KITA supports Korean consumer goods firms' foray into UAE, Morocco

The Korea Times - Oct 29, 2026

The Korea International Trade Association (KITA) said Thursday it dispatched a delegation of Korean consumer goods companies to the United Arab Emirates and Morocco from Monday to Thursday to support their expansion into the Middle East and North Africa market through meetings with local government agencies and business networking events. The delegation was led by KITA Executive Vice President Lee In-ho and comprised eight companies specializing in medical devices, cosmetics, hair care products and food products. The UAE is widely considered the business hub in the Middle East, where demand for Korean consumer goods is growing rapidly, driven by strong purchasing power and the rising popularity of Korean culture. Korea's K-beauty exports to the UAE surged more than ninefold from $31 million in 2020 to $287 million last year. The Korea-UAE Comprehensive Economic Partnership Agreement, which took effect in May, has also laid the groundwork for expanding trade and economic cooperation between the two countries. Morocco is a strategic market connecting Europe, Africa and the Middle East. It

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Mirae Asset to reenter Japan with acquisition of Sanko Securities

Oct 29, 2026

Mirae Asset to reenter Japan with acquisition of Sanko Securities

A decade after it exited the country, Mirae Asset Securities is set to reenter Japan through its acquisition of local brokerage Sanko Securities, as it looks to expand its presence in a market where retail investment is gaining momentum, the company said Thursday. The company said its board approved a plan to purchase 100 percent of the stakes in Sanko Securities through its U.S. affiliate, Mirae Asset Securities Holdings. The deal is valued at an estimated 42.6 billion won ($35.62 million), with the final price to be determined at closing after regulatory approvals and other conditions are met. Mirae Asset will inject a total of 100.6 billion won into its U.S. affiliate to fund the acquisition and subsequent business expansion in Japan. Sanko, which operates under Okasan Securities Group, specializes in proprietary trading — buying and selling stocks, bonds and other securities with its own capital to generate returns. It posted a net profit of roughly 400 million won and net assets of 39.1 billion won for the fiscal year ended March 2026, the company said. The acquisition will give M

Gimcheon hosts Korea's largest tuning car festival as custom vehicle market grows

Oct 29, 2026

Gimcheon hosts Korea's largest tuning car festival as custom vehicle market grows

The 2026 Korea Tuning Car Festival kicks off Friday for a two-day run at Gimcheon Sports Town in Gimcheon, North Gyeongsang Province, bringing together customized vehicles, off-road performance showcases and specialized camping cars, the Ministry of Land, Infrastructure and Transport said Thursday. Now in its fifth year, the event stands as Korea’s largest celebration of car tuning — the practice of modifying automobiles to enhance performance or alter visual design. Jointly organized by the transport ministry, North Gyeongsang Province, Gimcheon city and the Korea Transportation Safety Authority, the festival aims to demystify vehicle customization and foster broader public engagement. Last year’s gathering, also held in Gimcheon, drew roughly 30,000 visitors. To improve accessibility, organizers revamped this year’s setup by moving the venue to a centralized downtown location. Key industry groups will display custom-built camper vans and high-performance modifications, offering attendees direct access to inspect the vehicle interiors. The festival arrives as Korea's vehicle cu

Doosan Enerbility wins SMR supply deal from US firm NuScale Power

Oct 29, 2026

Doosan Enerbility wins SMR supply deal from US firm NuScale Power

Doosan Enerbility Co. said Thursday it has secured a contract from U.S.-based small modular reactor (SMR) developer NuScale Power to supply a key reactor component, expanding their cooperation into commercial reactor equipment production. The Korean power plant equipment maker said the deal covers production of the first upper reactor pressure vessel (URPV) module for NuScale's SMR project. The URPV forms the upper section of the reactor pressure vessel, which contains high-temperature, high-pressure coolant. NuScale Power's SMR design was the first in the United States to receive approval from the U.S. Nuclear Regulatory Commission. SMRs are designed to reduce construction costs and shorten building periods by manufacturing major components as modules for assembly at construction sites.

