Korean robot maker Rainbow Robotics records W3.6b in sales, up 182 percent

South Korean robotics maker Rainbow Robotics said Monday that it recorded 3.6 billion won ($2.8 million) in sales in the first quarter this year, up 182 percent on-year.  The Korean robot maker said the local market’s demand for collaborative robots that work with humans has pulled up its sales, as well as increased exports of its device that tracks certain targets with accuracy to the global market. Its operating profit came to 600 million won.  Collaborative robots assist hu

IndustryMay 23, 2022

Coway launches customizable bed frame

South Korean furniture and home appliance brand Coway said Friday that it has launched a new customizable bed frame product to reflect consumer trends shifting towards personalization. The product, Coway My Frame, allows consumers to customize the bed’s color, height and design. They can choose from a wide range of color and style combinations for the bed frame‘s headboard and sideboard, according to the furniture maker. Customers can alter the design later to accommodate lifestyl

ConsumerMay 23, 2022

Posco to supply steel for hyperloop

Posco said it will supply 2,100 tons of hot-rolled steel material to be used in a hyperloop, or a high-speed transportation system where pressurized vehicles travel through a low-pressure tube, at a test facility in the Netherlands. The steelmaker said it will begin supplying the PosLoop355, specially developed to be used for the hyperloop tube, to Hardt, the Dutch company that is building the European Hyperloop Center, from next month. The PosLoop355 absorbs vibrations at 1.7 times the rate o

IndustryMay 23, 2022

Foreign banks in S. Korea see profits down 4.5% in 2021

Foreign bank branches in South Korea saw their combined net profit down 4.5 percent in 2021 due to a rise in securities-linked losses amid market downswings, data showed Monday. The combined net income of 35 foreign lenders' local branches stood at 1.15 trillion won ($904.4 million) in the fiscal year of 2021, down 53.5 billion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). Those branches either closed their books for the fiscal of year 2021 in

EconomyMay 23, 2022

Foreign currency deposits down for 2nd month in April

Foreign currency deposits at banks in South Korea shrank for the second straight month in April due in part to companies' increased withdrawals to pay for investments and imports, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits had reached $86.99 billion as of end-April, down $5.72 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for mor

EconomyMay 23, 2022

SK Bioscience wins $31.3m deal to supply chickenpox vaccines to Latin America

South Korean vaccine maker SK Bioscience Co. said Monday it has secured a $31.3 million deal from the Pan American Health Organization (PAHO) to supply chickenpox vaccines to Latin American countries. SK Bioscience said it has recently delivered its first batch of shipments of SKY Varicella, the company's chickenpox vaccine introduced in 2018, to Central and South American countries through PAHO. SK Bioscience said it won the deal from PAHO in February. PAHO is an international public healt

IndustryMay 23, 2022

Exports up 24% during first 20 days of May

South Korea's exports rose 24.1 percent in the first 20 days of May from a year earlier on robust demand for chips and petroleum products, but the country suffered a trade deficit on high fuel costs, customs data showed Monday. The country's outbound shipments stood at $38.6 billion in the May 1-20 period, compared with $31.1 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 37.8 percent on-year to $43.4 billion during the cited period, result

EconomyMay 23, 2022

Seoul shares open higher on summit hope

South Korean stocks open higher Monday, buoyed by the anticipation that the outcome of the South Korea-US summit will give a boost to key industrial sectors. The Korea Composite Stock Price Index (KOSPI) rose 6.88 points, or 0.26 percent, to trade at 2,646.17 in the first 15 minutes of trading. In a joint statement issued after the summit between Presidents Yoon Suk-yeol and Joe Biden on Saturday, the two countries agreed to enhance cooperation in various sectors, from semiconductors, electric v

MarketMay 23, 2022

[Market Eye] Chips, batteries, nuclear tech emerge as key agenda in Yoon-Biden summit

US President Joe Biden’s trip to Asia and his choice of South Korea as his first stop underscore Washington’s willingness to address global supply chain uncertainties largely posed by Russia’s invasion of Ukraine, along with efforts to counter dependence on China. This can be achieved by strengthening collaboration with technology powerhouses in Asia’s fourth-largest economy, the summit between President Yoon Suk-yeol and Biden showed. To this end, Yoon and Biden called

TechnologyMay 22, 2022

[Photo News] When Biden was in Seoul

Lotte World Tower, the world’s fifth-tallest building, located in Jamsil, Seoul, is illuminated with images of US and Korean flags and messages welcoming the US president during his three-day visit to Korea. President Joe Biden left Sunday afternoon for the second leg of his Asia tour.

