An appeals court on Friday cleared Hur Young-in, founder and chair of South Korean bakery giant SPC Group, of tax evasion charges, bringing an end to the year-long legal dispute. The Seoul High Court upheld a lower court ruling that found the SPC chief not guilty of breach of trust. Hur faced allegations of instructing group affiliates Paris Croissant and Shany to sell stocks of Mildawon, another SPC company producing flour, to SPC Samlip at lower prices in December 2012 that, according to prose

HS Hyosung Advanced Materials said Friday that it will present new products from its advanced carbon fiber brand, Tansome, at the Composites and Advanced Materials Expo 2024, the largest composites exhibition in the US, which runs from Monday to Thursday. The exhibition is hosted by the leading composites industry associations, the Society for the Advancement of Material and Process Engineering and the American Composites Manufacturers Association. At the event, HS Hyosung Advanced Materials pla

The International World in Korea said Wednesday that its president, Kim Ah-sol, visited the kingdom of Bhutan at the invitation of the Korea-Bhutan Friendship Association, a nonprofit organization authorized by Bhutan's Ministry of Foreign Affairs to promote cultural exchanges between the two nations. Kim's visit was part of the 2024 Bhutan ESG Forum Tour, hosted by the Korea-Bhutan Friendship Association, from Aug. 27 to Monday. On the second day of the tour, Kim visited the National

Golfzon, Korea's leading screen golf operator, said Wednesday that it launched its new City Golf hybrid indoor course in Tianjin, China. This new platform offers an 18-hole golf experience by merging virtual screen golf with actual greens, under the motto "a premium golf course that can be enjoyed in cities." City Golf allows players to tee up and approach shots on a screen, after which the screen opens to enable play on real greens. Depending on the hole, players can also make ap

South Korean biosimilar giant Celltrion announced Wednesday that Steqeyma, the company's biosimilar referencing Stelara, has been approved in the UK, following earlier approvals by Korea, Canada and the European Commission this year. According to the company, Steqeyma has received approval from the UK's Medicines and Healthcare Products Regulatory Agency for its uses in all indications of reference product Stelara, including psoriatic arthritis, Crohn's disease and ulcerative coli

Posco International, the trading and energy arm of Posco Group, announced Tuesday that it has signed a $40 million contract with Australian mining company Black Rock Mining to secure natural graphite, a key material for secondary batteries. The signing event was held on the sidelines of the joint annual meeting between the Australia-Korea Business Council and the Korea-Australia Business Council in Perth, Australia, Tuesday. The event was attended by Korea’s Trade Minister Cheong In-kyo, A

South Korean e-commerce giant Coupang announced Tuesday that it will recruit more than 10,000 new personnel as part of its initiative to expand logistics facilities across the nation. This decision follows the company's March announcement of its plan to invest over 3 trillion won ($2.23 billion) in expanding its logistics operations, primarily focused on fulfillment centers, to enhance its one-day delivery service nationwide. The new fulfillment centers in Daejeon and Gwangju, expected to b

Posco Group Chairman Chang In-hwa, who also serves as the head of the Korea-Australia Business Council, emphasized the need to strengthen economic relations between South Korea and Australia, particularly in the areas of natural resources, eco-friendly materials and infrastructure. “South Korea and Australia have been collaborating to pioneer future green development, which includes advancing eco-friendly materials and infrastructure beyond traditional resource cooperation in minerals and

Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Corp., expressed his hopes for the South Korean government to join in strengthening cooperation with Mongolia. “In Daewoo’s latest success in a bid for a nuclear power plant in the Czech Republic, the South Korean President and the Trade Minster were actively engaged on multiple occasions,” said Jung during a special networking event held in Ulaanbaatar, Mongolia, on Aug. 26. "I w

Industry Minister Ahn Duk-geun called the US “the most important ally and rival” to South Korea on Thursday while introducing the government's key initiatives to bolster US-Korea trade and investment at a conference hosted by the American Chamber of Commerce in Korea. “Korea is establishing a stable investment environment by implementing various regulations, such as the Korea-US Free Trade Agreement, and expanding our global network,” Ahn stated, noting the country&#

