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Philip Morris Korea, the Korean branch of US tobacco giant Philip Morris International, announced Wednesday the launch of the "Iqos Iluma i" series, its latest flagship heated tobacco product expected to advance the company’s vision of a smoke-free future. With this new two-model lineup, the company aims to strengthen its presence in Korea’s competitive tobacco market and expand its range of smoke-free alternatives, eight years after introducing its first Iqos product in the country in 2017. "Iq
Finance giant to repurchase largest-ever 400 billion won in treasury shares to boost shareholders' return Hana Financial Group on Tuesday reported a record net profit of 3.74 trillion won ($2.56 billion) in 2024, marking an increase of 317.1 billion won, or 9.3 percent from the previous year. The figure includes a fourth-quarter net profit of 513.5 billion won. The group attributed its strong performance to an expanding customer base, higher fee income from a diversified revenue portfolio and pr
2-hour, high-profile meeting covers extensive collaborations on AI investments, future strategies Three tech moguls -- Samsung Electronics Chairman Lee Jae-yong, OpenAI CEO Sam Altman and SoftBank Group CEO Masayoshi Son -- convened in Seoul on Tuesday to discuss extensive collaboration on AI investments and future strategies. Their high-profile meeting, held at Samsung's office building in southern Seoul, was arranged upon Altman's visit to Seoul to attend OpenAI's technology forum with local d
Korean tire maker logs W9.4tr in annual revenue on strong sales of high-value added products Hankook Tire & Technology has turned in its best yearly earnings yet as the Korean tire maker successfully expanded sales of high-value added products, despite the global economic recession. According to Hankook Tire on Tuesday, the company logged 9.41 trillion won ($6.45 billion) in revenue and 1.76 trillion won in operating profit last year, up 5.3 percent and 32.7 percent on year, respectively. Hankoo
K-beauty powerhouse Olive Young announced Tuesday that it has established its US subsidiary, CJ Olive Young USA, in Los Angeles, California, as part of its ongoing expansion into the American market. The company also plans to open its first brick-and-mortar store in the region, though the exact opening date has yet to be disclosed. According to global market research firm Euromonitor, the global beauty market was valued at $570 billion in 2023, with the US accounting for the largest share as a s
Korean logistics company LX Pantos announced Tuesday the establishment of a US-based joint venture with Japanese shipping company Ocean Network Express, aiming to expand inland transportation services across the American market. The venture, named Boxlinks and owned 51 percent by LX Pantos and 49 percent by ONE, will enable the two entities to fully enter the intermodal transportation sector in the US, providing integrated logistics services that combine rail and truck transportation. Since 2023
The American Chamber of Commerce in Korea said Tuesday that it has engaged in meaningful dialogue with key US figures during its visit to Washington for President Donald Trump’s inauguration on Jan. 20, reaffirming the enduring strength of the Korea-US alliance. According to AmCham, a series of high-level meetings with US policymakers, business leaders and think tanks centered on the importance of continued collaboration between the two nations in addressing global challenges such as supply chai
Boeing Korea announced Monday the appointment of Will Shaffer as its new president. Based in Seoul, Shaffer will oversee the company’s strategies and operations in the Korean market. In addition to this role, he will serve as vice president of globalization and market development, leading Boeing’s strategy outside the US. His focus will include developing country-specific strategies, assessing global geopolitical risks and identifying new growth opportunities. “Will brings a wealth of experience
South Korean bakery giant SPC Group has confirmed plans to build its largest overseas production plant in the United States, a $160 million investment to accelerate the expansion of its flagship brand, Paris Baguette, across the Americas. According to the group Monday, it has acquired a 150,000-square-meter site for a facility in Highpoint Business Park in Burleson, Texas, to serve as a production hub for Paris Baguette stores in North America and future markets in Central and South America. Con
Chief of Korean battery maker anticipates 5-10% growth in annual revenue for 2025 LG Energy Solution CEO Kim Dong-myung has emphasized the importance of securing technological superiority in times of crisis, as the Korean battery maker braces for a tough business environment as the Trump administration withdraws support for the electric vehicle industry. “It is true that there are voices of concern due to the anticipated policy changes in North America,” said Kim in a letter to the employees of
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