South Korea’s exports will recover next year to invigorate economic growth, which has been slowed in 2020 by the COVID-19 pandemic, a trade association chief said Wednesday. Speaking at a press conference, Korea International Trade Association Chairman Kim Young-ju said the organization foresaw export growth of more than 6 percent, and that the country’s trade volume will recover back above the $1 trillion mark next year. “OECD predicted Korea’s economy to grow 2.8 p

South Korean actors Jung Woo-sung (left) and Lee Jung-jae pose for a picture at a pop-up shop designed to promote Ballantine’s Single Malt Whisky at cultural complex KOTE in Insa-dong, central Seoul, last Friday.  The two actors, official models for the Scotch whisky brand, had a film shoot the same day.  The pop-up shop will be open to the public for free until Sunday and offers six single-malt whiskies, according to the brand. Visitors must wear masks. The shop is also limit

Samsung Electronics Co. was the top global smartphone manufacturer in the third quarter of the year, a report showed Wednesday, as demand for its mobile devices increased in advanced markets amid the pandemic. Samsung led the industry in terms of smartphone production with 78 million units in the July-September period, up 42 percent from a quarter earlier, and accounted for 23.2 percent of the total share, according to market researcher TrendForce. "This result reflects Samsung's continu

Posco International said Wednesday that it has partnered with the Korea Institute of Startup & Entrepreneurship Development to support small and midsized ventures and startup companies in entering overseas markets. Posco International and the institute held an online conference on the day to offer business consultations to 25 startup companies in fields including artificial intelligence, smart cities and the environment, the company said. From the business experience and global networks

Hanwha Q Cells has become the world’s first solar module manufacturer to pass international product testing institute TUV Rheinland’s new Quality Controlled PV certification. TUV Rheinland’s QCPV certification is an extended stress test program based on International Electrotechnical Commission technical standards. Compared to the IEC’s certification, which only conducts a short-term credibility test on solar modules, the QCPV certification comprises three stages: shor

Samsung Electronics Co. was the second-largest smartphone vendor in the African smartphone market in the third quarter of the year, a report showed Wednesday, as the South Korean tech giant tries to expand its presence against Chinese competitors. Samsung accounted for 20 percent of the African smartphone market in the July-September period in terms of units, down from a 24 percent share a year ago, according to market researcher International Data Corp. (IDC). China's Transsion continued its

South Korea on Wednesday officially expressed its intention to host its first World Expo in the southeastern port city of Busan in 2030. South Korea made the announcement in a virtual meeting held by the Bureau International des Expositions (BIE), which oversees the event, according to the Ministry of Trade, Industry and Energy. South Korea will hand in its application to the BIE next year. “This will become an opportunity for us to show the world that we can set examples in not only s

An accelerator for tech startups operated by Naver Inc., South Korea's largest internet portal operator, said Wednesday it has made new investments in two promising tech startups. Naver's D2 Startup Factory, also known as D2SF, said it has selected the two startups -- Techtaka Co. and Medibloc Co. -- that provide innovative technology in the logistics and health care sectors, respectively. "Logistics and medical sectors require expertise and a meaningful change is impossible without under

Hyosung is ramping up its investment in spandex in Brazil to capture rising demand for stretchable fiber used for comfortable clothing amid COVID-19 pandemic. Hyosung is the world’s largest spandex manufacturer with its brand Creora, with a 32 percent market share. Hyosung T&C, a fiber production unit of Hyosung Group, said Wednesday it would invest 40 billion won (about $36 million) by December next year to increase the production volume of its spandex plant by 10,000 metric tons i

LG Chem‘s non-alcoholic steatohepatitis treatment pipeline TT-01025 has been approved to carry out a clinical phase 1 trial by the US Food and Drug Administration, LG Chem announced Wednesday. The phase 1 trial will be conducted by PPD’s clinical research unit in Las Vegas, with LG Chem‘s Manfred Stapff as the lead researcher. TT-01025 is a pipeline LG Chem licensed in from Chinese biotech TransThera Biosciences in August. LG Chem has exclusive rights to develop and commerci

Mezoo, Medipixel, Vuno selected for collaboration, overseas advances

Changes in No. of workers

Large South Korean companies' social contributions fell nearly 10 percent in the first nine months of the year amid a coronavirus-caused economic downturn, a corporate tracker said Wednesday. Out of the country's top 500 firms by sales, 247 business concerns contributed a combined 1.13 trillion won ($1.02 billion) to social activities during the January-September period, down 9 percent from a year ago, according to CEO Score, which tracks corporate management. The decrease was ascribed to grea

South Korea’s exports in November increased by 4 percent on-year to reach $45.8 billion, rebounding from a 3.8 percent decrease last month, according to the Ministry of Trade, Industry and Energy on Tuesday. The nation’s daily exports in November also marked a 6.3 percent rise on-year, the ministry said. It is the first time since November 2018 that the nation posted increases in both monthly and daily exports. The country’s exports, from March to August, posted on-year decr

Attention heightens over timeline of IPO of batterymaker led by CEO Kim Jong-hyun