Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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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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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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LGES, Stellantis to receive up to C$15 b in incentives for Ontario battery venture
The joint battery venture between LG Energy Solution Ltd. and Stellantis N.V. will receive up to C$15 billion ($11.2 billion) in incentives for their electric vehicle battery plant under construction in Ontario, Canadian government officials have said. The announcement on Thursday came a day after LGES and Stellantis said they had resumed the construction of the manufacturing facility upon the agreement reached with Canada on the terms of subsidies, to the extent that they would be equivalent to
July 7, 2023
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Samsung Electronics Q2 profit down nearly 96% on-year to hit 14-year low
Samsung Electronics Co. on Friday said its second-quarter operating profit likely plunged about 96 percent from a year earlier, as a chip oversupply and slow demand persisted. The world's largest memory chip and smartphone maker estimated its April-June profit at 600 billion won ($461.2 million), significantly down from the 14.1 trillion won it reported a year ago. It marked the worst quarterly profit in 14 years since the first quarter of 2009, when the South Korean tech giant reported 590
July 7, 2023
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50 Asian nations gather to tackle water scarcity at convention
More than 200 representatives from 50 Asian nations, including government officials, industry stakeholders and academics, have gathered in South Korea this week to share their visions on future solutions to water scarcity in the region. The Korea Water Resources Corp., also known as K-water, is hosting the three-day general meeting of the Asia Water Council that kicked off Wednesday at a convention center in Hwaseong, Gyeonggi Province. Established in 2016, the council aims to facilitate interna
July 6, 2023
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Health effects of aspartame unsettle Korea's makgeolli market
Reports that aspartame, a widely used artificial sweetener, could be reclassified as a possible carcinogen by the World Health Organization have sparked alarm among Korea's makgeolli makers and consumers. Makgeolli, or Korean rice wine, is one of the most popular alcoholic drinks here. In 2021, the makgeolli market was estimated at around 510 billion won ($392 million), with its exports reaching $15.8 million, up 26.8 percent from a year ago, according to data from the Food Information Stat
July 6, 2023
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GS E&C to reconstruct apartment complex after parking lot collapse
GS Engineering and Construction will completely rebuild its apartment complex in Incheon after an underground parking lot collapsed in April due to poor construction. The apartment complex, being built by GS E&C and developed by Korea Land and Housing Corp. (LH), was set to be completed in October. GS E&C will tear down and reconstruct 17 apartment buildings for 1,666 households in Geomdan New Town in Incheon. The reconstruction will cost the builder around 500 billion to 1 trillion won
July 6, 2023
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[Herald Interview] Kakao Pay-Siebert mashup picks up speed
With the domestic market rapidly nearing saturation, going global has become a must for Kakao Pay, the online payment unit of South Korean tech giant Kakao Corp. However, one of its key challenges is raising brand awareness among global users. In order to speed up the process, the company has recently decided to team up with US brokerage firm Siebert. With a goal to acquire a majority stake of up to 51 percent in Siebert with a total investment of approximately $77.38 million, Kakao Pay purcha
July 6, 2023
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Hyundai Glovis, The Ocean Cleanup team up to tackle ocean plastic problem
Hyundai Glovis, a logistics affiliate under Hyundai Motor Group, announced Thursday that it has forged a partnership with The Ocean Cleanup, a Netherlands-based nonprofit organization, to join international efforts to remove plastic waste from the ocean worldwide. Under the partnership, Hyundai Glovis will utilize its vessels to gather information on marine waste. Special cameras will be attached to its vessels to identify the location and the size of the plastic waste. The information collect
July 6, 2023
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STX to launch online B2B trading platform
Although various business models such as the business-to-consumer, or B2C, model have consistently trended in South Korea, they are not always an attractive choice for foreign investors for several reasons, such as the limited size of the domestic market, competition in logistics management and decreased profitability. As these issues are becoming widely recognized, there have been efforts from companies to revamp existing B2C platforms into global B2B, or business-to-business, platforms. As the
July 6, 2023
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LG sets up R&D unit for TV business in Indonesia
LG Electronics said Thursday its home entertainment business division had set up its first research and development unit in Indonesia, completing a comprehensive business operation from product development to manufacturing and sales. The new facility spanning 40,000 square meters is located 3.5 kilometers from LG’s TV production plant in the Cibitung area,and some 40 kilometers from Jakarta where the tech giant operates a sales unit. LG said the new R&D unit will help not just improve
July 6, 2023
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[From the scene] Posco to produce more EV materials
GWANGYANG, South Jeolla Province -- Safety guiding fences were set up at Posco’s electrical steel sheet plant in Gwangyang, South Jeolla Province, on Friday. The plant, which is in the final stages of phase one construction before its scheduled start for partial operations in October, signifies the South Korean steel giant’s will to bolster its eco-friendly vehicle materials business. “We are in the final stages of constructing the electrical steel sheet plant. Basically, all e
