Hana selected as preferred bidder for KDB Life Insurance

Korean private equity fund KDB-Consus Value has selected Hana Financial Group as the preferred bidder to acquire KDB Life Insurance, according to state-run policy lender Korea Development Bank on Thursday. Back in 2010, the PEF was established jointly by KDB and Consus Asset to buy a controlling stake in what was formerly known as Kumho Life Insurance -- now KDB Life Insurance -- for 650 billion won ($514.5 million). On July 7, the PEF accepted bidders who are willing to acquire a 92.73 percent

IndustryJuly 14, 2023

Daewoong Bio set to ramp up antibiotics biz to W100b in value

Daewoong Group subsidiary Daewoong Bio Inc. on Friday unveiled a vision to scale up its antibiotics business to 100 billion won ($79 million) in value, amid the slowing market for antibiotics. Daewoong Bio said it has invested 50 billion won to build a new plant for manufacturing Cephalosporin, or beta-lactam antimicrobials used to manage a wide range of bacterial infections, in Hwaseong-si, Gyeonggi Province. The firm's existing Cephalosporin manufacturing plant in Seongnam-si, Gyeonggi Pr

IndustryJuly 14, 2023

Hackers steal W8m from Starbucks app

The official Starbucks Korea mobile application was hacked on Monday, resulting in the theft of approximately 8 million won ($6,300) from the in-app cards of some 90 customers. A recent post from someone on an online forum alleged that unauthorized payments worth a total of 2.8 million won were made in one day via their Starbucks app in 11 separate transactions, both online and in-store. "A payment of 300,000 won was made online from my account linked to the Starbucks app, then an additiona

ConsumerJuly 14, 2023

BOK unlikely to cut rates this year: Gov. Rhee

The Bank of Korea is unlikely to cut interest rates this year because of uncertainty in the inflation outlook and massive household debt, central bank Gov. Rhee Chang-yong said Friday. "It is difficult to say that we will lower the interest rates for the time being, so don't expect too much that there will be a drop in the interest rates," he said during the 45th Jeju Forum hosted by the Korea Chamber of Commerce and Industry at Jeju Haevichi Hotel Resort. "We will look at

EconomyJuly 14, 2023

Hanwha Ocean named prime bidder for 2 new navy frigates

South Korean shipbuilder Hanwha Ocean Co. was selected Friday as the preferred bidder to build two next-generation frigates for the country's Navy, sources said. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., edged out domestic rival HD Hyundai Heavy Industries Co. in the bidding for the Navy's fifth and sixth Ulsan-class frigates with enhanced anti-submarine and anti-air capabilities, according to the industry and military sources. It marks the first time for

IndustryJuly 14, 2023

Economy's downward pressure eased as exports show recovery signs

South Korea's economy is experiencing eased downward pressures on the back of improving exports, the finance ministry said Friday, although the country still faces an ongoing economic slowdown. "(The economy's) downward pressures are easing on the back of partial recovery of the sluggish exports, sound domestic consumption, improved economic sentiment and robust employments," the Ministry of Economy and Finance said in a report. The ministry nevertheless mentioned an economic

EconomyJuly 14, 2023

Seoul shares open higher on easing inflation concerns

Seoul shares opened higher Friday, after another softer-than-expected US inflation reading. The benchmark Korea Composite Stock Price Index rose 15.67 points, or 0.6 percent, to 2,606.9 in the first 15 minutes of trading. Overnight, the US producer price index, another key inflation reading, came in softer than expected in June. The report came a day after June's consumer price index showed US inflation slowed to a two-year low. The Dow Jones Industrial Average inched up 0.14 percent, and t

MarketJuly 14, 2023

[Photo News] Hyundai Ioniq 5 N unveiled

Hyundai Motor CEO Chang Jae-hoon (left) and Till Wartenberg, head of N brand, pose for a photo next to the Ioniq 5 N, the carmaker’s first all-electric high-performance car, at the unveiling event held during the Festival of Speed in Goodwood House, West Sussex, England, Thursday. The first electric variant of the N brand boasts 487kW of power and 770Nm of torque, equipped with advanced features such as an 84 kWh high-power battery pack and a heat control system specifically designed for

MobilityJuly 13, 2023

Hunetplus develops deposition mask for OLED displays

Hunetplus, a next-generation semiconductor and display materials company, said Thursday that it has successfully developed a deposition mask for OLED display panel fabrication using organic and inorganic hybrid materials. Conventional deposition masks used in OLED displays, also known as fine metal masks, are metallic plates that deposit light-emitting organic materials to an accurate location on a substrate during the OLED display manufacturing process. By doing so, they ensure the precise depo

TechnologyJuly 13, 2023

Posco unveils vision for W100tr sales by 2030

Posco Group on Thursday unveiled a new vision titled "Better World with Green Steel" to aggressively ramp up its global steel competitiveness, while upholding environmental, social and corporate governance values. During a ceremony held to announce Posco's vision at the group's headquarters, attended by some 250 executives and employees, Posco said it aims to post total sales of 100 trillion won ($78 billion) by 2030, while doubling its operating profit margin logged in 2022.

