Zyx Technology launches CAD application program Works globally

South Korean design software developer Zyx Technology has globally launched its proprietary computer-aided design (CAD) application program, Works. Works offers approximately 270 utility functions tailored to various industries utilizing CAD. CAD is a computer program that generates two- or three-dimensional graphic representation. It is employed in various fields, such as computer animation, industrial, civil and architecture design. Notable features offered by Works are the multiplot feature,

TechnologyJuly 10, 2024

Korea Post joins efforts to revitalize international postal service

Korea Post announced Wednesday that it took part in the Kahala Posts Group CEO meeting held in Bangkok, Thailand, to tighten cooperation aimed at revitalizing international postal services. The Kahala Posts Group is an international alliance of leading postal services from the Asia-Pacific region. Established in 2002 by postal operators from six Asia-Pacific countries including South Korea, the unit has since expanded its membership to include European countries, now comprising a total of 10 mem

IndustryJuly 10, 2024

Seoul shares close nearly flat ahead of US inflation data

Seoul shares closed nearly flat Wednesday as investors sat on the sidelines ahead of the release of the latest US inflation data that may give more clues on future rate directions. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index inched up 0.61 points, or 0.02 percent, to 2,867.99. Trade volume was moderate at 459 million shares worth 11.2 trillion won ($8 billion), with losers outnumbering gainers 432 to 423. Foreigners sold a net 599 billion won, w

MarketJuly 10, 2024

[Herald Interview] TIAA-owned asset manager eyes Korean investors’ appetite for alternative assets

Nuveen, the investment manager of the US Teachers Insurance Annuity Association with $1.2 trillion in assets under management, is seeking to broaden its investor base in the Korean market from big institutions to retail investors by launching funds to invest in unlisted medium-sized companies. Retail investors are now seeking unconventional opportunities in the alternative market to expand their portfolios beyond their typical investment vehicles, such as stocks and bonds. Chang Jae-ho, Nuveen&#

EconomyJuly 10, 2024

Texas governor vows full support for Samsung’s expansion in US

Texas Gov. Greg Abbott on Tuesday reiterated his full support for Samsung Electronics to secure a bigger footing in the US, upon his visit to the chip giant’s semiconductor manufacturing plant in Korea. Abbott visited Samsung’s semiconductor campus -- the world's largest semiconductor production facility -- in Pyeongtaek, Gyeonggi Province, as part of his Asian trip that includes South Korea, Taiwan and Japan. He arrived in Korea on Monday. The governor inspected the P1 line, gu

IndustryJuly 10, 2024

LG Chem vows humanitarian support for Indian victims of 2020 gas leak

LG Chem has pledged to increase humanitarian support for villagers affected by the 2020 gas leak accident at its Indian subsidiary LG Polymers. According to the company on Wednesday, its top executives, including Vice Chairman and CEO Shin Hak-cheol and Chief Financial Officer Cha Dong-seok, visited Andhra Pradesh, a southern coastal state of India, on Tuesday to meet with the state’s Chief Minister N. Chandrababu Naidu and local people. At the site, Shin expressed his deepest sympathy to

IndustryJuly 10, 2024

HD Hyundai Samho extends berthing capacity for new orders

HD Hyundai Samho, a shipbuilding division of HD Hyundai, said Wednesday it extended its vessel berthing facility to accommodate rising orders for high-value, eco-friendly ships. The company held a ceremony to celebrate the completion of its second dolphin quay earlier in the day at its shipyard in Yeongam-gun, South Jeolla Province. HD Hyundai Chairman Kwon Oh-gap and HD Hyundai Samho CEO Shin Hyun-dai joined the event, along with Mokpo Mayor Park Hong-ryul and Yeongam-gun's head, Woo Seu

IndustryJuly 10, 2024

Baskin Robbins to debut AI-infused tropical flavor

SPC Group, the Korean operator of Baskin Robbins, said Wednesday that it is set to launch a new ice cream flavor co-developed by Google’s artificial intelligence model Gemini. The new flavor, named Tropical Summer Play, is Baskin Robbins’ first attempt globally to use AI to create an ice cream flavor. The Korean operator said the attempt comes as part of its business initiative to integrate AI and big data analytics into the food industry. “Through this project, we have confirm

IndustryJuly 10, 2024

Hyundai Rotem renews K2 supply consortium with Poland

Hyundai Rotem has renewed a consortium agreement with Poland's state armament group PGZ to carry out the production and delivery of K2PL, the Polish variant of Hyundai Rotem's K2 Black Panther tank, the Korean company said Wednesday. The renewed contract has laid out the foundation for the two sides to engage in accelerating talks for a second K2 tank contract. According to Hyundai Rotem, the previous consortium, which began its term in March last year, reached its expiration date last

