S. Korea's monetary, budget tightening policies 'right': IMF

The International Monetary Fund has said South Korea's latest restrictive monetary and budget policies are headed in the right direction and anticipated the economy will speed up recovery in the second half, Seoul's finance ministry said Tuesday. Harald Finger, Korea missions chief at the Washington-based organization, made the remark during a virtual meeting with Finance Minister Choo Kyung-ho, according to the Ministry of Economy and Finance. During the meeting between the IMF and th

EconomySept. 5, 2023

SK Enmove eyes growth in e-fluids, thermal management

SK Enmove, the lubricant-making unit of SK Group, on Tuesday unveiled its new ZIC e-FLO brand to expand its presence in the burgeoning energy-efficient fluid market for electric vehicles and data centers. The new strategy builds upon ZIC's legacy as a pioneering lubricant brand in Korea, evolving its range to focus on power efficiency, driven in part by the industry's broader shift toward sustainable energy solutions. "ZIC's vision now extends beyond traditional engine oils,

IndustrySept. 5, 2023

DHL reveals Asia-Pacific's largest logistics gateway in Incheon

DHL Express Korea, the South Korean unit of the international express logistics service provider DHL Express, said Tuesday it started the full-fledged operation of a high-tech logistics terminal in Incheon after completing a three-year expansion project that has boosted cargo handling capacity threefold. The global logistics firm invested 131 million euros ($141 million) to renovate and expand the DHL Incheon Gateway in 2019 in order to transform the facility into the largest logistics gateway i

IndustrySept. 5, 2023

GS Caltex, Korean Air test flying biofuel-powered flight

South Korean energy firm GS Caltex and the country's flag carrier Korean Air said Tuesday that an aircraft using biojet fuel aimed at decreasing the aviation industry's carbon footprint was scheduled to take off toward Los Angeles. During a pilot operation ceremony at Incheon Airport on Tuesday, Kim Chang-soo, GS Caltex's executive vice president and director of Mobility & Marketing; Cho Sung-bae, Korean Air's senior vice president of procurement; and representatives from

IndustrySept. 5, 2023

Seoul shares end lower on profit taking; won sharply down

South Korean stocks ended slightly lower Tuesday, as investors moved to lock in profits from recent gains while awaiting cues for the Federal Reserve's future policy path. The local currency sharply fell against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.37 points, or 0.09 percent, to close at 2,582.18, ending a two-day winning streak. Trading volume was a bit slim at 377.33 million shares worth 7.36 trillion won ($5.54 billion), with losers out

MarketSept. 5, 2023

[Herald Interview] Siemens ready to accelerate Korea's digitalization

Siemens Korea, the Korean unit of German industrial giant Siemens, has supported accelerating its domestic partners’ digital transformation a step further to create innovations for various industrial sectors here that are sustainable. With companies undergoing digital transformation globally and capitalizing on the opportunities, Korea, as a global manufacturing powerhouse, still needs to play catch-up, according to Siemens Korea’s vice president. “We have the world's best

TechnologySept. 5, 2023

Toss Bank mulls introducing house mortgage loans

Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer house mortgage loans. KakaoBank and K-Bank account for 2 percent of the total ho

IndustrySept. 5, 2023

[KH Explains] Pressure mounts on Korean battery makers to raise wages in US

Ultium Cells, a joint venture between Korea’s LG Energy Solution and US-based General Motors, has recently agreed to raise workers' wages at its Ohio battery plant, leaving Samsung SDI and SK On on high alert for the possible need to increase wages at their joint plants with carmakers there, slated to begin operations in a few years. The company said on Aug. 24 local time that it has reached a tentative deal with the United Auto Workers, the labor union organized within the Ultium pla

MobilitySept. 5, 2023

[From the scene] Samsung shows off end-to-end automotive solutions at IAA 2023

MUNICH -- Samsung Electronics, the world’s No. 1 memory chip and smartphone maker, made its official debut at an international motor show, renewing its automotive ambitions as a “total solutions provider.” The South Korean tech giant set up its exhibition booth at IAA Mobility, one of the largest automotive trade shows, which kicked off Tuesday in Munich, Germany. In Hall B1 at the Messe Munchen exhibition center, Samsung’s booth was located next to those of its sister fi

IndustrySept. 5, 2023

[Herald Interview] Mercedes-Benz strives to be iconic

MUNICH -- For over 100 years, Mercedes-Benz has looked to embody luxury in its vehicles, and the German automaker has lived up to expectations, seeing its iconic logo become one of the most beloved symbols across the world Through the unveiling of the new Concept CLA Class -- an electric vehicle complete with extraordinary technologies and a remarkable design -- at the IAA Mobility in Munich, Mercedes-Benz Chief Design Officer Gorden Wagener says the brand is now looking to personify youth. &ldq

