Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Netflix's latest runaway hit is a Korean reality cooking show
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Security issues to take center stage at ASEAN summit
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Patients opting to die with dignity on steady rise
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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
Oct. 10, 2023
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[Photo News] Wine imports double
Wine for sale in a department store in Seoul, Tuesday. According to data from the Korean Customs Service, alcohol imports to South Korea doubled over four years, to log $1.6 billion in 2022. The numbers record a 54 percent increase from the alcohol imports logged in 2018 ($1 billion). As a result, the balance of the liquor trade in Korea was a deficit of $1.2 billion last year. With the increased amount of wine imports, the trade deficit for alcohol nearly doubled in four years, from the deficit
Oct. 10, 2023
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Kakao Bank to acquire 10% stake in Indonesian digital bank
Kakao Bank, the banking arm of Korean mobile giant Kakao, announced Tuesday that it will acquire a 10 percent stake in PT Super Bank Indonesia, aiming to boost its presence in the Southeast Asian market. The acquisition will be Kakao Bank's first investment outside of Korea, and will be done in collaboration with the Singapore-based ride-hailing and food delivery app, Grab. A consortium led by Grab and Singapore-based global telecom company, Singtel, is the largest shareholder of PT Super B
Oct. 10, 2023
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Shinhan to bet big on insurance tech startup
Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategic investment fund. According to the financial institution, Habit Factory is a Seoul-based "insurtech" company -- a portmanteau of “insurance” and “technology” that aims to innovate the traditional insurance industry through the use of information technologies
Oct. 10, 2023
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LG develops key OLED material to reduce reliance on imports
LG Display and LG Chem, prominent display and chemical makers, respectively, boasted Monday of their joint success in producing p-type dopants in-house, a crucial material for producing organic light-emitting diode displays, the supply of which has been solely dependent on imports. This development aligns with LG Display's ongoing efforts to strengthen the domestic production ecosystem for more advanced OLED displays. Last year, the proportion of materials the company procured locally, both
Oct. 9, 2023
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[Photo News] Final pitch
LG Group’s advertisement for Busan’s bid to host 2030 World Expo is displayed at a Fnac store in Paris. The Korean conglomerate plans to carry out diverse promotional activities across the French capital until Nov. 28 when the Bureau International des Expositions holds a general assembly to decide the host country of the 2030 Expo. (LG Group)
Oct. 9, 2023
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[Photo News] Busan Initiative
Hyundai Motor Group on Monday unveiled a new promotional video for Busan’s bid to host the 2030 World Expo. Titled “Busan Initiative with the Whole World,” the new video explores South Korea’s rise as an advanced economy from a war-torn country in the 1950s and Busan’s potential as the host of the 2030 Expo to inspire other nations for sustainable growth. (Hyundai Motor Group)
Oct. 9, 2023
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Hanwha showcases ground weapons systems at US trade fair
Hanwha Aerospace said Monday it participated in the Association of the US Army exhibition, one of the world’s largest military shows, to showcase its state-of-the-art ground weapons systems. At its 232-square-meter exhibition booth, the company displayed the K-9 Thunder -- the world’s No. 1 self-propelled artillery -- k56 automatic ammunition resupply vehicle and a modular charge system. “Our goal is to join the US Army’s upgrade project of self-propelled artillery and ma
Oct. 9, 2023
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Asiana may ditch cargo business to close Korean Air merger deal
Asiana Airlines is expected to discuss selling its cargo business as part of Korean Air’s new merger plan, which is facing antitrust concerns in Europe, according to industry sources, Sunday. Sources said the agenda is highly likely to be discussed at a board meeting at the end of the month. Asiana Airlines' potential disposal of its cargo business comes as Korean Air plans to submit an amended merger plan with the smaller rival to the European Commission later this month. The Europ
Oct. 8, 2023
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[Photo News] Joining hands to rebuild Ukraine
(From left) Ukrainian Ambassador to South Korea Dmytro Ponomarenko, Ukrainian lawmaker Andriy Nikolayenko, Posco Group Chairman Choi Jeong-woo and Ukrainian lawmaker Serhiy Taruta hold hands for a photo after their talks on rebuilding the war-torn country at the steel giant’s Seoul headquarters, Friday. During the meeting, Posco said its chairman renewed his commitment to joining the reconstruction work. In March, Posco launched a task force dedicated to supporting Ukraine’s rebuil
Oct. 8, 2023
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Hyundai’s decadeslong support for archery pays off at Asian Games
Hyundai Motor Group’s decadeslong sponsorship for the Korean archery team has once again stepped into the spotlight as the national team swept up a total of 11 medals across individual and team categories over the past week at the 19th Asian Games in Hangzhou, China. Industry watchers say the Korean auto giant’s systemic support, led by Honorary Chairman Chung Mong-koo and his son and Executive Chair Chung Euisun, has laid the foundation for the national team to demonstrate their f
