The fourth edition of the Winter Youth Olympic Games (YOG) 2024 will be held in South Korea’s Gangwon Province in the cities of PyeongChang and Gangneung, home to the Olympic Winter Games 2019, the International Olympic Committee announced in Lausanne, Switzerland, on Jan. 10 (local time).The IOC vo
Hankook Tire will expand its presence in the European market by establishing a subsidiary in Schwechat, a town southeast of Vienna, Austria, which will exclusively cover Austria and Switzerland.Hankook Tire already has a business network spanning throughout Europe including Germany, the United Kingd
Kim Hee-jin, CEO of uLikeKorea, a smart livestock healthcare management company, announced on Dec. 30 that the company has successfully developed a health monitoring system for horses.Kim further said that her company will introduce the new product in the second half of 2020 in Japan and Europe.Ther
South Korean President Moon Jae-in and Chinese Prime Minister Li Keqiang had a meeting on Dec. 23. There, the former said that inter-Korean railway and road connection for logistics networks to cover China, Europe and Eurasia will form the foundation of a new multilateral peace and security regime.A
The Visit Korea Committee will host the “2020 Korea Grand Sale,” a shopping and tourism festival for foreigners that will run in all parts of Korea for 45 days from Jan. 16 to Feb. 29.To give foreign tourists the pleasure of tour in Korea, the 2020 Korea Grand Sale will offer them discounts in shopp
Former Korean Air vice president Cho Hyun-ah said on Dec. 23 that Korean Air CEO Cho Won-tae has run Hanjin Group not in obedience to the will of the late Hanjin Group chairman Cho Yang-ho and has hindered family conversations related to the management of the group.Her statement, aimed at putting th
POSCO International announced on Dec. 19 that it has completed a photovoltaic power generation system on Manaung Island near the Myanmar Gas Field.Manaung Island is home to more than 60,000 residents, but its power infrastructure is poor with only three small generators. This time, POSCO Internation
Dr. Martens took home the Grand Prize in the marketing innovation category at the Web Award Korea 2019 held at Jamsil Lotte Hotel in Seoul on Dec. 12.The Web Award Korea gives prizes to excellent wired/wireless-based websites currently in operation. They are chosen by the Web Award Evaluation Commit
KEPCO KPS plans to set up a joint venture for operation and maintenance (O&M) of power plants with a Pakistani power generation company.KEPCO KPS said on Dec. 12 that it will partner with Fauji Foundation of Pakistan, the parent company of FPCDL that placed an O&M order on it for Dahaki Power Plant.
Five out of 10 startups shut down within two years after their foundation while only one in three (29.2 percent) sustain for five years, a survey shows.The number of new startups nudged up 0.7 percent in 2018 from the previous year, while the number of companies that went out of business in 2017 inc
Korean cosmetics penetrated the Chinese market riding on the back of the Korean TV drama wave. But these days, their position in China is being undermined. This is because they do not have a distribution line of their own in China as they rely on Chinese peddlers who buy small quantities of Korean c
Korea's venture ecosystem depends too much on the government and lacks investment diversity, panelists asserted at a venture ecosystem seminar held on Dec. 11.In particular, they advised the government to lay the foundation that would help venture companies improve management efficiency.The semi
SK Group's corporate governance restructuring is expected to resurface next year. Hana Financial Investment said on Dec. 10 that a divorce lawsuit against SK chairman Chey Tae-won, which followed SK Holdings' massive treasury stock acquisition, could lead to a corporate governance change.“Th
The Korean government will establish a ministerial channel with the German government to strengthen industrial cooperation in the field of material and components.Minister of Trade, Industry and Energy Sung Yun-mo met with Peter Altmaier, federal minister for economic affairs and energy of Germany o
KB Investment, a venture capital subsidiary of KB Financial Group, is promoting the establishment of a US$30 million joint fund with MDI Ventures, the No. 1 venture capital (VC) company in Indonesia, to invest in promising Southeast Asian startups.KB Investment is planning to establish the fund with
GS Group chairman Huh Chang-soo will step down from his post to become honorary chairman, and his youngest brother, Huh Tae-soo, vice chairman of GS Home Shopping, has been tapped as new chairman.GS Group said on Dec. 3 that chairman Huh Chang-soo officially expressed his intention to step down at a
South Korean automakers’ domestic sales and exports for last month fell 2.47 percent and 1.76 percent from a year earlier, respectively. Hyundai Motor Group is likely to fail to meet its annual sales target for the fifth consecutive year and GM Korea is likely to come in last among the five South Ko
SK Telecom (SKT) will join hands with domestic and overseas information and communication technology (ICT) companies such as Facebook, Kakao and Nexon to expand a 5G-based virtual reality (VR) ecosystem.SKT launched the “Virtual Social World,” a 5G VR service that allows users to connect with many o
With Korea’s vehicle output falling rapidly, the number of employees in the automobile industry declined by about 10,000 this year. That is, about 1,000 workers per month have left the industry. As the automobile industry, which is a foundation of the Korean manufacturing industry, undergoes a crisi
SPC Group announced on Nov. 5 that it has become the first Korean company to win the "Best Partner of the Year" Prize of the Global Restaurant Leadership Conference (GRLC). An award ceremony was held at Singapore Marina Bay Sands Hotel on Nov. 5.The GRLC is the largest conference in the global food