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Reporter : Kim Jae-heun
Tue, May 30, 2023 | 11:30
KT&G to generate $25 billion in sales over next 15 years via partnership with Philip Morris
KT&G, Korea's largest cigarette and red ginseng maker, is expected to generate 31.5 trillion won ($25 billion) in sales abroad through 2037 via a recently renewed business partnership with Philip Morris International (PMI), according to the company and Hanwha Investment & Securities, Tuesday.
Coupang reveals Asia's largest fulfillment center in Daegu
Coupang unveiled its brand new, cutting-edge fulfillment center in Daegu to the public last Friday, showcasing what the future of logistics looks like. The e-commerce firm's latest logistics facility is the largest of its kind in Asia, featuring cutting-edge automation technology based on artificial intelligence (AI).
LG CNS opens integrated IT service center
LG CNS has opened an integrated IT service center that can provide remote system management services for customers, the company said Monday. The service center, which is located at NH Seoul Tower in southwestern Seoul's Gangseo District, will have about 1,800 system management and system integration experts working together at the same venue.
BBQ founder indicted for funneling company money to family-owned entity
Genesis BBQ Chairman Yoon Hong-geun has been indicted on charges of breach of trust as he allegedly funneled company money to an entity wholly owned by him and his family members, according to prosecutors Thursday. The Suwon District Prosecutors' Office said it indicted Yoon for violating the Special Economic Crimes Weighted Punishment Act on Jan. 16.
Retailers return to Myeong-dong as more foreign tourists visit
An increasing number of foreign tourists are visiting Myeong-dong, once a shopping and tourism mecca located in central Seoul, as Korea phases out quarantine measures against COVID-19. Many retailers that closed their stores during the pandemic are returning to the shopping street, this time in bigger and more glamorous spaces.
LG to hold global competition on AI image captioning
LG's artificial intelligence (AI) researchers are moving quickly to lead the convergence trend of visual AI and language AI. The company's research center will hold the LG Global AI Challenge for AI researchers around the world from Feb. 1 until the end of April, LG said Tuesday.
POSCO International emerges as eco-friendly energy firm
POSCO International has begun expanding its LNG storage terminal in southwestern Korea as part of its efforts to become an eco-friendly energy powerhouse, according to company officials Tuesday. The trading and energy arm of POSCO Group held a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday.
Kakao Mobility to enter Laos
Kakao Mobility will sign a business agreement with Vietnamese mobility firm LVMC Holdings and establish a local service platform, which will then be launched in Laos the company said Tuesday. LVMC Holdings, founded in 1997, is sometimes considered to be from Laos, as it has the largest vehicle sales in Laos and the second-largest commercial car sales in Vietnam.
SPC opens 120th Paris Baguette store in US
SPC has opened its 120th Paris Baguette store in the United States as Korea's largest bakery brand expands its presence in the world's largest economy, company officials said Monday. The firm operates 20 stores directly through its U.S. subsidiary, and individuals and corporations run the remaining 100 stores under franchise agreements.
KT&G partners with PMI to expand global heat-not-burn business
KT&G has inked a 15-year deal with global tobacco company Philip Morris International (PMI) to expand its worldwide business for heat-not-burn products, the company said Monday. The two firms held the KT&G-PMI Global Collaboration event to sign a product supply contract for overseas sales of KT&G's “lil” series.