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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Taking away phones during school hours not a human rights violation: watchdog
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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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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Lotte Group chairman highest-paid biz leader in S. Korea during H1
Lotte Group Chairman Shin Dong-bin was rated as the highest-paid business tycoon among South Korea's major conglomerates in the first half of 2023, data showed Friday. Shin received a total of 11.2 billion won (US$8.4 million) in paychecks over the January-June period from six affiliates, slightly up from 10.2 billion won tallied a year earlier, according to the group's regulatory filing. Of the total, he received 4.53 billion won from Lotte Corp., the controlling unit of the retail co
Aug. 14, 2023
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Cosmax completes Asia's largest cosmetics plant in China
South Korean cosmetics manufacturer Cosmax BTI's cosmetics production plant, jointly built with China-based cosmetics company Yatsen, recently began operations in Guangzhou, China, amid burgeoning demand for high-quality consignment production of cosmetic goods in the Chinese market. The plant is Asia's largest cosmetics production plant, built on 60,593 square meters of land. According to Cosmax, the company's initial plan is to produce 5 million units of cosmetics products per m
Aug. 14, 2023
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Hyundai Bioscience, US agency to develop antiviral drug
Hyundai Bioscience said Sunday that it will co-develop a broad-spectrum antiviral drug with the US National Institutes of Health, a federal agency for conducting and supporting medical research and the world’s largest public funder of biomedical research. A non-clinical evaluation agreement was signed on Friday between Hyundai Bioscience USA, a US-based subsidiary of the Korean pharmaceutical company, and the National Institute of Allergy and Infectious Diseases under the NIH, the compan
Aug. 14, 2023
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Commercial real estate market slump to persist until 2024: Mastern
The global commercial real estate market, hit by high interest rates and a decline in office space demand, is likely to be in a prolonged slowdown until next year, a real investment firm based in Seoul said through a report issued on Monday. While Korean investment firms are suffering from losses in their investments in office properties overseas, Mastern Investment Management said the slump in the market will continue as major economies, including the US Federal Reserve, are yet to drop their a
Aug. 14, 2023
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Foreign investment banks lukewarm on Korea’s near-term growth
Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o
Aug. 14, 2023
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[Photo News] In commemoration of Aug. 15
Starbucks Korea on Monday unveiled limited edition merchandise, including a coaster and a tumbler inlaid with mother-of-pearl, to celebrate the Liberation Day holiday celebrated on Aug. 15. The specialty coffee chain said all profits from their sales will be spent to support the preservation of cultural heritage and offer scholarships to the descendants of independence fighters. (Starbucks Korea)
Aug. 14, 2023
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Hanwha to set up robotics unit in October
Hanwha Group, South Korea’s seventh-largest conglomerate, is looking to bolster its robotics business as it plans to establish a new robotics corporation. Hanwha announced Friday that its robot and automated guided vehicle businesses under the factory automation department at Hanwha Corporation/Momentum would be split off into a new robotics firm named Hanwha Robotics. The company said the split-off is taking place to sharpen each business’ expertise. “Through the establishment
Aug. 14, 2023
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Hanmi Global posts record earnings for H1
Hanmi Global said Monday that it posted 205.6 billion won ($154 million) in sales and 13.7 billion won in operating profits in the first half of this year, both record figures for the Korean construction management firm. Compared to a year ago, sales and operating profits surged 25.6 percent and 21.5 percent, respectively. Net profits also jumped 45.8 percent to 12.1 billion won during the same period. The company attributed its upbeat earnings to its global expansion despite a market slowdown a
Aug. 14, 2023
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Upstage launches alliance for AI model based in Hangeul
Korean artificial intelligence startup Upstage said Monday that it is launching an industrywide alliance that is devoted to developing a large-scale language model that specializes in Hangeul, or the Korean alphabet. The 1T Club -- meaning "1 trillion token club" -- alliance brings together private firms and various organizations to provide Korean-language data totaling over 100 million words. A token refers to the basic unit of text or code used by an AI-powered language model to proc
Aug. 14, 2023
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[Photo News] Farewell to Jamboree Scouts
World Scout Jamboree attendees from the Maldives depart from the LG Electronics Corporate Learning Center in Pyeongtaek, Gyeonggi Province, Sunday. The Korean tech giant invited Scouts from the Maldives and Finland to offer a tour of its business facilities and accommodation. (LG Electronics)
Aug. 14, 2023
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Hyundai to launch new Santa Fe in S. Korea this week
Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday it will launch the all-new Santa Fe SUV in the domestic market this week, with the goal of selling 28,000 units this year. The fifth-generation Santa Fe, set to go on sale on Wednesday, will be available with a 2.5-liter turbocharged gasoline engine or a 1.6 turbocharged gasoline hybrid engine, the company said in a statement. The 1.6 gasoline hybrid model sells at 40 million-48 million won ($30,000-$36,000) depending o
Aug. 14, 2023
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Cosmax's cosmetics factory with Yatsen begins operations in China
Cosmax Inc., South Korea's major cosmetics manufacturer, said Sunday its factory jointly built with Yatsen Holdings has begun operations in Guangzhou, China. Cosmax set up a joint venture, Yatsen Biotechnology, with the New York-listed Chinese Yatsen in 2020, and began construction of the 60,593-square-foot factory, Asia's biggest cosmetics factory. Cosmax said the factory is expected to produce 4 billion units of cosmetics a year. Yatsen, founded in 2016, runs cosmetics brands, includ
Aug. 13, 2023
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Korean Air expands in-flight internet services
South Korean national carrier Korean Air has started to provide in-flight Wi-Fi connection on some of its Airbus A321neo aircraft, industry sources said Sunday. The expansion of in-flight Wi-Fi connection is part of the company’s long-term goal to expand the in-flight connection to 100 percent of its international flights. The number of Korean Air’s Airbus A321neo aircraft that provide in-flight Wi-Fi connection is currently six. Those A321neo flights operate on the routes connecting
Aug. 13, 2023
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[70th Anniversary] Congratulatory messages from business leaders
Business leaders have sent congratulatory messages to celebrate the 70th anniversary of The Korea Herald. – Ed. Chey Tae-won, Korea Chamber of Commerce and Industry chairman My sincere congratulations to The Korea Herald on its 70th anniversary. The Korea Herald, then The Korea Republic, was first published to introduce Korean society following the Korean War and to solidify international cooperation. The Korea Herald has witnessed the moments of reconstruction, growth and the Miracle
Aug. 13, 2023
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SKT invests $100m in AI firm Anthropic
SK Telecom, South Korea’s leading telecom carrier, announced Sunday that it will invest an additional $100 million in San Francisco-based artificial intelligence safety and research company Anthropic to enhance the partnership between the two companies. Following a previous investment in May, the new round of funding aims to seek business synergy with the SK Telecom-led Global Telco AI Alliance, which was launched last month together with Deutsche Telekom of Germany, e& of the United A
Aug. 13, 2023
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LH CEO offers to resign as more faulty apartments found
The CEO of the state-run Korea Land and Housing Corp. (LH) offered to resign Friday amid the growing controversy over its lax oversight and poor management of apartment complexes with missing critical structural components. CEO Lee Han-joon said he was also belatedly informed that the firm omitted five apartment complexes from its inspection report on compounds with underground parking lots built using a flat plate method. During an emergency press conference held at the LH headquarters in Seoul
Aug. 11, 2023
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Toss Bank logs first monthly profit in July
Toss Bank, the internet-only banking arm of fintech giant Viva Republica, has reported its first monthly profit of approximately 1 billion won ($755,000) in July since its launch in October 2021, according to the lender on Friday. Toss Bank traditionally discloses its net profits and losses only on a quarterly basis. The turnaround was first announced to Toss Bank employees through an internal company bulletin on Wednesday. With the improving performance, both industry insiders and Toss Bank its
Aug. 11, 2023
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Foreign Ministry hopes for smooth resolution on Iran's frozen funds
South Korea’s Ministry of Foreign Affairs on Friday expressed hope for a "seamless resolution" after the release of news reports that Iran has secured assurances from the US that it would be able to unfreeze its funds in Korea. "Our government has been closely collaborating with relevant countries such as the US and Iran to address the frozen fund issue,” an official from Korea’s Ministry of Foreign Affairs added during a meeting with local press Friday. Accord
Aug. 11, 2023
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Hanwha, Shell Gas join S. Korea-led carbon capture project in Malaysia
More energy companies, including South Korea's Hanwha Corp. and the Netherlands-based Shell Gas & Power Developments B.V., have joined the consortium for a major carbon capture and storage project in Malaysia, SK Innovation Co. said Friday. The state-run Korea National Oil Corp. and Air Liquide Korea, an affiliate of French industrial gas provider Air Liquide S.A., are also among those joining the Shepherd CCS project in the Southeast Asian country, SK Innovation said. The Shepherd proj
Aug. 11, 2023
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FSS raids Kakao founder's office over suspected stock manipulation of SM Entertainment
Korea's financial regulator raided the office of tech giant Kakao's founder Thursday in connection with allegations Kakao's executives were involved in manipulating stock prices of SM Entertainment, sources said. According to the sources, a special investigation unit under the Financial Supervisory Service searched Kim Beom-su's office at Kakao headquarters in Pangyo, just south of Seoul. Kakao has been suspected of manipulating stock prices of SM Entertainment earlier this y
Aug. 10, 2023