SK IE Technology secures $300m to expand production in Poland

Electric vehicle parts maker SK IE Technology has secured a green financing package loan worth $300 million from the International Finance Corp. for its planned production expansion in Poland. Of the total amount, two-thirds will come directly from the IFC, while the remainder will be offered by other private banks participating in the funding program. The newly secured investment will be used for the planned expansion of its lithium-ion battery separator (LiBS) plant in Poland, as part of its e

IndustryMay 25, 2023

BOK freezes rate at 3.5% as inflation wanes

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, opting for a third consecutive freeze as inflation has been showing signs of easing off in Korea in recent months. Korea’s base rate has stayed at 3.5 percent since February, when the central bank first froze the rate after more than a year of rate hikes to tamp down soaring prices. “The BOK decided to keep the rate unchanged as it is appropriate to maintain the monetary tightening stance, with the inflat

EconomyMay 25, 2023

Seoul shares open slightly higher on chip shares

South Korean stocks opened slightly higher Thursday, led by big-cap tech gains, despite uncertainties over the United States' debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 3.01 points, or 0.12 percent, to 2,570.46 in the first 15 minutes of trading. Overnight, US shares ended lower as negotiations on the US' debt ceiling drag on, with just eight days left till the June 1 deadline. The Dow Jones Industrial Average lost 0.77 percent, and the tech-heavy

MarketMay 25, 2023

Celltrion's Humira biosimilar gets FDA nod

Celltrion's adalimumab biosimilar CT-P17 has been approved the US Food and Drug Administration, the company announced Wednesday. CT-P17, also known as Yuflyma, is the world’s first high-concentration, low-volume and citrate-free biosimilar of Humira, an injectable treatment for rheumatoid arthritis and other autoimmune conditions. Celltrion said CT-P17 had been approved as a treatment for multiple chronic inflammatory diseases, including rheumatoid arthritis, inflammatory bowel diseas

TechnologyMay 25, 2023

Technical inspection of Nuri space rocket under way after postponed launch

South Korean aerospace engineers have been inspecting the country's homegrown space rocket Nuri on Thursday following the last-minute cancellation of the scheduled launch over a computer glitch. The launch management committee, which oversees the entire process, called off the launch of Nuri on Wednesday after the engineers detected a communications problem between a launch control computer and a launch pad facility control computer about three hours before liftoff. The Ministry of Science and I

IndustryMay 25, 2023

Nuri rocket’s 3rd launch postponed

GOHEUNG, South Jeolla Province -- South Korea postponed the third launch of the homegrown Nuri rocket due to a software error during the preparation process, the Ministry of Science and ICT said Wednesday. “During the checkup on the low-temperature helium valve control, a problem occurred in the communication between computers that control the launch operation and the launch pad’s equipment. The valve itself did not have any issues as it could be operated manually. But once the valve

TechnologyMay 24, 2023

Seoul shares close flat amid US debt ceiling uncertainties

South Korean stocks ended nearly flat after a seven-day rise Wednesday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 0.10 points, or 0.0 percent, to close at 2,567.45. Trading volume was moderate at 1.06 billion shares worth 7.79 trillion won ($5.91 billion), with losers outpacing gainers 460 to 397. Institutions sold a net 185.5 billion wo

MarketMay 24, 2023

[H.eco Forum] 'We are in this together,' solidarity an essential pillar in overcoming climate crisis

Every problem regarding the environment cannot be solved by the actions of a single individual, but they should be tackled in unison among global citizens, according to environment experts at the H.eco Forum hosted by Herald Corp. on Wednesday. With some 130 participants ranging from environmental activists and business owners in the industry to students interested in the issue, the second session of the forum underscored the importance of solidarity when taking forward climate crisis matters. I

TechnologyMay 24, 2023

[Photo News] New ASM facility in Korea

Dutch semiconductor equipment maker ASM held a groundbreaking ceremony for its second Korean manufacturing research innovation center, which will consist of an additional production line and expanded research and development facilities, in Hwaseong, Gyeonggi Province, on Wednesday. ASM President and CEO Benjamin Loh (eighth from left), ASM Korea CEO Kim Yong-gil (first from right) and Pauline Van der Meer Mohr (sixth from left), ASM's supervisory board chair, attended the event.

