Samsung Electronics shares more than 100 patents with smaller firms

Samsung Electronics Co. has shared more than 100 patents with smaller businesses as part of efforts to promote shared growth, the industry ministry said Tuesday. The leading South Korean tech giant transferred 128 patents to 85 companies this year to assist them in developing innovative products and solutions without royalty fees, according to the Ministry of Trade, Industry and Energy. Samsung Electronics first launched the program in 2015 and has offered a total of 1,210 patents to 673 compani

IndustryNov. 12, 2024

NHN shifts to loss in Q3 on one-off factor

NHN Corp., a South Korean information technology and game company, said Tuesday it turned to a net loss in the third quarter despite record sales due to an one-off factor sparked by massive payment delays by e-commerce platforms earlier this year. The company posted a net loss of 110.3 billion won ($78.7 million) for the July-September period, turning from a profit of 8 billion won a year earlier, according to its regulatory filing. It also swung to an operating loss of 113.4 billion won from a

EconomyNov. 12, 2024

Seoul shares open lower amid continued 'Trump trade'

South Korean stocks opened lower Tuesday bucking continued bullish runs on Wall Street, amid lingering uncertainties over the impact of the new Trump administration's policies on the domestic industry. The Korean won also breached the psychologically important level of 1,400 won against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 12.62 points, or 0.5 percent, to 2,519.04 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite increased 0.06 p

MarketNov. 12, 2024

Kakao files administrative suit against W15.1b fine over personal info leak

Kakao Corp., the operator of South Korea's dominant mobile messenger, has filed an administrative lawsuit against a government fine of 15.1 billion won (US$11 million) over the leaking of personal information on a large scale, according to sources Monday. The Personal Information Protection Commission, the government's personal information watchdog, ordered the fine in May, concluding that Kakao's lax user data scrutiny and protection measures led to the data leak of some 65,000

CompaniesNov. 11, 2024

Court OKs Pizza Hut Korea's autonomous restructuring support plan amid financial woes

Pizza Hut Korea Ltd., the South Korean operator of the namesake American pizza franchise, on Monday received approval from a court to proceed with an autonomous restructuring support plan, putting on hold court-mandated rehabilitation proceedings after losing a lawsuit brought by store owners. The Seoul Bankruptcy Court said it approved the ARS rehabilitation plan requested by Pizza Hut Korea earlier in the day. An ARS program is a system where a company negotiates debt repayment plans autonom

CompaniesNov. 11, 2024

TCL’s 'QD TVs' face antitrust probe over misleading advertising

Korean specialty chemicals and materials maker Hansol Chemical said Monday it has filed a complaint with the local antitrust authorities against Chinese TV maker TCL for the misleading advertising of its latest TV sets. The Korean firm accused TCL, China’s largest TV manufacturer, of falsely branding its liquid crystal display TVs as “QD TVs” even though they actually contain no QD or quantum-dot materials that help enhance image quality. Higher-priced QD-incorporated LCD TVs,

IndustryNov. 11, 2024

[From the Scene] How BMW’s growing Korea parts hub gets repairs done faster than ever

ANSEONG -- In South Korea, BMW drivers benefit from a parts delivery system that’s hard to beat. Need a part? If the order is placed in the morning, it’ll arrive at the dealership by 5 p.m. the same day. Order it in the afternoon, and it’s there by 7 a.m. the next morning. This rapid response is powered by BMW’s Anseong Regional Distribution Center, a logistics hub located about 80 kilometers south of Seoul, dedicated to keeping BMWs on the road with minimal downtime. Fir

MobilityNov. 11, 2024

GS E&C wins $376m contract to build subway tunnel in Australia

South Korean construction giant GS Engineering and Construction announced Monday that it had won a $375.7 million contract to build a subway tunnel in Melbourne, Australia. Awarded by Victoria’s Suburban Rail Loop Authority, the contract is part of the broader Suburban Rail Loop project, which aims to construct a 90-kilometer orbital rail line connecting various regions of the city. GS E&C said it will participate in the SRL East project, valued at $1.1 billion in total, to build a 10-

CompaniesNov. 11, 2024

[Photo News] Futuristic Cockpit

LG Electronics on Monday unveiled its new Digital Cockpit concept involving modular systems for ultimate customization. The Digital Cockpit gamma, the third-generation concept of the appliance giant's future mobility, features OLED displays, artificial intelligence and 5G technologies. (LG Electronics)

IndustryNov. 11, 2024

[Photo News] Kia Sportage in Squid Game style

Kia is bringing the excitement of "Squid Game" Season 2 to its new Sportage launch with an interactive campaign. A teaser video released last Thursday has revealed the Sportage alongside iconic pink guards of "Squid Game," while a special pop-up showroom in Seoul from Nov. 15 to 24 lets fans dive into the experience firsthand. Visitors can join a scavenger hunt, explore themed rooms and get hands-on with the SUV. (Kia)

