Korea-US-Japan trilateral economic consultative group launched

The business communities of Korea, the United States and Japan gathered together in Washington, DC to launch and formalize a trilateral business dialogue, according to the Federation of Korean Industries on Thursday. The FKI, an association for Korean industries, hosted the inaugural Korea-US-Japan Business Dialogue on Wednesday, the first private consultation between the three countries in collaboration with the US Chamber of Commerce and Japan Business Federation, also called Keidanren. At the

IndustryJune 27, 2024

KCCI embarks on preparing 2025 APEC summit

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, said on Thursday it launched a task force to prepare for business leaders’ meetings to be held on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled to take place here next year. As the 2025 APEC chair, Korea is expected to serve as a bridge between developed and developing economies among 21 member countries, facilitating economic and technological cooperation and capacity building rela

IndustryJune 27, 2024

Finance minister hints at major inheritance tax cuts in July

The South Korean government is to revise the inheritance tax scheme that imposes up to a 60 percent tax for big companies here as part of the government’s tax code revision slated for late July, Finance Minister Choi Sang-mok said Thursday. “I personally prioritize the inheritance tax reform, which requires more deliberation," Choi said when asked about the government's priority regarding tax reform at a forum hosted by the Korea News Editors' Association. “The i

EconomyJune 27, 2024

SK chief meets with big tech CEOs in US

SK Group Chairman Chey Tae-won is in the US to meet with leaders of big tech firms, including OpenAI and Microsoft, and discuss collaboration opportunities in artificial intelligence. Via social media on Thursday, Chey posted photos of himself shaking hands with Sam Altman, the chief executive officer of OpenAI, and Microsoft CEO Satya Nadella, taken in separate meetings in the US. "I am traveling in San Francisco and Seattle and meeting with IT leaders every day. They are so welcoming to d

IndustryJune 27, 2024

Hyundai Motor donates recovery vehicle for Jeju firefighters

Hyundai Motor Group announced Thursday that it donated a hydrogen-powered bus to support the recovery of firefighters in Jeju Island. The donation ceremony took place at the CFI Energy Future Center, located within the hydrogen production demonstration complex in eastern Jeju. Among the attendees were Hyundai Motor Group Executive Chair Chung Euisun and officials from relevant ministries. “We have consistently upheld our responsibilities as a mobility company to prioritize firefighter safe

MobilityJune 27, 2024

SK Bioscience to acquire German contract manufacturer IDT Biologika for W339b

South Korean biotech firm SK Bioscience is to acquire the German CDMO-specializing company IDT Biologika at 339 billion won ($244 million) to further sharpen and diversify its pipeline for global markets. IDT Biologika is among the top 10 global vaccine contract manufacturers, with a corporate value of some 656 billion won, according to SK Bioscience. "We are confident that our comprehensive process development capacity, which we take immense pride in, will have high synergies with IDT's st

IndustryJune 27, 2024

[BIMOS 2024] BMW M4, iX2 make Korean debut

BUSAN -- BMW Group Korea exhibited the new high-performance model M4 and the brand’s first all-electric sports activity coupe, the iX2, for the first time in Korea at the 2024 Busan International Mobility Show on Thursday. As the only import auto brand taking part in the local auto exhibition, BMW Korea rolled out 18 models including the new Mini Countryman JCW, the new all-electric Mini Cooper and the new BMW M 1000 XR at the event, which will welcome visitors at Bexco from Friday to July

MobilityJune 27, 2024

[BIMOS 2024] Kia showcases EV mass appeal

BUSAN -- Kia on Thursday outlined its vision for realizing an all-electric vehicle ecosystem with the lineup of various EVs and purpose-built vehicles, or PBVs, at the 2024 Busan International Mobility Show. The second largest automaker by sales under Hyundai Motor Group displayed its EV portfolio spearheaded by the latest subcompact crossover electric sports utility vehicle the EV3 at the biannual auto exhibition that will be open for the public from Friday to July 7 at Bexco in Busan. The auto

MobilityJune 27, 2024

[BIMOS 2024] Hyundai Motor premieres Casper Electric

BUSAN -- Hyundai Motor debuted the Casper Electric, the Korean automaker’s newest small all-electric sports utility vehicle, at the 2024 Busan International Mobility Show held at Bexco on Thursday. Hyundai Motor underscored that the Casper Electric is expected to lay out new standards to lead the popularization of EVs, with its unique marketability and affordable price. Equipped with a 49-kilowatt-hour nickel, cobalt and manganese -- or NCM -- battery, the EV boasts 315 kilometers of drivi

MobilityJune 27, 2024

[BIMOS 2024] Renault Korea eyes breakthrough with new SUV

BUSAN -- Renault Korea premiered the Grand Koleos, the first new car from the French automaker in four years, at the 2024 Busan International Mobility Show on Thursday as the brand vowed to turn around its ailing sales in the local market. “This car perfectly embodies our core values of design: human-centric focus and modernity,” said Renault Korea CEO Stephane Deblaise in a press conference at Bexco. “We are excited to launch the new Grand Koleos as a world premiere, highlight

