Hanwha showcases defense capabilities to Canadian think tank

Energy-to-defense giant Hanwha Group said Wednesday its shipbuilding and machinery manufacturing affiliates presented their state-of-the-art defense technologies to the head of Canada‘s leading global affairs research group, in the companies' efforts to expand their footing in the North American market. According to Hanwha, Dr. David Perry, the president of Canadian Global Affairs Institute, took an extensive tour of Hanwha Ocean and Hanwha Aerospace's facilities during his visit

IndustryJan. 31, 2024

GS E&C hits record sales on overseas orders

Korean construction giant GS Engineering & Construction said Wednesday it posted record sales in 2023, largely buoyed by upbeat overseas orders amid a housing market slowdown at home. The company's sales reached 13.43 trillion won ($12.21 billion) last year, up 9.2 percent from a year before. The sales figures were the highest in the builder’s history. Sales at the building and housing business division increased by 9.7 percent to 10.23 trillion won, while the company's infra

IndustryJan. 31, 2024

SK Networks, US tech tycoon team up for AI investments

SK Networks said Wednesday that it has forged a partnership with US tech tycoon and investor Vivek Ranadive to cooperate on investments in futuristic technologies with a strategic focus on artificial intelligence. The nonbinding agreement was signed in Seoul on Thursday upon the visit of Ranadive, founder and managing director of Silicon Valley-based venture capital firm Bow Capital. He also owns the NBA’s Sacramento Kings. SK Networks President and Chief Operating Officer Choi Sung-hwan h

IndustryJan. 31, 2024

Dog gone! KakaoTalk to remove all free character emojis

Kakao Friend emojis will gradually be discontinued on KakaoTalk, South Korea’s No.1 messaging app. The app’s operator Kakao decided to end all free Kakao Friends emoji services, but details of the plan are under consideration, according to local media reports Wednesday. The emojis are 34 non-moving images showing various expressions by the five initial member characters of Kakao Friends -- animal or fruit-based characters licensed by Kakao. The emojis have received broad love from

TechnologyJan. 31, 2024

Seoul shares open weaker ahead of US Fed's rate decision

South Korean stocks opened weaker Wednesday ahead of a key rate decision by the US Federal Reserve this week. The benchmark Korea Composite Stock Price Index slid 6.01 points, or 0.24 percent, to 2,492.80 in the first 15 minutes of trading. Overnight, US stocks closed mixed as Wall Street waited for the Fed's latest decision on interest rates. The Dow Jones Industrial Average inched up 0.35 percent, while the S&P 500 shed 0.06 percent. The Nasdaq composite dropped 0.76 percent. In Seoul

MarketJan. 31, 2024

Korean Air shifts to Q4 net loss on operating costs

Korean Air Co., South Korea's national flag carrier, said Tuesday it had shifted to a net loss in the fourth quarter of 2023 from a year earlier due to increased operating costs. Korean Air swung to an estimated net loss of 234.59 billion won ($176 million) in the three months ended on Dec. 31 from a net profit of 353.98 billion won a year earlier, the company said in a statement. Operating profit likely plunged 65 percent to 183.61 billion won in the October-December period from 520.08 bil

IndustryJan. 30, 2024

Stellantis Korea appoints 1st female chief

Stellantis Korea has named Bang Sil as its new head, the global automaker’s Korean office announced Tuesday. Bang will become the first Korean and female managing director of Stellantis Korea once the appointment takes effect Thursday. The Amsterdam-headquartered automaker established its Korean office in 2021. The new chief has over 20 years of experience in the auto industry, covering areas such as public relations, marketing, sales and networking. She previously served as an executive a

MobilityJan. 30, 2024

Korean firms should brace for 'Trump risk': KITA

Fears over a future US decoupling from China and protectionist policies are looming large among South Korean companies as former US President Donald Trump emerges as the potential Republican presidential nominee in this year's election. One of the most substantial risks of a possible second term for Trump is his "America-first" policy agenda and the many geopolitical uncertainties rising from it, including the US potentially decoupling from China, according to a report released by

IndustryJan. 30, 2024

Seoul shares fall on profit-taking ahead of US Fed's rate meeting

South Korean stocks closed lower Tuesday as investors booked profit ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 1.84 points, or 0.07 percent, to close at 2,498.81, ending its three consecutive session advance. Trade volume was moderate at 476.1 million shares worth 8.63 trillion won ($6.49 billion). Winners, however, outpaced losers 493 to 385. Foreign and retail investors s

