Airlines cut flights to China amid lukewarm demand

South Korean airlines have decided to downsize the number of routes between Korea and China during the summer peak season, following less-than-expected passenger demand for traveling between the two countries, according to industry sources on Sunday. National carrier Korean Air said it will stop the operation of routes between Gimpo International Airport and Beijing from Aug. 1 to Oct. 28, while its routes connecting Incheon Airport and Xian will also be suspended from Aug. 9 to Oct. 28. The nat

MobilityJune 25, 2023

[Herald Interview] Korea an ideal landing spot for megasized data centers

John Pritchard, the head of the tenant advisory group and global services at Cushman & Wakefield Korea, calls Korea a competitive investment destination for hyperscale data centers -- enormous tech complexes with soaring demand for data processing and storage in the burgeoning era of artificial intelligence. “The Korean market is primed for hyperscale data center investment,” the executive at the Korean unit of the US commercial real estate services firm told The Korea Herald in

IndustryJune 25, 2023

Samsung's chip biz, SK hynix to remain in the red in Q2 amid weak chip demand

SK hynix Inc. and the chip division of Samsung Electronics Co. are expected to post quarterly losses in the second quarter after reporting losses in the previous three months as the chip downturn drags on, market data showed Sunday. Samsung Electronics is projected to report an operating profit of 100.4 billion won ($76.5 million) for the April-June period, a 99.3 percent drop from the 14.09 trillion won operating income it registered a year earlier, according to a median estimate based on the o

IndustryJune 25, 2023

[Photo News] Samsung chairman celebrates 55th birthday in Vietnam

Samsung Electronics Executive Chairman Lee Jae-yong celebrated his birthday Friday during his trip to Vietnam along with President Yoon Suk Yeol. Lee turned 55. In a dinner event hosted by Vietnamese President Vo Van Thoung at International Convention Center in Hanoi, Vietnam, Lee was greeted with a birthday cake and musical performance. Samsung Electronics runs plants for smartphones that sell in about 130 countries, as well as for home appliances. It also opened a research and development cent

TechnologyJune 24, 2023

Korean companies eye new business opportunities in Vietnam

Accompanying South Korean President Yoon Suk Yeol on his state visit to Vietnam as part of the presidential delegation, South Korean companies were seen ramping up their business ties in the Southeast Asian country. In a banquet inviting his largest economic delegation on Thursday, Yoon urged the business leaders to take the lead to explore new business opportunities with Vietnam, which is South Korea's third-largest trading partner. "New opportunities are being created for South Korea

IndustryJune 23, 2023

Art Token to sponsor blockchain exhibition

Non-fungible token platform company Art Token announced Friday that it was sponsoring the ongoing "Proof of X" exhibition held in Tokyo from Saturday. The weeklong exhibiting highlights the harmonious integration of contemporary art, blockchain technology and NFTs. The exhibition aims to highlight the potential of NFTs and smart contracts in blockchain technology, exploring the transformative dynamics between artists, audiences, collectors and curators through interactive art that resp

IndustryJune 23, 2023

Apple R&D accelerator discuss smart manufacturing with Korean SMEs

Apple's first manufacturing research and development accelerator discussed the impacts of artificial intelligence and machine learning in smart manufacturing with small and medium-sized businesses in South Korea, the iPhone maker said Friday. Apple Manufacturing R&D Accelerator held its first Smart Manufacturing Forum in Pohang, North Gyeongsang Province, for two days from Wednesday, inviting hundreds of guests from SMEs, industry experts and academia to exchange insights on smart manuf

IndustryJune 23, 2023

Lamborghini to launch Revuelto hybrid sports car in Korea

Lamborghini said Friday it would be launching its first plug-in hybrid high-performance sports car, the Revuelto, in Korea. “Revuelto sets another big milestone for Lamborghini’s new flagship vehicle. This is an important moment for us to launch the car model here in Korea,” Francesco Scardaoni, Asia Pacific regional director of Lamborghini, said at a press conference in Gimpo, Gyeonggi Province. Named after a Spanish fighting bull, Revuelto merges the best of Lamborghini&rsq

MobilityJune 23, 2023

Korea misses out again on MSCI upgrade

Korea failed to win developed market status on the global stock indices provided by Morgan Stanley, despite the hopes of being reclassified from an emerging market. Morgan Stanley, the index operator of Morgan Stanley Capital International, announced its 2023 Annual Market Classification Review results Thursday. The MSCI is a widely followed global stock market index. Korea will remain on the emerging market index without any changes, despite its efforts to move up to the developed market inde

EconomyJune 23, 2023

SK pharmteco completes new plant, doubles viral vector production capacity

SK pharmteco, a global contract development and manufacturing organization under South Korean conglomerate SK Group, said Friday that its French subsidiary Yposkesi has completed construction of its second manufacturing facility for cell and gene therapies (C&GT) in Europe. Yposkesi’s second C&GT manufacturing site sits on 5,000 square meters of land in the Genopole campus, the largest biotech cluster in France. With the addition of the second site, Yposkesi’s biomanufactur

