GS E&C sets new vision centering on innovation, trust building

GS Engineering & Construction unveiled Friday a new vision and six core values to foster ongoing growth and enhance employee integration. GS E&C CEO Huh Yoon-hong announced the company's new slogan: "Perfecting a safer today, forging a brighter tomorrow: with transparent trust and relentless innovation, we create a better future for all," to the builder's employees via an intranet video. The company aims to transcend traditional construction, aspiring to become an org

IndustryJuly 12, 2024

Seoul shares snap 3-day rise on profit-taking

Seoul shares closed lower Friday, snapping a rise for three consecutive sessions, as investors cashed in profits after the US market finished bearish despite slowing inflation data. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 34.35 points, or 1.19 percent, to 2,857. Trade volume was heavy at 399 million shares worth 13.7 trillion won ($9.93 billion), with losers outnumbering gainers 430 to 426. Foreigners sold a net 549 billion won, while i

MarketJuly 12, 2024

[Photo News] Kia electrifies Paju with Wible Biz

Starting Monday, Kia will operate its electric vehicle-sharing service, "Wible Biz," in Paju, Gyeonggi Province. The eco-friendly subscription service enables companies or organizations to rent an electric vehicle during designated business hours on weekdays, while individuals can drive them to commute to work or during weekends. With the service launch, Paju City government officials will use 10 Kia Niro EV vehicles. Other city governments currently subscribed to the service include

MobilityJuly 12, 2024

Doosan Group realigns business structure to maximize synergy

South Korean conglomerate Doosan Group has decided to shake up its business structure to focus on clean energy and smart machine sectors to maximize synergy between it’s affiliates. According to Doosan’s regulatory filing Thursday, Doosan Bobcat, a compact equipment and industrial vehicle builder, will undergo a spin-off merger process to become a 100 percent-owned subsidiary of Doosan Robotics. Doosan Enerbility, which currently owns a 46 percent stake in Doosan Bobcat, will split i

CompaniesJuly 12, 2024

Daewoo E&C launches multilingual safety videos for foreign workers

Daewoo Engineering & Construction said Friday that it released a set of multi-language videos to provide safety and health guidelines to foreign workers at its construction sites. The videos were created in the languages of the top 10 countries from which foreign workers are recruited, including China, Vietnam, Kazakhstan, Uzbekistan, Russia, Mongolia, Cambodia, Thailand, Myanmar and Indonesia, as well as in English. The company expects these multilingual resources will enhance site efficien

IndustryJuly 12, 2024

Samsung invests in US DNA-sequencing biotech Element Biosciences

Samsung Electronics took part in a $277 million Series D investment for Element Bioscience, a US-based DNA analysis equipment company, to expand its footing in the medical device market, the company said Friday. Element Biosciences, established in 2017 in San Diego, is a life science company that developed the disruptive DNA sequencing and multi-omics technology that boasts the industry's "top level" accuracy for research markets, Samsung said. According to the bioscience firm, th

IndustryJuly 12, 2024

Kakao Bank donates W1b to tackle global climate crisis

Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations. The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event. The donation will fund programs to address and a

IndustryJuly 12, 2024

Seoul shares open lower as US tech shares tumble

Seoul shares opened lower Friday, tracking overnight losses on Wall Street after investors cashed in profits from major tech shares despite signs of cooling US inflation. The benchmark Korea Composite Stock Price Index shed 23.8 points, or 0.82 percent, to 2,867.55 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite plunged 1.95 percent, and the S&P 500 dipped 0.88 percent. The Dow Jones Industrial Average, on the other hand, increased 0.08 percent. The US inflatio

MarketJuly 12, 2024

South Korea faces existential issue: OECD

The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the

EconomyJuly 11, 2024

Genesis to launch GV60 Magma in Korea next year

Genesis will launch the GV60 Magma, a high-performance electric compact crossover sports utility vehicle, in Korea next year to mark the first Magma model to undergo mass production, Hyundai Motor Group's luxury auto brand announced at the 2024 Goodwood Festival of Speed in England's Chichester on Thursday. According to the automaker, the sales of the GV60 Magma are expected to begin during the third quarter of next year in Korea and follow in Europe in the fourth quarter. The company