Oct. 8, 2023
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Posco on brink of strike for first time
Posco is facing a possible labor strike for the first time in its 55-year history as it failed to bargain with its labor union for the second time since wage negotiations began in August. Wage talks between Posco's management and the union fell through late Thursday afternoon as the two sides failed to narrow their differences, according to the company. As a result, Posco's labor union said it will apply for a mediation process led by the National Labor Relations Commission, and hold
Oct. 6, 2023
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Korean telecom regulator considers W68b in fines on Google, Apple for violating in-app payment laws
South Korea's telecommunications watchdog said on Friday it seeks to slap up to 68 billion won ($50.4 million) in combined fines on US tech giants Google and Apple for violating the country's in-app payment laws. The move came after the Korea Communications Commission launched a probe into Google Play and App Store in August 2022 for forcing local app developers to use specific in-app payment methods and causing unfair delays in the review of local apps. The commission called on the co
Oct. 6, 2023
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[KH Explains] Foreigner-friendly ID verification service to make mobile banking easier
Sara, a Czech citizen who has been living in Korea for about six years, tried to open an online bank account three years ago. “But it didn’t work, as it wasn’t open to foreigners. I had a lot of trouble with verifying my identity for various services online,” she said. The difficulty in accessing online services due to issues of identity verification has long been a frustration for foreigners residing in Korea, so the Korean government has recently come up with easier mob
Oct. 6, 2023
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Lotte Biologics doubles down on global contract drugmaker ambitions
Lotte Biologics is gearing up for the construction of three drug manufacturing plants with its recent land purchase in Songdo, Incheon, taking its first step on its decadelong journey to become a global contract development and manufacturing organization. Lotte Biologics said the company signed a land purchase agreement with the Incheon Free Economic Zone Authority on Wednesday afternoon. Under the agreement, Lotte Biologics will build three biomanufacturing facilities. Each plant is going to ha
Oct. 5, 2023
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Hikes in prices of raw materials likely to fuel consumer inflation
Concerns are growing that soaring raw material costs could have a knock-on effect on the prices of daily necessities, following price hikes initiated by some of the largest liquor and dairy firms in South Korea. Korean brewery giant Oriental Brewery announced that starting Wednesday, it will raise the factory price of its beer products such as Cass and Hanmac, by an average of 6.9 percent. "The price adjustments came as the costs of raw materials for (alcoholic beverages), which rely largel
Oct. 5, 2023
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SK invests in US data specialist Glassdome
SK C&C, the IT solutions unit of SK Group, announced Thursday it has newly invested in San Francisco-based industrial software startup Glassdome, as part of its efforts to expand its net-zero business and bolster ties with related tech firms. The number of shares it acquired was not disclosed due to deal conditions. The investment is an extension of SK’s extensive partnerships with global tech startups, with the aim of launching IT services and taking a step forward to digital transfor
Oct. 5, 2023
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Hyundai Glovis to go net-zero by 2045
Hyundai Glovis, a logistics affiliate under Hyundai Motor Group, unveiled Thursday its “Net Zero Special Report,” a road map aimed at achieving carbon neutrality by 2045. By setting the target year for 2045, Hyundai Glovis has formulated strategies to decarbonize the shipping sector five years ahead of the regulations set by the International Maritime Organization and the South Korean Maritime Ministry’s carbon neutrality goal. Under the road map, Hyundai Glovis plans to boos
Oct. 5, 2023
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S. Korea mandates flexible pricing in supply deals to protect SMEs
Incorporation of the price adjustment clause, or PAC, in consignment production contracts made between suppliers and subcontractors were mandated starting Wednesday for the first time in South Korea. The PAC, which requires suppliers to adjust the price of materials they provide to subcontractors in accordance with variations in raw material costs, aims to alleviate subcontractors' losses under the current fixed-price contract system. Under the current system, small and medium-sized consign
Oct. 4, 2023
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Celltrion's Humira biosimilar receives FDA approval for new doses
Celltrion announced Wednesday that the company received approval from the US Food and Drug Administration for two more dose versions of its Humira biosimilar Yuflyma, for 20 and 80 milligrams. Yuflyma is a copycat version of AbbVie’s blockbuster drug Humira, used to treat many inflammatory conditions in adults such as rheumatoid arthritis and psoriatic arthritis. With the FDA’s latest approval, Celltrion is now able to sell three different dose versions of Yuflyma in the US. The 40 m
Oct. 4, 2023