Flavors & Fragrances Market Evaluated at $28.2 Billion by end of 2018

Orion has expanded production lines for its flagship Custard cream cakes across Korea, Vietnam and India to keep pace with surging domestic and international demand, the company said Thursday. Launched in Korea in 2004, Orion Custard is a soft, individually wrapped sponge cake with a custard cream filling. It has become the company’s second-biggest global pie brand after its flagship Choco Pie. Global sales rose 14 percent last year to 154 billion won ($116 million). China, Vietnam and India accounted for 76 percent of that total, and sales kept growing at a double-digit pace through September this year. The company added a production line in Korea in September and recently began running new lines in Vietnam and India. The expansion lifts Custard’s global production capacity to as much as 300 billion won a year, roughly double last year’s sales. Orion’s global research center at its headquarters in Korea oversees product development for each market. In Vietnam, the company sells flavors including tiramisu, raspberry, egg lava, melon and a reduced-sugar version. There is also a fl

A court on Thursday ruled against Young Poong Corp. in a shareholder derivative lawsuit seeking 837 billion won ($631 million) in damages from Korea Zinc Co. Chairman Choi Yun-beom and other company directors. Young Poong — a major shareholder in Korea Zinc — had filed the suit in November 2024, claiming Korea Zinc's directors had inflicted losses of 837 billion won on the company by making a tender offer involving the purchase of its own shares at 890,000 won apiece, when the actual price was around 560,000 won. The Seoul Central District Court ruled, however, that Korea Zinc's directors could not be deemed to have violated their managerial duties, given the steps they took before making the purchase. It also ruled that the action did not violate the Commercial Act or the company's articles of incorporation.

Nvidia is expanding partnerships with domestic component makers LG Innotek and Samsung Electro-Mechanics, strengthening its supply chain for physical artificial intelligence (AI) applications and next-generation AI infrastructure. LG Innotek unveiled a lineup of sensing solutions incorporating Nvidia's latest Holoscan Sensor Bridge (HSB) technology at the U.S. chipmaker's annual GPU Technology Conference (GTC) in Berlin on Tuesday (local time). The solutions include 3-megapixel camera modules and a multimodal vision system that combines multiple cameras and sensors, targeting applications in physical AI and robotics. Nvidia's HSB technology allows sensor data to be sent directly to AI computers, bypassing the central processing unit and potentially speeding up how robots and autonomous vehicles process information and make decisions. The partnership reflects growing demand for advanced sensing technologies as AI expands beyond software and data centers into physical environments, where machines must perceive and respond to their surroundings in real time. LG Innotek said it plans to expan

Korean cosmetics and other beauty product companies will seek export deals at an annual industry exhibition that opened Thursday in North Chungcheong Province, the provincial government said. The Cosmetics & Beauty Expo Osong Korea 2026 that runs through Saturday is underway in Osong, a district of Cheongju, 83 kilometers south of Seoul. The event aims to connect local companies with international buyers, according to the provincial government. "We will help K-beauty products reach global markets and attract international buyers to North Chungcheong Province, a hub for the industry, to facilitate export deals," Gov. Shin Yong-han said. More than 250 companies are participating in the business-to-business (B2B)-focused event, held under the theme "K-Beauty Osong Seeks Growth Along With Global Partners," the provincial government said. This year's expo, the largest to date, will give local companies opportunities to expand into overseas markets while allowing visitors to experience K-beauty products, Jang Woo-sung, director general of the provincial government's bureau of biologics, food a

Financial authorities said Thursday that they are considering safeguards to address concerns over potential market dominance arising from the merger of Naver Financial and Dunamu. "The Fair Trade Commission (FTC) is currently conducting a thorough review of whether the proposed merger between Naver and Dunamu would restrict competition," the Financial Services Commission said in a written response to Rep. Lee Kang-ill of the ruling Democratic Party of Korea. "Similarly, under the proposed Digital Asset Basic Act, we are considering safeguards to ensure that cryptocurrency exchanges, which serve as critical market infrastructure, maintain their public interest role and neutrality without being subject to undue influence from any particular company or shareholder," it added. Last November, Naver Financial announced plans to make Dunamu a wholly owned subsidiary through a comprehensive share swap. With the deal, Naver Financial aims to tap into new growth opportunities in digital assets. Dunamu would gain foundation to expand beyond its existing cryptocurrency exchange and integrate with Na

Samsung SDI said Thursday that it has signed an agreement with the Korea Foundation for the Advancement of Science and Creativity (KOFAC) and the Korean Chemical Society (KCS) to sponsor Korea’s team for the International Chemistry Olympiad (IChO). The signing ceremony was held at the Korea Science and Technology Center in Seoul and attended by Samsung SDI Vice President and Head of the People Team Kim Hun-kyu, KOFAC President Chung Woo-sung and KCS President Keum Kyo-chang. Beginning in January, Samsung SDI will support the selection and training of Korea’s IChO team, organized by the KCS, as well as the team’s participation in the international competition. The company will also provide scholarships to students who win medals. The sponsorship reflects Samsung SDI’s commitment to nurturing young talent in basic sciences and helping students compete on the global stage, while contributing to Korea’s scientific and technological competitiveness. The IChO is an annual competition in which high school students from around the world test their chemistry knowledge and skills. Korea

