Yujeong Heo

Korea Ginseng Corp., the country’s leading ginseng product manufacturer, said on Thursday it has made a foray into the US market by unveiling its vegan skincare brand, Lab 1899.

As the global leader in vegan product consumption, the US market commands a 35 percent share of the worldwide vegan population. The popularity of vegan products has been extending from dedicated vegans to non-vegan consumers as well.

In response to this surging demand, Lab 1899 has introduced the Red Ginseng Peptide Serum on the US crowdfunding platform, Indiegogo. The anti-aging vegan serum is designed to combat wrinkles and enhance youthful radiance.

A standout feature of the serum is the Ginsenic Barrier, showcasing a concentration of five unique Ginsenosides achieved through a specialized extraction method. These Ginsenosides are blended into the formulation of the Red Ginseng Peptide Serum.

The ongoing crowdfunding campaign has surpassed 392 percent of its target amount, securing the top position in the health & fitness category. Buoyed by this success, the company is now poised to expand its sales channels, both domestically and globally, while actively soliciting feedback from consumers in the US.

"Our skincare products not only deliver high performance but are also entirely harmless. We are dedicated to providing a diverse range of vegan products that cater to the unique needs of our customers," a KGC official stated.

Meanwhile, with 125 years of expertise and technological advancements in red ginseng research and development, KGC's vegan skincare brand is centered around the potent benefits of red ginseng. All Lab 1899 products bear the Eve Vegan Certification from France, renowned for its stringent standards.

Hyundai Engineering & Construction, South Korea's construction giant, announced on Thursday its search for additional tenants at Hillstate Dongtan Forest, a public-supported private rental apartment complex in Dongtan, Gyeonggi Province.

The complex, featuring eight 20-level buildings and offering a total of 585 units, provides a diverse array of living spaces. Comprising 198 units with 84 square meters and 387 units with a more spacious 101 square meters, it caters to various accommodation needs.

Crafted with residents' comfort in mind, a majority of the units face south, ensuring ample sunshine, while the architectural design incorporates cross ventilation. Emphasizing spacious balconies and dressing rooms, the complex prioritizes optimal space utilization for a comfortable living experience.

Setting itself apart from other public-supported rental apartments, Hyundai aims to provide tenants with pre-sale and confirmed sale price rights. Additionally, it commits to a decadelong rent freeze, ensuring financial stability for tenants. The added perk of tax benefits further sweetens the deal for residents.

The strategic location of the complex is noteworthy, situated within walking distance of train and tram stations. With the upcoming operational GTX-A train from March, residents will enjoy enhanced access to Seoul, and the Dongtan Urban Railway will facilitate convenient mobility within the city.

Hillstate Dongtan Forest thrives in a well-established educational environment, boasting prestigious elementary and high schools in close proximity. Surrounded by nature-friendly and convenient facilities, including parks and streams, the complex offers an appealing living environment.

Notably, the complex's future value and sale prices are expected to surge. Adjacent to Yongin, a government-selected massive chip cluster, the region's prospects are further strengthened by ongoing government and industry efforts to establish a semiconductor cluster.

"Hillstate Dongtan Forest represents a last opportunity for reasonable prices in Dongtan New Town. The chance to purchase the property after the rental period is a unique advantage not commonly found in private rental apartments, making this a rare opportunity," stated a real estate expert.

South Korean construction and interior materials company LX Hausys on Wednesday said it is participating in this week's Kitchen and Bath Industry Show in Las Vegas, which runs through Thursday.

The company said it aims to showcase its latest collection of engineered stone and artificial marble, aligning with its strategic goal of expanding into the thriving overseas market.

Artificial marble, known for its cost-effectiveness and durability against impact, scratches and stains, constitutes a significant 70 percent of LX Hausys' overseas sales, solidifying its standing as the second-largest global player in the acryl artificial marble market with a 20 percent market share.

At the KBIS show, LX Hausys has strategically designed an exhibition booth under the theme of naturegraphy, catering to American homebuyers' preference for nature-inspired color palettes.

The company's product lineup includes 14 types of engineered stone, Viatera, and an extensive selection of 50 artificial marble variations, including the HIMACS line.

Among the highlights are the latest engineered stones -- Calacatta Suprema from the Calacatta Collection and Taj Crema from the Quartzite Collection, both capturing significant attention for their natural marble-like patterns and veins.

"This event provides us with the opportunity to attract new customers and establish a stronger presence in the North American market. We plan to reinforce the competitiveness of our artificial marbles through an aggressive localization strategy," an LX Hausys official stated.

South Korea's brokerage Mirae Asset Securities announced Tuesday that its Indian unit hit a significant milestone, with its retail customer accounts surpassing one million in five years after its launch in 2018.

