South Korea marked its first trade surplus in medicines in 2020, backed by gains in drug exports, the government said Sunday. According to data from the Ministry of Food and Drug Safety, the country posted a surplus of 1.39 trillion won ($1.21 billion) in pharmaceutical trade in 2020, which grew 62.5 percent from the year earlier. The export of drugs jumped 92.3 percent to 7.93 trillion won, taking up 79.6 percent of all outbound shipments, the ministry explained. It was the first time th

Kakao Mobility is expanding into the on-call chauffeur service market by buying into the field’s No. 1 player, Korea Drive, the company said Sunday. According to Kakao Mobility, the mobility service affiliate of Kakao Group, its subsidiary CMNP has acquired an undisclosed amount of shares in Korea Drive. It has established a new company called K Drive to take over Korea Drive’s 1577 Chauffeur business. Kakao Mobility Chief Financial Officer Lee Chang-min will head K Drive. Whi

South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms sai

The South Korean government on Wednesday gave the go-ahead for a pilot project to transfer leftover power from electric car batteries to power grids, under a “regulatory sandbox” scheme. According to the Industry Ministry, local electricity provider Busan-JungKwan Energy submitted the vehicle-to-grid project via the Korea Chamber of Commerce and Industry’s sandbox support center. The regulatory sandbox measure, introduced in 2019, seeks to foster new business opportunities

Posco will build a nickel refinery plant to produce high-purity nickel for high-volume secondary batteries, the company said Wednesday. The Korean steelmaker will be plowing about 230 billion won ($199 million) into building the plant, to be built on the premises of its main steel mill in Gwangyang, South Jeolla Province, near where its affiliate company SNNC is located. 　 SNNC is a nickel supplier, jointly operated by Posco and SMSP, the largest nickel ore exporter on the French Pacific isl

Once, getting a 60-second spot on prime-time TV was seen as the key to success for retailers. Now in the era of social media, companies don’t need TV for exposure. They can even create 10-minute videos and drama series and air them on YouTube and other platforms. At the forefront of this new trend is CU, a leading convenience store chain here. Its self-produced entertainment show, “CUperman” has garnered an accumulated 2 million views via its YouTube channel, Facebook an

After HAAH Automotive Holdings, a US-based automobile distributor, confirmed its intention to acquire SsangYong Motor, eyes are on whether the American firm, which just gave up on its Chinese car business with a bankruptcy filing, will be able to close the deal to salvage the financially troubled automaker in Korea. Speaking to a US media outlet, the founder and chief executive officer of HAAH Automotive, Duke Hale, revealed that it has established a new company, Cardinal One Motors, which wi

Mercedes-Benz Korea is expanding its business beyond cars and car-related items on the back of strong sales: with accessories. The Korean branch of the German automaker currently sells some 4,000 branded accessories and about 1,000 “collection items” made in collaboration with other companies at 41 stores and online. The products are diverse and not limited to car-related uses, such as wallets and clothes. Sales of the accessories have shown steady growth since 2014, Mercedes-B

Hyundai Motor Group’s Honorary Chairman Chung Mong-Koo became the first Korean to be officially inducted into the international Automotive Hall of Fame, the automotive giant said Friday. His son, Chung Euisun, who is the incumbent chairman of the group, received the trophy and delivered a speech on behalf of his father at the ceremony for 2020 and 2021 inductees, held at the ICON Convention Center in Detroit, the United States on Thursday, the company said. “Honorary Chairman Ch

Hyundai Motor and Kia Motors under Hyundai Motor Group posted all-time high sales in the second quarter this year amid rapidly recovering demand for cars after the COVID-19 outbreak. In a regulatory filing, Hyundai Motor said it raked in 30.3 trillion won ($26.36 billion) in sales in the second quarter of this year, a 38.7 percent jump from the same period last year. The operating profit reached 1.88 trillion won, increasing 219.5 percent on-year, according to the automaker. It is the first

