India’s eastern coast, is currently being considered as the site for the facility, with plans for future capacity expansion, the company said. The joint

Companies Oct. 29, 2024

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

Industry Oct. 28, 2024

Upon receiving an affogato order, the three-jointed arm of barista robot Porty readies the portafilter and locks it into the coffee grinder. After extracting a fresh shot from the espresso machine, Porty pours it over a cup of ice cream, prepared by fellow robot, Mixie. When there are no visitors, the duo reportedly spend their time dancing to the cafe's background music. Mixie and Porty are the only servers at Better Than Yours, a fully automated cafe in Seongsu, eastern Seoul. Together,

Industry Oct. 25, 2024

Daewoo Engineering & Construction Chairman Jung Won-ju met with former Indonesian President Joko Widodo to explore new business ventures in the country, the company said Tuesday. The meeting took place at the presidential palace, Istana Merdeka, in Jakarta on Friday -- the last day of Widodo's term. During the meeting, Jung expressed appreciation for Widodo’s presidency which has enabled Indonesia to achieve steady economic growth through development policies related to social i

Companies Oct. 22, 2024

Hanjin Logistics, an affiliate of South Korean airline-to-logistics conglomerate Hanjin Group, said Monday that it is strengthening its logistics business in Eurasia, with a particular focus on Uzbekistan. According to the company, Hanjin Logistics CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho visited Uzbekistan from Oct. 13 to Tuesday as part of their overseas management initiative. This time, the visit aimed to assess logistics conditions and strengthen relationships with

Companies Oct. 21, 2024