[Exclusive] Maybach’s brand center to open in Seoul next year

MUNICH, Germany -- Mercedes-Benz plans to open a brand center solely dedicated to its ultra-exclusive Maybach in Seoul next year, an industry source close to the matter told The Korea Herald on Sunday. According to the source, the new Maybach center will be located in the Gangnam district in southern Seoul, with its ongoing construction set to be completed by June next year. But the source declined to confirm whether the Korean center will be different from Maybach Atelier, the carmaker’

MobilitySept. 4, 2023

Posco International secures 90,000 tons of natural graphite

Posco International said Monday that it has signed two agreements to secure some 90,000 metric tons of natural graphite, bolstering its supply chain for the key material for secondary batteries. In a memorandum of understanding signed with Canada’s NextSource on Aug. 28, Posco agreed to invest in the company’s Molo Mine, one of the largest mines in Madagascar. The agreement is expected to help Posco secure 30,000 tons of natural graphite, or 15,000 tons of spherical graphite, on an a

IndustrySept. 4, 2023

LIG Nex1 to showcase guided missiles, drones at MSPO

LIG Nex1 said Monday it will unveil its guided missiles and drones at this week's International Defence Industry Exhibition, or MSPO, Poland’s annual national defense exhibition. The company plans to showcase the Korean GPS Guided Bomb (KGGB); a long-range air-to-surface missile; surface-to-surface guided missiles called Hyunggung and Shingung; and drones. The KGGP is a weapons system that can be installed in fighter aircraft including the FA-50. Equipped with a medium-range GPS guida

MobilitySept. 4, 2023

[KH explains] Seoul's office real estate robust despite 'apocalypse' fears

An “office real estate apocalypse” looms in major global cities amid high-flying interest rates and the expansion of remote work during the pandemic. But one market that still remains robust is Seoul, leading investors to explore investment opportunities here, according to industry officials at home and abroad. Investors agree that Seoul’s office market is priced high, but they add that multiple factors such as the low vacancy rate and tight supply can offset the pricing.

IndustrySept. 4, 2023

Hanwha to unveil new weapons system at Polish trade fair

Energy-to-defense giant Hanwha Group said Monday it will showcase the next generation weapons system ranging from uncrewed vehicles to robotics at the upcoming International Defense Industry Exhibition or MSPO, the largest trade fair for military equipment in Central and Eastern Europe. At the 375-square-meter exhibition booth, the defense and aerospace unit Hanwha Aerospace plans to unveil the prototype of an uncrewed ground vehicle installed with a surface-to-surface missile called Chungum. Th

IndustrySept. 4, 2023

[IFA 2023] GS E&C debuts Smart Cottage at IFA

GS Engineering and Construction has unveiled its European-style modular residential unit at this year's IFA, one of the world's largest consumer appliance trade shows held in Berlin from Sept. 1-5. Called Smart Cottage, the latest product began construction using modular manufacturing in May. The project was a joint collaboration between GS E&C’s Poland-based subsidiary modular company Danwood SA and South Korean electronics giant LG Electronics. The modular unit combines G

IndustrySept. 4, 2023

Samsung works on energy-saving chips for home appliances

BERLIN -- Samsung Electronics revealed it is developing a new neural processing unit chip for home appliances featuring artificial intelligence, to support them to run on ultra-low energy, at this year's IFA, held in Berlin. With the goal of making smarter home appliances, the tech giant will also adopt generative AI technology for Bixby, its voice assistant, the Korean tech giant said. "The AI home appliances we envision should be closely connected with each other, and make the best d

IndustrySept. 4, 2023

S. Korea-made space payload ready to join NASA's Artemis project

South Korea's homegrown lunar monitoring payload, which will carry out science experiments as part of the U.S. moon exploration Artemis program, is ready to join the unmanned space mission next year, the science ministry said Monday. The lunar space environment monitor, developed by the state-run Korea Astronomy and Space Science Institute, has been completed and will be headed to the headquarters of Intuitive Machines Inc. in Houston, Texas, according to the Ministry of Science and ICT. LU

TechnologySept. 4, 2023

HD Hyundai to showcase green ship tech at global gas fair

South Korea's shipbuilding-to-energy conglomerate HD Hyundai Group said Monday it will showcase eco-friendly vessels, and seek cooperation with global ship registers and shippers in an upcoming world gas exhibition. HD Hyundai said it will display models of a liquefied natural gas carrier, a liquefied petroleum gas ship, a duel fuel engine as well as other green technologies at Gastech 2023. The world's largest gas, LNG, hydrogen and energy fair, slated for Tuesday to Friday in Singapo

MobilitySept. 4, 2023

French designer brand ami opens 1st duty-free shop in S. Korea

French designer brand ami has opened its first duty-free shop in South Korea as part of its efforts to reach out to more global consumers, its distributor said Monday. Ami opened a 33.3-square-meter store at Lotte Duty Free's Myeongdong branch in central Seoul on Friday, according to Samsung C&T Corp. Various kinds of apparel with ami's signature heart logo, including T-shirts, sweatshirts, hoodies and cardigans, as well as the brand's 2023 F/W season collection will be availa

