Govt. takes action on fatty samgyeopsal

The Korean government on Tuesday introduced guidelines to regulate the thickness of the fat in samgyeopsal, the popular pork belly cut widely enjoyed at barbeques. According to the Ministry of Agriculture, Food, and Rural Affair guidelines, the fat in pork belly cuts should be less than 1 centimeter thick. This decision follows public criticism over excessively fatty pork belly sold at some local discount stores on March 3 last year, known as "Samgyeopsal Day" in Korea, a day when the

IndustryJan. 9, 2024

Seoul shares fall for 5th straight day amid extended selling spree by institutions

South Korean shares closed lower Tuesday for a fifth consecutive session as institutions continued their selling spree. The local currency slightly rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 6.58 points, or 0.26 percent, to close at 2,561.24. Trade volume was moderate at 782.4 million shares worth 8.76 trillion won ($6.66 billion), with gainers outpacing loser 573 to 288. The Kospi stayed in positive terrain throughout the session following overnight gains o

MarketJan. 9, 2024

[CES 2024] Kia debuts purpose-built concept EVs with modular design

LAS VEGAS -- Kia on Monday unveiled a versatile lineup of concept purpose-built electric vehicles at the CES 2024, featuring an all-new modular design architecture, and targeting commercial applications with a focus on sustainability and a blend of hardware and software solutions. The lineup is set for commercialization in 2028. “We are targeting the under-electrified light commercial vehicle market, identifying an opportunity to innovate in a sector burdened by inefficient post-production

MobilityJan. 9, 2024

[CES 2024] Hyundai vows innovation in software, hydrogen for 'future generations'

LAS VEGAS -- Hyundai Motor Group on Monday unveiled a centralized strategy for its software-defined vehicles and an expanded hydrogen ecosystem during the CES 2024. "Our hydrogen venture is for future generations. ... (Software-defined vehicles) can offer enhanced safety,” said Hyundai Motor Group Executive Chair Chung Euisun, who attended the media conference held at the Mandalay Bay Convention Center in Las Vegas on Monday Hyundai reinforced its commitment to hydrogen energy by e

MobilityJan. 9, 2024

Samsung, Flagship Pioneering to team up for investments in biotech

Samsung C&T announced Tuesday that the company signed a memorandum of understanding with Flagship Pioneering, a US-based bio platform company, to expand its investment to foster biopharmaceutical innovation through the fund it jointly formed with Samsung Biologics. Since its launch in 2000, Flagship Pioneering has originated and fostered more than 100 scientific ventures, resulting in more than $70 billion in aggregate value. The company is also widely known for its early investment in Moder

IndustryJan. 9, 2024

Taeyoung increases collateral to secure debt workout

Taeyoung Group, the parent company of debt-ridden Taeyoung Engineering & Construction, said Tuesday it will put up its full stake in TY Holdings and broadcaster SBS as collateral to secure liquidity, responding to demands calling for a higher level of self-rescue plan. While Taeyoung Group announced some measures to secure the funds to repay the debts of Taeyoung E&C in late December, financial authorities and creditors have called for more effective measures, such as putting up its shar

IndustryJan. 9, 2024

Orion, nurse team up to provide snacks to kid patients

Orion, a South Korean confectionery manufacturer, has restarted production for a snack item that was no longer on the market, out of consideration for pediatric patients craving the product. On Dec. 15, the snack company donated its snack products to the young patients at Pusan National University Yangsan Hospital in South Gyeongsang Province. Among the child patients was a 3-year-old boy who had expressed a sincere desire to eat Orion's snack products after three days of fasting in prepa

CompaniesJan. 9, 2024

Samsung warns of worse than expected earnings in Q4

Samsung Electronics is estimated to have recorded its lowest operating profit in 15 years in 2023, with its chip business only slightly recovering at the end of the year after hitting rock bottom in the wake of sluggish demand and high inventory. In its earnings guidance released Tuesday, the tech giant projected its annual sales for the year at 258.1 trillion won ($196 billion), which is down by 14.5 percent on-year. Operating profit is estimated at 6.54 trillion won, plunging 84.9 percent when

IndustryJan. 9, 2024

[CES 2024] LG Innotek presents tech for mobility, 5G

LG Innotek, an electronic component manufacturing unit under LG Group, said Tuesday it unveiled cutting-edge technologies for autonomous driving cars and 5G telecommunications at the CES 2024 in Las Vegas on Monday. The company carried out a pre-booth tour and introduced three zones in the exhibition booth -- mobility, artificial intelligence and future pathway -- prior to the official unveiling. In the main mobility zone, the company displayed a mock-up of a self-driving car installed with 18 c

TechnologyJan. 9, 2024

New Korean space agency to blast off in H1

South Korea’s new space body, Korea Aerospace Administration, or KASA, is finally set to take flight with the country poised to join the global space race. The National Assembly on Tuesday passed special bills required for establishing and managing the space aviation agency to allow legal grounds for KASA. KASA, inspired by the US National Aeronautics and Space Administration, will be established in Sacheon, South Gyeongsang Province. The space agency is expected to be officially launched