MobilityNov. 11, 2024

LG eyes footing in aerospace with possible SpaceX deal

LG Energy Solution has reportedly forged a deal with Elon Musk’s SpaceX to supply its cylindrical lithium-ion batteries, further strengthening its partnership with Tesla and advancing its footprint to the global aerospace sector. According to industry sources on Monday, the Korean battery-maker has started developing batteries for the power supply units of SpaceX’s next-generation Starship launch vehicle, the world's first reusable rocket, as soon as next year. This marks SpaceX

MobilityNov. 11, 2024

Seoul shares fall over 1% on chip slump amid US uncertainties

South Korean shares declined more than 1 percent Monday as Samsung Electronics fell to an over two-year low amid rising uncertainties over the new Trump administration's trade policies. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 29.49 points, or 1.15 percent, to close at 2,531.66, following a 0.14 percent drop on Friday. Trade volume was heavy at 565.2 million shares worth 11.1 trillion won ($7.96 billion), with losers far out

MarketNov. 11, 2024

[Photo News] Bitcoin hits new high

A screen shows bitcoin trading at over $80,000 at local crypto exchange Upbit's headquarters in southern Seoul, Monday morning. The price of bitcoin hit an all-time high, marking a nearly 17 percent rise over the past week. Bitcoin traded as high as $81,784 on Upbit, as of press time. The recent surge was largely driven by US President-elect Donald Trump's victory, after he stressed his will to ease crypto-related regulations. (Lim Se-jun/The Korea Herald).

MarketNov. 11, 2024

[Photo News] Sharing love with kimchi

Hana Financial Group Chair Ham Young-joo (fourth from left) and other company executives join a "gimjang" or kimchi-making event at the group's headquarters in Seoul on Monday as part of the 2024 Modu Hana Day campaign. Some 300 people, including representatives of Hana's partner firms, participated in the annual event to donate 11,111 heads of kimchi to disadvantaged households. (Hana Financial Group)

IndustryNov. 11, 2024

Young Poong's violations cast doubt on Korea Zinc bid

Young Poong, the world’s sixth-largest zinc smelter, has been ordered to close down its refinery facility for two months for discharging polluted wastewater without authorization, posing a possible setback in its attempt to take ownership control of Korea Zinc, its affiliate and the world’s largest zinc producer. Earlier this month, the Supreme Court dismissed Young Poong’s request to nullify an administrative order to shut down its Seokpo refinery in North Gyeongsang Provinc

IndustryNov. 11, 2024

Hyundai Motor plays down missed IRA incentives for Georgia plant

Hyundai Motor has missed out on the United States tax incentives for its new $7.6-billion manufacturing plant -- Hyundai Motor Group Metaplant America -- in Bryan County, Georgia, but said the credit did not affect its investment in the plant. According to industry sources Monday, Hyundai Motor did not make the list of companies that will receive tax incentives in the second round allocations of the Qualifying Advanced Energy Project Credit, or 48C, which is an allocated tax credit funded by Pre

CompaniesNov. 11, 2024

Daewoo E&C chairman discusses expansion plans in Turkmenistan

South Korean builder Daewoo Engineering & Construction said Monday that Chairman Jung Won-ju recently visited Turkmenistan to attend CIET2024, an annual event focusing on the country’s construction, industrial and energy sectors. During the event, which took place in the capital Ashgabat from Nov. 3 to Nov. 5, Jung met with key officials to discuss Daewoo’s plans for local business growth, building on the company’s recent win of a mineral fertilizer plant project in Turkmen

CompaniesNov. 11, 2024

KT&G pledges to up shareholder returns

South Korea's top tobacco company KT&G unveiled a new program designed to enhance its corporate value, primarily focused on increasing shareholder returns, Monday. The program centers on improving profitability, optimizing asset efficiency and streamlining financial operations to reach a return-on-equity target of 15 percent by 2027. To drive profitability, KT&G will focus on its three core business areas: overseas cigarette sales, next-generation products and healthy functional foo

CompaniesNov. 11, 2024

[Herald Interview] JobKorea’s Klik brings jobs, community to growing foreign workforce in Korea

As Korea’s foreign workforce nears the 1 million mark, JobKorea, the nation’s leading online recruitment platform, has launched the spinoff Klik, or Kickstart Life in Korea, to bring quality jobs and community to foreign national job seekers. Chris Heo, a 33-year-old Canadian national who leads the Klik team, said that the platform’s birth was largely inspired by his own experiences and challenges as a foreign national living in Korea. “I’ve struggled with complex a

IndustryNov. 11, 2024

SK to enhance board's role in readiness for AI era

South Korea’s second-largest conglomerate SK Group announced Monday its commitment to further enhance its governance structure by expanding the board's role beyond decision-making to setting directions and evaluating performance, intent to better navigate the era of artificial intelligence. At SK Directors’ Summit 2024 in Seoul on Thursday, SK Group Chairman Chey Tae-won and chief executives of the group’s affiliates, including Choi Chang-won, the head of the group’s

IndustryNov. 11, 2024