Korean industries gauge impact of Biden's steep tariffs on China

Korea is closely evaluating potential impacts on its key manufacturing sectors in response to steep US tariff hikes on key Chinese imports, bracing for potential supply chain disruptions while hoping to capitalize on any advantages. US President Joe Biden on Tuesday announced tariff hikes against Chinese imports, targeting a range of products including electric vehicles, legacy semiconductors, advanced batteries, battery components, solar cells, steel, critical minerals, aluminum and medical eq

IndustryMay 15, 2024

Coupang's Kim Bom escapes chaebol chief designation again

South Korean e-commerce giant Coupang's founder and CEO Kim Bom was excluded from the list of chaebol chiefs designated by the Korean antitrust regulator, marking the fourth time since 2021 when Coupang entered the realm of large conglomerate groups with assets exceeding 5 trillion won ($3.6 million). The Korea Fair Trade Commission announced Wednesday an updated list of 88 large conglomerates for this year, all subject to disclosure of activities, followed by rigorous monitoring and accoun

IndustryMay 15, 2024

HD Hyundai Electric gets MSCI nod; Kakao Pay misses out

Energy solution provider HD Hyundai Electric will be added to the Morgan Stanley Capital International Korea Index, alongside two other domestic companies, according to the index operator Tuesday. The MSCI Index is an influential market benchmark published by the US investment bank Morgan Stanley. Tracked by the global investment industry, the index measures the performance of the stocks included in its listing. The shares of three Korean companies, including HD Hyundai Electric, biotechnology c

IndustryMay 15, 2024

Hana Financial chairman promotes fight against plastic waste

Hana Financial Group Chairman Ham Young-joo joined the "Bye Bye Plastic Challenge" to increase awareness of the need to reduce plastic waste, according to the firm Wednesday. Appointed by Community Chest of Korea Chairman Kim Byong-joon, Ham joined the social media campaign, first initiated by the Ministry of Environment in August last year. Ham promoted the need to combat plastic pollution for the environment by holding discussions with Hana Financial employees at its office in centra

IndustryMay 15, 2024

[Contribution] Where to invest your time -- career or investing

By Steve Brice From a very young age, we are taught that if you want to get better at something, then you need to expend time and effort to learn the necessary skills. We are also taught that you should focus on areas that you are going to make the biggest impact. When it comes to maximizing your financial position in life, the best way is to focus on your career and adopt a simple approach to investing i.e. regularly invest into a diversified portfolio regardless of what videos you see on TikTo

MarketMay 15, 2024

[Photo News] Promoting Korea-Japan economic ties

Japanese Prime Minister Fumio Kishida (fourth from left, front row) greets a Korean business delegation at his office in Tokyo on Monday. The meeting was held ahead of the 56th Korea-Japan Business Conference, hosted by the Korea-Japan Economic Association, where some 210 business leaders from the two countries discussed measures to expand bilateral economic ties and promote mutual exchanges. From left in the front row are Hyosung Group Chairman Cho Hyun-joon, Korean Ambassador to Japan Yoon Deo

EconomyMay 14, 2024

Seoul shares end tad higher ahead of US inflation data

South Korean stocks ended slightly higher Tuesday as investors took a wait-and-see stance ahead of US inflation data expected to affect the US Federal Reserve's rate-setting decision. The Korean won dropped against the US greenback. The benchmark Korea Composite Stock Price Index went up 3.13 points, or 0.11 percent, to 2,730.34. Trade volume was slim at 436.6 million shares worth 9.3 trillion won ($6.79 billion), with gainers outpacing decliners 526 to 342. Foreign investors and institutio

MarketMay 14, 2024

[KH Explains] Naver’s Line dilemma: Lose global footing for cash?

Regardless of the ongoing diplomatic brouhaha, many industry watchers expect Naver to divest its stake in the 50:50 joint venture with SoftBank that controls the Line messenger app and Yahoo Japan. The issue is how much cash it could secure from the stake sale and its business impact in the future. Naver and SoftBank own 50 percent each in A Holdings, which controls almost 65 percent shares in LY Corp., the merged entity of Line and Yahoo Japan in 2019. The market cap of LY Corp. is estimated at

TechnologyMay 14, 2024

Korea eyes leadership in advanced air mobility standardization

South Korea took the initiative to lead standardization in the global advanced air mobility sector as it launched the Global Association for Advanced Air Mobility, or G3AM, in Seoul on Tuesday. According to the Ministry of Science and ICT, the G3AM is the world’s first global association for AAM standardization. A total of 67 companies have joined the association as members, including Korean firms such as Korean Air, Hanwha Systems, Hyundai Motor, SK Telecom, KT and LG Uplus, the US&rsqu

MobilityMay 14, 2024

Dyson debuts first wet floor cleaner WashG1

UK home appliance giant Dyson on Tuesday released WashG1, its first wet floor cleaner designed to pick up wet and dry debris in one go without a vacuum motor. The wet floor cleaner, equipped with a 1-liter clean-water tank, uses a combination of hydration, absorption and extraction technologies to remove wet and dry debris -- automatically separating them -- according to Dyson. "Cleaning floors can be very unhygienic, leaving smears and dirty marks and you usually have to vacuum first, so i

