[Photo News] AI workshop for Baskin Robbins

SPC Group on Monday opened “Workshop by Baskin Robbins,” a creative research lab for the ice cream chain to study next-generation products based on artificial intelligence and other futuristic technologies. Located at the food giant’s headquarters in southern Seoul, the company said, new and more experimental products will be introduced first via the venue to gauge consumer sentiment. (SPC Group)

CompaniesFeb. 19, 2024

Seoul shares spike over 1% on foreign buying binge

South Korean stocks rose more than 1 percent higher for the second straight session Monday on the back of a foreign buying spree. The local currency slightly increased against the US greenback. The benchmark Korea Composite Stock Price Index added 31.5 points, or 1.19 percent, to close at 2,680.26, following a 1.34 percent jump Friday. Trade volume was slim at 413.7 million shares worth 9.6 trillion won ($7.2 billion), with gainers beating decliners 617 to 261. Foreigners were net buyers with 60

MarketFeb. 19, 2024

Seoul’s office rent shoots up in 2023: report

Office lease prices in Seoul marked a record-high increase last year backed by strong demand amid low vacancies, a report released by a real estate analytics firm showed Monday. Seoul's office lease market has been showing a strong performance, with rent rates being pushed up, a CBRE Korea report showed. The average face rent for Seoul offices posted the sharpest on-year growth of 8.8 percent in 2023, up 2.1 percentage points from the previous year’s 6.7 percent. Face rent is the amou

MarketFeb. 19, 2024

Samsung’s first integrated labor union sets sail

A labor union comprising workers of four Samsung Group affiliates was officially launched Monday, as employees seek ways to break away from the unreasonable relationship between workers and management. Samsung Group United Union, representing Samsung Electronics' Device Experience division, Samsung Display, Samsung Fire & Marine Insurance, and Samsung Biologics, held an inauguration ceremony earlier in the day in Seoul. “Our purpose is to establish independence in the relations be

IndustryFeb. 19, 2024

Nongshim repeats 'meoktae' success with new products

Nongshim, the nation’s leading food maker, said Monday that its new meoktae-flavored products are becoming big sellers, building on the huge success of Meoktaekkang launched last year. Meoktae is an Alaska pollack that has been processed through freezing and drying and it is favored as a side dish for beer or soju here. Nongshim first launched the fish-flavored salty snack, Meoktaekkang, which became an immediate success selling 15 million bags since its debut in June last year. Buoyed by

ConsumerFeb. 19, 2024

[Photo News] Safety first

Cho Jeong-lae (right), the president director of KB Insurance Indonesia, places a safety helmet on a student at the Sinar Cahaya Kasih school in South Jakarta, Indonesia, during a donation ceremony Friday. KB Insurance said it will distribute 1,000 helmets to underprivileged children and adolescents in Indonesia to promote road safety. (KB Insurance)

IndustryFeb. 19, 2024

Daewoong completes AI-based drug development system

South Korean pharmaceutical giant Daewoong Pharmaceutical said Monday that it has completed a new drug development system that secures drug candidates based on artificial intelligence technology. It created a collection of 800 million preprocessed molecular models, called Daewoong Advanced Virtual Database, or DAVID, and a separate AI system, called Daewoong AI System, or DAVIS, to nurture new drug candidates throughout the preclinical, clinical and commercialization phases. Daewoong said the ex

TechnologyFeb. 19, 2024

Hyundai Motor, Supernal in search of best talents for advanced air mobility

Hyundai Motor Group and its US-based advanced air mobility subsidiary Supernal are ramping up efforts to attract top urban air mobility talents as they aim to debut flying taxis in South Korea and the US in 2028. According to Hyundai Motor Group’s online recruitment notice on Monday, the company has opened up ten positions related to specific areas within the AAM division, including strategic investment, AAM system engineering, flight control, aircraft body assembly, software design and de

MobilityFeb. 19, 2024

Advertisers pressured to boycott Lee Kang-in

Several advertisers are facing pressure to cancel their contracts with South Korean soccer star Lee Kang-in, following the 23-year-old’s alleged discord with national soccer team captain Son Heung-min. According to industry officials on Monday, some companies intending to feature the Paris Saint-Germain midfielder in their advertisements are reevaluating their decisions, while others are considering whether to suspend existing contracts. Chicken chain Alachi, which Lee has represented sinc

CompaniesFeb. 19, 2024

[Photo News] Winner of 2024 Genesis Invitational

Hyundai Motor Group Executive Chair Chung Euisun (right) and Japan’s nine-time PGA Tour winner Hideki Matsuyama hold the trophy celebrating the player’s victory at the 2024 Genesis Invitational of the US PGA Tour held last week at California's Riviera Country Club. In its eighth year as the event's title sponsor, the carmaker's Genesis brand provided a fleet of 220 vehicles during the four-day tournament. Matsuyama was awarded a $4 million prize along with the GV80 c

