Kim Bo-hyun, the new CEO of Daewoo Engineering & Construction, pledged to focus on maximizing profits and reducing risks amid uncertain economic conditions during his inauguration ceremony, the company said Wednesday. "We should come together to build a robust company amid the challenges faced by the construction industry," Kim said in his inaugural speech at the ceremony, held at the company's Seoul headquarters on Tuesday. He detailed a blueprint targeting a net income of

LG Electronics CEO Cho Joo-wan urged employees on Wednesday to embrace a mindset of "preparing for the worst and hoping for the best" to navigate a new year marked by uncertainties. During the year-end talk with employees, dubbed "CEO Fun Talk," Cho shared detailed insights into anticipated changes in the global business environment for 2025, amid intensifying global competition and supply chain issues. "A crisis is a combination of risk and opportunity. In times of cris

Lee Dong-suk, head of domestic sales and chief strategic officer at Hyundai Motor Group, has called on employees to push for record-breaking year-end production despite business disruptions, the company said Wednesday. “The most pressing issue is that (both international and domestic uncertainties) are raising concerns among global investors and customers. These factors are likely to impact us directly, leading to fears of hurting (the company’s) sales volume and a diminishing corpor

Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat

Korean food and beverage manufacturer Dongsuh Foods said Wednesday that it is expanding efforts to give back to local communities through cultural initiatives in music and literature. Since 2008, Dongsuh Foods has hosted the Dongsuh Coffee Classic, an annual free concert series aimed at fostering cultural development and community engagement. Touring cities nationwide, the event partners with local orchestras and musicians, attracting over 18,000 attendees to date, according to Dongsuh. This yea

Korean lender Woori Bank announced Wednesday that its Indonesian subsidiary has signed a memorandum of understanding to provide financial support for PT Krakatau Posco, the Indonesian joint venture of Korea’s steel giant Posco. With plans to offer $200 million in funding, Bank Woori Saudara will support PT Krakatau Posco in areas such as operating funds, supply chain financing, exchange rate hedging and employee loans. Posco is expected to enhance its cost efficiency and maintain financial

Trade Minister Cheong In-kyo on Wednesday emphasized the importance of a robust multilateral trading system to support the country's strong exports and stable supply chains amid growing global uncertainties, including the launch of a new US administration. Cheong made the remark during a virtual meeting with government officials, where participants discussed ways to address trade uncertainties through methods beyond bilateral agreements, according to the Ministry of Trade, Industry and Ener

South Korea's industry ministry said Wednesday the country plans to implement eased regulations for hydrogen charging stations next year in line with efforts to support the sector's ecosystem. The set of new rules is reflected in the revised high-pressure gas safety control act, which will be implemented in May, focusing on lowering barriers for building new hydrogen charging stations, according to the Ministry of Trade, Industry and Energy. Under the updated guideline, the required sa

The government on Wednesday unveiled a series of measures to stimulate corporate investment in key industries, aiming to address concerns that recent political turmoil could have long-term negative effects on the economy. The plan was introduced during a meeting chaired by Finance Minister Choi Sang-mok and attended by other economy-related ministers, amid rising concerns following the recent declaration of martial law and the impeachment of President Yoon Suk Yeol. "The breakthrough for ov

South Korea's economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday. According to the data from the Bank of Korea, Asia's fourth-largest economy expanded at an average 6.9 percent per year from 1954 to last year under the new base year of 2020, up from a 6.8 percent advance under the previous base year of 2015. The data also showed that the nominal gross domestic product (GDP) stoo

South Korea's industry ministry on Wednesday unveiled a blueprint for government investment in energy research and development projects to maintain a stable power supply using carbon-free sources. The energy technology development plan, effective through 2033, is expected to generate an economic effect of 59 trillion won ($41 billion), according to the Ministry of Trade, Industry and Energy. Under the blueprint, the country aims to achieve a technological self-sufficiency rate of 90 percent

Seoul shares started higher Wednesday as investors were paying attention to the results of the Federal Reserve's rate decision meeting. The benchmark Korea Composite Stock Price Index (Kospi) added 16.43 points, or 0.67 percent, to 2,473.24 in the first 15 minutes of trading. Overnight, Wall Street closed lower as investors awaited the Fed's rate decision. The US central bank is widely expected to make its third consecutive rate cut on Wednesday. In Seoul, most big-cap shares gained gr

The food safety ministry said Tuesday worker error is suspected to have caused the recent mixing of cleaning solution in some Maeil Dairies Co.'s milk products, requesting a one-month business suspension on the company's plant responsible for the incident. Last Thursday, some employees at an unidentified company reported stomach pain and other symptoms after consuming Maeil Dairies' 200 milliliter sterilized milk product, prompting an investigation by the Ministry of Food and

The political turmoil following President Yoon Suk Yeol's ill-fated martial law declaration could negatively impact the labor market, according to a report by a state-run think tank. The Korea Labor Institute said that employment for 2025 is expected to increase by less than 100,000 compared to this year, in its report submitted to Rep. Kim Hyun-jung of the main opposition Democratic Party of Korea. This is significantly less than the institute's previous estimate of 120,000, which it

Seoul shares dipped nearly 1.3 percent Tuesday on big losses by tech and battery shares sparked by a media report on the incoming Trump administration's push for roll back tax credits for the electric vehicle industry. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 32.16 points, or 1.29 percent, to close at 2,456.81. Trade volume was moderate at 547.9 million shares worth 9.03 trillion won ($6.3 billion), with losers surpassing winners

Innocean, a South Korean marketing communications agency under Hyundai Motor Group, announced Tuesday that it has signed a memorandum of understanding with Joopiter, the digital auction platform founded by musician and designer Pharrell Williams, to pursue new business opportunities and expand their presence in Asia. The signing ceremony, held earlier this month at Joopiter’s New York headquarters, brought together Innocean CEO William Lee and Joopiter CEO John Auerbach. The two leaders ag

Hyundai Mobis, the automotive parts maker affiliated with Hyundai Motor Group, said Tuesday that it is ready to commercialize a new battery cell cooler material expected to boost electric vehicle charging efficiency and safety. The material, called “Pulsating Heat Pipe,” consists of aluminum alloy tubes filled with refrigerants. In the battery module assembly, the tubes, located between battery cells, cool down the heat, especially during fast charging. With the breakthrough in batte

The political turmoil surrounding President Yoon Suk Yeol has begun to subside since the National Assembly passed the motion to impeach him on Saturday, but the uncertainty in state leadership continues to weigh on the country’s sovereign credit rating. Shortly after the fiasco caused by Yoon’s martial law declaration earlier this month, three major global credit appraisers -- Moody's Ratings, Fitch Ratings and S&P Global Ratings -- warned that prolonged political instabilit

Celltrion Group has launched a new contract development and manufacturing organization, Celltrion BioSolutions, signaling its strategic ambition to position CDMO services as the group’s next growth engine beyond its core biosimilar business. "We will start contract research and development services from 2025, with the facility construction set to start by the first half. By 2030, we aim to record 1.5 trillion won ($1.04 billion) in CDMO business," Chairman Seo Jung-jin said durin

Karrot, the go-to app for buying and selling secondhand items, is increasingly becoming a hub for forging friendships, particularly among foreigners seeking language exchange opportunities in South Korea. In Seoul's Yongsan-gu on Tuesday, a search for “Korean friends” revealed several postings reflecting a growing trend of cross-cultural connections on the app, which is South Korea's largest community marketplace platform. One user, identified as "chamhug," wrot