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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[Photo News] Fly with BTS
South Korean budget air carrier Jeju Air on Wednesday unveiled a BTS-themed airplane as an official partner for the 2023 BTS Festa, a celebration of the K-pop group’s 10th anniversary. The airplane will fly passengers on Jeju Air’s international routes until the year-end.
July 19, 2023
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Woori Bank to compensate Mirae Asset's HK fund investors
With the increasing likelihood of losses occurring for investors of a fund worth 250 billion won ($197 billion) for a Hong Kong office building managed by Mirae Asset, Woori Bank has decided to provide partial compensation to its clients. Back in June 2019, Mirae Asset Securities financed the Goldin Financial Global Centre located in eastern Kowloon Bay, Hong Kong, using 250 billion won acquired through mezzanine financing. The 27-story landmark building with a gross floor area of 900,000 square
July 19, 2023
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[Photo News] Support for multicultural families
Winners of the 15th Multicultural Family Award, hosted by Hana Financial Nanum Foundation, pose for a photo at the ceremony held at the financial group’s headquarters in central Seoul, Monday. Since its launch in 2009, the award aims to support the integration of immigrant women in South Korea. This year’s top winner is Ra Ji-won from Vietnam with 13 years of marriage with his Korean husband, who has served as a reliable mentor for newlywed immigrants in the country.
July 19, 2023
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Korea-ASEAN startups to compete for sustainable development goals
South Korea’s SMEs and Startup Ministry and Indonesia’s Cooperatives and Small and Medium Enterprises Ministry are set to co-host the fourth Korea-ASEAN Business Model Competition for SDGs 2023, which will run from August through October. According to the organizing committee Wednesday, the annual competition, launched in 2020, aims to support the development of startups and SMEs from South Korea and Southeast Asian countries dedicated to achieving the Sustainable Development Goals
July 19, 2023
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Asiana pilots' union tentatively OKs wage deal
Asiana Airlines Inc., South Korea's second-biggest carrier by sales, said Wednesday it has reached a tentative wage deal with its pilots' union for the 2019-2022 period. The tentative agreement came after two international and 10 domestic flights were canceled as around 100 Asiana pilots began a work-to-rule protest on June 7 for higher wages. Pilots only did what is stipulated by company policies and rules during the work-to-rule campaign. The campaign includes such tactics as the &qu
July 19, 2023
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Prestige BioPharma joins White House-led Cancer Moonshot Project
Prestige BioPharma, a Singapore-based Kospi-listed pharmaceutical company said Tuesday that the company has joined the Cancer Moonshot Project, a White House initiative aimed at advancing cancer prevention and treatment. The Cancer Moonshot initiative was first launched in 2016 and relaunched in 2022 by US President Joe Biden. The goal of the initiative is to cut the cancer death rate by 50 percent in the next 25 years. Its first project will aim to reduce the cost of cancer care and research by
July 18, 2023
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SK Biopharmaceuticals eyes $15b market cap by 2026
SK Biopharmaceuticals plans to increase its corporate value to $15 billion by 2026, largely buoyed by burgeoning sales of the company’s seizure treatment Xcopri, or cenobamate, said the company's CEO Lee Dong-hoon during a press conference in Seoul on Tuesday. Lee added that profits from Xcopri could be poured into mergers and acquisitions in the future, through which the company aims to diversify its product portfolio to include more biological medicines. According to SK Biopharmaceu
July 18, 2023
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Lotte chief convenes CEO meeting to discuss growth strategy
South Korea's fifth-largest conglomerate Lotte Group on Tuesday held its biannual meeting of top executives to review business performances and seek ways for sustainable growth amid increasing market volatility and uncertainty. Some 80 executives, including Chairman Shin Dong-bin and Lotte Corp. CEO Lee dong-woo, attended the meeting, which it refers to as its "Value Creating Meeting," held at the Lotte World Tower in Seoul. According to the holdings unit, the executives examined
July 18, 2023
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Mirae Asset’s ETF business exceeds $100b
Mirae Asset Global Investments revealed Tuesday that its exchange-traded fund business has surpassed $100 billion in assets under management. As of Tuesday, Mirae Asset manages a portfolio of 538 ETFs across various regions worldwide, spanning Korea, the US, Canada, Australia, and Japan. The total assets under management for these ETFs reached $100 billion, positioning Mirae Asset as the 13th-largest ETF provider globally in that measure. “Our global ETF franchise will serve as a strong fo
July 18, 2023
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BC Card to build payment network in Uzbekistan
BC Card announced Tuesday that it has signed a memorandum of understanding with Uzbekistan’s state-run payment network operator National Interbank Processing Center to establish a payment network connecting the two countries. The signing event was held earlier in the day at the Central Bank of Uzbekistan in Tashkent, with BC Card CEO Choi Won-seok and NIPC Shukratbek Kurbanov CEO, in attendance. The latest deal marks the company’s third business expansion into Central Asian countri
July 18, 2023
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Majority of Korean firms show support for foreign labor: survey
