Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, Friday estimated a 46.7 percent on-year drop in operating profit last year, mainly due to suspended operations in typhoon-hit steel manufacturing plants in Pohang The firm's annual operating profit fell to 4.9 trillion won ($3.9 billion) from 9.2 trillion won in 2021. Posco Holdings noted the temporary closing of manufact...

South Korean builder Daewoo E&C said Friday it opened an education school to train experts in welding and scaffolding, as part of its social outreach project. The center launched training programs for welding and scaffolding, the two skills that are large in demand in Nigeria, Daewoo E&C said. The welding program began on Jan. 11, and it aims to foster 100 welders in six seasons, with each seaso...

South Korea's top steelmaker Posco said Thursday it completed the restoration of its typhoon-hit steel manufacturing plants in Pohang, North Gyeongsang Province. According to Posco, all of its 17 steel manufacturing plants, which are responsible for more than one-third of Posco’s some 13.5 million metric tons of steel products produced annually, will go into full operation starting Friday. Posc...

By Lee Young SMEs and Startups Minister With rapid growth led by large conglomerates, South Korea was able to be the world’s 10th largest economy. But now, startups are becoming another growth engine for the country, backed by the SMEs and Startups Ministry paving a powerful avenue for growing and developing high-potential firms. Fifty percent of Korean products that received the Innovation Aw...

Food and bakery giant SPC Group said Thursday that it has opened the first Paris Baguette store in Malaysia on a 264-square-meter site at the Pavilion Kuala Lumpur, the capital’s biggest shopping center in the heart of the major commercial district of Bukit Bintang. The latest store opening comes six months after a joint venture -- Berjaya Paris Baguette Sdn. Bhd. -- was launched in partnership w...

Because the metaverse space was hyper-realistic and interesting, some of the online visitors came to see the real artwork once again offline in Miami, according to Gallery Stan CEO Song In-ji. Artists Sambypen and Mawz also appreciated the digital twin technology for having no time and space restrictions, as well as the advantage of having another creative shelf online. “I decided to participate...

South Korea’s imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier. The value of the country’s coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea’s yearly coffee imports have exceeded $1 billion. Last ...

The top 100 Korean companies in terms of sales invested a total of 5.44 trillion won ($4.3 billion) in environmental and safety efforts in 2021, the Federation of Korean Industries said Wednesday. The FKI analyzed the firms' environmental, social and corporate governance, or ESG, efforts based on the companies' own reports. The 100 firms' combined investment of 5.44 trillion won marked a 87.6 p...

In winter, odors coming from coats and mufflers often don’t disappear, especially after meals in an enclosed space. Winter clothing comes from fabric made of porous fibers, therefore being kept in a state where odor-causing gas molecules are absorbed due to high moisture. Indoor ventilation is also difficult in winter, so odor molecules brought in from outdoors can linger and affect sofas and be...

Apple's earlier-than-expected adoption prompts speculation among rivals, suppliers

LS Cable & System, South Korea's top wire and cable maker, is revving up efforts to target the North American market for high-speed charging cables. The company said Wednesday it recently received the American UL Safety Certification for its high-speed electric vehicle charging cable. In Korea, high-speed EV chargers that supply over 400 kilowatts are required to use rapid liquid cooling cables...

Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for ...

Hyundai Motor Co. on Wednesday launched the all-new Kona subcompact SUV in the domestic market, while planning to introduce its electrified version in the second quarter of this year. Hyundai Motor aims to sell 37,000 units of the new Kona -- the first fully revamped model in five years -- this year. The second-generation Kona comes with a 1.6-liter gasoline turbocharged, a 2.0-liter gasoline o...

South Korea's air traffic rose 16 percent in 2022 from a year earlier on unleashed pent-up demand for travel amid eased COVID-19 virus curbs, the transport ministry said Wednesday. Airlines, domestic and foreign, made a total of 539,788 flights over South Korea last year, up from 465,469 flights a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. The ministry sai...

Banking giant's Asia research head predicts end of rate hikes in Korea, urges central bank to focus more on boosting economy