SEOUL, July 29 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Friday it will resume flights to Rome and Barcelona next month as travel demand grows amid eased virus curbs. It will operate three flights a week on the Incheon-Rome route starting Sept. 1 and three weekly flights on the Incheon-Barcelona [...]
SEOUL, July 29 (Korea Bizwire) — GS Retail Co., a major South Korean retailer, said Thursday it had developed a new blockchain-based product information service called B-Link. B-Link uses blockchain technology to manage information on the production, distribution and consumption of specific products such as foods and manufactured goods. When it comes to agricultural products, [...]
SEOUL, July 28 (Korea Bizwire) — Starbucks Korea offered an apology Thursday over a toxic chemical substance found in its giveaway bags in a move to assuage safety concerns of customers. The move came after a user of an anonymous community app called Blind claimed earlier this month that formaldehyde was found on Starbucks’ “summery [...]
SEOUL, July 28 (Korea Bizwire) — Shinsegae Food, a food business arm of South Korea’s Shinsegae Group, launched its new plant-based canned ham product Thursday as it is pushing to expand its plant-based meat brand to ordinary customers. Shinsegae Food had so far supplied its cold-cut ham business through such channels as Starbucks coffee chain [...]
SEOUL, July 28 (Korea Bizwire) — POSCO and Indonesia’s state-run steelmaker Krakatau agreed on Thursday to spend US$3.5 billion over the next five years on building a second furnace in the Southeast Asian country to meeting growing demand. POSCO and Krakatau already run PT.KRAKATAU-POSCO, their joint venture located in the major industrial city of Cilegon [...]
SEOUL, July 28 (Korea Bizwire) — POSCO Chemical Co. will supply a key electric vehicle (EV) battery component to General Motors Co. for three years starting 2023, in an additional US$10.8 billion deal expected to give a boost to the South Korean firm’s pivot to the battery materials sector. POSCO Chemical will supply high-nickel cathodes [...]
SEOUL, July 27 (Korea Bizwire) – LG Chem Ltd. said Wednesday its second-quarter net income shrank 54.1 percent from a year earlier, dented by higher oil prices, global inflation and China’s COVID-19 lockdowns. Net income came to 718.3 billion won (US$547 million) in the April-June period, compared with 1.56 trillion won the previous year, the [...]
SEOUL, July 27 (Korea Bizwire) — Lotte Chemical Corp., a unit of South Korean retail giant Lotte Group, said Wednesday it is building its first cathode foil production facility in the United States, as it pushes to bolster its battery components business. Lotte Chemical and Lotte Aluminum, another Lotte affiliate, will invest US$254 million in [...]
SEOUL, July 27 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Wednesday it aims to boost annual sales by more than threefold and achieve double-digit operating profit margins in the next five years through active foreign expansion and by securing stable supply. Unveiling the mid-to long-term strategies, the South Korean battery maker said it [...]
WASHINGTON/SEOUL, July 27 (Korea Bizwire) — Chey Tae-won, chairman of South Korea’s SK Group, on Tuesday unveiled an ambitious plan to invest an additional US$22 billion in the United States in a rare meeting with U.S. President Joe Biden. Biden welcomed the announcement, calling it one of the most “significant investments” ever seen in the [...]