Hanwha makes Time's top 100 most influential companies list

Hanwha Group has made the list of Time magazine's 100 Most Influential Companies in the world for the first time, as the only Korean company recognized this year. The list, which was unveiled on Thursday, described Hanwha as the "Lockheed Martin" of Asia, pointing out that the conglomerate had a good business year amid the ongoing global geopolitical crises. The US magazine noted that Hanwha Aerospace's market value jumped 69 percent last year to top $7.8 billion through sign

CompaniesMay 31, 2024

S. Korea to build up to 3 new nuclear reactors by 2038

South Korea plans to build up to three new nuclear reactors by 2038 in line with efforts to cut carbon emissions and meet the growing electricity demand, officials said Friday. The plan, which will run from 2024 to 2038, comes under the biennial energy blueprint submitted by a group of experts to the government, which sets a strategy for the supply of electricity and the energy portfolio, according to the Ministry of Trade, Industry and Energy. Under the plan, the portion of carbon-free energy s

IndustryMay 31, 2024

Seoul shares open higher on hopes for Fed's rate cut

Seoul shares opened higher Friday as the US economic growth grew at a slower-than-expected pace and poor corporate earnings revived hopes for the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index rose 19.27 points, or 0.73 percent, to 2,654.71 in the first 15 minutes of trading. Investors are also awaiting US consumption data due later in the day, which may offer clues on the Fed's future policy path. In Seoul, most large-cap stocks advanced. Market bellwethe

MarketMay 31, 2024

Kazen's new look powers HD Hyundai Oilbank's premium push

HD Hyundai Oil Bank is stepping up its focus on the premium gasoline market with an updated brand design and slogan for Kazen, its flagship high-end gasoline product. The new design, launched in May, aims to improve readability and create a strong, dynamic impression. It will be rolled out across all HD Hyundai Oil Bank gas stations nationwide. The Kazen boasts an octane rating of over 100, exceeding legal standards. This high-octane fuel is crucial for preventing engine knocking and optimizing

MobilityMay 30, 2024

Superintelligence to reshape human-machine collaboration

As humans are increasingly associating with artificial intelligence at home and in the workplace, global tech experts gathered Thursday at this year's EmTech Korea to discuss what these technologies might look like in the next decade. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul for the first time. In a panel discussion moderated by Ka

TechnologyMay 30, 2024

Tech influencers discuss AI, robotics, health tech at EmTech Korea

Global tech influencers and professors gathered at this year's EmTech Korea to discuss the impact and potential of breakthrough technologies encompassing artificial intelligence in various sectors including space and robotics, energy and health tech, in Seoul on Thursday. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul, for the first time

IndustryMay 30, 2024

Gyeonggi governor urges sweeping changes to survive uncertainties

The Korea Herald on Wednesday hosted its weekly Global Business Forum (GBF) under the theme “Age of Hyper-Uncertainty: Global Business Opportunities and Trends,” with Gyeonggi Governor Kim Dong-yeon and German Ambassador to Korea Georg Schmidt in attendance as the key speakers. In his welcoming speech, Ambassador Schmidt stressed that the world’s advanced economies, including Germany and South Korea, are faced with similar challenges such as trade protectionism, geopolitical te

IndustryMay 30, 2024

Seoul shares dip over 1.5% ahead of US inflation data; won sharply down at 1-month low

Seoul shares dropped for the third consecutive session Thursday ahead of key US inflation data. The Korean won also dipped to the lowest in one month against the US dollar. The benchmark Korea Composite Stock Price Index fell 41.86 points, or 1.56 percent, to close at 2,635.44. Trade volume was moderate at 366.42 million shares worth 10.92 trillion won ($7.9 billion), with losers far outpacing gainers 680 to 197. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 point

MarketMay 30, 2024

LS Eco Energy aims to double sales by 2030

LS Eco Energy, an Asia-focused subsidiary of LS Cable & System, has identified submarine cables and rare-earth elements as the new growth engine for future business as the company aims to more than double its annual sales by 2030. “For the next 15 years and beyond, large electricity demand will continue across the world,” said Lee Sang-ho, CEO of LS Eco Energy, in a press conference held Tuesday at the Federation of Korean Industries building in Seoul. “By expanding the cab

CompaniesMay 30, 2024

Nvidia dethrones Tesla as Korea's top stock pick

US chip giant Nvidia has become South Korea's most-owned foreign stock, replacing Tesla in the top spot after four years. As of Thursday, South Koreans held a combined $11.07 billion worth of Nvidia stocks, according to the Korea Securities Depository's securities information portal. This figure surpassed $10.67 billion in Tesla shares. Nvidia has dethroned Tesla as the top stock pick among Korean investors for the first time since July 2020, when the world's biggest electric vehi

