Coupang to raise membership fee from Aug. 7

Korean e-commerce giant Coupang said Monday it will raise its membership fee for existing members from 4,990 won ($3.60) to 7,890 won starting Aug. 7, prompting mixed expectations about the impact of the fee hike. This move follows Coupang’s decision to increase its membership fees for new members to the same price of 7,890 won starting on April 13. Coupang counted approximately 14 million members as of last year, more than double the 6 million in 2020 when it launched the membership servi

CompaniesJuly 8, 2024

KT&G CEO stresses open workplace culture

KT&G CEO Bang Kyung-man marked his 100th day in office on Monday by sharing his ambitions for higher performance by fostering a horizontal corporate culture that encourages open communication among employees. "In order to achieve sustainable growth, we need an organizational culture that inspires joy, meaning and motivation in our work," Bang reportedly said in an email sent to all executives and employees. "Let's enhance communication opportunities, eliminate inefficie

IndustryJuly 8, 2024

[Photo News] Broadening Korean presence in Texas

Korea International Trade Association Chairman Yoon Jin-sik (right) receives a proclamation award celebrating the opening of KITA's new office in Dallas from Texas Gov. Greg Abbott during a business luncheon in Seoul on Monday. During the event, Yoon highlighted Korean companies’ contributions to the Texan economy in various areas, including steel, energy and semiconductors. Abbott called for close collaboration between Korean businesses and the US state for mutually beneficial econ

EconomyJuly 8, 2024

Kyobo Life ventures into asset trusts

Kyobo Life Insurance is stepping into the asset trusts business, marking the latest milestone in its evolution to become a comprehensive asset management company. Kyobo Life, a major South Korean life insurer, announced Monday it recently secured a license in the asset trusts business from the Financial Services Commission. This marks the company's first move in the trusts sector since obtaining a license for the money trust business in 2007. With this new license, Kyobo Life can now offer compr

IndustryJuly 8, 2024

SKT, Singapore’s Singtel team up for AI-driven network innovation

SK Telecom announced Monday that it signed a memorandum of understanding with Singtel, Singapore’s largest telecommunications operator, for collaboration on next-generation network technologies. SKT stated that this partnership with Singtel aims to drive AI innovation in the telecom sector and lead advancements in mobile network services and technologies worldwide. Both companies are founding members of the Global Telco AI Alliance, a union of major international telecom companies focused

TechnologyJuly 8, 2024

Hyosung wins W330b transformer order from Norway

South Korea’s Hyosung Heavy Industries said Monday it secured a 330 billion won ($240 million) deal to supply 420-kilovolt high-voltage transformers to Norway’s electricity agency Statnett. The project aims to expand infrastructure for renewable energy and replace aging facilities in phases by 2029. Out of the total order, Hyosung signed a deal for the first batch, valued at 304 billion won, Friday. Hyosung attributed the latest deal to its expertise spanning from design to installat

CompaniesJuly 8, 2024

Eximbank to finance $150m for UAE solar power project

The state-run Export-Import Bank of Korea said Monday that it will provide $150 million in project financing for a major solar power generation project in the United Arab Emirates, the first of such to be undertaken by South Korea. This financial procurement comes after the state-owned Korea Western Power Co.’s joint win of the bidding with EDF-Renewables, a subsidiary of Electricite de France, which will now fully organize the entire process of the project. Korea Eximbank has long expre

IndustryJuly 8, 2024

LGES Q2 operating profit plunges 58% as EV sales slip

LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its second-quarter operating profit plunged 58 percent from a year earlier due to slowing sales of electric vehicles. Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement. "Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from aut

EconomyJuly 8, 2024

Unionized workers at Samsung Electronics set to stage 3-day strike

Unionized workers of Samsung Electronics Co. are set to launch a three-day strike Monday, but the planned labor action is unlikely to disrupt production at the technology giant due to low participation. The National Samsung Electronics Union, the biggest labor union with 29,000 members, will kick off the strike with a rally at the entrance of the company's facility in Hwaseong, 45 kilometers south of Seoul, according to industry sources. The strike is scheduled to last through Wednesday. Th

EconomyJuly 8, 2024

Seoul shares open tad higher on US rate-cut hopes

Seoul shares opened slightly higher Monday as last week's US jobs data buoyed hopes the Federal Reserve will start cutting its rates this year. The benchmark Korea Composite Stock Price Index gained 2.23 points, or 0.08 percent, to 2,864.46 in the first 15 minutes of trading. On Friday, Wall Street closed higher as data showed US hiring moderated in June, bolstering expectations the Fed's policy pivot would start in September. The eyes of investors are now on Fed Chairman Jerome Powell