MarketJan. 30, 2024

Samsung Biologics stocks extend rally on US bill

Samsung Biologics shares extended a rally Tuesday on upbeat sentiment that the company may be benefiting from US-proposed legislation that aims to restrict Chinese biotech firms from accessing the all-important American market. Last week, members of a bipartisan House Select Committee introduced a bill barring contracts with Beijing Genomics Institute and some Chinese biotech companies for their alleged connection with China’s People’s Liberation Army. The proposed bill specifically

IndustryJan. 30, 2024

US Chamber criticizes Korea's move to pass platform law

The US Chamber of Commerce has openly opposed a proposed act aimed at preventing unfair market activities by major online platform players, voicing concerns over the country’s apparent rush to pass the law. Charles Freeman, senior vice president for Asia at the US Chamber, issued a statement warning Seoul on the push for the rules on Monday and called for transparency and open dialogue with Korea’s antitrust regulator that “an action of this magnitude requires.” "It

IndustryJan. 30, 2024

[Herald Interview] Daewoong Pet targets health-conscious pet owners

Daewoong Pet, the pet health care arm of Daewoong Pharmaceutical, seeks to gain growth momentum by launching veterinary drugs and securing patent exclusivity as the need for veterinary care continues to surge amid an aging pet population. The firm's main aim is to develop and introduce drugs with the proper dosage and formulation for pets, with a particular focus on senior pets, which increasingly require health care services, Daewoong Pet co-CEO Lee Hyo-jun said. “Many veterinary hos

IndustryJan. 30, 2024

Samsung Galaxy S24 hits shelves globally

Samsung Electronics said on Tuesday it is starting sales of its latest flagship smartphone the Galaxy S24 globally, largely buoyed by record preorders made at home over the past week. The new phone, dubbed the world’s first smartphone powered by artificial intelligence, is expected to hit the shelves first in key markets, including the US, Britain, Singapore, France, and India, from Wednesday. Ultimately Samsung aims to launch the phone in some 120 countries. “The launch of the Galax

IndustryJan. 30, 2024

Are Korean drivers losing appetite for EVs?

A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar

MobilityJan. 30, 2024

Govt. disapproves BlackRock's offshore wind plant project

The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs

IndustryJan. 30, 2024

[Photo News] Cry for compensation

Petitions submitted by investors reeling from losses due to Hong Kong-tied derivatives are laid out at the National Assembly in Seoul on Tuesday. A group of investors held a protest, calling for compensation for their losses and accusing banks of misleading them. The principal losses from the financial product are estimated to reach 6 trillion won ($4.5 billion) in the first half of this year. (Yonhap)

MarketJan. 30, 2024

LX Pantos, EWP team up to expand solar power production

LX Pantos, the logistics arm of LX Holdings, said Tuesday that it has signed a partnership with Korea East-West Power Corp., an affiliate of the state-run Korea Electric Power Corp., to ramp up production of eco-friendly solar power as part of its efforts to cut emissions. Under the agreement, LX Pantos will provide some 18,000 square meters of roof space at its logistics center in Ansan, Gyeonggi Province, to build the Kepco affiliate’s 2.5-megawatt solar power station. The energy firm

CompaniesJan. 30, 2024

Samsung SDI logs record sales in 2023 on strong EV demand

Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent

MobilityJan. 30, 2024

IBK to select startups for Silicon Valley accelerator program

The Industrial Bank of Korea on Tuesday said it is recruiting participants for the second “IBK Changgong Silicon Valley Accelerating Program,” which aims to give emerging ventures and startups momentum in the overseas market. IBK has joined hands with 500 Global, an international venture capital firm, to identify innovative startups and to jointly undertake the global accelerating program. The startups chosen to participate in the program will be provided with exclusive opportunities

IndustryJan. 30, 2024

Goodbye to ‘mayak gimbap’? Mixed reaction to limits on 'drug' marketing

Gwangjang Market, a traditional market in central Seoul, is one of the most popular tourist destinations in the capital, offering a wide range of local foods and snacks. If you google the market, almost nine out of 10 reviews are about a petite-sized gimbap, or seaweed rice roll, with the intriguing name, “mayak gimbap.” "Mayak" means “narcotics” in Korean. Of course, nothing advertised as "mayak gimbap" actually contains any restricted drugs. The name

ConsumerJan. 30, 2024