Two major business lobby groups on Monday called on the government to expand the current quotas of foreign labor in 2024 and enhance the foreign labor system to help enterprises grappling with worker shortages. In response to a decreased number of foreign workers in Korea due to the COVID-19 pandemic, the government increased the quota for nonprofessional foreign workers with E-9 visas to a record high of 110,000 individuals this year. In a survey result that the Korea Chamber of Commerce and In
July 17, 2023
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Daewoo E&C, Poland’s ERBUD sign memorandum
Daewoo Engineering & Construction announced Monday that the South Korean builder has signed a memorandum of understanding with ERBUD, Poland’s third-largest construction firm, to carry out new projects in the European country, including the construction of nuclear power plants. The partnership was inked Friday in Warsaw as representatives from Daewoo E&C accompanied President Yoon Suk Yeol on his trip to Europe as members of the presidential delegation. The new partnership came in
July 17, 2023
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Hyundai E&C to rebuild Ukraine's largest airport
Hyundai Engineering & Construction said Monday that the company would join a postwar reconstruction project in Ukraine, signing an agreement with Boryspil International Airport Corporation for the airport's future expansion project. Boryspil International Airport is the largest airport in Ukraine. Located about 29 kilometers southeast of Kyiv, the airport is responsible for 62 percent of the country’s passenger traffic and 85 percent of its airborne cargo shipping. Under the agree
July 17, 2023
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Public affairs strategies reshaping at chaebol groups
South Korea’s top four chaebol groups are gearing up to secure supply chain resilience and salvage their global businesses from the rising geopolitical uncertainties reshaping industrial dynamics. From expanding their public affairs organizations to hiring seasoned ex-government officials, the conglomerates are coming up with measures to minimize the impacts of increasingly protectionist policies around the world, especially in the US and Europe. Their spending on lobbying activities has
July 17, 2023
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Korea Post vows to strengthen ties with post alliance group
The state-run Korea Post said Monday that it plans to bolster cooperation with the Kahala Posts Group, an alliance of 11 postal operators, to enhance the quality of international mail services and joint market expansion. Korea Post Director General Kim Hong-jae presented the current status and performance of Korea’s international postal services and its goals while attending the Kahala Post Group's annual meeting in Paris, France, Thursday. KPG was launched in 2002 by six major postal
July 17, 2023
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[KH Explains] SK hynix, Samsung compete head-on for HBM leadership
Competition is heating up between Samsung Electronics and SK hynix to take the lead in the next-generation High Bandwidth Memory chip market, which holds great potential for growth with the rise of artificial intelligence and high-performance computing. Even though the market is still in its nascent stage, the world’s top two memory chip makers have already started a war of nerves, each claiming they take the majority of the market share. High Bandwidth Memory or HBM is a new type of DRAM
July 17, 2023
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Foreign workers make up 15% of Korea's construction labor force
Foreign laborers account for nearly 15 percent of construction workers here, according to a local report Sunday. According to the Construction Workers Mutual Aid Association, the number of foreign construction workers came to 109,865 as of March this year, accounting for 14.8 percent of the total 741,698 workers at construction sites. Of them, 99,836 were men, up 4,147 on-year, while the number of women increased slightly to 10,029. The increase was fastest among workers in their 20s, with a 22.
July 16, 2023
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[Photo News] Mercedes-Benz Mobile Academy
Mercedes-Benz Korea said Sunday that a total of 11 South Korean college students have visited the carmaker’s facilities in Germany, including a smart factory in Sindelfingen and an AMG factory as part of an industry-university cooperation program, named Mercedes-Benz Mobile Academy. Since the program’s 2014 launch, more than 150 students have visited the European country. “I hope this year’s headquarters visit program will serve as a good referendum for the young traine
July 16, 2023
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Eximbank joins forces with BGK, K-Sure to bolster Korea-Poland ties
Korea Eximbank announced Sunday that it had signed a trilateral memorandum of understanding with Korea Trade Insurance Corporation (K-Sure) and Bank Gospodarstwa Krajowego from Poland to enhance economic and financial cooperation between the two countries. BGK, established in 1924 for the country’s economic and industrial development, is the sole state-owned bank in Poland that provides loans and operates and manages government funds. The signing event was held Thursday at BGK’s head
July 16, 2023
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Hana selected as preferred bidder for KDB Life Insurance
Korean private equity fund KDB-Consus Value has selected Hana Financial Group as the preferred bidder to acquire KDB Life Insurance, according to state-run policy lender Korea Development Bank on Thursday. Back in 2010, the PEF was established jointly by KDB and Consus Asset to buy a controlling stake in what was formerly known as Kumho Life Insurance -- now KDB Life Insurance -- for 650 billion won ($514.5 million). On July 7, the PEF accepted bidders who are willing to acquire a 92.73 percent
July 14, 2023