MarketJuly 8, 2024

Tesla's Model Y tops import car sales in H1

US electric vehicle maker Tesla’s mid-size SUV Model Y topped imported car sales in Korea in the first half of this year, according to market tracker Carisyou on Sunday. With Germany’s BMW and Mercedes-Benz remaining the best-selling imported car brands, Tesla became the third-largest foreign carmaker during the same period. Tesla’s Model Y sold 10,041 units in the January-June period, almost quadrupling from a year ago. Other top sellers included BMW’s 5 Series (10,024 u

IndustryJuly 7, 2024

SK chief inspects chip materials, biopharma affiliates in US

SK Group Chairman Chey Tae-won inspected US business operations of chip materials and biopharma affiliates, the group's top decision-making body SK Supex Council said Sunday. Currently, Chey is staying in the US to oversee the group's business operations and meet with business partners. Since the trip started on June 22, he has met with CEOs of global tech giants, including Open AI, Microsoft, Amazon and Intel. Moving to the East Coast over the past weekend, Chey visited the headquarte

IndustryJuly 7, 2024

Hyundai Motor revamps Turkey’s Korea Park to honor war veterans

Hyundai Motor Group said Sunday that it recently completed the refurbishment of the Korea Park in Ankara, Turkey. The park, spanning 10,000 square meters, was established in 1973 to honor the sacrifices of Turkish soldiers who fought in the 1950-53 Korean War. The year also marked the 50th anniversary of Turkey’s founding. Over time, the park’s facilities deteriorated, prompting the need for restoration. After visiting the park last year, Hyundai Motor Group Executive Chair Chung Eui

IndustryJuly 7, 2024

[Herald Interview] Korean sauce maker Woomtree seeks global expansion with healthy, long-lasting ‘K-jang’

Woomtree, a Korean company specializing in manufacturing gochujang (red chili paste) and other sauces, bets big on the global expansion of long-lasting and healthy "K-sauces," unlike instant foods with fleeting popularity. "People's interest in fermented food and well-being is growing around the world, and I think Korean fermented sauces are at the center of it," said Kim Woo-taek, founder and CEO of Woomtree, during an interview with The Korea Herald at the company'

IndustryJuly 7, 2024

[KH Explains] How a hand gesture can turn into a corporate crisis

Renault Korea, the Korean subsidiary of French carmaker Renault S.A., is grappling with a backlash over promotional videos that included a controversial finger-pinching gesture perceived as offensive towards men in South Korea. This gesture has a charged history here, as previous backlashes against it appearing on other content have threatened the sales and reputations of companies and even government institutions. In a video promoting the carmaker's new Renault Grand Koleos vehicle, posted

MobilityJuly 7, 2024

Trusts of wills: Banks vie for W100tr inheritance market

A woman in her late 40s and mother of two recently enrolled in a will-substitute trust at a local bank. Despite her relatively young age, she was doing her estate planning due to terminal cancer, which can progress rapidly and unpredictably. Her primary concern has been ensuring the proper distribution of her assets to her two children after her death, particularly to her 10-year-old youngest who has a disability. She stipulated that her oldest should receive the majority of his inheritance at a

IndustryJuly 7, 2024

[Weekender] VIB treatment: Luxury market surges for ‘very important babies’

Despite South Korea’s notoriously low birth rate, its childrenswear market shows no sign of abating, especially led by the binge spending of young parents. “Most parents that I know think that putting a luxury onesie that costs hundreds of dollars on a baby is excessive because they grow out of clothes so quickly. But, there are also some parents, particularly those who are well-off, who are willing to buy expensive clothes for their kids,” said a 38-year-old Seoul resident sur

IndustryJuly 6, 2024

Hyosung's estranged son donates inheritance, seeks to end family feud

Cho Hyun-moon, former vice president of Korea's industrial chaebol Hyosung and the estranged second son of the late founder Cho Suck-rai, announced on Friday his decision to donate his entire inheritance to charity in hopes of ending the feud with his brothers. "I’ve set up a public trust and will donate every penny of the inheritance left to me by the late honorary chairman. I hope my brothers will support this initiative," Cho stated at a press conference in Gangnam, Seoul

CompaniesJuly 5, 2024

FSC chief nominee vows to keep tight rein on household debts

First Vice Finance Minister Kim Byoung-hwan, the nominee to head the Financial Services Commission, said he must put in all efforts to bring down the fast growth of household debts on Friday. Kim, a 53-year-old macroeconomics expert, was tapped to the post to lead the country's top financial policy-making unit, according to the presidential office's announcement made on the previous day. “With the prolonged high interest rates and inflation, risks are building up in the vulnerabl

EconomyJuly 5, 2024

Genesis BBQ chairman shares K-chicken business stories at AIB conference

Yoon Hong-geun, chairman of Genesis BBQ, the nation's largest fried chicken franchise, shared the global success stories of the Korean fried chicken market in front of international scholars at the Academy of International Business, a prominent global association of scholars and business professionals. Under the theme "World Changer BBQ: A Case of Global Business Innovation," Yoon presented the global status and strategy of BBQ during AIB conference, held at the Lotte Hotel in cen

IndustryJuly 5, 2024