South Korea’s leading steelmaker Posco saw its best-ever performance in the second quarter this year, the company announced Thursday, surpassing the 2 trillion won ($1.7 billion) mark in quarterly operating profit for the first time since the company opened up earnings to public in 2006. Posco and its affiliates posted a combined operating profit of 2.2 trillion won in the second quarter this year, achieving a whopping 1,212.2 percent on-year increase. The combined sales stood at 18.3 t

Posco, South Korea’s biggest steelmaker, celebrated its achievements in the three years since it declared “corporate citizenship” as a guiding business principle, and vowed to strengthen its commitments to environment, social, and governance issues on Wednesday. Holding a celebratory symposium in Pohang, North Gyeongsang Province, where its main steel plant is located, Posco Chairman Choi Jeong-woo explained how Posco has made an achievement of contributing to establishing a

Hyundai Mobis developed a brainwave detection device to alert motor vehicle operators against drowsy driving or sudden health issues, the auto parts developer said Wednesday. According to Hyundai Mobis, it completed development of M.Brain, a brainwave measuring technology that monitors and analyzes the driver’s brainwaves in real time, with earpiece sensors. While health care technologies measuring various biosignals are being developed by many others in the automotive industry, Hyund

South Korean food company Lotte Foods is expanding the exports of its canned ham products with a goal of doubling the profit from ham exports this year, the company said Tuesday. Lotte Foods said it achieved $9.4 million from exporting a total of 1,111 tons of canned ham in 2020 -- accounting for almost half of the country’s total ham exports at 2,249 tons in the year. As of June this year, the company had exported 921 tons of its canned ham products, accounting for 51 percent of the

As the subscription economy is expanding its scope into the automotive industry, Renault Samsung Motors’ Mobilize offers easy traveling for those planning to embark on a summer break, the automaker said Tuesday. Unlike other car rental programs, Mobilize, which is Renault Samsung’s monthly car subscription service, does not charge by mileage, and comes without an early termination fee, the automaker said. Renault Samsung said Mobilize subscribers can use its major vehicle lineup

Korea Consumer Agency Vice President Jang Deok-jin has been appointed as the 16th president of the consumer agency, the Fair Trade Commission announced Monday. After passing the 31st state examination for administrative officials, Jang served for the FTC as head of the Seoul regional office, director general of planning and coordination, director general of the consumer policy bureau and as a standing commissioner. In March 2019, Jang was appointed as vice president of the consumer agency.

Posco is partnering with Doosan Heavy Industries & Construction to develop ammonia hydrogen extraction technology, as well as gas turbines that use the hydrogen as fuel, the company said Monday. The country’s leading steelmaker said it signed a memorandum of understanding with Doosan Heavy Industries & Construction and the Research Institute of Industrial Science & Technology, in a ceremony held online Monday. Ammonia is a compound of hydrogen and nitrogen. Using ammonia a

Emart24 is introducing an artificial intelligence-based alcohol vending machine that would support its fully unmanned operation of convenience stores, the company said Sunday. Installed at its store headquarters in Seongdong-gu in Seoul, the machine looks like a drink refrigerator and requires customers to scan a QR code issued from a mobile app to verify their age before making purchases. Payment is only deducted after the customer takes out the alcoholic beverage from the fridge and close

Starting with the Wrangler 4xe, Jeep will bring at least one electrified vehicle annually in South Korea from this year onward, the brand’s chief executive officer said, expressing determination to meet their goal for a carbon-free future. Holding a media roundtable Wednesday, Christian Meunier touted the auto company’s record sales in four countries -- South Korea, Japan, Australia and India -- and said it plans to introduce more electrified vehicles into the markets. The press e

Hyundai Motor unveiled its high-performance Avante N on Wednesday, expanding its N product lineup to present how the motorsports experience can be enjoyed in daily driving. The Avante N has been redesigned from the entry-level sedan Avante, released in April 2020, to a sports car that can be used in daily commutes and travels. Introduced under the name Elantra N for the global market, the new vehicle made its debut on the global stage in a YouTube video uploaded Wednesday morning, showing of