Interactive booths highlight wellness, pet care

A diverse range of institutions -- from medical experts and ESG-focused companies to art students and pet care providers -- engaged visitors through interactive booths at Wellness Seoul 2024, offering a blend of health, creativity and eco-friendly initiatives aimed at inspiring a higher quality of life for all. Among the most popular booths was that of the Seoul Korean Medicine Association, a community of Korean medicine doctors based in Seoul. The doctors provided on-site consultations and offe

IndustryOct. 7, 2024

Samsung chief calls for active MLCC response in Philippines

Samsung Electronics Chairman Lee Jae-yong visited the production base of multilayer ceramic capacitors for Samsung Electro-Mechanics, the electronic parts manufacturing affiliate of Samsung Electronics, in Calamba, Philippines, Sunday, according to the tech giant on Monday. The chairman reviewed business strategies and stressed the importance of taking advantage of opportunities arising from expanding markets such as artificial intelligence, robots and electric vehicles. Lee also discussed futur

IndustryOct. 7, 2024

LG Energy Solution pledges to double sales by 2028

LG Energy Solution on Monday vowed to double its annual sales by 2028 based on expanding and diversifying battery businesses outside of electric vehicles while continuing to secure technological leadership in the EV battery sector. “We will not settle at producing and selling batteries anymore, but we will establish a paradigm of subscription economy for batteries based on our battery diagnosis and management technologies,” said Kim Dong-myung, CEO of LG Energy Solution, during the c

CompaniesOct. 7, 2024

Samsung Biologics to lure global clients at CPHI 2024

South Korea's leading contract development and manufacturing organization Samsung Biologics said Monday it will participate in Europe’s largest bio conference, the Convention on Pharmaceutical Ingredients Worldwide 2024. The CPHI, one of the biggest bio conferences, is held annually in major European markets. This year, it takes place in Milan from Tuesday to Thursday, with over 2,400 companies from 166 countries and 62,000 attendees expected to join. Samsung has been setting up its e

IndustryOct. 7, 2024

Regulator to begin probe into TikTok over potential violation of personal data law

South Korea's media regulator is set to look into TikTok over a potential violation of the nation's personal data protection law, an official at the regulator said Monday. TikTok is accused of automatically requiring its users to receive advertisements, instead of letting users give their consent to receive such content under the Korean law, according to industry sources. The Korea Communications Commission suspects that TikTok may be violating the Act on Promotion of Information and C

EconomyOct. 7, 2024

Foreign reserves up for 3rd month in Sept. on weak dollar, investment gains

South Korea's foreign reserves increased for the third straight month in September on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Monday. The country's foreign reserves had come to $419.97 billion as of end-September, up $4.05 billion from the previous month, according to the data from the Bank of Korea. The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and in

EconomyOct. 7, 2024

Seoul shares open higher on battery, auto gains

Seoul stocks opened higher Monday led by gains among battery and automotive shares. The benchmark Korea Composite Stock Price Index rose 0.21 percent, or 5.33 points, to 2,575.04 in the first 15 minutes of trading. Battery manufacturers and automakers led the overall gains, with leading battery maker LG Energy Solution jumping 2.85 percent and top automaker Hyundai Motor adding 1.46 percent. Financial firms also gained traction, with KB Financial rising 1.57 percent and Shinhan Financial up 0.55

MarketOct. 7, 2024

Asiana to increase excess baggage fees on intl. flights in Jan.

Asiana Airlines Inc. announced Sunday it will increase fees for excess baggage on its international flights starting Jan. 2, 2025. Those fees apply to baggage in excess of the airline's free allowance. Fees for baggage exceeding the quantity limit will go up by as much as 40,000 won ($29.66) depending on routes, Asiana said. For short-haul routes within 90 minutes from Korea, the excess baggage fee will rise from 60,000 won per piece to 90,000 won. For flights to Europe, Africa and Oceania,

CompaniesOct. 6, 2024

[Herald Interview] Toonsquare aims to open new era for webtoon creation with AI

Fueled by the surge in digital content consumption during the pandemic, the global webcomic market has seen unprecedented growth in recent years, with South Korea, home to a $1.1 billion webtoon market, cementing its position as a leader in this burgeoning industry. Leveraging Korea's unmatched market data and intellectual property, Seoul-based artificial intelligence startup Toonsquare, which provides creative tools for webcomic creators, is now aiming to expand its global presence, with g

IndustryOct. 6, 2024

Money Festa 2024 offers investment tips in uncertain market

Herald Media Group hosted Money Festa 2024 last week, a two-day event offering insights into the latest investment trends spanning from real estate to equity, shedding light on making wise investment decisions to achieve financial freedom. "Everyone dreams of a financially-free life, but the reality is harsh," Choi Jin-young, CEO of Herald Media Group, said in his opening speech at The Platz exhibition hall in Coex, southern Seoul, on Oct 1. "I hope the attendees can find the answ

