Kim Dong-kwan reinvents Hanwha’s identity as renewable energy leader

From a wartime gunpowder supplier to a retail-to-finance conglomerate, Hanwha Group has made quite a transformation in its near seven-decade history. Yet, its change from now on may be even more dramatic, as the group with 86 affiliates and total assets of 71 trillion won redefines its core to future-leading technologies such as solar power and hydrogen. At the very center of this ongoing shift in Hanwha’s identity stands Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seun

IndustryJan. 21, 2021

To infinity, and beyond: Hanwha enters global satellite race

A new space race has begun in the US, as billionaire entrepreneurs Elon Musk and Jeff Bezos set out to launch thousands of small satellites to provide high-end internet coverage everywhere around the globe. Although a late comer to the space in general, South Korea, too, has an ambitious player seeking to join the race -- the defense units of Hanwha Group. At the forefront is Hanwha Aerospace, which manufactures aircraft components and commercial engine parts. The group announced last mont

IndustryJan. 21, 2021

LG Energy Solution No.1 in battery, Hyundai No.5 in electric vehicle markets

LG Energy Solution topped the global market of electric vehicle batteries in 2020, while Hyundai Motor and its sister company Kia have ranked fifth in the global electric vehicle market. According to market tracker EV-Volumes, the country’s battery giant LG Energy Solution deployed the most electric vehicle batteries in the world – a total of 34.5 gigawatts, or enough to power 700,000 electric vehicles. LG was followed by China’s CATL and Japan’s Panasonic, which sold

IndustryJan. 21, 2021

Lee’s 1st message from prison: ‘Compliance drive should continue’

Samsung heir Lee Jae-yong finally broke his silence, three days after he was sent back to prison on Monday for bribing former President Park Geun-hye. In a message sent via his attorneys on Thursday, the Samsung Electronics vice chairman reaffirmed the importance of his ongoing drive to establish a law-abiding culture at the conglomerate. “While reaffirming my continued support for Samsung’s legal compliance monitoring committee, I implore its chairman and its members to carry

IndustryJan. 21, 2021

[Photo News] Wait in line

Hydrogen-powered vehicles wait in line for a free refueling at a rest area along a highway in Chuncheon, Gangwon Province, Thursday. The hydrogen station, which is on a trial run, is offering free refueling Thursday and Friday between 11 a.m. and 4 p.m. for up to 2 kilograms of hydrogen.  (khnews@heraldcorp.com)

IndustryJan. 21, 2021

Seoul stocks hit record high on optimism for Biden presidency

South Korea's benchmark stock index hit an all-time high Thursday on strong foreign buying, buoyed by stimulus hopes related to the inauguration of US President Joe Biden. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.29 points, or 1.49 percent, to close at 3,160.84 points. Trading volume was moderate at about 1.3 billion shares worth some 24.6 trillion won ($22.4 billion), with gainers outnumbering losers 602 to 246. Foreigners bou

MarketJan. 21, 2021

Pfizer to submit application for COVID-19 vaccine approval by end-Jan.

A local office of global pharmaceutical company Pfizer Inc. is expected to submit an application for the approval of its COVID-19 vaccine to South Korea's drug safety agency, industry sources said Thursday. The company is planning to submit the application to the Ministry of Food and Drug Safety before the end of this month, they said. Approval would mark the country's first batch of vaccines as part of a procurement program. Earlier, the government signed a COVID-19 vaccine procurement contra

IndustryJan. 21, 2021

Experts discuss how Korean biotech firms can attract US investments

Exactly a week after the year’s biggest global investor relations event JP Morgan Healthcare Conference wrapped up on Jan. 14, Korean biotech firms were still more than eager to pitch their businesses to the US investors in a spin-off event, held virtually on Thursday. There were several key takeaways from the event’s panel talk comprising members from US law firm Sidley Austin, US venture capital firm Novatio and a couple of Korean biotech firms who have made exemplary forays into

IndustryJan. 21, 2021

Posco’s LNG-powered bulk carrier successfully finishes first trip

The world’s biggest LNG-powered bulk carrier has successfully returned from its first trip to bring in iron ore to South Korea, the country’s leading steelmaker said Thusday. Posco introduced two bulk carriers, dubbed HL Eco and HL Green, in December in line with its efforts to reduce gas emissions in its business operations. According to Posco, HL Green has successfully completed its first trip from Mokpo, South Jeolla Province, to Australia, and brought back 180,000 metric ton

IndustryJan. 21, 2021

KOFIA chief vows support for K-New Deal, ESG

The chief of the Korea Financial Investment Association on Thursday vowed to make greater efforts to support member companies and the capital market, seeking active investment for the state-led New Deal Fund and in environment, social and governance policy changes. Followed by President Moon Jae-in’s announcement of a bold push for a Korean version of the New Deal program last year, the local finance industry has been paying keen attention to the government’s project-related busines

MarketJan. 21, 2021

S. Korea to maintain anti-dumping tariff on Chinese H-shaped steel

South Korea's trade commission decided Thursday to uphold the existing anti-dumping tariff on imported Chinese H-shaped steel beams. The move will extend the anti-dumping tariff, which has been in force since July 2015, by another five-year period, according to the Ministry of Trade, Industry and Energy. H-shaped structural steel beams are widely used in building large structures. The domestic market for the product was estimated at 2.2 trillion won ($2 billion) in 2019, or 2.8 million tons.