TechnologyJune 23, 2023

SK hynix introduces data center memory solutions at HPE conference

SK hynix, the world’s third-largest memory chipmaker, said Friday it introduced its next-generation memory technologies and products at an IT conference in the US. The Korean tech giant said it joined the HPE Discover 2023 event held by Hewlett Packard as an exhibitor, showcasing its industry-leading memory solutions for data centers. The annual conference was held in Las Vegas for three days starting Tuesday. SK said it showcased PS1010 E3.S, a high-performance Peripheral Component Inte

TechnologyJune 23, 2023

Seoul shares turn lower on Powell remarks; techs up on Amazon investment

South Korean stocks turned lower after starting marginally higher Friday, as US Federal Reserve Chairman Jerome Powell's remarks reaffirming the need for more interest rate hikes sapped investor appetite. After starting a tad higher, the benchmark Korea Composite Stock Price Index fell 1.68 points, or 0.06 percent, to 2,592.02 in the first 15 minutes of trading. Powell reiterated on the second day of his two-day testimony before Congress that there is still a long way before the Fed stops i

MarketJune 23, 2023

Yoon challenges S. Korean businesses to invest in Vietnam

President Yoon Suk Yeol challenged a group of South Korean businesspeople on Thursday to invest in Vietnam's emerging markets, saying he believes they hold the key to overcoming various global risks. Yoon made the remark during dinner with a South Korean business delegation accompanying him on his three-day state visit to Vietnam. The 205-member delegation, the largest yet under the current administration, includes Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey

CompaniesJune 23, 2023

S. Korean firms seek up to US$100 mln in business deals in Vietnam

South Korean companies have discussed various potential business deals with a combined value of up to US$100 million with Vietnamese counterparts during an export event in Hanoi on Thursday, the industry ministry said. The South Korea-Vietnam partnership fair took place on the margins of South Korean President Yoon Suk Yeol's three-day state visit to the Southeast Asian nation. Around 100 South Korean firms discussed potential business ties with 200 Vietnamese companies in a wide array of s

IndustryJune 22, 2023

Sambu Construction to raise 25 bln won via stock sale

Sambu Construction Co.on Thursday announced that it will sell stock to raise 25 billion won ($19.3 million). The proceeds from the stock offering will be used primarily to finance its operations. According to a regulatory filing, the company will issue some 7.75 million common shares at a price of 3,225 won per share. The stock will be sold to the investors that the firm designated. (Yonhap)

IndustryJune 22, 2023

[Photo News] Hanwha heir celebrates 1st Five Guys store opening

Kim Dong-sun, head of strategic management at Hanwha Galleria, speaks during a press conference held at the first Five Guys restaurant to open in South Korea in Gangnam-gu, southern Seoul, Thursday. With the first store becoming fully operational from Monday, operator FG Korea said it aims to open at least 14 more Five Guys locations by 2028. (Yonhap)

ConsumerJune 22, 2023

KB holds town hall meeting for foreign employees

KB Financial Group is hosting a networking event in Korea from Monday to Friday this week with 106 selected employees from overseas. The employees are from the group's five subsidiaries -- KB Bank, KB Securities, KB Insurance, KB Kookmin Card, and KB Capital -- based in 14 different countries. The invited employees are participating in programs including town hall meetings with the chairman, special meetings organized by each subsidiary and Korean cultural experience programs. In partic

IndustryJune 22, 2023

Bodyfriend launches massage chair with body composition analyzer

South Korea’s leading massage chair maker Bodyfriend on Thursday launched a new massage chair, called Davinci, which analyzes users’ body composition and offers more customized massage options. “It has been widely accepted that massage chairs are mostly used by older generations. But the newly launched massage chair featuring bioelectrical impedance analysis is expected to appeal to younger generations,” Bodyfriend Chief Marketing Officer Song Seung-ho said during the lau

ConsumerJune 22, 2023

Seoul shares snap 3-day fall as rate hike uncertainties clear

South Korean stocks finished higher Thursday, breaking a three-day losing streak, as investors digested the US Federal Reserve chairman's hawkish congressional testimony. The local currency dropped against the US dollar. The benchmark Korea Composite Stock Price Index gained 11.07 points, or 0.43 percent, to close at 2,593.7. Trade volume was moderate at 601.54 million shares worth 8.76 trillion won ($6.7 billion), with decliners outnumbering gainers 492 to 358. Foreign and retail investors

MarketJune 22, 2023

Marking 10 years, Konex hits W4.2tr in market cap

South Korea’s tertiary bourse, the Konex, has seen stunning growth since its debut in 2013, with its total market capitalization surging tenfold over the past decade. Konex, or the Korea New Exchange, is the nation’s third stock market that opened in July 2013 in addition to the benchmark Kospi and tech-heavy Kosdaq. The bourse aims to trade shares in smaller firms and give them growth-inducing capital. According to the Korea Exchange, the nation’s sole bourse operator, the mar

MarketJune 22, 2023