Posco said Thursday that it has introduced a lightweight steel takeoff and landing pad, specifically designed for vertiports on buildings. This new vertiport landing pad is constructed from a foam deck formed by thinly shaped steel plates, making it over 60 percent lighter than traditional landing pads while still offering superior rigidity, corrosion resistance and usability, according to the company. In June, Posco's landing pad underwent rigorous testing during Lotte E&C's urban

Korean Air is significantly increasing its investment in a younger, safer and more passenger-friendly fleet, reflecting the carrier's commitment to enhancing its services and providing travelers a broader range of options. According to recent Transport Ministry data, the average age of Korean Air’s fleet is 11 years and four months, making it the youngest among the top five airlines in the country. This achievement is part of the airline's ongoing strategy to introduce new aircra

South Korean discount chain Homeplus said Monday it saw a significant sales increase during it latest promotional event, which featured discounts on meat, vegetables and fruit, targeting peak demand in the summer vacation season. The event, which ran from July 25 to Aug. 11, resulted in growth across both physical stores and online. According to the company, sales at Homeplus' five major branches surged by over 50 percent, with some branches seeing sales increases of up to 90 percent. Meanw

The Embassy of Tajikistan in South Korea announced Monday that it hosted a special event dedicated to celebrating Tajikistan Cultural Day, while strengthening cultural exchanges between the two nations. The event also marked the publication of the Korean edition of "Tajiks in the Mirror of History: From Aryans to Samanids," a book authored by Tajikistan President Emomali Rahmon. Rahmon’s book reportedly offers an in-depth exploration of the history and cultural development of the

South Korea's subway operators are raising billions of won by selling station co-naming rights to corporations, allowing them to place their names alongside the well-known station names, to make up for substantial operating losses. Seoul Metro, the operator of Subway Line Nos. 1 through 9 within the capital, announced Aug. 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a biddin

The average purchase amount per customer at duty-free shops in South Korea has in the first seven months of this year reached the lowest level in five years, largely due to shifting trends among Chinese tourists and losing their appeal to domestic customers, data showed on Sunday. According to data compiled by the Korean Duty-Free Shop Association, total sales of domestic duty-free companies reached 7.39 trillion won ($5.45 billion) in the first half of the year, up 13.6 percent from 6.5 trillio

South Korea has seen a rise in food exports to India in recent years, capitalizing on the growing popularity of Korean culture and foods, which also aligns with the efforts of Korean food companies to expand their presence there, drawn to the country's large population and growth in income levels. According to data compiled by the Korea Agro-Fisheries & Food Trade Corp., or aT, Korean food exports to India -- including agricultural produce, food additives, convenience foods, and both al

Protesters affected by the liquidity crisis at e-commerce platforms Tmon and WeMakePrice gather in front of Tmon’s headquarters in southern Seoul on Tuesday, holding black umbrellas with protest slogans. The demonstrators, including sellers and buyers who have not received payments or refunds from the cash-strapped Korean affiliates of Singapore's Qoo10 platform, argue that the government's emergency measures to address the issue are insufficient. For the sellers alone, the delay

South Korean food giant CJ CheilJedang said Monday that its Bibigo booth, set up at the Korea House during the Paris Olympics, lured both Korean food enthusiasts and potential business partners during the 18-day run. The Bibigo products showcased at the booth included a range of Korean dishes and snacks, such as tteokbokki, "jumukbap" (stuffed rice balls), corn dogs, and mandu. The company also offered on-site cooking classes for making "gimbap," or seaweed rice rolls, which

South Korean food giant Ottogi said Friday it will change its English name to Otoki to make the brand more recognizable to international consumers. "We decided to pursue this rebranding to clarify the company's identity for global consumers while introducing a modernized symbol that feels more approachable. This will resolve confusion surrounding the pronunciation of our English name," said a company official. As a part of the rebranding initiative, its mascot received a face-lift