The Korea Forest Service announced Wednesday it has signed a memorandum of understanding with the Kyrgyz Republic to enhance cooperation on forestry issues amid the growing impacts of climate change. Kyrgyzstan is grappling with deforestation and forest fires exacerbated by dry weather and overgrazing, highlighting an urgent need for international collaboration. Under the agreement, Korea plans to leverage its forestry expertise to boost joint efforts in forest restoration, seed conservation and

Multinational companies doing business in Korea were thrown into confusion overnight as President Yoon Suk Yeol declared martial law, a drastic decision that was rescinded just six hours later. Most firms swiftly responded by issuing emergency notices, instructing employees to work remotely, while their headquarters closely monitored the situation by directing their Korean teams to report on the potential ramifications. "We stayed up all night monitoring fluctuating exchanges rates," s

Korean Air Co. said Tuesday it will finalize its acquisition of a controlling share in rival Asiana Airlines Inc. next week, completing the merger deal between South Korea's leading carriers that has been sought over the past four years. Korean Air said it will invest 1.5 trillion won ($1.07 billion) in a third-party share issuance by Asiana Airlines on December 11 to acquire about 131.57 million new shares, or a 63.9 percent stake, in the rival carrier. The move is the final step in the

The latest US export controls banning shipments of high-bandwidth memory chips to China are expected to have a limited impact on Korean chipmakers, mainly Samsung Electronics. But the restrictions could result in lost opportunities to acquire new customers, experts said Tuesday. The US Bureau of Industry and Security announced Monday a new set of measures banning the export of critical chips and chip equipment, including HBM, advanced chip packages of stacked DRAM chips. The cutting-edge chips a

Shinhan Financial Group marked the 10th anniversary of its tech startup support program, Shinhan Future's Lab, with a gathering in Seoul on Monday. Chairman Jin Ok-dong hosted an alumni meeting of the decade-long program, under the theme "Run To:gather." Participants shared their experiences and celebrated companies that have successfully partnered with the group and its subsidiaries on Shinhan's digital initiatives through an awards ceremony. Since its launch in 2015, the Fu

Kolmar Korea Vice Chairman Yoon Sang-hyun on Tuesday reaffirmed his company’s dedication to becoming a trusted global partner in the beauty market during a visit by the nation's food and drug safety chief to the company's research complex in Seoul. “We will continue to strengthen our partnerships with independent brands and actively support them to ensure the continuous emergence of K-beauty's iconic brands,” Yoon said, welcoming Minister of Food and Drug Safety

Toss Securities, the brokerage arm of fintech giant Viva Republica, announced Tuesday that its monthly overseas stock trading volume reached a record 30.54 trillion won ($21.75 billion) in November. According to the company, the total monthly trading volume of overseas transactions, combining both sales and purchases, marked a second consecutive monthly increase after reaching 21 trillion won in October. This milestone makes Toss Securities the first Korean brokerage to surpass 30 trillion won i

Luxury cakes have emerged as seasonal highlights in South Korea's hotel industry, appealing to consumers seeking something special for Christmas, but they have drawn criticism as well as praise, thanks to their high prices. On Nov. 25, Hotel Shilla showcased "The Taste of Luxury," a Christmas cake priced at 400,000 won ($285), up 30 percent from the hotel's most expensive Christmas cake last year. According to the hotel, this year’s version has 25 percent more premium w

MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio

The American Chamber of Commerce in Korea hosted a seminar in Seoul on Tuesday to discuss strategies for creating a patient-centered health care ecosystem and fostering medical innovation between Korea and the US. Now in its 15th year, the annual seminar brought together over 150 participants, including government officials, industry leaders and patient advocacy groups, to discuss building a patient-centered “K-Healthcare” environment through public-private collaboration and Korea-US

LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value. The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects. Under the partnership, the three firms plan to jointly promote smart

South Korean battery maker LG Energy Solution Ltd. said Tuesday it has signed a deal with General Motors Co. to develop prismatic battery cells. Under the agreement, the companies will jointly develop prismatic battery cell technology and affiliated battery materials or "chemistries." Once developed, the prismatic battery cells will power GM's future electric vehicles (EVs), LGES said in a statement. Prismatic battery cells feature a flat, rectangular shape with a rigid enclosure,

The United States on Monday announced a new semiconductor export control package against China, including curbs on high-end chips for artificial intelligence that are likely to affect the South Korean industry. The Commerce Department's Bureau of Industry and Security unveiled the package on the Federal Register, including restrictions on exports of high bandwidth memory (HBM) chips. Two South Korean firms -- Samsung Electronics Co. and SK hynix -- and Micron Technology lead the global HBM

Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said. Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives. If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968. "We still have

LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic. Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia's fourt

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b