EconomyOct. 6, 2024

Fight over Korea Zinc becomes game of chicken

The fight for management control of Korea Zinc, the world’s largest zinc smelter, has escalated into a game of chicken worth over 5 trillion won ($3.7 billion). As the bidding war heats up, its would-be controllers are at risk of falling prey to a “winner’s curse.” On Friday, the last day of the initial tender offer period launched by private equity fund MBK Partners and Young Poong, the biggest shareholder of Korea Zinc, the coalition raised its offer to 830,000 won per

IndustryOct. 6, 2024

McDonald’s Korea recognized for enhancing job security for seniors

McDonald's Korea said Sunday that it has received a commendation from the Ministry of Health and Welfare for its ongoing efforts to improve job security for senior citizens. The award ceremony was held Wednesday in Seoul to mark the 28th National Day of Older Persons here. The hamburger chain has established “inclusivity” as one of its core corporate values, aiming to promote diversity and equal opportunities. Since 2011, in particular, the company has developed jobs specificall

IndustryOct. 6, 2024

LG Energy Solution aims high in North America’s ESS market

LG Energy Solution has reaffirmed its commitment to growing its presence in the rapidly expanding North American energy storage system market, aiming to capitalize on the region’s increasing demand for sustainable energy solutions. In a recent interview with UK-based industry publication Energy Storage News, Kim Hyung-sik, vice president and head of the ESS battery division at LG Energy Solution, outlined the company’s strategy for targeting North America. He emphasized the crucial r

IndustryOct. 6, 2024

[KH Explains] Can G-Star level up?

G-Star, Korea’s top annual gaming convention, is getting ready for its 20th edition set to open at the Busan Exhibition & Convention Center, or Bexco, on November 14. The G-Star organizing committee said this year’s event will feature 3,281 booths, slightly more than the previous year, which was the largest event in G-Star's 20-year history and drew nearly 200,000 visitors. “This year’s G-Star marks a very important moment as we welcome the convention's 20th

IndustryOct. 6, 2024

More foreign automakers to share EV battery data with Korea

A growing number of foreign automakers in Korea -- Mercedes-Benz, Volkswagen and Audi among them -- are now cooperating with local authorities to improve EV safety by providing detailed information on their battery management systems in the wake of a serious electric vehicle fire in Incheon this past August. A BMS monitors EV battery safety by tracking key factors like temperature and voltage, preventing malfunctions, and reducing the risk of fires. According to information provided by the Korea

MobilityOct. 6, 2024

Over 60% of automotive exports shipped to N. America in Jan.-Aug.

Over 60 percent of South Korea's automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies. The combined exports of the five South Korean automotive firms — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totaled 1,857,111 units during the January-August period. Of those, 61.4 percent, or 1,140,073 units, were shipped to North America, mar

MobilityOct. 6, 2024

Daily stock trading volume dips to lowest in Sept. amid sluggish conditions

The daily stock trading volume fell to the lowest of the year last month as worsening market conditions spooked investors, data showed Saturday. The average daily trading volume of listed shares came to 16.67 trillion won ($12.36 billion) in September, the lowest since the start of the year, according to the data from the Korea Exchange, operator of South Korea's main bourse. The reading also marks an 8 percent decline from 18.2 trillion won the previous month. The figure has been a steady

MarketOct. 5, 2024

Hyundai Motor joins forces with Waymo to bolster foundry business

Hyundai Motor announced Friday that it has entered a multi-year, strategic partnership with Google’s autonomous driving technology subsidiary Waymo as the Korean automaker looks to bolster its newly established autonomous vehicle foundry business. According to the announcement, the two sides will work together to integrate Waymo’s sixth-generation fully autonomous technology into Hyundai’s all-electric sports utility vehicle Ioniq 5. The Ioniq 5s headed for the Waymo fleet will

MobilityOct. 4, 2024

Market uncertain on Korea's October rate cut despite slowed inflation

Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe

EconomyOct. 4, 2024

Samsung unveils 'personalized AI' for all devices

Samsung Electronics announced it would be introducing artificial intelligence in all of its major home appliances and mobile devices to offer a more personalized and secure user experience, at this year's Samsung Developer Conference on Thursday. Celebrating the 10th year of the annual event, Samsung Electronics Vice Chairman and CEO Han Jong-hee revealed the company's "AI for All" vision, renewing the company's commitment to using AI technology to enhance security and p

IndustryOct. 4, 2024