[Contribution] Can arboretums and gardens save the world? Exploring their role in biodiversity conservation

By Lee Seok-woo In recent years, the rapid decline of biodiversity worldwide due to deteriorating global environmental conditions, including climate change, has become a pressing concern. The need for urgent measures to conserve biodiversity has never been more critical. Arboretums play a crucial role in preserving plant species diversity, especially in the conservation of indigenous plant species. Additionally, the diverse forms of gardens being established in urban areas are increasingly recog

IndustryMay 16, 2024

Woori partners with India’s Tata Motors in auto finance push

Woori Financial Group on Thursday announced a new partnership with Indian auto giant Tata Motors as part of its strategy to expand its presence in the global auto finance market. Woori Financial Group Chairman Yim Jong-yong and Tata Motors Executive Director Girish Wagh held an agreement signing ceremony for business cooperation at Woori’s headquarters in Seoul on Thursday. Tata Motors is a flagship subsidiary of India's top conglomerate Tata Group, accounting for around a third of th

IndustryMay 16, 2024

Seoul shares up for 2nd day on revived rate-cut hopes; won soars to near 2-month high

South Korean stocks finished nearly 1 percent up Thursday as hopes for a possible US rate cut boosted investor sentiment here. The local currency sharply rose to an almost two-month high against the US dollar. The benchmark Korea Composite Stock Price Index added 22.66 points, or 0.83 percent, to 2,753, after reaching an intraday high of 2,773.46 points. Trade volume was moderate at 510.3 million shares worth 13 trillion won ($9.66 billion), with gainers outpacing decliners 531 to 345. Foreign i

MarketMay 16, 2024

Starbucks Korea to speed up hiring process

Starbucks Korea announced Thursday that the company has introduced a faster hiring process that will halve the time to recruit baristas and workers at its branches. “The existing hiring process takes around 50 days to recruit new employees, but the new hiring process will take roughly three weeks,” an official from Starbucks Korea said. According to Starbucks Korea, the new hiring process will be tested at 50 of its branches across the country. The company could extend the adoption o

IndustryMay 16, 2024

Kepco to raise electricity prices as total debt soars past W200tr

Despite self-rescue efforts, a hike in electricity prices is inevitable, the Korea Electric Power Corp. Chief Executive Officer Kim Dong-cheol said Thursday. Explaining how the company was able to reduce its snowballing debt through all-out efforts, including a massive personnel restructuring, Kim noted that Korea's electricity prices are far lower than other countries. "The cost of purchasing electricity surged from 2021, but we could not shift the burden into electricity prices, and

IndustryMay 16, 2024

KITA, FKI chiefs call for mutual benefit from US investment

Heads of Korean business groups raised their voices for Korean companies making vast investments in the US to be treated as they deserve when facing challenges in dealing with trade and supply chain issues involving the US. Starting Monday, Korea International Trade Association Chairman Yoon Jin-sik visited the US for five days along with the Federation of Korean Industries Chairman Ryu Jin to set forth Korean businesses' opinions to ensure that the Korea-US partnership yields outcomes reci

EconomyMay 16, 2024

[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut

Motional, Hyundai Motor Group’s robotaxi service joint venture in the United States, has hit a rough patch recently, facing major investor pullouts, a delayed service launch and a drastic 40 percent workforce reduction. This turbulence comes as Elon Musk recently announced Tesla’s plans to launch its robotaxi service in August, which experts say has a simpler AI architecture that is less costly to train and run than rivals. Experts say they still expect industry-wide investments in f

MobilityMay 16, 2024

Hyundai, KAIST develop world’s 1st technology to extend lifespan of LFP battery

Researchers at the Korea Advanced Institute of Science and Technology have developed the world’s first technology to extend the lifespan of electric vehicle batteries by 10 to 20 percent, KAIST said Thursday. The study, which was supported by Hyundai Motor Group, came up with a triazole-motivated electrolyte additive that can significantly increase the duration of lithium-ion batteries. According to the researchers, the new electrolyte additive succeeded in protecting lithium iron phosphat

TechnologyMay 16, 2024

[Herald Interview] For US overnight stockbroker Blue Ocean, golden hour falls on Sunday 8 p.m.

For Blue Ocean ATS, a broker platform that facilitates overnight trading for the US stock market, Sunday night is the peak trading hour as South Korean investors flock to execute orders before the US day trading begins. “Sunday night is our biggest night when it is Monday morning for the Asian investors and Korean investors. They start trading at 8 p.m. when traditional exchanges here in the US do not open until 9:30 a.m. on Monday,” Brian Hyndman, president and CEO at Blue Ocean Tec

MarketMay 16, 2024

[Photo News] Protecting mudflats

Over 300 employees of GS Caltex and their families planted 10,000 East Asian seepweeds, which enhance mudflats' carbon capture capacity and carbon absorption rates, in the Ramsar site at the Julpo Bay Tidal Flat Ecological Park in North Jeolla Province on Sunday, the South Korean oil refiner said Thursday. The eco-friendly project began in April when the company launched the campaign to encourage employees to buy 3.3 square meters of the mudflat to prevent reckless development of the natura

