Oct 22, 2019   Industry

KT begins recruiting process for next CEO

　South Korea’s telecom giant KT has kicked off the process for choosing a new chief. 　The company’s governance structure committee on Wednesday started accepting applications for the successor of current KT CEO Hwang Chang-kyu. The process is expected to be completed early next month.  　The new KT chief will be appointed in December by the company’s 11-member board of directors, the committee said. The appointment will be ratified at the shareholders meeting in March next

Oct 22, 2019   Industry

Korea vows to build 250 more hydrogen stations by 2022

Up to 250 hydrogen charging stations will be built across Korean cities and highways by 2022 to provide drivers access to hydrogen charging within 30 minutes of wherever they are, the government said Tuesday. According to the government’s hydrogen infra establishment measure, jointly mapped out by the industry, transport and environment ministries, up to 190 hydrogen charging stations for vehicles and 60 charging stations for buses will be built over the next three years.  By 204

Oct 22, 2019   Industry

FTC chief warns conglomerates of unfair intra-trading deals

‘Global tech firms, such as Apple, Google, Facebook and Amazon, may create entry barriers’

Oct 22, 2019   Industry

Young coders to compete at Nexon challenge

South Korea’s game company Nexon will host the fourth annual Nexon Youth Programming Challenge on Saturday. The event, designed to nurture the next generation of programmers in Korea, gives coding problems for students to solve using any programming languages among Python, Java, C#, C++ and C. Some 4,300 youths aged between 12 and 19 have taken part in the online preliminary contest, of whom the top 80 were selected to enter in the final round this week.  “We hope the young stud

Oct 22, 2019   Industry

Trailblazing game engine expands its reach

Unity rebrands itself as real-time 3D engine

Oct 21, 2019   Industry

Samsung starts selling Galaxy Fold in Korea

 　Samsung Electronics began selling its first foldable smartphone, the Galaxy Fold, to Korean consumers Monday, aiming to boost its popularity ahead of the expected release of the iPhone 11 later this week. 　With a 2,398,000 won ($2,042) price tag, the Galaxy Fold can be purchased at retail centers from Samsung and local mobile carriers. Consumers can also order the smartphone online through the Samsung website.　While the coveted foldable smartphones hit the local market last month, they we

Oct 21, 2019   Industry

Aekyung, Stonebridge Capital join hands for Asiana bid

Retail-to-flight conglomerate Aekyung Group said Monday that it has joined hands with home-grown equity fund Stonebridge Capital to form a consortium to acquire Asiana Airlines.The two firms participated in the initial bid separately and were shortlisted to buying a controlling 31 percent stake in the country’s second-largest full-service carrier.Aekyung said in a statement that the partnership with Stonebridge Capital is based on its “firm determination” to acquire Asiana, as

Oct 21, 2019   Industry

Pharmacists support wholesalers’ demand for ranitidine recall reimbursement

A South Korean pharmacists’ association on Monday sided with drug wholesalers demanding 3 percent reimbursement for costs incurred in the aftermath of a recall on ranitidine. Ranitidine is a drug used to treat ulcers of the stomach and intestine. In September, the US Food and Drug Agency found that the drug contained a carcinogenic substance called N-Nitrosodimethylamine (NDMA). The most popular ranitidine drug, GSK’s Zantac, was pulled from shelves, as were its many generic versions

Oct 21, 2019   Industry

LG Chem becomes first Korean battery company to join RMI

LG Chem announced Monday it has become the first South Korean battery manufacturer to join the Responsible Minerals Initiative.RMI is a global association established in 2008 that monitors the ethical sourcing of minerals -- such as gold, tin, tantalum and tungsten -- mined in conflict regions. It also keeps an eye on the sustainable mining of cobalt, an indispensable raw material for batteries used for smartphones and electric vehicles.LG Chem said it joined the RMI to transparently source the

Oct 21, 2019   Industry

Shinsegae appoints ex-retail consultant as E-mart CEO

Korean retail conglomerate Shinsegae Group has appointed former Bain & Company consultant Kang Heui-seok as new chief of discount chain E-mart, in an earlier-than-expected company reshuffle.Kang joined Bain & Company in 2005 and was promoted to partner in 2014 to oversee the consumer product and retail projects. Before joining Bain & Company, he worked at the Ministry of Agriculture, Food and Rural Affairs, dealing with agro-economic policy since 1994.  “The latest reshuff

Oct 21, 2019   Industry

South Korea’s ICT exports skid for 11th month

South Korea’s information communications technology exports have declined for 11 straight months due mainly to a slowdown in demand for memory chips, data showed on Monday. According to the Trade Ministry, Korea’s ICT exports stood at $15.8 billion in September, down 22 percent from the same period last year. The on-year decline has continued for 11 consecutive months since November last year. The shipment of chips last month stood at $8.5 billion, a 31.5 percent drop on-year. D

Oct 20, 2019   Industry

Female leaders gather to inspire daughters to take charge

Egon Zehnder hosts annual Leaders & Daughters event in Seoul

Oct 20, 2019   Industry

[Foreign Execs in Korea] Planting safety culture at Hyundai Steel

US safety expert joins steelmaker’s leadership to create ‘zero harm’ workplace; cites corporate hierarchy as hurdle for open communication

Oct 19, 2019   Industry

S. Korean beauty retailers vying to secure customers amid Sephora's debut

South Korean big-name beauty retailers are set to vye for a lion's share in the country's already saturated market, as the global heavyweight, Sephora, is set to open its first outlet in the country next week, industry sources said Saturday.Sephora will be coming to Parnas Mall in the posh district of Gangnam in southern Seoul next Thursday, Sephora Korea said. Spread across 547 square feet, the store will feature hundreds of cosmetics, skin care, body and fragrance brands, along with its own pr