MobilityJuly 11, 2024

Asiana Airlines unions ramp up opposition to Korean Air merger

Unionized workers of Asiana Airlines reiterated Thursday their opposition to a merger with the nation’s largest air carrier Korean Air, expressing their intention to block further procedures by all means. Asiana Airlines' labor unions urged the air carrier's main creditor Korea Development Bank and the European Commission, the EU's antitrust regulator which gave conditional approval on the merger, to review the deal from the ground up. The possible future actions that Asiana

IndustryJuly 11, 2024

[Gadget Review] Galaxy Z Flip6, Fold6 bring AI tech to palm of your hand

Samsung Electronics’ latest foldable phones -- the Galaxy Z Flip6 and Z Fold6 -- were unveiled at the summer edition of the Galaxy Unpacked 2024 event in Paris on Wednesday, surprising the audience with slimmer and lighter designs. The Korea Herald had a chance to try out the new foldable lineup the day after the unveiling event in Korea. The tech giant’s first artificial intelligence-powered foldable phones are easy to hold and fun to play with, but the more you use them, the more t

TechnologyJuly 11, 2024

Seoul shares up for 3rd day ahead of US inflation data

Seoul shares closed higher Thursday to extend their winning streak to a third day as investors also wait for the US inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index gained 23.36 points, or 0.81 percent, to 2,891.35. Trade volume was moderate at 453 million shares worth 14.4 trillion won ($10.4 billion), with gainers outnumbering losers 438 to 414. Foreigners bought a net 606 billion won, while individuals sold a net 351 billion won.

MarketJuly 11, 2024

BOK maintains key rate at 3.5% but hints at cut

The Bank of Korea kept its benchmark interest rate unchanged for the 12th consecutive time Thursday, while hinting at a future rate cut if the current path of disinflation continues. The central bank has maintained the rate at 3.5 percent for over one and half years, since the rate-setting decision made in January 2023. This is the longest rate freeze ever, surpassing the previous 17-month record in 2016-2017. All six members of the monetary policy board, excluding BOK Gov. Rhee Chang-yong, agre

EconomyJuly 11, 2024

S. Korea appeals tribunal order to pay $32m to US hedge fund

South Korea has filed an appeal against a ruling by a Hague-based arbitration court ordering it to pay $32 million to a US hedge fund to compensate for its intervention in the merger of two Samsung affiliates in 2015, the Justice Ministry said Thursday. The appeal to the ruling by the Permanent Court of Arbitration follows the tribunal’s decision in April to side with Mason Capital Management, though the compensation ordered was much less than the $200 million the hedge fund had sought. Ma

Foreign AffairsJuly 11, 2024

LGE, Qualcomm chiefs meet to discuss AI partnership

LG Electronics Chief Executive Officer Cho Joo-wan met with Qualcomm CEO Cristiano Amon on Wednesday to discuss their ongoing collaboration on advanced technology, including on-device artificial intelligence and automotive electronics, according to industry sources. On the second day of his trip to Seoul, Amon met with Cho at the LG Electronics headquarters in Yeouido, Seoul. The two companies have been building a firm partnership over the past years, especially in the fields of audio products a

IndustryJuly 11, 2024

Starbucks Korea vows to donate W1b for cultural preservation

Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi Eung

CompaniesJuly 11, 2024

Samsung invests W72b in US fund for AI-driven biotech

Samsung C&T and its biotech subsidiaries Samsung Biologics and Samsung Bioepis, announced Thursday they would invest 72 billion won ($52 million) in a US fund focused on startups using AI-based new power drug development platform technologies. The investment will be made through the Samsung Life Science fund, created by the Samsung affiliates and managed by Samsung Venture Investment. The money will be invested in venture capital firm Flagship Pioneering's eighth fund, which has so far

IndustryJuly 11, 2024

Hanwha Qcells breaks ground on 267 MW solar project in Colorado

Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined proce

IndustryJuly 11, 2024

HD Hyundai gets green light to bid for US warship maintenance projects

HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of

CompaniesJuly 11, 2024