July 6, 2023
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Kumho Tire inks sponsorship deal with AC Milan
South Korean tire maker Kumho Tire said Thursday it has signed a sponsorship deal with AC Milan, the renowned Italian professional football club based in Milan, for five seasons through the 2027-28 Serie A season. The signing event was held at the club’s headquarters Casa Milan with top executives including Kumho Tire CEO Jung Il-taik and AC Milan CEO Giorgio Furlani in attendance. AC Milan, established in 1899, is one of the top European football clubs with a total of 19 league titles. Un
July 6, 2023
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Regulator approves launch of new hydrogen power firm
South Korea's antitrust regulator on Thursday approved the launch of a hydrogen power company jointly established by SK Energy Co. and three other local partners, concluding the new firm is unlikely to impede competition within the market. The decision came after SK Energy earlier announced its plan to establish SL Energy Solution, in which it will hold a 29.9 percent stake, with LS Electric Co. also holding an equivalent stake. The newly established entity will primarily focus on generatin
July 6, 2023
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LGES, Stellantis reach agreement with Canada on subsidies for Ontario plant
LG Energy Solution Ltd. said Thursday its joint venture with Stellantis N.V. has reached an agreement with the Canadian governments on the terms of subsidies for the construction of its electric vehicle battery plant in Ontario. The binding agreement puts the construction of the battery module manufacturing facility in Windsor back on track immediately, the companies said, about two months after they suspended the project over a delay by the Canadian federal and local governments in setting the
July 6, 2023
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Proptech startup Urbanbase wins patent dispute
South Korean proptech startup Urbanbase said Wednesday it has won a patent dispute against its local rival Archidraw. Putting an end to their two-year legal battle, a Seoul patent court recently ruled in favor of Urbanbase, invalidating all patents previously registered by Archidraw. Urbanbase is an artificial intelligence-based tech firm equipped with 3D interior simulation and high-resolution 8K rendering technologies. It offers comprehensive furnishing services for both individual and corpo
July 5, 2023
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[Photo News] Victory Donations
Hana Financial Group Chairman Ham Young-joo (center left) and Korea Expressway Corporation President Ham Jin-gyu (center right) pose with the players of the Gimcheon Korea Express Hi-Pass volleyball team during a donation ceremony held at a gymnasium in Gimcheon, North Gyeongsang Province, Tuesday. In celebration of the volleyball team’s victory in the 2022-2023 V League Championship, Hana Bank, the team's sponsor, on Wednesday donated 70 million won ($53,000) to support children suff
July 5, 2023
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SK Bioscience taps ASEAN vaccine market with Thai drug firm
SK Bioscience said Wednesday it has signed a business agreement with a state-owned pharmaceutical company in Thailand to boost vaccine production and vaccine development infrastructure in the Southeast Asian country. Under the agreement, SK Bioscience and Thailand's Government Pharmaceutical Organization will cooperate in the long term to strengthen Thailand’s response system against new pandemics and localize the country’s vaccine manufacturing capabilities. These efforts will
July 5, 2023
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Korean Air boosts ESG efforts
South Korea’s flag carrier Korean Air attracted the attention of the global airline industry during the annual gathering of the International Air Transport Association held in Istanbul last month, during which it shared its enhanced efforts for more sustainable management. Korean Air said it has focused on environmental, sustainable and governance management since 2021, and the same year also released its own ESG report. “Environmental issues, such as global warming, climate change a
July 5, 2023
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Samsung may face tighter scrutiny under new EU rules
Samsung Electronics may be subject to the European Union’s new platform service regulations targeting big tech companies, as the Korean tech giant notified the European Commission it meets the EU’s criteria as a “gatekeeper.” On Tuesday, the EU revealed the names of seven companies that have reported they meet the criteria set by the Digital Markets Act, which came into force in November last year. The seven companies are Google parent company Alphabet, Amazon, Apple, Tik
July 5, 2023
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[KH explains] More card issuers jump on Apple Pay bandwagon
Apple Pay, having launched its service in Korea in March with Hyundai Card as its initial partner, is expected to extend its reach by adding new local partners. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collaborate with Apple Pay. Although the companies refused to confirm the information, rumors suggest that the three firms will begin Apple Pay services sometime in September or October
July 5, 2023
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Asian biz lobbies discuss cooperation in supply chains, people-to-people exchanges
Business associations representing over a dozen Asian countries gathered in Seoul on Wednesday to discuss ways to boost cooperation in supply chains and reinvigorate people-to-people exchanges, a South Korean business lobby said. The 12th Asia Business Summit, co-hosted by the Federation of Korean Industries and the Japan Business Federation (Keidanren), brought together the chiefs of 13 business organizations, including the China Council for the Promotion of International Trade, Taiwan's C
July 5, 2023