CompaniesMay 16, 2024

[Photo News] Kyobo Life meetup

Kyobo Life Insurance CEO and Chair Shin Chang-jae (center) poses for photos with insurance consultants at the 2024 Kyobo MDRT Day, held at the insurer’s training institute in Cheonan, South Chungcheong Province, Tuesday. The MDRT, which stands for Million Dollar Round Table, brings leading life insurance professionals together. Around 490 Kyobo MDRT insurance consultants were in attendance. At the event, Shin said, "Insurance consultants are more than just sellers of insurance product

IndustryMay 16, 2024

Miracell showcases stem cell technology at Milan trade show

South Korean stem cell research company Miracell said Thursday that it showcased its stem cell extraction system, Smart M-Cell, at the recent 21st ESSKA congress held in Milan. The biennial European Society for Sports Traumatology, Knee Surgery, and Arthroscopy congress brings together worldwide orthopedic surgeons, clinicians and scientists to discuss the latest advancements in sports medicine, joint diseases and surgery. This year’s conference, held May 8-10, featured over 130 educationa

TechnologyMay 16, 2024

LX Pantos teams up with China's Sinotrans for US, Europe expansion

South Korean logistics company LX Pantos said Thursday it has signed a memorandum of understanding with Sinotrans, the Chinese logistics giant, as part of efforts to facilitate maritime and aerial transportation for deliveries to the US and Europe, as well as between the two Asian countries. The signing event was held Monday at Sinotrans’ headquarters in Beijing, with the attendance of LX Pantos CEO Lee Yong-ho, Sinotrans President Song Rong and other relevant officials. Under the agreemen

CompaniesMay 16, 2024

Seoul shares start sharply higher on hopes for US rate cut

South Korean stocks got off to a strong start Thursday on hopes for the US Federal Reserve's possible rate cut after slower-than-expected inflation in the world's largest economy. The benchmark Korea Composite Stock Price Index gained 35.69 points, or 1.31 percent, to 2,766.03 in the first 15 minutes of trading. Overnight, the US stock market closed at record highs, with the Dow Jones Industrial Average rising 0.88 percent and the tech-heavy Nasdaq composite jumping 1.4 percent. The la

MarketMay 16, 2024

Jente partners with specialized logistics firm to elevate luxury delivery standards

Luxury online boutique platform Jente has teamed up with Valex, a specialized logistics company here, intending to elevate the overall luxury experience for its customers. Jente signed a premium delivery partnership agreement with Valex at its headquarters in Gangnam on Wednesday. The agreement aims at minimizing customer concerns and inconveniences while ensuring reliability and safety related to luxury purchases and deliveries. "We are committed to enriching Jente's luxury ecosystem

IndustryMay 16, 2024

Head of Line operator said to stress job security at meeting with Korean employees

The Japanese head of the operator of the popular Line messenger app attended a meeting with Naver Corp.'s employees and was said to pledge job security, an industry source said Wednesday, as the South Korean internet giant is under pressure from Tokyo to sell stake in Line. Takeshi Idezawa, president of LY Corp., the operator of Line controlled by a joint venture between Naver and SoftBank of Japan, attended the meeting with employees of Line Plus Corp. on Tuesday, according to the source.

TechnologyMay 15, 2024

[Photo News] Riding the wave

A model of an electric wave monitoring aircraft is on display at a booth at the 2024 Land, Infrastructure and Transport Technology Fair, held at Coex in Gangnam-gu, southern Seoul, Wednesday. Organized by the Transport Ministry, the exhibition, which runs until Friday, features a total of 300 booths operated by 220 transportation and technology-related organizations. Visitors have the opportunity to experience firsthand how various technologies in the land and transportation sector, including ur

IndustryMay 15, 2024

LG Electronics strengthens medical robot services

LG Electronics joined hands Hanllym University Sacred Heart Hospital as part of its effort to strengthen medical robot services with its “affectionate intelligence” robot, Cloi, the company said on Wednesday. In an agreement, LG and the hospital agreed to collaborate to discover various scenarios of when robots can be used in medical institutes, and establish demonstration cases within domestic and international medical institutions. "With LG's Cloi robot taking charge of r

IndustryMay 15, 2024

Korean display makers show off next-gen OLED technologies at SID event

Samsung Display and LG Display presented the next-generation organic light-emitting diodes and Quantum dot panel technologies at this year’s Display Week 2024 in the US. Samsung introduced the industry's first quantum dot light-emitting diode display, the next-generation self-luminous technology, at SID Display Week 2024. The event, hosted by the Society for Information Display, kicked off Tuesday in San Jose, California, and runs until Thursday. The new technology implements RGB pixe

IndustryMay 15, 2024

Is FTC's conglomerate listing a boon or bane for Hybe?

Hybe, the K-pop giant housing BTS, has become the first Korean entertainment firm to be designated a conglomerate by the country’s antitrust regulator, as its assets swelled big enough to fulfill the same tougher obligations as other large business groups. The Fair Trade Commission included Hybe along with five other firms in the list of conglomerates Tuesday, thanks to the boy band's enormous popularity and profitability alongside the agency’s active mergers and acquisitions

IndustryMay 15, 2024