IndustryJuly 13, 2023

Seoul shares up for 3rd day amid eased inflation woes; won sharply up

Seoul shares ended higher Thursday to extend their winning streak to a third day as eased US inflation muted concerns over the US Federal Reserve's aggressive rate hikes. The South Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 16.51 points, or 0.64 percent, to finish at 2,591.23. Trading volume was moderate at 573.79 million shares worth 13.1 trillion won ($10.2 billion), with gainers outpacing decliners 469 to 399. Institutions and f

MarketJuly 13, 2023

Daewoong’s Nabota secures over half million membership users in US

Daewoong Pharmaceutical said Thursday its US partner Evolus’ botulinum toxin treatment program using its Nabota, or Jeuveau, has secured over 600,000 subscribers in the US. Daewoong added that 96 percent of patients enrolled in the botulinum toxin program have returned for a second injection, promising Nabota's further growth in the US market. Evolus is a California-based performance beauty company that is responsible for sales of Daewoong Pharmaceutical’s Nabota in the US marke

IndustryJuly 13, 2023

BOK extends rate pause amid cooler inflation

The Bank of Korea kept the base rate unchanged at 3.5 percent Thursday, going for a fourth consecutive freeze as inflation has shown signs of cooling down significantly. The six-member monetary policy board unanimously voted for a rate freeze, while agreeing to keep the terminal rate at 3.75 percent, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting meeting. The central bank was able to maintain the rate, as inflation has been giving firmer signs of easing

EconomyJuly 13, 2023

Kia vows $200m to produce EV9 at Georgia plant

Kia will invest over $200 million to manufacture the company’s latest all-electric three-row sport utility vehicle EV9 from its plant in the US state of Georgia, the South Korean automaker’s American office announced Wednesday local time. The company’s Georgia West Point assembly plant will be able to produce the EV9 in the second quarter of 2024, Kia said. The three-row EV SUV will be Kia’s first EV to be manufactured in North America. The West Point site currently produ

MobilityJuly 13, 2023

Private-public teamwork is new survival tactic for businesses: Chey

SEOGWIPO, Jeju Island -- Gone are the days when it was sufficient for companies to have the upper hand in the global market by sharpening their competitive edge on their own. Governments and corporations teaming up together has become a global phenomenon to deal with uncertainties induced by supply chain disruptions and economic rivalry between the US and China, SK Group Chairman Chey Tae-won said Wednesday. Fragmented global markets unfolded new ways of survival, requiring governments to partne

IndustryJuly 13, 2023

EcoPro to inject W2tr in Pohang to beef up cathode production

South Korean battery materials company EcoPro said Thursday it will invest 2 trillion won ($1.6 billion) in an industrial complex in Pohang, North Gyeongsang Province, to boost an ecosystem for developing cathode materials for rechargeable batteries. The company signed a memorandum of understanding with the city and provincial governments. The 2 trillion-won funding is the city’s largest-ever single deal secured. Under the agreement, EcoPro plans to invest 2 trillion won over a period of f

IndustryJuly 13, 2023

Geraldine Guyot-Arnault, Lee Boo-jin spotted mingling at Seoul launch party

Hotel Shilla CEO Lee Boo-jin, the elder sister of Samsung Electronics Chairman Lee Jae-yong, was spotted meeting with Geraldine Guyot-Arnault, co-founder of French fashion label Destree, in Seoul, Wednesday. Guyot-Arnault, the third daughter-in-law of Bernard Arnault, the CEO of luxury conglomerate LVMH Group, was photographed with Lee at her brand’s launch party. The party was held to celebrate a pop-up store at a Hyundai Department Store branch in southern Seoul, according to her Instagr

ConsumerJuly 13, 2023

Nongshim sets vision to achieve $1.5b in sales by 2030

In celebration of his second year in office, Shin Dong-won, chairperson of Korean food giant Nongshim, on Thursday unveiled a vision to post $1.5 billion in global sales by 2030 and become the No. 1 ramen seller in the US amid its soaring performance there. According to the company, Nongshim's plan, which is to triple its annual sales by 2030 from its current $490 million, mainly centers on scaling up its US business. For the achievement of its goal, Shin said Nongshim will review plans to

ConsumerJuly 13, 2023

[Photo News] The beauty of 'plogging'

Posco International said Wednesday that its women's table tennis team Spinners and national players of Korea Bobsleigh Skeleton Federation jointly participated in plogging -- a combination of jogging with picking up litter -- alongside its employees and executives at a mountain in Pyeongchang, Gangwon Province. This activity aligned with the company’s environment, social, and governance goals, while bringing together athletes that the company has long been funding since 2011 under i

IndustryJuly 13, 2023

[Herald Interview] 'Samsung SDI to play vital role in accelerating Indiana's EV transition'

Samsung SDI’s recent joint venture deal with General Motors to construct an electric vehicle battery cell manufacturing plant in Indiana is expected to play a pivotal role in fostering a more advanced manufacturing workforce. “We’ve got five auto OEMs (original equipment manufacturers) (including GM and Toyota) in Indiana that give us tons of auto (workers). However, they are mostly focused on working on the production lines of internal combustion engine cars,” Indiana&rs

MobilityJuly 13, 2023