Posco charity foundation tackles disability challenges

The Posco 1% Foundation, founded in 2013, is funded by the donations of employees at South Korean steel giant Posco Group. Among the foundation's diverse charity projects is one aimed at supporting people with disabilities, particularly in career-seeking activities. According to a 2023 survey by the Korea Employment Agency for Persons with Disabilities, about 5 percent of the nation’s population is registered as disabled. The economic participation rate and employment rate of people w

IndustryApril 22, 2024

Seoul shares open higher on financial, bio gains

South Korean stocks opened higher Monday as investors scooped up financials, bios and other blue chips following last week's overall market decline amid eased tensions in the Middle East. The benchmark Korea Composite Stock Price Index gained 32.11 points, or 1.24 percent, to trade at 2,623.97 in the first 15 minutes of trading. Financial stocks led the overall bullish market, with KB Financial surging 5.49 percent and Shinhan Financial soaring 5.39 percent. Bio shares also gained strong mo

MarketApril 22, 2024

Exports gain 11.1% from April 1-20 on robust chip sales

South Korea's exports rose 11.1 percent on-year in the first 20 days of April on surging global demand for semiconductors, data showed Monday. Outbound shipments reached $35.82 billion in the April 1-20 period, compared with $32.25 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also advanced 11.1 percent on-year to $2.31 billion. Imports grew 6.1 percent on-year to $38.5 billion during the first 20 days of April, resulting in a trade de

EconomyApril 22, 2024

[Test Drive] Honda’s hybrid tech mixes best of engine, motor

Honda has long been known for its top-level hybrid technology in the global auto sector. As hybrid vehicles take the spotlight with the electric vehicle market having entered a slump, the Japanese automaker is looking to make the most of the opportunity in Korea. The Korea Herald had a chance to drive the Honda CR-V Hybrid 4WD Touring and Honda Accord Hybrid Touring. Each ride covered about 57 kilometers, taking place in southern Gyeonggi Province on Tuesday. Before the test ride began, Honda pr

MobilityApril 22, 2024

[Hello India] Herald Media Group looks to deepen Korea-India partnership

Capitalizing on India's emergence as a key driver of global growth, the Herald Media Group is looking for ways to deepen Korea-India economic ties. Leading a delegation of experts, the media group's Chief Executive Officer Choi Jin-young visited India from April 4 to April 11 to engage and establish communication channels with think tanks, trade and business confederations representing small and large industries, local and regional government representatives and the media. The Herald M

IndustryApril 21, 2024

Korea's food inflation surges to third-highest in OECD

South Korea's food inflation spiked to 6.95 percent in February, the third-highest among member countries of the Organization for Economic Cooperation and Development. The OECD statistics for February announced Sunday reveal that Korea ranks third among 38 OECD member countries in terms of food and non-alcoholic beverage inflation, trailing only Turkey with 71.12 percent and Iceland with 7.52 percent. This marks the first time in over two years that Korea's food inflation has exceeded

IndustryApril 21, 2024

LG Innotek earns Edison silver for mobile zoom camera

LG Innotek has clinched a silver Edison Award for its ultra-thin optical telephoto zoom camera module for smartphones, marking its second consecutive Edison win, the company said Sunday. The module, which allows for 3x to 5x magnification, brings what the company describes as near-DSLR-quality optical zoom in a single compact unit. First commercialized in 2022, this innovation enhances image quality and spares internal device space for other components. The core of this technology is the Zoom Ac

TechnologyApril 21, 2024

SK On wins Edison Award for cobalt-free battery

SK On, one of Korea’s leading electric vehicle battery manufacturers, has been awarded a Bronze at the 2024 Edison Awards for its innovative cobalt-free battery. The award, presented last Thursday, represents SK On's ongoing efforts to combine advanced technology with sustainable practices in the EV industry. The development of the cobalt-free battery by SK On is a notable breakthrough, addressing the critical challenges traditionally associated with cobalt use in batteries. Cobalt, w

IndustryApril 21, 2024

BOK chief says won will level off if Middle East conflict eases

Bank of Korea Governor Rhee Chang-yong, during his visit to the United States, projected the volatility of the won-dollar exchange rate would ease if the Middle East tension did not escalate further. The won-dollar exchange rate has been fluctuating heavily over the past few weeks, influenced by the strong demand for the greenback, with the anticipation that the US Federal Reserve will continue its aggressive monetary tightening due to the hotter-than-expected inflation readings. The strong safe

EconomyApril 21, 2024

[KH Explains] Will 6-day workweek for executives help Samsung avert crisis?