IndustryMay 22, 2022

At Biden meeting, Hyundai Motor Group unveils extra $5b investment

South Korean carmaker Hyundai Motor Group announced the second round of its investment plan Sunday, adding another $5 billion to collaborate with US firms, only a day after the company unveiled a $5.54 billion plan to build an electric vehicle-only factory in Georgia. “Hyundai Motor Group plans to invest an additional $5 billion through 2025 which will strengthen our collaboration with American enterprises in diverse technologies such as robotics, urban air mobility, autonomous driving a

MobilityMay 22, 2022

Hyundai Steel joins hands with KIER for advancing carbon neutral tech

Hyundai Steel has signed a memorandum of understanding with the Korea Institute of Energy Research to push for comprehensive cooperation on technologies in the energy and environment sectors with the goal of leading the steel industry’s movement towards carbon neutrality. According to the South Korean steelmaker, Hyundai Steel CEO Ahn Dong-il and KIER President Kim Jong-nam attended the MOU ceremony held at the KIER in Daejeon on Friday. The two sides agreed to work together to develop

IndustryMay 22, 2022

SK ecoplant acquires 30% shares in Malaysia’s Cenviro

SK ecoplant, the engineering and construction unit of South Korean conglomerate SK group, has partnered with Malaysia’s state-operated waste management firm Cenviro to expand its environmental business in the global market. 　 SK ecoplant inked a share purchase agreement on Friday with Malaysian sovereign wealth fund Khazanah Nasional to acquire 30 percent of Cenviro shares. The Malaysian waste management company is wholly owned by Khazanah Nasional. Cenviro built Malaysia’s first

IndustryMay 22, 2022

BOK likely to lift rate to tame rapid inflation: economists

The Bank of Korea is likely to raise the benchmark rate by 25 basis points to 1.75 percent this Thursday as Asia’s fourth-largest economy combats persistent inflation and shrinking growth, according to eight out of nine economists polled by The Korea Herald. But the central bank, which usually changes its rate in 25-basis point increments, is unlikely to back a sudden 50-basis point raise because there’s ample room left for more hikes in the latter half of this year when inflation c

EconomyMay 22, 2022

Biden to meet Hyundai Motor chief on new investment plan

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later in the day for his three-day state visit for summit talks with President Yoon Suk-yeol. His planned meeting with the Hyundai Motor chief comes amid reports that the South Korean auto giant will announce a $7 billion inv

IndustryMay 21, 2022

Hyundai to build $5.54 bln EV, battery plant in Georgia

South Korea's Hyundai Motor Group said Saturday it will invest US$5.54 billion to build a dedicated electric vehicle and car battery manufacturing plant in the United States to further solidify its electrification push in the world's most important automobile market. The announcement comes as US President Joe Biden is visiting South Korea as part of his first trip to Asia amid ongoing tension with China and continued provocations from North Korea. Hyundai Motor Group plans to start constructi

IndustryMay 21, 2022

[Herald Interview] Korea’s first coloring shampoo seeks breakthrough in overseas markets

Moda Moda, the South Korean producer of the world’s first coloring shampoo using the browning reaction in stale bananas, is seeking a breakthrough in overseas markets to sidestep cumbersome regulations at home. The company is revamping overseas operations to extend its sales network connecting the US, China and Japan. Korean beauty products are increasingly popular in these countries, riding high on the popularity of K-content. Unlike many other K-beauty brands that depend heavily on l

IndustryMay 20, 2022

Seoul stocks sharply rebound on dip-buying, ahead of Biden visit

South Korean shares advanced Friday as investors scooped up oversold stocks and pinned hopes for expanded business ties between South Korea and the United States. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 46.95 points, or 1.81 percent, to close at 2,639.29 points. After a volatile week from high inflation, the key stock index gained 1.35 percent from a week ago. Friday's trading volume was moderate at about 743 million s

MarketMay 20, 2022

S-Oil CEO apologizes for Ulsan refinery explosion

S-Oil Chief Executive Officer Hussain A. Al-Qahtani on Friday apologized over the explosion of its refinery in Ulsan, about 415 kilometers southwest of Seoul, and promised to take all measures possible to prevent such incident from happening again. “I would like to express my deepest condolences and apologies to the deceased who lost his life from an incident in S-Oil Onsan Refinery and to his family. My apologies also go out to the injured workers and local residents close to the refine

IndustryMay 20, 2022

Taiwan’s Fubon Financial becomes third-largest shareholder in Hyundai Card

Taiwanese banking giant Fubon Financial on Friday raised its stake in South Korea’s Hyundai Card to nearly 20 percent, expanding its clout over management of the card issuer. Fubon Financial is now the card issuer’s third-largest shareholder with 19.98 percent after Hyundai Motor with 36.96 percent and Hyundai Commercial with 28.56 percent. Kia Corp. is the fourth-largest stakeholder with 11.48 percent. The latest announcement puts a final stamp on the exit of a consortium led by

MarketMay 20, 2022