MobilityFeb. 19, 2024

Seoul shares open higher on tech, auto gains

South Korean stocks got off to a strong start Monday led by gains from tech and auto shares. The benchmark Korea Composite Stock Price Index moved up 26.98 points, or 1.02 percent, to 2,675.74 in the first 15 minutes of trading. Market bellwether Samsung Electronics rose 0.82 percent, and major chipmaker SK hynix added 0.07 percent. Kia, the country's No. 2 carmaker, increased 1.73 percent, and its auto parts affiliate Hyundai Mobis jumped 3.25 percent. Top oil refiner SK Innovations climbe

MarketFeb. 19, 2024

US commercial property crisis looms over Korea

The downturn in the US commercial property market, which has already hit banks in New York, Japan and Europe, is beginning to loom over South Korea, with around 1 trillion won ($750 billion) in losses already confirmed by the big financial conglomerates. The total amount of overseas commercial real estate exposures (risks inherent in investments) by the five major Korean financial companies has reached 20.39 trillion won so far, according to data received from the companies and compiled by Rep.

EconomyFeb. 18, 2024

[Herald Interview] ‘Korea needs to power up defense academia’

South Korea now should focus on fostering defense academia and young talents to become a leader in the global defense industry, says Kang Eun-ho, former chief of the Defense Acquisition Program Administration. “In the past, Korea followed a catch-up strategy (in advancing its defense industry), which was a second-place strategy,” said Kang in an interview with The Korea Herald in Seoul on Feb. 5. “For the catch-up strategy, we had to succeed in over 90 or 95 tasks out of 100. I

IndustryFeb. 18, 2024

Samsung Bioepis posts record-high biosimilar sales

Overseas biosimilar sales of Samsung Bioepis, a biosimilar developer under Samsung Group, reached an all-time high in 2023, according to its partner companies on Sunday. According to Samsung Bioepis’ US partners, Biogen and Organon, sales of Samsung Bioepis’ biosimilar products in overseas markets came to $1.36 billion, or some 1.8 trillion won in 2023. The figure was up 11 percent from $1.23 billion in 2022. Biosimilar sales through Biogen came to $770 million, up 3 percent on-year,

IndustryFeb. 18, 2024

Korean telcos to show off latest AI tech at MWC

Korea’s leading telecommunication firms are to showcase their latest artificial intelligence technologies and services at the upcoming MWC Barcelona 2024, the world’s largest connectivity show slated for next week in Spain. The country’s top two mobile carriers SK Telecom and KT revealed their plans Sunday to set up showrooms at this year's event running from Feb. 26 to 29, with exhibitions mainly focused on AI and next-generation 5G and 6G connectivity. LG Uplus, Korea�

IndustryFeb. 18, 2024

English service enhanced for electronic disclosures

The Financial Supervisory Service announced Sunday an updated plan aimed at providing foreign investors with more English information on financial disclosures, as part of efforts to facilitate foreign investment in Korean companies. The initiative to provide English services commenced in January 2023 following a decision by three of the nation’s financial organizations -- the Financial Services Commission, the FSS and the Korea Exchange. As part of this initiative, the FSS began updating

MarketFeb. 18, 2024

[Photo News] Water Partnership

Woori Financial Group Chairman Yim Jong-yong (left) and Korean Water Resources Corp. (or K-water) CEO Yun Seog-dae pose for a photo at the financial giant’s Seoul headquarters on Thursday after signing a memorandum of understanding to support small- and medium-sized firms for their overseas expansion and environmental, social and governance management. “Our partnership combining Woori’s expertise in corporate financing and K-water’s business know-how will become a crucial

IndustryFeb. 18, 2024

Hyundai takes over Mobis' hydrogen fuel cell business

Hyundai Motor Company has acquired a hydrogen fuel cell business from the group's affiliate and auto parts supplier Hyundai Mobis at 217 billion won ($163 million) to consolidate the group's hydrogen energy efforts. The agreement, finalized on Friday, includes a complete transfer of assets, personnel, and operations related to Hyundai Mobis' domestic hydrogen fuel cell activities to Hyundai Motor Company. Hyundai Motor Group is streamlining its operations by focusing its hydrogen

MobilityFeb. 16, 2024

K-water CEO meets Saudi ambassador to help with country's water challenges

Korea Water Resources, the state-run water management agency also known as K-water, had a meeting with the Saudi Arabian ambassador to Korea to discuss water concerns and request support for Saudi Arabia's bid to host the World Water Forum in 2027. K-water announced Friday that CEO Yun Seog-dae met with Ambassador Sami M. Alsadhan at the company's office in Gwacheon, Gyeonggi Province, to discuss K-water’s advanced technologies that can assist in tackling Saudi Arabia's wate

IndustryFeb. 16, 2024

Samsung Display may face strike amid pay deadlock

Samsung Display is on the verge of facing its second-ever labor strike, as unionized workers and the company failed to reach an agreement in wage talks and collective negotiation. The unionists held a fifth round of talks over wages and collective bargaining agreements on Thursday with the display maker's management, but the company showed “no willingness” for a negotiation, the union chief told The Korea Herald on Friday. “From the first round of negotiations that began i

IndustryFeb. 16, 2024