Doubts have been raised over Samsung Group’s latest decision to make the executives of its key tech affiliates -- Samsung Electronics, Samsung SDI, Samsung SDS and Samsung Display -- work an extra day per week as part of the group's emergency measures to tackle ongoing business uncertainties. Critics pointed out that the six-day workweek for executives is "outdated and inefficient," and that it lies in contrast to other local Big Tech firms who are following the global trend

IndustryApril 21, 2024

[Photo News] Art for all

Hana Financial Group Chairman Ham Young-joo poses with award recipients, their families and Hana staff members at the award ceremony for the 2024 Hana Artverse, a contest for artists with developmental disabilities, at the firm's headquarters in central Seoul on Friday. The event, in its third year, aims to provide opportunities for artists with disabilities. The works of the 30 artists who were recognized at the event will be on display at the group’s open storage space, H.art1. (Han

IndustryApril 21, 2024

HD Korea Shipbuilding to help SMEs cut greenhouse gases

HD Korea Shipbuilding & Offshore Engineering said Sunday it has partnered with Korea East-West Power and the Korea SMEs and Startups Agency to launch a joint initiative to reduce greenhouse gas emissions in the shipbuilding industry. The collaboration, inked at the HD Hyundai Global R&D Center, supports small to medium-sized shipyard suppliers. The program will swap outdated air compressors for high-efficiency units, potentially reducing annual emissions by 30 to 60 metric tons per devic

IndustryApril 21, 2024

LX Pantos unveils expansive railway terminal in Hungary

South Korean logistics company LX Pantos has opened a vast railway terminal in Tata, Hungary, with aims to bolster its competitive edge in European logistics. Situated approximately 65 kilometers southwest of Budapest, the LX Pantos Tata Terminal strategically positions itself near Europe’s largest battery production hub. Encompassing an area of around 36,000 square meters, equivalent to roughly five soccer fields, the terminal includes two dedicated rail tracks. The inauguration ceremony

IndustryApril 21, 2024

Gold trading volume spikes amid Mideast crisis

The trading volume of gold in South Korea has jumped sharply this month amid escalating tensions in the Middle East, data showed Saturday. The daily trading volume of gold in the country came to 16.9 billion won ($12.25 million) as of Friday, according to the data from the Korea Exchange, the country's bourse operator. The reading marks a sharp increase from a daily average of 6.86 billion won for March. Such an increase follows tensions in the Middle East, prompted by Iran's drone and

EconomyApril 20, 2024

Seoul shares rattled by Israeli attack on Iran; Kospi dips to nearly 11-week low

The South Korean market on Friday faced heightened volatility in response to Israel's military actions against Iran, with the benchmark Korea Composite Stock Price Index plunging to its lowest level in 11 weeks. The dip coincided with a weakening of the local currency. The Kospi concluded the day at 2591.86, marking a marginal decrease of 1.63 percent from the previous session. Initially opening at 2,600.69, a decrease of 34.01 from the prior session, the index experienced a sharp downturn

MarketApril 19, 2024

France rejects opening Paris flight routes to T'way Air, deals blow to Korean Air merger

French aviation authorities have rejected opening flight routes to Paris to T'way Air, the South Korean budget carrier, dealing a blow Korean Air's efforts to acquire Asiana Airlines, according to industry sources on Friday. The industry sources said the French aviation authorities delivered their opposition to T’way Air’s operations in Paris to both the South Korean government and Korean Air, citing "a violation of a mutual agreement between the two countries," m

IndustryApril 19, 2024

Seoul shares dip over 1.5% on escalating Israel-Iran tensions; won sharply down

South Korean stocks plummeted by more than 1.5 percent on Friday as investors shed risky assets on escalating tensions in the Middle East. The Korean won fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index dropped 42.84 points, or 1.63 percent, to close at 2,591.86, trimming some of the losses after falling more than 3 percent during the session. Trade volume was high at 799 million shares worth 13.85 trillion won (US$10 billion), with losers outpacing gainers 629

MarketApril 19, 2024

S-Oil donates W560m to support firefighters

S-Oil, one of major refineries in South Korea, made a donation of 560 million won ($405,000) to the Korea National Council On Social Welfare to support its ongoing program assisting firefighters and their families, the company said on Friday. According to the refinery company, the KNCSW, a charity organization under the Ministry of Health and Welfare, will allocate the fund to the Heroic Firefighter Protection program. This program covers the medical expenses of injured firefighters, provides sc

CompaniesApril 19, 2024

S. Korea pledges W23tr venture capital fund for green investment at G20 meeting

South Korean Finance Minister Choi Sang-mok unveiled the country's plan to bolster green investment in the private sector by establishing a venture capital fund worth 23 trillion won ($16.6 billion), the ministry said Friday. Emphasizing the importance of leveraging private capital for climate financing, Choi made the announcement during the Group of 20 finance leaders' meeting held in Washington on Wednesday and Thursday, the ministry said. During a session on sustainable finance, Cho

EconomyApril 19, 2024

LG CNS teams up with Yonsei University to nurture AI specialists

South Korean IT solutions provider LG CNS announced Friday that it has partnered with Yonsei University to establish a new Master's degree program dedicated to nurturing intelligent data and optimization specialists. During the signing ceremony on Thursday, LG CNS Chief Executive Officer Hyun Shin-gyoon and Yonsei University President Yoon Dong-sup agreed on creating the Department of Intelligent Data and Optimization at Yonsei University. “We will focus on nurturing DX specialists wh

TechnologyApril 19, 2024