MobilityJune 27, 2024

KRX rallies mid-sized firms to ride on 'value-up' program

Korea Exchange CEO Jeong Eun-bo held a roundtable meeting with mid-sized companies listed on the nation’s main bourse Kospi to encourage their active participation in the government-led corporate “value-up” program. This is the third meeting of its kind following Jeong's previous ones with large corporations and financial firms. Earlier this year, the government announced the value-up program aimed at elevating the undervalued stock prices of Korean firms, a phenomenon w

EconomyJune 27, 2024

MBK-backed Medit appoints medical device veteran as new chief

Medit, a leading provider of dental 3D scanners and digital dentistry solutions owned by private equity fund MBK Partners, said Thursday that it appointed North American business chief Han Ryu as its new CEO. “I am truly honored to lead Medit as CEO. Medit's open innovation model and unwavering passion for care improvement perfectly align with my vision. We will accelerate the digital dental revolution with a customer-centric approach,” Ryu said upon his appointment. Ryu has ove

IndustryJune 27, 2024

S. Korea, US, Japan voice concerns over 'weaponization' of economic dependencies

Top industry officials of South Korea, the United States and Japan expressed concerns Wednesday over the "weaponization" of economic dependencies on certain supply sources for strategic goods as they held their first trilateral meeting on economic security in Washington. South Korean Industry Minister Ahn Duk-geun, US Commerce Secretary Gina Raimondo and Japanese Industry Minister Ken Saito issued a joint statement following the Commerce and Industry Ministerial Meeting, which undersco

Foreign AffairsJune 27, 2024

Seoul shares open lower on tech, auto losses

Seoul shares opened lower Thursday despite overnight gains on Wall Street as big-cap tech stocks started off weak. The benchmark Korea Composite Stock Price Index fell 24.58 points, or 0.88 percent, to 2,767.47 in the first 15 minutes of trading. Overnight, Wall Street closed higher, mainly driven by megacap tech shares' performance. But Micron Technology declined after earnings results failed to meet investors' expectations. In Seoul, market bellwether Samsung Electronics lost 0.74 pe

MarketJune 27, 2024

Kumho's EV tire wins acclaim in Europe

South Korean tire maker Kumho Tire said Wednesday its electric vehicle tire product, Ecsta HS52, has been recognized for its high-quality technology by the European automotive magazines ADAC and Auto Bild. ADAC and Auto Bild are two of the most influential automotive magazines in Europe and globally, known for their content on cars and related products, as well as their extensive performance testing. Kumho Tire’s Ecsta HS52 received a "good" rating from ADAC in their summer tire

CompaniesJune 26, 2024

SK Pharmteco in talks to sell Virginia plant to Novo Nordisk

SK Pharmteco, a contract development manufacturing organization affiliated with SK Group, is considering selling its manufacturing plant in Virginia to Danish pharmaceuticals company Novo Nordisk, according to industry sources Wednesday. The Petersburg, Virginia plant is an active pharmaceutical ingredient manufacturing facility that encompasses over 600,000 square meters and has 188 cubic meters of capacity. SK Pharmteco has operated the facility since it acquired it from Ampac Fine Chemicals i

IndustryJune 26, 2024

[Best Brand] Brand power for evolving-market

Brand power refers to the influence the name holds over the spending behavior of consumers, which can also be used to predict future spending patterns. Merely offering a good-quality product based on decades of expertise no longer entices the fickle consumers. This, on the other hand, also means there is more opportunity for lesser-known products with innovative marketing strategies to quickly advance into markets once dominated by conventional brands. Since 1994, The Korea Herald has been relea

IndustryJune 26, 2024

JungKwanJang to hit Sprouts Farmers Market shelves in US

Korea Ginseng Corporation announced Wednesday that it has signed a contract with US supermarket chain Sprouts Farmers Market to distribute its health supplement products under its red ginseng brand JungKwangJang in the US. Sprouts Farmers Market is a supermarket chain headquartered in Phoenix, Arizona. The company offers a wide selection of natural and organic foods at its 415 offline stores in the US, and its annual sales reach some 9 trillion won ($6.4 billion), according to KGC. “Improv

IndustryJune 26, 2024

Seoul shares end higher driven by tech gains

Seoul shares closed higher Wednesday as big-cap tech shares gained ground tracking a US tech rebound. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index increased 17.66 points, or 0.64 percent, to 2,792.05. Trade volume was moderate at 524.6 million shares worth 11.02 trillion won ($7.9 billion), with losers outnumbering winners 510 to 355. Foreigners purchased 502.6 billion won worth of shares, offsetting retail investors and institutions' sale o

MarketJune 26, 2024

Parties rush to roll out competing chip bills with heftier incentives

South Korea’s rival parties are introducing stronger chipmaking support bills to boost the domestic semiconductors industry, sharing the consensus that existing policies are not sufficient for Korean chipmakers to compete against global rivals backed by massive financial grants. On Tuesday, Rep. Kim Tae-nyeon of the main opposition Democratic Party of Korea introduced a bill that involves a whopping 100 trillion won ($72 billion) subsidy program. Kim's proposal seeks to extend an exis

IndustryJune 26, 2024