IndustryJan. 9, 2024

[CES 2024] Doosan unveils technologies for sustainable, safer future

Heavy and energy industries conglomerate Doosan Group showcased futuristic technologies ranging from non-carbon energy solutions to autonomous heavy equipment at the CES 2024 in Las Vegas on Monday, a day before its official opening. Doosan Bobcat Vice Chairman Scott Park, Kim Do-won, president and chief strategy officer at Doosan Group, and Doosan Enerbility Vice President Song Yong-jin attended a press conference to share the group's key products and services. Doosan Bobcat, Doosan Group&

IndustryJan. 9, 2024

[CES 2024] SK hynix seeks memory chip leadership in AI era

LAS VEGAS -- SK hynix, the world's second-largest memory chip maker, on Monday unveiled its ambitious goal of hitting 200 trillion won ($150 billion) in market cap in the next three years, consolidating its leadership in the burgeoning era of artificial intelligence. “Currently, our market cap stands at about 100 trillion won. In the next three years, we aim to reach 200 trillion won,” SK hynix CEO Kwak Noh-jung said during the company’s first-ever press conference held at

TechnologyJan. 9, 2024

S-Oil remembers everyday heroes

South Korean oil refiner S-Oil is continuing to recognize those who performed acts of heroism and made the world a better place, over the past years. Under the values of sharing, S-Oil has delivered financial contributions and hosted an annual award ceremony for brave neighbors. These heroes include firefighters, Coast Guard officers, and citizens who rescued others in dire situations, putting the needs of others above their own. Since 2006, the firm has been awarding firemen to recognize them a

IndustryJan. 9, 2024

Korean biotech firms flex muscles at J.P. Morgan Healthcare Conference

Korea Herald Correspondent SAN FRANCISCO -- A record number of Korean companies are set to deliver presentations to boast their latest biotechnologies at the 42nd J.P. Morgan Healthcare Conference, the largest event of its kind, which kicked off Monday in San Francisco. This year, the number of Korean companies that received official invitations from the host increased to six from three last year. The presenters include Samsung Biologics, Celltrion, Yuhan Corp., Lotte Biologics, SK Biopharmaceut

IndustryJan. 9, 2024

Top financial regulator says debt workout requires active, comprehensive support

The head of the country's financial regulator insisted Tuesday that a debt workout program requires support for more than just debt payment, as creditors call for ailing builder Taeyoung to present more self-rescue measures for the start of a debt restructuring program. Lee Bok-hyun, chief of the Financial Supervisory Service, also highlighted the need for the troubled firm to do its utmost to help itself. "Considering wide support for not only the debt of a debtor but also indirect li

EconomyJan. 9, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 18.64 points, or 0.73 percent, to 2,586.46 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed up 0.58 percent, while the tech-heavy Nasdaq jumped 2.2 percent. In Seoul, most large caps were trading higher across the board. Market bellwether Samsung Electronics gained 0.26 percent, with No. 2 chipmaker SK hynix surging 1.76 p

MarketJan. 9, 2024

S. Korea logs current account surplus for 7th month in November

South Korea logged a current account surplus for the seventh straight month in November on the back of an increased trade surplus, central bank data showed Tuesday. The country's current account surplus reached $4.06 billion in November, narrowing from the surplus of $6.8 billion the previous month, according to preliminary data from the Bank of Korea. November's surplus came as the country's trade balance has remained in the black for eight consecutive months. The country's

EconomyJan. 9, 2024

Samsung champions on-device AI for future technological leadership

Samsung Electronics Co. said Monday it will focus on utilizing on-device artificial intelligence as a key driver to sustain its leadership position in the highly competitive smartphone and consumer electronics markets. In a press conference on the eve of the official opening of this year's annual CES in Las Vegas, the South Korean tech giant envisioned that AI will revolutionize user experiences, making devices more intuitive and convenient than ever before. "With the emergence of AI,

TechnologyJan. 9, 2024

LG Electronics eyes record sales of W84tr in 2023

LG Electronics is expected to record its highest revenue ever of 84 trillion won ($64 billion) in 2023, backed by solid performance in its core businesses, including automotive products, and effective management, the company's preliminary earnings showed on Monday. Despite challenges posed by delayed demand recovery from the economic slowdown and heightened market competition, LG Electronics marked its third consecutive year of achieving the highest annual revenue, the tech giant said. The

IndustryJan. 8, 2024

Korean air carriers ordered to inspect safety of Boeing fleets

The Ministry of Land, Infrastructure and Transport has ordered South Korean airlines to carry out safety checks on their Boeing 737 Max 8 aircraft, according to the ministry on Monday. The order came as a preemptive measure following an emergency landing on Friday of an Alaska Airlines' Boeing 737 Max 9 jet in Portland, Oregon. Alaska Airlines' B737 Max 9 bound for Ontario, California, was carrying 171 passengers. The aircraft made an emergency landing due to a cabin panel blowout. Som

IndustryJan. 8, 2024