MobilitySept. 5, 2023

[Herald Interview] Mercedes-Benz focused on enhancing EV technologies

MUNICH -- Mercedes-Benz introduced the new CLA Concept Class for the first time in the world ahead of IAA Mobility, which is taking place in Munich from Tuesday. According to the German carmaker, the new concept vehicle has a driving range of over 750 kilometers per charge, which it claims to be the longest distance in the same segment based on the Worldwide Harmonized Light Vehicle Test Procedure. Markus Schafer, chief technology officer of Mercedes-Benz, says the company has been focusing on d

MobilitySept. 5, 2023

[Photo News] SK On chief at IAA

SK Group Executive Vice Chairman Chey Jae-won (second from left), who doubles as CEO of battery-making unit SK On, listens to a BMW official on the first day of IAA Mobility, one of the world’s largest motor shows, held in Munich, Germany on Monday local time. Chey visited the exhibition booths of Volkswagen, BMW and Hyundai Mobis, according to SK On. “Amid fierce competition in the (electric vehicle) battery market in Europe, we plan to expand business ties with global automakers,&r

MobilitySept. 5, 2023

[Photo News] KIA at defense trade show

Kia showcases, from left, a hydrogen-powered concept car with Advanced Vehicle Technology, its Light Tactical Vehicle with mortar system and a 4-seater cargo truck LTV at the International Defense Industry Exhibition, the largest trade fair for military equipment in Central and Eastern Europe. The event is being held from Tuesday to Friday in Poland. Produced in 2016, Kia’s LTVs have been used as key transportation for the South Korean Army, the company said. (Kia)

MobilitySept. 5, 2023

Hana Financial head meets with global investors in Hong Kong

The chairman of Hana Financial Group met with foreign investors through an investor relations event held in Hong Kong, Tuesday to expand the Korean banking group's presence in the global financial market. At the event, Chairman Ham Young-joo shared the financial achievements of the financial group and mid-term growth strategies while boasting its sound asset quality and environmental, social, corporate governance (ESG) efforts. The two-day event wraps up on Wednesday. He also explained the

MarketSept. 5, 2023

Hyundai Motor tops EV sales in Indonesia

Hyundai Motor Group said Tuesday it has topped the list of electric vehicle sales in the Indonesian market, the country with the fourth-largest population and the No. 1 nickel reserves in the world. The carmaker sold a total of 3,913 EVs and posted a 56.5 percent market share in Indonesia as of July. Its flagship battery-powered sport utility vehicle Ioniq 5 took up most of the sales with 3,819 units. The Ioniq 5 was the first EV manufactured within the Indonesia plant, which started commercia

MobilitySept. 5, 2023

CJ Foodville to build US bakery plant in Georgia

CJ Foodville, operator of South Korean bakery chain Tous Les Jours, announced Tuesday that it has decided on a location in the state of Georgia to establish its first US production facility, as it seeks to open 1,000 bakeries in the country by 2030. The factory, construction of which is set to be complete by 2025, will occupy some 90,000 square meters in Gainesville, Georgia. With a capital investment worth over 50 billion won ($37 million), the factory is expected to have an annual output cap

IndustrySept. 5, 2023

[Photo News] Confidence gets face-lift

Dong-A Otsuka on Tuesday unveiled new packaging for its flagship Confidence vitamin drink. The renewed design, while maintaining its signature yellow hue, features an eye-catching character that captures the unique shape of the drink bottle. The all-new youthful design is expected to appeal to millennials and Generation Z. Confidence, first released in 1995, is a caffeine-free fruit-flavored vitamin drink that also contains amino acids, electrolytes and minerals. (Dong-A Otsuka)

IndustrySept. 5, 2023

KB women's golf championship to kick off this week

KB Financial Group is set to host its women's golf championship from Thursday through Sunday at the Blackstone Golf Club in Icheon, Gyeonggi Province, it said Tuesday. Called KB Financial Group Star Championship, the annual competition is a major tournament for the 2023 Korea Ladies Professional Golf Association Tour. With 1.2 billion won ($905,000) in prize money, including 216 million won for the winner, the tournament will see a number of South Korean star golfers contending for the titl

IndustrySept. 5, 2023

Coway wins design awards at IDEA 2023

South Korean home appliance maker Coway said Tuesday its air purifier and water purifier have secured awards at the International Design Excellence Awards 2023, recognized for their innovative design. At this year’s IDEA, Coway achieved an impressive feat of winning silver and bronze awards with its Multi-Action Air Purifier 2 and Icon Max Free Water Purifier, respectively. Its Skin Plus Water Softener also earned notable recognition as a finalist. “We actively identify customers

IndustrySept. 5, 2023

ACE Engineering CEO committed to going global

Ace Engineering plans to set up its exhibition booth at RE+ 2023, North America’s largest energy convention that kicks off next Monday. Calling the upcoming event a “stepping stone for growth,” CEO Danny You showed high expectations in meeting new clients and expanding the company’s presence in the all-important North American market and beyond. Last year, the company specialized in offering total solutions for energy storage systems posted record sales of 235.4 billion w

IndustrySept. 5, 2023