SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s cosmetics industry is stepping up efforts to promote the circular economy, including the reduction of plastic packaging and the recycling of resources. The Korea Cosmetic Association, L’Oreal Korea, AmorePacific Corp., Aekyung Industrial Co. and LG Household & Health Care Ltd. jointly declared the ‘2030 cosmetics plastic initiative’ [...]
SEOUL, Jan. 28 (Korea Bizwire) — Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, has added air cargo to its business portfolio, establishing a strategic base of operations in Germany. The company announced on Wednesday that it recently opened a branch for a new air freight forwarding division at Frankfurt Airport. This move [...]
SEOUL, Jan. 27 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Wednesday it posted a record revenue in 2020 on strong battery sales, vowing to expand its battery unit’s production capacity to meet growing demand for electric vehicle (EV) batteries. Its annual sales rose 9.9 percent to 30.6 trillion won (US$278.6 [...]
SEOUL, Jan. 27 (Korea Bizwire) — LG Electronics Inc. is collaborating with Qualcomm Technologies Inc. for the development of 5G automotive platforms, its senior executive has said, as the South Korean tech giant tries to expand its presence in the automotive business for future growth. Qualcomm, the No. 1 semiconductor supplier in telematics and wireless [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s national pension fund earned nearly 58 trillion won (US$52.6 billion) from stock investments in 2020 thanks to the bullish stock market, data showed Wednesday. As of Friday, the National Pension Service (NPS) held 181.3 trillion won worth of shares in 275 companies, of which it owns 5 [...]
SEOUL, Jan. 27 (Korea Bizwire) — The results of a recent study suggest that microwave-processed red ginseng can prevent the spread of cancer cells. A joint research team from the Korea Institute of Science and Technology and the Asan Medical Center announced on Tuesday the development of a new red ginseng processing technology that uses [...]
SEOUL, Jan. 26 (Korea Bizwire) — Last year’s transactions of fuel cell electricity showed a dramatic increase over 2019, driven by the expansion of the hydrogen economy. The Electric Power Statistics Information System (EPSIS) reported the country’s total capacity of fuel cell electricity production last year was 605 megawatts (MW), up by 30.4 percent since [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korea said Tuesday it will invest nearly 28 billion won (US$25.3 million) in research and development (R&D) projects for eco-friendly automobiles and self-driving technologies in line with the country’s green energy drive. The country plans to allocate 13.4 billion won for research projects for electric vehicles and hydrogen [...]
SEOUL, Jan. 25 (Korea Bizwire) — A Seoul court has allowed the import of lifesize dolls, saying such sex toys for personal use do not corrupt public morals. According to the Seoul Administrative Court on Monday, it has recently overturned a decision by Gimpo International Airport’s customs office to block the import of a mannequin. [...]
SEOUL, Jan. 25 (Korea Bizwire) — Sales of Samsung Electronics Co’s new smartphone line, the Galaxy S21, are expected to reach 2.4 million units this year in South Korea, a report showed Monday, as the tech giant tries to expand its presence against Apple Inc.’s iPhone 12. Galaxy S21 sales are estimated to be 40 [...]