IndustryMay 14, 2024

CJ CheilJedang beats Q1 earnings estimates on US sales

Korean food giant CJ CheilJedang beat earnings estimates in the first quarter of this year, largely driven by increased overseas sales. According to its regulatory filing Tuesday, the company posted 4.44 trillion won ($3.24 billion) in sales and 267 billion won in operating profits in the first months of the year. Its profits alone surged 77.5 percent from the same period last year. Its flagship food business reported 2.83 trillion won in sales and 184.5 billion won in operating profits, up 2.6

CompaniesMay 14, 2024

Woori Bank joins race for 4th online-only lender

Woori Bank, a major commercial lender in South Korea, has entered the competition to secure a license for the country's fourth internet-only bank. An official from Woori Bank confirmed Tuesday that the company recently submitted a letter of intent to Korea Credit Data to join the firm's consortium to win approval to launch an internet-only bank. This marks the first time a local commercial bank has officially delivered its commitment to join the race. "Woori Bank has consistently

IndustryMay 14, 2024

Kia rolls out new EV6 with longer range but no price hike

Kia has officially launched an upgraded version of the EV6 in the Korean market, with sales starting Tuesday and deliveries expected by June. "The new EV6 will launch internationally within this year," a Hyundai Motor Group official told the Korea Herald. This latest update, the first in about three years since August 2021, increases the maximum driving range to 494 km per charge, according to the Korean Ministry of Environment certification. This represents a 19 km improvement over t

MobilityMay 14, 2024

TikTok girl surprised with Buldak Carbonara Ramen event

South Korean food giant Samyang Roundsquare, formerly Samyang Foods Group, surprised a young Texas girl who went viral on TikTok after receiving a multi-pack of Buldak Carbonara Ramen as a birthday gift. Adalynn Sofia's emotional reaction to receiving the spicy noodles garnered nearly 100 million views and 10 million likes on the platform since it was posted in early April. As a gesture of appreciation, Samyang Roundsquare organized a surprise event for the girl at her home. A bright pink v

ConsumerMay 14, 2024

[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure

In the realm of materials science, diamonds have long held a prestigious status for their unparalleled hardness and brilliance. Traditionally, the synthesis of these coveted gems has relied on high-pressure, high-temperature methods, representing a significant barrier to large-scale production. However, recent research by Rodney S. Ruoff and his team at the Center for Multidimensional Carbon Materials within the Institute for Basic Science has opened a new chapter in diamond synthesis -- growing

IndustryMay 14, 2024

[Photo News] Taste of luxury in the sky

Korean Air said Tuesday that its first-class cabin food and beverage service has won the top awards from the US travel magazine, Global Traveler. The airline offers a diverse range of menu choices, paired with an exclusive wine program designed by renowned sommelier Marc Almert. Since last year, vegan menus based on traditional Korean temple cuisine have also been served. (Korean Air)

IndustryMay 14, 2024

[Photo News] Hankook Tire in Europe

Hankook Tire will showcase its latest products at the Tire Cologne 2024 exhibition, slated to take place from June 4 to 6 in Germany, the Korea tire maker said Tuesday. Hankook Tire will present its electric vehicle-dedicated tire brand iON's new summer product, as well as the e-SMART City AU56, a tire type for electric buses, for the first time at the global exhibition. (Hankook Tire & Technology)

IndustryMay 14, 2024

[H.eco Forum] Orsted drives Taiwan's renewable push with Asia's largest offshore farms

Orsted, a company that has transformed itself from one of Europe’s most carbon-intensive power generators into a global leader in green energy, is now seeking to lead the charge against climate change in Asia. In anticipation of the H.eco Forum 2024, scheduled to take place on Some Sevit in Seoul on May 22, The Korea Herald spoke with one of the session speakers, Christy Wang, chairperson of Orsted Taiwan, to discuss the company’s journey, its contributions to Taiwan's offshore

IndustryMay 14, 2024

Seoul shares open almost flat ahead of US inflation data

South Korean stocks opened almost flat Tuesday as investors awaited a key US inflation report set to be released later this week. The benchmark Korea Composite Stock Price Index gained 0.51 point, or 0.02 percent, to 2,727.72 in the first 15 minutes of trading. Overnight, the S&P 500 closed almost flat, while the Dow Jones Industrial Average fell 0.2 percent. The tech-heavy Nasdaq composite gained 0.3 percent. Investors' eyes are on the US Consumer Price Index data for April due out Wed

MarketMay 14, 2024

Import prices up for 4th month in April on higher oil prices

South Korea's import prices rose for a fourth consecutive month in April due to an increase in oil prices and the Korean won's decline against the US dollar, central bank data showed Tuesday. The import price index rose 3.9 percent last month from a month earlier following a 0.5 percent on-month gain the previous month, according to the preliminary data from the Bank of Korea. From a year earlier, prices also rose 2.9 percent last month following a 0.5 percent on-year decline the previ

EconomyMay 14, 2024