Kolmar Korea develops powder skin care that melts into skin

Oct 29, 2026

Kolmar Korea develops powder skin care that melts into skin

Kolmar Korea, a cosmetics developer and manufacturer, said Thursday it has developed a hyaluronic acid powder that melts and is absorbed when rubbed onto the skin, the first such product in Korea. The company said it has obtained a patent for the technology, which turns hyaluronic acid, a widely used moisturizing ingredient, into a powder of sharp, needle-like crystals. It is the first time the ingredient has been made into this form in the cosmetics industry, according to the company. The product mimics spicules, tiny needle-shaped natural materials taken from marine sponges. Spicules lightly stimulate the skin’s surface to help active ingredients absorb, and the tingling sensation they cause has made spicule cosmetics popular. But because they are hard and do not dissolve in water, they can irritate the skin and must be washed off. After about four years of research, Kolmar Korea developed a method of hardening hyaluronic acid particles into crystals and shaping them into 250-micrometer pointed powder. Like spicules, the crystals help ingredients penetrate the skin, but because hyal

Krafton's chairman urges entrepreneurs to venture beyond comfort zone

Oct 29, 2026

Krafton's chairman urges entrepreneurs to venture beyond comfort zone

Krafton Chairman Chang Byung-gyu urged aspiring entrepreneurs to venture beyond familiar territory, arguing that breakthroughs often begin when people abandon comfortable paths and embrace uncertainty. Chang delivered the keynote address, titled “Expanding Into Infinity,” at the 2026 Chung Ju-yung Startup Competition Demo Day on Wednesday at Coex in southern Seoul, where he discussed how personal choices, persistence and lessons from past ventures can open new avenues for growth. Hosted by the Asan Nanum Foundation, the competition marked its 15th edition this year under the theme “Infinite,” inspired by the late Hyundai Group founder Chung Ju-yung’s belief that human potential is limitless. Chang opened by reflecting on the paradox of finite human lives and the impulse to contemplate infinity, recalling how preparing remarks for the groundbreaking ceremony of Krafton’s headquarters in Seongsu-dong led him to consider how ideas and beliefs embedded in buildings can outlast both individuals and companies. He described giving up as one way to discover new possibilities, recount

Hyundai Motor's Q3 operating profit rises 5.5% despite external challenges

Oct 29, 2026

Hyundai Motor's Q3 operating profit rises 5.5% despite external challenges

Hyundai Motor posted modest growth in its operating profit for the third quarter, as stronger sales of higher-value vehicles, particularly hybrids, and favorable exchange rates helped offset production disruptions and weaker global demand, the carmaker said Thursday. In a regulatory filing, the automaker reported its operating profit grew by 5.5 percent between July and September to 2.68 trillion won ($2.05 billion), while its sales fell 3.4 percent to 45 trillion won during the same period. The carmaker managed to weather market concerns to some extent with the earnings growth, as the market expected it to continue its losing streak due to multiple risk factors, such as domestic production disruptions caused by labor strikes and deepening competition around the world. Hyundai Motor attributed the profit increase to favorable exchange rates, cost optimization measures and an improved sales mix driven by growing demand for hybrids. The average won-dollar exchange rate rose 2.8 percent from a year earlier to 1,423 won during the third quarter. Hybrids accounted for 18.2 percent of the comp

LG Uplus advances smartphone AI with breakthrough papers at top global conference

Oct 29, 2026

LG Uplus advances smartphone AI with breakthrough papers at top global conference

LG Uplus, one of Korea’s major telecommunications carriers, said Thursday that two of its research papers on making mobile artificial intelligence (AI) run faster while consuming less smartphone battery have been accepted at NeurIPS 2026, the world’s premier AI research conference. The papers were selected for the conference’s On-Device Intelligence workshop, which focuses on AI that runs directly on phones rather than on remote servers, according to the Korean mobile carrier. NeurIPS, the Conference on Neural Information Processing Systems, is considered one of the top three AI conferences along with ICML and ICLR. This year’s event will be held in Sydney from Dec. 6 to 12. The research centers on token optimization. Tokens are the units of data AI models use to understand questions and generate answers. Processing them more efficiently speeds up responses and cuts power use. LG Uplus developed a small language model for its call services and optimized it for smartphones with limited memory and power. The model ran about 4.5 times faster and used about 77 percent less battery th