Samsung Electronics Executive Chairman Lee Jae-yong visited the Al Dhafra gas-fired power plant construction site in Abu Dhabi, the United Arab Emirates (UAE), on Wednesday (local time) to inspect construction progress and encourage employees working in the Middle East. Lee toured key facilities, checking construction schedules and safety measures, before meeting with executives from Samsung C&T and Samsung E&A to discuss regional market trends, growth strategies and new business opportunities. The Al Dhafra power plant is being built by Samsung C&T in a consortium with local construction firm Trojan General Contracting. It is designed to meet rising electricity demand amid the UAE's industrial growth and is expected to support energy-intensive industries, including artificial intelligence (AI) data centers. Samsung C&T previously demonstrated its construction capabilities through the Barakah nuclear power plant project in the UAE, while Samsung E&A uses the country as a key hub for its Middle East and Africa operations, undertaking projects in refining, gas and petrochemicals. Korea and

Lotte World employees put their emergency response skills to the test Wednesday, competing in rapid firefighting and CPR challenges designed to sharpen their readiness when lives are at stake. The amusement park operator held its 2026 Fire Safety Competition in partnership with the Songpa Fire Station. The annual exercise comes as theme parks and high-density public venues face growing scrutiny over crowds and facility safety, prompting major operators to move beyond routine compliance and build real-time tactical readiness among frontline staff. The competition centered on two core scenarios: rapid initial suppression using indoor hydrants and emergency first aid. In the firefighting challenge, employees simulated an active blaze by quickly connecting hydrant systems, deploying hoses and executing the critical steps needed to contain flames before first responders arrive. The medical segment tested teams on sudden cardiac arrest scenarios. Participants were evaluated on their precision and speed while performing CPR on training mannequins and deploying automated external defibrillators

Daewoo Engineering & Construction (E&C) is expanding artificial intelligence (AI) and digital management systems across its construction sites, deploying translation tools and quality-control software to reduce administrative workloads and improve communication with foreign workers. The construction firm rolled out AI translation and tablet-based training systems across its domestic construction sites last month. Its AI-powered translation system supports 16 languages, converting site managers' spoken Korean instructions into text and speech in foreign workers' native languages in real time. The company said the system recorded 94.6 percent accuracy in Korean speech recognition during preliminary testing. It is designed to reduce communication errors on construction sites, where clear instructions are essential for workplace safety, particularly as the number of foreign workers continues to increase. Daewoo E&C has also introduced a tablet-based system for safety training and related paperwork, such as worker registration, health screenings and training reports. The company is also develop

Combined vehicle sales by Korea's leading automaker Hyundai Motor and its affiliate Kia fell 1.7 percent in Europe last month from a year earlier, amid a lack of new models, industry data showed Thursday. Hyundai and Kia sold a combined 96,258 vehicles in the common market in September, down from 97,907 in the same one-month period in 2025, according to data from the European Automobile Manufacturers' Association (ACEA). "The lack of new models, particularly electric vehicles, in Hyundai Motor's lineup affected its sales performance for the month," a company spokesperson said by phone. Hyundai Motor's sales fell 17.5 percent to 39,821 units from 48,253 a year earlier, while Kia's sales rose 13.7 percent to 56,437 units from 49,654. As emissions regulations in Europe become increasingly stringent, the two automakers are focusing on expanding sales of environmentally friendly vehicles, including the gasoline hybrid and plug-in hybrid versions of Hyundai's Tucson, its all-electric Kona, and Kia's pure electric EV3 and Niro plug-in hybrid. Last month, Hyundai and Kia together accounted for 7.

JB Financial Group is expanding into Central Asia through the planned purchase of two Kyrgyz financial firms, broadening an overseas business portfolio built largely around Southeast Asia, the company said Thursday. JB Woori Capital, its consumer finance subsidiary, has agreed to buy Korky Credit and Korky Leasing from their parent, Epoche. The deal covers all shares in both companies and is expected to close before year-end, subject to regulatory approval and registration in Kyrgyzstan. The acquisitions would give JB Financial a presence in a fifth overseas market. Its existing businesses include commercial banking in Cambodia, microfinance in Myanmar and securities services in Vietnam. The group also secured Indonesian regulatory clearance in September to purchase an 85 percent stake in KB Bukopin Finance, a local financing company. JB Financial’s interest in Kyrgyzstan is driven primarily by the country’s young population and rapid economic growth. About 70 percent of its population is reportedly under 40. Its economy expanded 11.1 percent last year, according to the Internationa

The Korean government has issued a nationwide security alert to businesses and website operators over critical vulnerabilities in PHP, a programming language widely used to build websites and web services, as the flaws spark widespread alarm across the globe amid concerns that they could rank among the most severe software vulnerabilities in history. Experts warned that small and medium-sized enterprises (SMEs) and individual business owners operating websites without dedicated cybersecurity personnel could be particularly vulnerable. They strongly recommended prompt security updates, noting that a vulnerability in one company's website could also affect other businesses whose websites are hosted on the same server. In a statement released Thursday, the Ministry of Science and ICT urged domestic companies and institutions operating PHP-based websites to immediately apply security updates. “The latest PHP vulnerabilities could affect a vast number of websites in Korea. An extremely urgent response is required as exploit code is already publicly available," Deputy Prime Minister and Min