CompaniesJuly 10, 2024

LS invests $681m to build largest submarine cable plant in US

LS Cable & System on Wednesday announced its plan to invest $681 million to build the largest submarine cable manufacturing plant in the United States. According to the announcement, the new facility will be in Chesapeake, Virginia. LS GreenLink USA, a US subsidiary of LS Cable & System, will break ground for the plant next year. The facility is expected to begin operations by 2027 and create over 330 jobs. The site will include a 200-meter-tall submarine cable manufacturing building, wh

CompaniesJuly 10, 2024

Hanwha Aerospace inks W1.4tr arms deal with Romania

Hanwha Aerospace has secured a 1.4 trillion won ($1 billion) arms contract with Romania to export 54 units of the K9 self-propelled howitzer and 36 units of the K10 ammunition resupply vehicle, the Korean defense firm said Wednesday. According to Hanwha Aerospace, the delivery of the arms machinery will begin in 2027 in phases. The company said it beat out the competing bidders from the North Atlantic Treaty Organization such as Germany's PzH2000 and Turkey's Firtina to secure the cont

CompaniesJuly 10, 2024

Korea to boost affordability of EVs with new battery recycling scheme

Starting in 2027, consumers in Korea can look forward to purchasing more affordable electric vehicles equipped with reconditioned and tested used batteries. The Korean government, during a meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok on Wednesday, unveiled a plan to support the used battery industry, announcing a series of laws, systems, and infrastructure projects. This initiative aims to tackle the growing environmental issue of waste batteries by

MobilityJuly 10, 2024

[Photo News] Hana supports Olympic athletes

Hana Financial Group announced Wednesday that it has provided an encouragement fund to support the South Korean national team participating in the 2024 Paris Olympics. The fund will be used to support the training of 144 athletes competing in the 33rd Summer Olympics, set to take place in France from July 26 to Aug. 11. From left, Korean Sport & Olympic Committee President Lee Kee-heung, Hana Financial Group Vice Chairman Lee Eun-hyung and Jeong Gang-sun, chef de mission for South Korea fo

IndustryJuly 10, 2024

[Photo News] Cambridge students at SK Telecom

Cambridge University MBA students experience SK Telecom’s artificial intelligence technology at the telecom carrier’s exhibition hall T.um in Seoul on Tuesday. Some 40 students and faculty members of the UK school visited the company to learn about its AI strategy and global cooperation under the Global Telco AI Alliance. (SK Telecom)

IndustryJuly 10, 2024

Govt. vows to boost housing supply amid real estate market volatility

Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. "Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent regions, though overall industry indices remain stable," Choi said during a meeting of economy-related ministers in Seoul on the day. "The government will enhance the monitoring of the

EconomyJuly 10, 2024

Seoul shares open lower as Powell withholds hints on rate cuts

Seoul shares opened lower Wednesday, as investors sat on the sidelines after Federal Reserve Chairman Jerome Powell fell short of offering more details on the path of the Fed's rate policy. The benchmark Korea Composite Stock Price Index fell 5.96 points, or 0.21 percent, to 2,861.42 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite and the S&P 500 rose to record highs, although the Dow Jones Industrial Average edged down 0.13 percent. During his congression

MarketJuly 10, 2024

[Graphic News] 6 out of 10 car owners consider buying eco-friendly vehicle: poll

Over 6 out of 10 automobile owners consider choosing eco-friendly vehicles as their next car, a poll showed. According to the poll conducted recently by consumer data platform Open Survey on 1,500 adults, 39.7 percent of car owners said they were considering a hybrid car primarily as their next vehicle. Gasoline cars came next, at 26.7 percent, followed by electric and diesel cars, at 24.1 percent and 5.9 percent, respectively. The combined rate of hybrid and electric vehicles in the poll stoo

ConsumerJuly 10, 2024

Seoul shares close higher ahead of Fed chairman's testimony

Seoul shares closed slightly higher Tuesday as investors awaited a congressional testimony by Federal Reserve Chairman Jerome Powell this week. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 9.62 points, or 0.34 percent, to 2,867.38. Trade volume was moderate at 443.2 million shares worth 10.8 trillion won ($7.83 billion), with gainers outnumbering losers 453 to 406. Foreigners bought a net 313 billion won, while individuals offloaded a net

MarketJuly 9, 2024

Kakao's legal risk intensifies over alleged stock manipulation

Kim Beom-su, the founder of tech giant Kakao Corp., the operator of South Korea's top mobile messenger, was summoned by prosecutors Tuesday to address allegations of stock price manipulation related to Kakao's acquisition of K-pop megacorp SM Entertainment last year. The Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office called in Kim earlier in the day and said it was investigating him for alleged violations of the Financial Investment Services

IndustryJuly 9, 2024

Trump's return would fuel volatility for Korea

South Korea’s financial market would likely face higher volatility if former US President Donald Trump were to return to the White House, as he would trigger another push for deglobalization, local brokerage house KB Securities’ research chief said Tuesday. “If Trump wins the upcoming presidential election, volatility in the Korean economy and financial market is likely to escalate, along with the potential acceleration of deglobalization,” Kim Sang-hoon, head of research

MarketJuly 9, 2024