S. Korea vows enhanced market monitoring, measures to curb inflation over Israel-Hamas clash

South Korea will be fully prepared for any scenarios related to the ongoing conflict between Israel and Palestinian militant group Hamas to minimize its impact on inflation and the broader economy, a senior finance ministry official said Thursday. First Vice Finance Minister Kim Byoung-hwan made the remarks while presiding over an emergency economic meeting meant to discuss responses to the worst clash in decades between the two sides that began last week. "The conflict has caused limited i

EconomyOct. 12, 2023

[HIT Forum]Space forum sees opportunities beyond our 'pale blue dot'

The vastness awakens us to the smallness of humanity and gratitude for our daily lives, but also presents itself as a new venue for heated competition among countries for national security and economic reasons, experts said Wednesday. “Space is where a sharp conflict of interest occurs among countries from foreign policy to economy and politics,” said Yi Soyeon, Korea’s first and so far only astronaut, at the 2023 Korea Herald Humanity in Tech forum held at the Shilla Seoul, un

IndustryOct. 11, 2023

[HIT Forum] 'Korea ready to become aerospace powerhouse'

The space economy is expanding and becoming increasingly global, and South Korea is leaping forward as a space powerhouse, a high-ranking official at the Korea Aerospace Research Institute said at the 2023 Korea Herald Humanity In Tech, or HIT Forum, held at The Shilla Seoul on Wednesday. With innovative technologies and massive investment, both governments and companies around the globe have secured space assets because they can directly impact the state’s survival in terms of security, a

TechnologyOct. 11, 2023

[HIT Forum] More than 400 attendees explore space at HIT forum

Hundreds of students and industry insiders gathered at the 2023 Korea Herald Humanity In Tech Forum held at the Shilla Seoul to discuss the future of space exploration and its impact on humanity. “My hobby is to write science fiction novels. I was inspired by the talks given by the speakers, especially the part where Yi Soyeon said, ‘Earth is the cradle of humanity, but one cannot live in a cradle forever,’ quoting the Russian rocket scientist Konstatin Tsiolkovsky,” said

IndustryOct. 11, 2023

[HIT Forum] Sci-fi writer on creating compelling space story

Korean science fiction writer Bae Myung-hoon on Wednesday emphasized the importance of bridging the gap between our familiar neighborhoods and space in order to craft compelling space exploration narratives in a Korean setting. He explained that this is difficult, because creators' cognitive range -- the space that creators are familiar with and can describe well -- is limited usually to their surroundings. Korean content consumers also often struggle to simultaneously envision both space

IndustryOct. 11, 2023

[HIT Forum] Innospace champions small satellite renaissance

Innospace, the South Korean small satellite and hybrid rocket startup, laid out Wednesday the strides being made in small satellite technology and emphasized the growing role of Innospace in this domain. "The old space era, dominated by large institutions and national objectives, contrasts sharply with the current landscape. Today, startups and medium-sized ventures with market-driven objectives are shaping the 'New Space Era'. Innospace is at the forefront of this shift," sa

IndustryOct. 11, 2023

[HIT Forum] High schooler shares his space dream

Choi Se-yeong, a student at Gimhae Bunsung High School, delivered congratulatory remarks for The Korea Herald’s Humanity in Tech Forum as a representative of future scientists moving forward for the nation’s space industry. “I would like to first express my heartfelt gratitude for giving such an exceptional opportunity to speak at this huge forum,” said Choi at The Shilla Seoul on Wednesday. As part of an experiment last month, students at Aircraft -- an aerospace enginee

TechnologyOct. 11, 2023

[HIT Forum] Korea's only astronaut highlights humanity's connection with universe

Korea’s only astronaut, Yi Soyeon, delivered a keynote speech Wednesday at The Korea Herald's Humanity In Tech or HIT Forum, discussing her space journey and how it has broadened her perspective on humanity. “Since I went to space in April 2008, Korea has witnessed great advancements and unprecedented interest in the space sector, making it timely for me to share my experience,” said Yi before some 400 attendees of the HIT Forum at The Shilla Seoul. This year, Yi also pu

IndustryOct. 11, 2023

[HIT Forum] 'We should explore space together in peace'

As humanity goes deeper into space and explores more of the unknown, it is crucial to take responsibility to carry out space missions with peace and solidarity, say Sasha Sagan, daughter of renowned astronomer Carl Sagan, and Yi Soyeon, South Korea's one and only astronaut. “Our track record as a species is questionable at best and especially when we arrive in new places,” said Sagan. “I think that our only hope is to really take the lessons of where we have fallen short i

IndustryOct. 11, 2023

[HIT Forum] Sasha Sagan underscores tolerance for ambiguity in understanding universe

Sasha Sagan, renowned author and daughter of the late American astronomer and cosmologist Carl Sagan, delivered the keynote speech for The 2023 Korea Herald Humanity In Tech on Wednesday, highlighting the need to tolerate ambiguity in rapidly changing times. "Thank you so much to everyone at the Korea Herald for inviting me here today. I have always wanted to visit Seoul and I am truly delighted to be here," said Sagan during the forum, held at The Shilla Seoul. Sagan pointed out durin