IndustrySept. 4, 2023

NFT tech expands realm of future art

With the rapid advancement of artificial intelligence technology, the role of NFT technology goes beyond protecting the copyrights of digital art collectibles, and into expanding the realm of art, with diverse implications for the future art world. Throughout the NFT 2023 Seoul Conference, held at Coex in southern Seoul on Friday, the future roles of NFT technology were illuminated. Dedicated to the theme, “the Utilization and Role of NFT Art in the Future Art,” the second part of th

IndustrySept. 4, 2023

Experts explore NFT applications, STO market dynamics

The NFT 2023 Seoul Conference on Friday focused the connection between non-fungible tokens (NFTs) and Web3 infrastructure as well as the role of Security Token Offerings in fundraising. Patrick Yoon from cryptocurrency exchange company Crypto.com Korea opened the sessions by talking about the the growth trajectory Web3. He predicted a $50 trillion-$60 trillion Web3 valuation by 2030, with NFTs poised to claim 10 to 15 percent of the digital asset valuation by that time. "NFT creators have m

IndustrySept. 4, 2023

Conference highlights unlimited potential of NFT

The NFT 2023 Seoul Conference, held Friday at Coex in southern Seoul, explored the future of non-fungible tokens, discussing how the decentralized technology would innovate diverse fields from blockchain to finance and art in the near future. The one-day event was organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, a Seoul-based digital art platform, and Soongsil University. “Even at this moment, the world is evolving at a fast pace,” Kore

IndustrySept. 4, 2023

Seoul shares open higher amid growing Fed rate pause outlook

South Korean stocks opened higher Monday on growing expectations the US Federal Reserve will not raise the interest rate in its next policy meeting after key unemployment data reflected a cooling economy. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.31 points, or 0.29 percent, to 2,571.02 in the first 15 minutes of trading. The US unemployment rate jumped to 3.8 percent in August, the Labor Department said Friday, and wage growth slowed. The fresh readings came as a reminder th

MarketSept. 4, 2023

S. Korean economy on verge of recovery: finance minister

The South Korean economy is on the verge of recovery despite some monthly volatility, the finance minister said Monday, with exports showing continued signs of improvement. "South Korea's economy has recently witnessed some monthly fluctuations, but in general, it is building ground at an entryway of recovery," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. While South Korea's industrial output lost ground on-month in July, Choo attribute

EconomySept. 4, 2023

Mercedes-Benz unveils Concept CLA Class

MUNICH, Germany -- Mercedes-Benz has bet big on the all-new electric-first Mercedes-Benz Modular Architecture, or MMA, platform, unveiling the Concept CLA Class for the first time in the world in Munich on Sunday. “The Concept CLA Class is the forerunner for an entirely new all-electric segment of entry-level vehicles at Mercedes-Benz. The range will comprise a total of four new models -- a four-door coupe, a shooting brake and two stunning (sports utility vehicles) -- each with signific

MobilitySept. 4, 2023

[Test Drive] Mercedes-Benz’s new E-Class blends present with past

MUNICH, Germany -- Mercedes-Benz’s new E-Class has hit all the right notes, as the vehicle combines the decadeslong model’s traditional features and modern designs while putting the icing on the cake by applying the latest state-of-the-art technologies. The Korea Herald got to check out the E-Class 300e 4Matic, an all-wheel drive plug-in hybrid vehicle of the German automaker’s new E-Class model, in a media test drive in Munich ahead of the IAA Mobility motor show, arguably the

MobilitySept. 3, 2023

Unsecured national debt to soar to nearly W800tr next year

Korea's national debt that relies solely on taxpayers' funds for repayment is forecast to soar to a staggering 792.4 trillion won ($601 billion) next year, which more than doubled compared to the figure in 2017, according to a government report released Sunday. In 2017, the unsecured debt amounted to 374.8 trillion won, and over the course of seven years, this figure has steadily climbed, now approaching 800 trillion won. Among the forthcoming 1,190 trillion won of total national d

IndustrySept. 3, 2023

Samsung will cement premium market leadership: TV chief

BERLIN -- While the global TV market struggles to move beyond the COVID-19 pandemic, Samsung Electronic said it will strengthen its leadership in making larger and more higher-end TVs, as the market for them shows a trend of continuous growth. "While the TV market has been stagnating for the past several years now, the market for larger and higher-end TVs continues to grow and Samsung is leading the market, outpacing its rivals by far," Chung Kang-il, executive vice president at Sams

IndustrySept. 3, 2023

LG Electronics aims to go global with smart home solutions

BERLIN -- LG Electronics expressed ambitions to go global with its smart home solutions, including its built-in kitchen package and energy-efficient prefabricated housing technology at this year's IFA in Berlin, one of the world's largest consumer appliance trade shows. "We will integrate all our innovative home appliance and energy technologies and other upgradable appliances to offer a smart home solution," Lyu Jae-cheol, head of the Home Appliance & Air Solution Compan

IndustrySept. 3, 2023