IndustryMay 24, 2023

Naver suffers service malfunctions in China

South Korean internet giant Naver was reportedly suffering service malfunctions in major regions in China on Wednesday, fueling speculation that the Chinese authorities might be limiting people's access to the neighboring country’s dominant search engine. “We have confirmed that connection to our services, including using email and the search function, is not properly working there. But it is hard to tell for now whether China is intentionally blocking access or if it is just a

TechnologyMay 24, 2023

Over 120 trading firms gather for KITA-Taiwan conference

The Korea International Trade Association held a joint conference with the Taiwan External Trade Development Council and Taiwan Chamber of Commerce on Wednesday to discuss ways to boost trade between South Korean and Taiwanese companies. A total of 122 companies, including 27 Korean and 95 Taiwanese companies, participated in the event, called the Korea-Taiwan Import and Export Conference held at the Taipei International Convention Center in the capital of Taiwan. A total of 207 consultations we

EconomyMay 24, 2023

Hana Financial to spur biodiversity investment

Hana Financial Group Chairman Ham Young-joo pledged that the financial conglomerate will play proactive role in expanding investments in the biodiversity sector during an event held by the United Nations Environment Programme in Seoul on Wednesday. "We will fulfill our role as a financial institution in promoting environmental and social responsibility by formulating policies and expanding investments in the field of biodiversity conservation, which holds tremendous potential,” Ham sa

IndustryMay 24, 2023

Hanwha propels Nuri rocket project

Hanwha Group, South Korea’s seventh-largest conglomerate, stands at the forefront of the country’s efforts to grow and nurture its space industry, as Hanwha Aerospace became the first system integration company to lead the launch of the homegrown Nuri rocket. Hanwha Aerospace won the government bid in December to take charge of upgrading the Nuri rocket, also known as Korea Satellite Launch Vehicle-II, and launching it four times through 2027. The company signed a contract worth appr

IndustryMay 24, 2023

Renault Korea lures young drivers with NFT campaigns

Renault Korea Motors seeks to lure tech-savvy young drivers with its digital campaign “Create Your SM6,” the Korean unit of the French auto giant said Wednesday. The carmaker offers an artificial intelligence-based design tool, called Stable Diffusion, for participants to create their own SM6 sedan car and submit the image as a non-fungible token to win digital coins. Based on the car’s highest-trim model Inspire, almost 14,000 NFTs have been submitted ahead of Friday’s d

MobilityMay 24, 2023

S. Korea asks US to give more leeway on chip expansion in China

South Korea has asked the United States to reconsider details of the guardrail provision of its CHIPS Act, to ease the regulations limiting Korean chipmakers from expanding their production capacity in China. In the comment unveiled by the US Federal Register on Tuesday, the Korean government has requested the US Commerce Department to review and clarify the guardrail provision, which limits the beneficiaries of its semiconductor boost program from expanding their production capacity in China an

IndustryMay 24, 2023

EU eases export rules on Korean ramen

The Ministry of Food and Drug Safety said Wednesday the European Union has decided to ease import regulations for Korean ramen products, 18 months after a mishap with a carcinogen in ramen imports sent to Europe. According to the ministry, the EU will be easing the inspection of ethylene oxide in imported Korean ramen products starting in July. EO, which is majorly used as a fumigant and sterilizing agent, is classified by the World Health Organization as a potential carcinogen. The EU strengt

IndustryMay 24, 2023

[Photo News] Peugeot 408 makes Asian debut in Seoul

Stellantis Korea on Wednesday unveiled the new Peugeot 408, a cross between a sedan and an SUV. The car’s Asian debut shows the nation’s strategic importance of Korea's fast-evolving car market, according to Peugeot brand CEO Linda Jackson during a press conference in Seoul. “Leading the trends automotive business, Korean market undoubtedly has a halo effect for global markets,” she said.

MobilityMay 24, 2023

[Herald Interview] DB Robotics ready for commercial success: CEO

Amid burgeoning demand for human assistant robots, DB Robotics, a first-generation robot developer in South Korea, is receiving renewed attention for its extensive robot lineup that ranges from a gigantic deep-sea drill robot to a microsized robot traversing blood vessels. Based on some 60 patents, the 23-year-old company has thus far developed over 300 robots, mostly for public projects. And now it aims to take a big leap by debuting its robots for commercial success, according to DB Robotics C

TechnologyMay 24, 2023

S. Korea vows to partner with World Bank to share expertise with developing nations

South Korea wishes to expand cooperation with the World Bank by sharing its expertise in the climate and digital sectors, the finance minister said Wednesday. "Korea's expertise in the climate and digital sectors can help developing countries against the challenges they face," Finance Minister Choo Kyung-ho said during an event marking the 10th anniversary of the bank's office in South Korea. "I believe Korea's resources in these areas can help the Korea Office beco

EconomyMay 24, 2023

Biz outlook edges up for June on hope for corporate earnings, domestic recovery

South Korea's business sentiment slightly improved for June amid expectations that earnings in key sectors and domestic demand may improve, a central bank poll showed Wednesday. Local companies' business sentiment index for June came to 76, up from 74 tallied for the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The rise appears t

IndustryMay 24, 2023