IndustryOct. 11, 2023

Samsung Electronics forecasts Q3 rebound

Samsung Electronics predicted Wednesday that its operating profits in the July-September period would recover to exceed 2 trillion won ($1.5 billion) after months of efforts to elevate profitability amid memory chip slump. Samsung's third-quarter operating profits is estimated to hit 2.4 trillion won, a 77.9 percent plunge from a year ago, according to the company’s earnings guidance. The figure exceeded the 2.2 trillion won consensus by local analysts provided by market intelligence

TechnologyOct. 11, 2023

[HIT Forum] Hanwha at forefront of Korea’s space leadership

Hanwha Aerospace said Wednesday it plans to become a total services provider for outer space, ranging from space-based internet, future air mobility and cosmic data analysis platform. “Although the space sector is considered a high-risk business, it is a key infrastructure for sustainable growth of our future generation. With the combination of big data and artificial intelligence, the space economy is witnessing exponential growth,” said Lee Joon-won, senior vice president at Hanw

TechnologyOct. 11, 2023

[HIT Forum] Science minister welcomes HIT forum on space economy

Science and ICT Minister Lee Jong-ho on Wednesday made congratulatory remarks for The Korea Herald’s Humanity in Tech Forum, vowing to take the lead in ushering in Korea’s new space economy. “I give my sincere congratulations for The Korea Herald’s HIT Forum that discusses ‘space’ as its first topic for sharing vision on science and technology innovation,” said Lee in a pre-recorded video played during the forum held at the Shilla Seoul. “It is a t

TechnologyOct. 11, 2023

Seoul shares open higher on US gains after Fed comments

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, buoyed by dovish comments on interest rates by Federal Reserve officials. The benchmark Korea Composite Stock Price Index rose 44.09 points, or 1.84 percent, to 2,446.67 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.4 percent to 33,739.30, and the tech-heavy Nasdaq Composite gained 0.6 percent to 13,562.84. Traders have expected another rate hike this year due to higher-than-ex

MarketOct. 11, 2023

S. Korea logs current account surplus for 4th month in August

South Korea logged a current account surplus for the fourth straight month in August on the back of a widened trade surplus and increased interest income from overseas, central bank data showed Wednesday. The country's current account surplus reached $4.81 billion in August, following the surplus of $3.74 billion the previous month, according to preliminary data from the Bank of Korea. August's surplus came as the country's trade balance has remained in the black for five straight

EconomyOct. 11, 2023

IMF maintains 2023 growth outlook for S. Korea at 1.4 pct

The International Monetary Fund (IMF) maintained its 2023 growth outlook for South Korea at 1.4 percent Tuesday but revised down the forecast for next year amid a global economic slowdown. The organization's latest projection for 2023 is the same as its forecast made in July when it slashed the growth outlook for South Korea by 0.1 percentage point, citing "persistent challenges" in the global economy. The figure is on par with the South Korean government and the Bank of Korea

EconomyOct. 10, 2023

HIT forum on space to be held in Seoul

The Korea Herald, the nation’s largest English newspaper, will kick off its annual business forum under the theme, “Beyond Earth,” on Wednesday to discuss the ever-evolving and highly dynamic space industry while endeavoring to understand humanity's connection with the universe. The 2023 Korea Herald "Humanity In Tech" or "HIT" forum will shed light on the rising industry and Korea’s recent progress in the field, including the successful launch of

IndustryOct. 10, 2023

LG Electronics ups Q3 earnings guidance on upbeat demand

LG Electronics said Tuesday it expected its third quarter operating earnings for 2023 to climb 33.5 percent from a year before, amid the strong performance of its home appliance and vehicle component solutions units. LG estimated that its operating profit for the July-September period came in at 996.7 billion won ($738 million), compared with 746.6 billion won a year ago, according to the company’s earnings guidance. The home appliance maker’s earnings guidance for the July-September

TechnologyOct. 10, 2023

Posco Holdings recoups investment in Roy Hill after 13 years

Posco Holdings said on Tuesday the company has received 85 billion won ($62 million) in dividends from the third quarter earnings of Roy Hill Holdings, recouping the investment it has made into the holding company of Australian iron ore miner Roy Hill. With the latest dividend payment, Posco Holdings has received a total of 1.3 trillion won in total in the form of dividends and discounts on iron ore that the company imported from Australia, retrieving 1.3 trillion won of investment it made to ac

IndustryOct. 10, 2023

DB Robotics invents nation's first hybrid electric rollator

DB Robotics, a first-generation robot developer in South Korea, has revealed the nation’s first hybrid electric rollator that also converts into a wheelchair, the company said Tuesday. Compared to a standing walker, the new electric rollator has motors around each of its four wheels, enabling individuals with limited mobility to leave their house freely. Even on an incline, the electric motors accelerate, allowing the wheels to move up the slope without additional effort. In order to preve

IndustryOct. 10, 2023