MarketMay 30, 2024

Samsung's new chip head urges collective efforts to stay top

Jun Young-hyun, the new head of Samsung Electronics’ semiconductor business, called Thursday for unity among management and employees to retain its leadership in the ever-evolving chip industry. “Samsung’s semiconductor business has 50 years of history and has maintained the No. 1 position in memory. We have secured unrivaled technological assets by overcoming numerous crises and challenges,” he said in his inauguration message posted on the company’s internal bulle

TechnologyMay 30, 2024

LX Pantos, Indonesia’s KSA to set up resource logistics JV

Korean logistics company LX Pantos announced Thursday the signing of a contract with Indonesian company KSA to establish a joint venture for resource logistics. LX Pantos CEO Lee Yong-ho, KSA CEO Kartika Hadi and other executives from both companies attended the signing ceremony, held at KSA's headquarters in Jakarta, Indonesia. Through this agreement, LX Pantos is to make its debut in the Indonesian resource logistics market. KSA is Indonesia's largest bulk carrier company specializin

IndustryMay 30, 2024

Hanwha Qcells completes major solar project for Meta

Hanwha Qcells said Thursday that it had completed a major solar power and energy storage project in California to supply renewable energy to Meta, Facebook's parent company. Located in Borrego Springs, California, the facility has 50 megawatts of solar modules and a 200-megawatt-hour energy storage system. Meta has been carbon neutral since 2020 and is committed to achieving full supply chain carbon neutrality by 2030. A 50 MW solar capacity situates this project in the mid-range among util

IndustryMay 30, 2024

Sales start for Hyundai Hillstate Dujeong Station in Cheonan

Hyundai Engineering & Construction has started sales of Hillstate Dujeong Station, a new residential apartment complex located in Cheonan, South Chungcheong Province. The complex comprises 11 buildings each 29 stories high, offering a total of 997 units. Scheduled for move-in in March next year, the apartments will be the first in the Dujeong-dong area to feature top-floor duplex penthouses. A total of 30 units with large duplex structures ranging from 148 to 170 square meters will be availa

IndustryMay 30, 2024

[Herald Interview] Saudi Arabia seeks more ‘boots on the ground’ from Korean game makers

Saudi Arabia is looking for more collaboration with Korean game companies as the Middle Eastern country has been aggressively spending billions of dollars to develop its gaming industry with the ultimate goal of becoming a global esports hub, Riyadh’s top gaming officials said Wednesday. “We're looking to start a conversation to make sure that we can be a good partner and see where we can collaborate and where we can be good partners,” said Prince Faisal bin Bandar bin Sul

IndustryMay 30, 2024

[Contribution] Petrochemical business to explore Gen AI potentials

By Marco Moder Partner at McKinsey & Company Korea Once the key growth engine for the nation’s economy. Now a major roadblock in value chain realignment and market road map. This is where South Korea’s petrochemical industry stands as of now. It is undeniable that the industry faces numerous challenges. Over the past few years, the rapid oversupply from China has intensified demand competition, causing profitability to plummet to an unprecedented level. Also, as the business cy

IndustryMay 30, 2024

Seoul shares open lower amid waning hopes for Fed rate cut

Seoul shares opened lower Thursday, tracking overnight losses on Wall Street, as the Federal Reserve appears to be in no rush to cut interest rates in the face of the strong economy and high inflation. The benchmark Korea Composite Stock Price Index fell 15.47 points, or 0.58 percent, to 2,661.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 points, and the tech-heavy Nasdaq composite retreated 0.58 percent to 16,920.58. The Fed

MarketMay 30, 2024

S. Korea partners with US aircraft startup for UAM commercialization

South Korea has partnered with a US electric aircraft startup to push forward the commercialization of urban air mobility, the transport ministry said Wednesday. Archer Aviation Inc. will join the Korean government's UAM test project dubbed "Grand Challenge" along with local companies -- Kakao Mobilty Corp., LG Uplus Corp. and GS Engineering & Construction Co., the Ministry of Land, Infrastructure and Transport said in a statement. Archer Chief Commercial Officer Nikhil Goel m

CompaniesMay 29, 2024

2 workers exposed to radiation at Samsung's chip plant in S. Korea

Samsung Electronics Co. said Wednesday two workers at one of its chip manufacturing facilities in South Korea were recently exposed to radiation and a government-led investigation is underway. The two workers in the chip production line of Samsung's Giheung Campus in Yongin, 42 kilometers south of Seoul, experienced X-ray exposure on their hands Monday, the company said in a text message response to reporter inquires. The company said it became aware of the incident Tuesday when the workers

CompaniesMay 29, 2024

Merck breaks ground for Korean bioprocessing plant

German pharmaceutical company Merck Life Science on Wednesday started the construction of a new bioprocessing production center in Daejeon, in which it will invest around 300 million euros ($325 million) -- the company’s largest investment in the Asia-Pacific region. The new bioprocessing production center will be built on a 43,000-square-meter plot of land within Daejeon’s International Science-Business Belt, some 140 kilometers south of Seoul. Merck Life Science will aim to complet

IndustryMay 29, 2024