India, the world's fifth-largest economy, holds strategic importance for Mirae Asset Financial Group, leading to substantial investments to bolster its presence in the country.

The financial giant made its mark in India with the introduction of the online brokerage platform, m.Stock, in April 2022, swiftly ascending to the eighth position among online brokers in the country.

The platform, backed by aggressive marketing and pricing strategies, now facilitates 2.14 million daily transactions, managing assets totaling nearly 73 million won ($54,834) and a credit balance of 18 million won.

Looking ahead, the company plans to elevate its services with the upcoming launch of m.Stock 2.0 later this year.

In a strategic move, Mirae Asset Securities acquired the entire stake in Sharekhan Limited, India's 10th-largest securities company, in December 2023. This acquisition aims to solidify the company's standing in the Indian stock market, with aspirations to secure a position among the top five companies in the country.

Expressing pride in the remarkable success achieved in just 22 months after the release of the platform, Arun Chaudhry, Chief Business Officer leading the Retail Business Division at Mirae Asset Securities' Indian unit, emphasized the commitment to continue leading the Indian market through advanced technologies, innovative business models, and diverse channels.

South Korean steel giant Posco has recently reaffirmed its commitment to achieving carbon neutrality by 2050 by adopting its own hydrogen reduction ironmaking technology, called HyREX.

This strategic shift to low-carbon production is a testament to the company's ambitious pursuit of solidifying its leadership in the realm of sustainable steel manufacturing.

To spearhead this transformation, the company set up a new team solely dedicated to carbon neutrality under the oversight of its CEO in 2022 and streamlined its organizations to come up with extensive strategies covering technologies, materials and infrastructures.

This year, the team’s status has been elevated to a “strategic office” to be headed by Kim Hee, an engineering specialist who is also the company’s female executive.

Traditional steelmaking, reliant on coal in blast furnaces for iron ore reduction, contributes heavily to greenhouse gas emissions. Posco's HyREX technology employs hydrogen instead of coal, slashing carbon emissions by 97 percent.

On Jan. 26 this year, Posco established a separate team to oversee the adoption of HyREX technology from research and development to equipment planning to test runs.

The team aims to commercialize HyREX by 2030 and replace blast furnaces with the new technology in phases by 2050.

In tandem with the hydrogen drive, Posco has already initiated low-carbon production using electric arc furnaces, which offer a 75 percent reduction in carbon emissions.

On Feb. 6 this year, the company started the construction of an electric arc furnace at its Gwangyang facility with an annual production capacity of 2.5 million metric tons. With 600 billion won ($463.3 million) being poured, the furnace is anticipated to become fully operational by 2026.

Posco plans to use molten iron from the electric arc furnace or combine it with molten iron produced in a blast furnace to manufacture steel. The high-temperature exhaust gas will be used to preheat scrap to make the process more energy efficient.

"Through achieving our 2050 carbon neutrality goal, we will continue to fulfill our social responsibility, responding to global demands for low-carbon products, and securing future competitiveness in global markets," a Posco official said.

In 2020, Posco declared its goal of achieving carbon neutrality by 2050, becoming the first Asian steelmaker to do so.

South Korea’s top battery maker LG Energy Solution is committed to a management policy focused on sustainable growth with its partner firms, driven by a spirit of cooperation and mutual growth.

The company said it aims to bolster the competitiveness of its suppliers, even amid management uncertainties while maintaining its leadership position in the market.

Under the banner of mutual growth, the company has implemented support programs encompassing both short-term goals such as cost competitiveness and long-term objectives like localization of the value chain and technology development. These quality and productivity support programs are now accessible to both domestic and international partners.

To ease the financial burden on suppliers, LG Energy Solution has introduced a financial support program, called Investment Funding for Mutual Growth. The program, worth 150 billion won ($112 million), has assisted partners in securing low-interest loans based on the firm's deposits in financial institutions since 2020. The company has also established a price indexation system for interlocking contractors to adapt to fluctuations in raw material prices.

The commitment to mutual growth is especially evident during holidays, with the company significantly boosting cash flow to partners by making payments before the due date. This alleviates the substantial cash outflows suppliers face, particularly for raw materials and incentives.

LG Energy Solution also plans to recommend well-performing projects to the Korea Credit Guarantee Fund, aiming to provide partners involved in these projects with a guarantee of obligation.

Beyond financial support, the company actively promotes a fair trade culture. Internal committees, such as the Internal Transaction Committee and the autonomous Dispute Resolution Committee, ensure the legal compliance of subcontracting transactions and seek internal resolutions to controversies with partners.

