HD Korea Shipbuilding scores W2.8tr order for 12 gas carriers

HD Korea Shipbuilding & Offshore Engineering, an intermediate holding company of South Korean heavy industries conglomerate HD Hyundai, has bagged 12 orders for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers worth 2.79 trillion won ($2.08 billion) in a span of less than a week. According to the shipbuilder, HD KSOE on Tuesday signed a contract with an Oceanian customer to build two 200,000-cubic-meter LNG carriers. The shipbuilder inked a contract with a European cust

IndustryMay 2, 2023

Seoul shares up for 3rd day ahead of Fed meeting

South Korean stocks closed higher Tuesday to extend their winning streak to a third day ahead of the US Federal Reserve's policy meeting later this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 22.86 points, or 0.91 percent, to finish at 2,524.39. Trading volume was moderate at 691.3 million shares worth 9.79 trillion won ($7.3 billion), with gainers outnumbering decliners 638 to 248. Foreigners bought a net 341.8 billion won of

MarketMay 2, 2023

SK E&S, Plug Power pledge W1tr hydrogen investment

SK E&S, a green energy company under South Korean conglomerate SK Group, and Plug Power, a US developer of hydrogen fuel cell systems, will invest 1 trillion won ($747 million) in strengthening Korea’s hydrogen industry, SK E&S said Tuesday. According to the announcement, the investment will be made through the two companies’ joint venture, SK Plug Hyverse, established last year. SK E&S and Plug Power will invest 510 billion won and 490 billion won, respectively, to build

TechnologyMay 2, 2023

Finance minister urges Japan to restore Korea's trade status

INCHEON -- Finance Minister Choo Kyung-ho called for Japan to put South Korea back on its "white list" of trusted trading partners in a swift manner and expand cultural and educational exchange between the two countries during his meeting with his Japanese counterpart, Shunichi Suzuki. The two met on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank which kicked off Tuesday for a four-day run in Incheon’s Songdo district. On April 24

EconomyMay 2, 2023

Hana Financial eyes M&As in bid to become global finance giant

Hana Financial Group plans to step up its globalization efforts to become a globally leading finance firm with customized strategies suited to each market with its business spanning from banking to securities brokerage services. As of the end of 2022, Hana Financial Group had expanded across 25 countries, with more than 4,500 employees overseas. According to the group, its global profit has been increasing every year by an average of 15 percent over the past four years. In 2022, the group&rs

MarketMay 2, 2023

Telecom carriers, BMW launch 1st data plan for cars

South Korea's three largest mobile carriers -- SK Telecom, KT Corp. and LG Uplus -- said on Tuesday that they will launch the country’s first personal embedded subscriber identity module (eSIM) data plans for BMW vehicles. While the German luxury carmaker’s 7 series and above already feature fifth-generation connectivity via eSIM, the new data plans will enable backseat passengers to enjoy a variety of mobile content through built-in monitors without a separate physical chip, ac

TechnologyMay 2, 2023

[Photo News] The House of GM

American multinational automotive company General Motors said Tuesday it will open its first collective brand space in Korea called "The House of GM" on Friday. The space, inspired by GM's heritage site, Factory One, will be used to showcase the firm's company values, US culture and lifestyles. There will also be a variety of events for visitors to enjoy, including test drives, DIY workshops and gifts for child visitors in celebration of Children's Day, which will be dis

MobilityMay 2, 2023

KB invites global financial experts to find biz opportunities

KB Financial Group announced Tuesday that it will host an event on Thursday to invite key figures in the global financial industry to present its businesses and growth strategies while looking for collaborative opportunities. The banking giant's cocktail reception, which will take place in Songdo, Incheon, is designed to promote the excellence of Korean finance and KB Financial's business competitiveness on the occasion of the 56th Annual Meeting of the Asian Development Bank held in I

IndustryMay 2, 2023

Boost promised for advanced chip industry

The South Korean government on Tuesday vowed to support the advanced chip industry, highlighting the rise of new technologies, including artificial intelligence. At a gathering of fabless companies hosted by the Ministry of Trade, Industry and Energy, Vice Trade Minister Chang Young-jin highlighted the importance of advanced semiconductors and its growth potential. “The semiconductor industry has been No. 1 in exports for 10 consecutive years, and is the pillar of our economy and industrie

IndustryMay 2, 2023

LS Cable completes Asia’s largest submarine cable plant, eyeing offshore wind power market

South Korea’s top wire and cable maker LS Cable & System said Tuesday it has completed Asia’s largest high-voltage direct current (HVDC) underwater cable plant in Donghae, Gangwon Province. The plant, named Submarine Building 4, is a 172-meter-tall vertical continuous vulcanization (VCV) tower with a total floor area spanning 34,816 square meters. Some 190 billion won ($141 million) has been injected into the construction that started in July 2021. The company said this facility

MobilityMay 2, 2023

[Photo News] KT's new server robots

South Korea’s telecom giant KT Corp. unveiled two next-generation artificial intelligence-based service robots Tuesday, bringing the total number of service robots in its lineup to five. The robots, produced by LG Electronics and Bear Robotics, respectively, receive orders and other customer requests using smart order services. Equipped with upgraded suspension systems, the robots are also designed for more stable food and beverage delivery.