SK Bioscience joins US-backed project to develop Bundibugyo Ebola vaccine

Oct 29, 2026

SK Bioscience joins US-backed project to develop Bundibugyo Ebola vaccine

SK Bioscience will join global partners in a U.S. government-funded project to develop and produce a vaccine against the Bundibugyo virus, a strain of Ebola spreading in the Democratic Republic of the Congo, the Korean vaccine maker said Thursday. The project, carried out with the International AIDS Vaccine Initiative (IAVI), a global nonprofit biomedical research organization, and Singapore-based Hilleman Laboratories, will receive up to 130.9 billion won ($99 million) from the Biomedical Advanced Research and Development Authority (BARDA). BARDA is part of the U.S. Department of Health and Human Services’ Administration for Strategic Preparedness and Response. Initial funding of $36 million has been confirmed. The money will go toward clinical and regulatory work, including a Phase 1 trial, which tests a vaccine’s safety in a small group of people, as well as outbreak-response vaccine production and supply. Development of an upgraded vaccine based on variant strains is also planned. The Congo outbreak has reached 10,060 confirmed cases and 4,887 deaths as of Sunday, making it the s

Ananti Jeju opens new clubhouse blending architecture with 'gotjawal' forest

Oct 29, 2026

Ananti Jeju opens new clubhouse blending architecture with 'gotjawal' forest

Ananti has opened a new clubhouse at Ananti Jeju, integrating "gotjawal," Jeju Island’s distinctive forest ecosystem shaped by volcanic terrain, into a contemporary architectural setting. Opened on July 22, the clubhouse combines the island’s natural landscape with architecture, golf and dining, offering guests a place to unwind while experiencing Jeju’s unique environment. Located in Gujwa-eup in northeastern Jeju, Ananti Jeju sits in an evergreen forest area about 80 to 130 meters above sea level. Despite its proximity to the coast, the property is surrounded by the dense woodland characteristic of gotjawal. Rather than treating the forest as a scenic backdrop, Ananti has incorporated the natural surroundings into the clubhouse’s design. The building connects the island’s sky, water, land and woodland with its golf courses, creating a seamless transition between architecture and nature. Golf remains central to the property, which features 36 holes across two courses: the 18-hole Halla Course and the 18-hole Kimnyeong Course. Dense woodland lines the fairways, while distinct l

Watchdog to fine Celltrion $469,000 over unfair subcontracting practices

Oct 29, 2026

Watchdog to fine Celltrion $469,000 over unfair subcontracting practices

Korea's antitrust watchdog said Thursday it will impose a 630 million-won ($469,000) fine on Celltrion Inc., a biotechnology firm, for unfairly canceling orders and failing to provide a subcontractor with required documents on time. The Fair Trade Commission (FTC) said it will also issue a corrective order against the company over violations related to COVID-19 test kits with a local subcontractor. Of the total fine, 590 million won will be imposed for unfair order cancellations and 40 million won for failing to meet documentation requirements. According to the FTC, Celltrion placed seven orders for COVID-19 test kits between September 2021 and January 2022. The company failed to issue legally required documents when changing the types of products in two orders and delayed issuing documents for another. In one case, Celltrion changed some of the point-of-care (POC) test kits for medical professionals to over-the-counter (OTC) kits for general consumers before switching some of those kits back to POC products. The FTC said the Fair Transactions in Subcontracting Act requires prime contracto

Gaon Cable wins $90 mil. cable order in US

Oct 29, 2026

Gaon Cable wins $90 mil. cable order in US

Gaon Cable, a Korean power cable maker, said Thursday it has secured a 120 billion-won ($90 million) cable supply deal with a U.S. cloud company. LS Cable USA (LSCUS), Gaon Cable's U.S. manufacturing subsidiary, will supply a medium-voltage power distribution cable system to the customer by the first half of next year, the company said in a press release. The company did not disclose the customer's identity. "The order will support Gaon Cable's efforts to expand its presence in the North American artificial intelligence data center (AIDC) power infrastructure market," a company official said, adding that it plans to expand production and broaden its customer base. Gaon Cable is 81.62 percent owned by LS Cable & System, Korea's leading wire and cable manufacturer.

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