Emphasizing the importance of co-development, LG Energy Solution is also investing in its partners' growth opportunities. It is set to establish a business partnership with educational institutions to offer free online courses -- such as business, IT, language, culture, leadership, and sexual harassment compliance training. Additionally, a partners-only recruitment page on hiring platforms is in the works.

"Guided by the win-win philosophy, we will extend cooperation for improved qualities, technologies, and productivity based on mutual trust. Our goal is to maintain leadership in the field of next-generation batteries," said an LG Energy Solution.

Starbucks Korea on Tuesday said more than 400 employees have successfully attained their bachelor's degrees through a tuition assistance program in collaboration with Hanyang Cyber University.

In the fall of 2016, Starbucks Korea signed a partnership with Hanyang Cyber University, under which the specialty coffee chain pledged to cover the tuition fees for employees pursuing their first bachelor's degree.

Employees are given the freedom to choose their majors independent of their work at Starbucks, with no obligatory tenure requirement associated with the employer after benefiting from the program.

Since the inception of the program in 2016 with 73 participants, a total of 1,770 associates, including new entrants this year, have received assistance. Among them, 423 employees have completed their studies, and 63 participants attended the 2024 graduation ceremony held at Hanyang Cyber University in Seoul on Saturday.

The program's popularity continues to grow, with courses and examinations all being carried out online, allowing workers to strike a balance between working and studying. Song Yoon-ju, a hospitality management graduate, remarked, "I applied to this program to develop myself after my shift at Starbucks."

"We will continue to support employees who aspire to pursue their dreams through the Hanyang Cyber University tuition assistance program," said Starbucks Korea CEO Sohn Jeong-hyun in a statement.

Nongshim, the nation’s leading food maker, said Monday that its new meoktae-flavored products are becoming big sellers, building on the huge success of Meoktaekkang launched last year.

Meoktae is an Alaska pollack that has been processed through freezing and drying and it is favored as a side dish for beer or soju here.

Nongshim first launched the fish-flavored salty snack, Meoktaekkang, which became an immediate success selling 15 million bags since its debut in June last year.

Buoyed by the upbeat sales, Nongshim last month launched two new products -- the Potatochip Meoktae Chung Yang Mayo Flavor snack and the Meoktaekkang Big Bowl instant noodle.

The company said it sold 4.2 million bags of the potato chips in the first five weeks, surpassing the sales of Meoktaekkang, and 2.3 million cups of meoktae noodles in the first four weeks -- the best figures for cup ramyeon products released over the past year.

Nongshim attributed the positive response to the new products to the popularity of the Meoktaekkang brand and the successful infusion of the flavor into ramyeon and chips.

Employing aggressive marketing strategies, Nongshim has curated special snack sets on online platforms, collaborated with influencers for content creation, and plans offline PR activities with popular bars, considering meoktae as a sought-after snack to have with drinks.

"Nongshim is now acknowledged as a producer of top-quality meoktae products," a Nongshim official said. "Our goal is to provide a range of meoktae snacks, establishing them as consistent best-sellers under the slogan 'Nongshim for meoktae.'"

Korea Water Resources, the state-run water management agency also known as K-water, had a meeting with the Saudi Arabian ambassador to Korea to discuss water concerns and request support for Saudi Arabia's bid to host the World Water Forum in 2027.

K-water announced Friday that CEO Yun Seog-dae met with Ambassador Sami M. Alsadhan at the company's office in Gwacheon, Gyeonggi Province, to discuss K-water’s advanced technologies that can assist in tackling Saudi Arabia's water challenges.

"K-water will dedicate its maximum efforts to discover effective solutions to Saudi Arabia’s water challenges," Yun said. "Partnerships in advanced water management technologies, such as digital twins, will deepen the relationship between South Korea and Saudi Arabia."

Given Saudi Arabia's heavy reliance on aquifers for water supply in its expansive desert terrain, the country encounters significant water management hurdles, including flooding. To address these issues and the impacts of climate change, Saudi Arabia is implementing strategic initiatives such as the development of the futuristic Neom city and construction of a new desalination plant.

The ambassador also encouraged the agency's participation in the upcoming Saudi Water Forum scheduled for April and sought K-water's backing for Saudi Arabia's bid to host the 11th World Water Forum in 2027.

The parties reached agreements to enhance cooperation in various areas, including the development of digital twins for water management, knowledge transfer for Saudi Arabia’s water resource monitoring system, a business agreement with Saudi Arabia's National Water Company and collaboration in publishing the "Insight Into Asia Water" report, slated for release at the 10th World Water Forum scheduled from May 18-24 in Bali, Indonesia.

Meanwhile, K-water established the Asian Water Commission in 2016, and has been wielding influence and promoting practical projects aimed at solving water problems in Asia.