TechnologyMay 2, 2023

Seoul shares open higher ahead of Fed meeting

South Korean stocks opened higher Tuesday, as investors await to see a widely expected interest rate hike by the US Federal Reserve in the policy meeting later this week. The benchmark Korea Composite Stock Price Index rose 17.57 points, or 0.7 percent, to trade at 2,519.10 in the first 15 minutes of trading. The Fed is expected to raise the interest rate by another 0.25 percentage point at the end of the Federal Open Market Committee on Wednesday in what will be the latest move in its aggressiv

MarketMay 2, 2023

S. Korea's consumer prices growth slows to 3.7 percent in April on falling oil prices

South Korea's consumer prices grew at the slowest pace in more than a year in April on falling global oil prices, data showed Tuesday, in the latest signal that inflation has receded. Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, compared with a 4.2 percent on-year rise in March, according to the report from Statistics Korea. It is the first time in 14 months that the on-year inflation growth fell below 4 percent. The figure rose to over the 4 p

ConsumerMay 2, 2023

Chaebol chiefs have hands full after summit

South Korea’s top chaebol chiefs who accompanied President Yoon Suk Yeol on his state visit to Washington last week have returned with their hands full of hot-button issues, including the increasingly protectionist policies in the all-important US market. With no immediate breakthrough in related talks between the two countries, industry watchers say the business leaders seem to be in a rush to study the industrial implications of the summit talks and come up with follow-up measures. After

IndustryMay 1, 2023

[Herald Interview] Global teamwork key for future pandemic response: AstraZeneca co-developer

Collective efforts from a global network of vaccine developers and manufacturers will be needed to better respond to future outbreaks and pandemics, said a co-developer of a COVID-19 vaccine that has saved millions of lives. Sarah Gilbert, professor of vaccinology at the University of Oxford and co-developer of the Oxford-AstraZeneca COVID-19 vaccine, warned that more pandemics will occur in the future. “There needs to be a global collaboration and recognition that we need vaccines for pub

TechnologyMay 1, 2023

Samsung to raise wafer input for R&D

Samsung Electronics, which recently recorded its worst operating profit in the first quarter, is expected to increase its spending to raise wafer input for research and development, according to industry sources on Monday. Kyung Kye-hyun, the CEO in charge of the tech giant’s Device Solutions Division overseeing global memory operations, System LSI, said the company will increase its wafer input to “gain the upper hand in technology for future products,” speaking at a staff bus

IndustryMay 1, 2023

'Family month' of May faces inflation woes

May, also known as "family month," is when Korean consumers dine out in celebration of a string of family-oriented holidays such as Children's Day, Parent's Day and Teacher's Day. However, with the country seeing an exponential growth in consumer prices lately -- mainly those of agricultural products and livestock -- concerns are rising that dining out is increasingly becoming less affordable for most Koreans. Kim, a white-collar worker in his 20s, told The Korea Herald

ConsumerMay 1, 2023

Central bankers, finance ministers flock to Songdo for ADB meeting

Some 5,000 policymakers and finance experts from 68 Asia-Pacific nations and beyond have flocked to Incheon to attend an annual meeting of the Asian Development Bank that was set to kick off Tuesday. The 56th Annual Meeting of the Board of Governors of the Asian Development Bank will run for four days in Incheon’s Songdo district under the slogan, “Rebounding Asia: Recover, Reconnect and Reform.” The ADB is a social development organization that calls for cooperation among Asia

EconomyMay 1, 2023

Exports decline for 7 consecutive months amid chip slump

South Korea’s exports declined for the seventh consecutive month in April, as the chip industry experienced the worst slump of sagging demand and prices, the Trade Ministry said Monday. The Ministry of Trade, Industry and Energy reported that the country witnessed its outbound shipments decline 14.2 percent on-year to stand at $49.6 billion in April. While inbound shipments also decreased by 13.3 percent to log $52.23 billion, the country's trade landed in the red for the 14th month, loggi

IndustryMay 1, 2023

Private lunch with Hyundai Motor chief to be auctioned

Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge

IndustryMay 1, 2023