EconomyJan. 21, 2021

S. Korea to invest W1.1tr in Level 4 autonomous driving technologies: minister

South Korea plans to invest 1.1 trillion won ($1 billion) for commercialization of Level 4 autonomous driving technology, Finance Minister Hong Nam-ki said Thursday, while highlighting the increasing competition in the self-driving car sector driven by global firms like Apple. “With reports of Apple’s plans to enter the future car market, talks of cooperation between big tech firms and traditional carmakers have been growing,” Hong said in a meeting of economy-related officia

MarketJan. 21, 2021

NTS urges foreign workers to file year-end tax settlements

Foreign workers earning income in South Korea should file their year-end tax settlements for 2020 before they receive February’s salary, the tax agency said Thursday. According to the National Tax Service, foreign employees are required to settle their year-end taxes by submitting related documents to their employers between Jan. 15 and March 2. The process determines whether they owe more taxes or qualify for reimbursement of income taxes paid over the past year. The procedure is cover

EconomyJan. 21, 2021

[News Focus] Gyeonggi cities lead housing prices growth

SEJONG -- Major cities in Gyeonggi Province, which surrounds Seoul, were found to have led a rise in housing prices in the past 10 weeks, as residents in their 20s and 30s have been snapping up apartments, new data showed. 　 A younger generation of buyers have been purchasing apartments in high-density residential towns in Gyeonggi Province, as skyrocketing prices in Seoul have pushed them to seek more affordable housing further afield, according to data by KB Kookmin Bank and Naver.com. The

EconomyJan. 21, 2021

Jin Air’s ready meals become a hit amid home meal replacements boom

Low-cost carrier Jin Air has sold over 10,000 of its in-flight themed ready meals in their first month, according to the airline -- nearly one every four minutes. The ready-meal series including beef goulash pasta, rice with cashew chicken chwinamul (aster leaves) and cream pasta was released in November, themed after in-flight meals to cater to those who miss airplane food. “It appears many customers are enjoying our ready-meals to remember the excitement of traveling and quench the thi

ConsumerJan. 21, 2021

S. Korea to expand subsidies for eco-friendly cars

South Korea said Thursday it plans to expand subsidies provided for electric vehicles and hydrogen fuel-cell automobiles this year in line with the country's green energy drive. Under the plan, South Korea will allocate 1 trillion won ($930 billion) to promote sales of electric cars, which marks a 25 percent rise from a year earlier, according to the Ministry of Trade, Industry and Energy. The budget allocated for hydrogen cars will also reach 365.5 billion won, up 52 percent on-year. The cou

EconomyJan. 21, 2021

Number of beef cattle in S. Korea gains 3.9% in Q4

The number of beef cattle in South Korea rose nearly 4 percent in the fourth quarter of the year on increased beef consumption, government data showed Thursday. Asia's fourth-largest economy had 3.36 million beef cattle, including Korean-breed cattle known as "hanwoo" here, as of Dec. 1, up 3.9 percent from a year earlier, according to the data from Statistics Korea. It represents the largest-ever fourth-quarter tally since the statistical agency began tracking related data in 1983.

EconomyJan. 21, 2021

Coway’s air purifier wins accolades at CES

For a sixth year in a row, Coway has won honors at this year’s CES technology show, the company said Thursday. The South Korean firm’s air purifier AP-1019D has been recognized for its innovative technology and design at the CES Innovation Awards. Sponsored by the Consumer Technology Association, the organizer of the CES, the awards honor outstanding design and engineering in consumer technology products across 28 product categories. Coway has received the honor in the home app

ConsumerJan. 21, 2021

Preorders for Galaxy S21 tipped to be larger than its predecessor

Preorders for Samsung Electronics Co.'s new flagship smartphone line are estimated to be larger than those of its predecessor, industry insiders here said Thursday, as the South Korean tech giant targets brisk sales of its latest 5G handsets. Preorders for the Galaxy S21 series are expected to be 15-20 percent more than those of the Galaxy S20 family, according to industry officials, apparently on the back of increased orders for unlocked phones. In South Korea, a weeklong preorder period star

IndustryJan. 21, 2021

S. Korea to provide over W20b in media content support this year

South Korea's ICT ministry said Thursday it will provide 21.2 billion won ($19.3 million) to support the production of local broadcast content in a bid to boost next-generation media services. The Ministry of Science and ICT said it will focus on over-the-top (OTT) or video streaming content this year, setting aside 5.1 billion won to support short form videos and cross media content. It will also provide an additional 10.3 billion won in support for content targeted for overseas markets and p

TechnologyJan. 21, 2021