Convenience store chain GS25 to operate 1,000 stores in Viet Nam by 2027

SEOUL -- The operator of South Korea's convenience store franchise GS25 aims to increase the number of its stores in Viet Nam to 1,000 by 2027 from the current 518. Along with Vietnamese snacks, the iconic South Korean convenience store chain is selling various South Korean food including Korean-style fried chicken and Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. GS Retail, the operator of GS25, made a foray into the Vietnamese convenience sto

January 8, 2024

[CES2024] Chinese tech firms return to CES despite US-Sino trade dispute

LAS VEGAS -- Chinese tech firms will swarm the Consumer Electronics Show, the world's biggest annual electronics exhibition held in Las Vegas. Despite the enduring trade dispute between Beijing and Washington, the robust participation by Chinese firms sends a clear signal that in the private sector, firms strive to distance themselves from governments embroiled in the trade war. In January 2023, when most countries had not yet opened their borders to prevent COVID-19 and Chine

January 8, 2024

US drugmaker Rhythm Pharmaceuticals to acquire LG Chem's anti-obesity drug technology

SEOUL -- Rhythm Pharmaceuticals, a Boston-based biopharmaceutical company, has agreed to acquire technology for LB54640, an anti-obesity drug candidate developed by South Korea's major chemical company LG Chem. A second-stage clinical study is under way in the United States. Rare obesity mainly occurs due to an abnormal function of the melanocortin-4 receptor (MC4R), a gene that sends a satiety signal. The disease typically manifests in childhood, and patients with the cond

January 5, 2024

UN predicts S. Korea's economic growth rate to be 2.4% in 2024

SEOUL -- A report released by the United Nations showed that South Korea’s economic growth is projected to grow at 2.4 percent in 2024. The figure is higher than the growth forecast for the country's gross domestic product for 2023 which stood at 1.4 percent. According to the UN report titled "World Economic Situation and Prospects 2024," South Korea's economic growth would increase to 2.4 percent this year thanks to the recovery in private investment in 20

January 5, 2024

S. Korea to set up logistics center in Viet Nam's key manufacturing province

SEOUL -- The South Korean government has established a private-administrative joint venture in a bid to establish a mega logistics center in Viet Nam's southern province of Dong Nai. The region located west of Ho Chi Minh City is one of Viet Nam's key manufacturing powerhouses. Dong Nai Province has some key industrial characteristics that make the region an important area in Viet Nam's map of manufacturing. Cat Lai Port, Viet Nam's biggest maritime gateway, is loc

January 4, 2024

[CES2024] LG Electronics and Magna develop integrated platform for autonomous driving

SEOUL -- Through a collaboration that was kick-started in January 2023, South Korean electronics giant LG Electronics and global mobility technology company Magna have succeeded in the development of an integrated autonomous vehicle platform, the South Korean tech giant said. The two companies showcased their proof of concept for their in-vehicle infotainment (IVI) system and advanced driver assistance system (ADAS) at the Consumer Electronics Show (CES), the world's largest a

January 4, 2024

CGBio's bone substitute material wins US health department's approval as medical device

SEOUL -- "Novosis Putty," a bone substitute developed by South Korea's healthcare provider CGBio was approved by the United States Food and Drug Administration as a medical device. Medical products designated by the health department can receive priority reviews for the evaluation process for commercialization. Novosis Putty is a bone regeneration material that incorporates recombinant human bone morphogenetic protein called "rhBMP-2." Doctors can inject th

January 3, 2024

S. Korea's major brewer Hite Jinro to target young whisky lovers in 2024

SEOUL -- Major brewer Hite Jinro targets young South Korean consumers in their 20s and 30s with lineups such as whisky and spirits. The beverage company has recently become the importer and distributor of Cutty Sark, a popular brand of blended Scotch whisky, to maintain its position as the top player in South Korea's alcoholic beverage market estimated to exceed one billion trillion won ($7.7 billion) in 2023. According to the state customs office, a total of 26,937 tons of

December 29, 2023

HD Hyundai Heavy Industries creates fire emergency leaflets for foreign workers

SEOUL -- To protect foreign employees from fire accidents, South Korea's HD Hyundai Heavy Industries has created fire emergency leaflets in 16 languages including English, Chinese, Russian, Mongolian, and Nepali. The leaflets will be distributed to some 3,500 foreign workers including members of the conglomerate's in-house partner groups. HD Hyundai Heavy said on December 28 that the company worked with a fire station in the southeastern industrial city of Ulsan to produce l

December 28, 2023

S-OIL receives regulatory exemption for processing of bio-based raw materials through refining process

SEOUL -- S-OIL, one of South Korea's major oil refiners, has secured government approval to demonstrate the processing of bio-based raw materials, including animal and plant-based oils, within its existing petroleum refining process. This regulatory approval, granted through the sandbox program, allows the refiner to assess the effectiveness of bio-based fuel and chemical production techniques. The regulatory sandbox program provides exemptions for regulations governing new prod

December 28, 2023