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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5 firms to recall over 92,000 vehicles over faulty parts
Hyundai Motor Co., BMW Korea and three other companies will voluntarily recall more than 92,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Mercedes-Benz Korea, Volkswagen Group Korea, and Stellantis Korea, are recalling a combined 92,088 units of 116 different models, the Ministry of Land, Infrastructure and Transport said in a statement. Stellantis is a 50:50 joint venture set up through the merger of US carmaker Fiat Chrysler Automobiles
July 5, 2023
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Samsung Biologics hits winning streak with record-high Pfizer deals
Samsung Biologics, a South Korean contract development and manufacturing organization, announced Tuesday that the company has finalized two record deals worth $897 million with Pfizer. The deals completed Tuesday include a $193 million deal and a $704 million deal announced on June 8 in its regulatory filing. Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to a total of $1.08 billion. The combined value of total contracts Sams
July 4, 2023
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New public-private alliance formed to boost Korea’s SMR competitiveness
Government agencies and major companies in South Korea gathered Tuesday to form an alliance to secure the country’s global leadership in the small modular reactor, or SMR, market. An SMR is a small-sized reactor that can produce 300 megawatts of electricity, integrating major equipment like a steam generator and coolant pump into a containment unit. It is considered a game changer in the energy sector for carbon neutrality and as an eco-friendly energy source. The SMR alliance comprises 11
July 4, 2023
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Green fuels forum to be held next week
The Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council are set to co-host the 2023 International Green Fuels Symposium on July 11 at the Four Seasons Hotel in Jongno-gu, Seoul. Sponsored by the South Korean Ministry of Land, Infrastructure, and Transport, the Ministry of Environment, and the Korea Biofuels Forum, this year’s theme is “The Role of Green Fuels in Realizing 2050 Carbon Neutrality”. The event will explore recent global
July 4, 2023
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[News Focus] Korea adds plans to relax visa rules
Contained in the government's economic plans for 2023 announced Tuesday was a stimulus option that had been neglected for years: immigration. Reaffirming plans announced by the Justice Ministry last week, the government said it would revise immigration policies in the fourth quarter to increase the rapidly-aging country's economically active population. The policy changes include extending the duration of work visas, as well as expanding the range of industries eligible for work visa
July 4, 2023
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SK Square, SK hynix set up investment unit in Singapore
SK Square, the investment arm of SK Group, said Tuesday that it has set up a semiconductor investment company in Singapore, with a total investment of 100 billion won ($77 million) together with SK hynix, Shinhan Financial Group and LIG Nex1 and others. The new firm, TGC Square, aims to finance global and domestic chip companies specializing in manufacturing and supplying semiconductor components and equipment. The company plans to spend nearly 60 percent of its initial investment funds on Japan
July 4, 2023
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[Herald Interview] EU seeks cooperation with South Korea to de-risk from China amid supply chain woes
The European Union is keen on cooperating with South Korea in chips, digital trade and clean technology, the European Commissioner for Internal Market Thierry Breton said Friday, amid mounting geopolitical uncertainties. "It is important that like-minded partners cooperate by coordinating policies, align on issues related to economic security and discuss trade-distorting practices, not only to ensure a level global playing field, but also to guarantee that supply chains are resilient to ext
July 4, 2023
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FDI pledges to S. Korea hit record high in H1
Foreign direct investment pledges to South Korea jumped 54.2 percent on-year in the first six months of this year to reach a record high for any first-half period, data showed Tuesday. The country received $17.09 billion of FDI commitments in the January-June period, compared with $11.09 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. This year's figure is the largest ever for any January-June period, with the previous record being $13.14 billion in 2
July 4, 2023
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Lotte's new copper foil unit eyes 30% global market share by 2028
Lotte Energy Materials Corp. aims to boost its global market share in high-end copper foil manufacturing to 30 percent over the next five years, with a push to expand its presence in Europe and North America, its CEO said Tuesday. The new copper foil unit under South Korea's Lotte Group unveiled its growth ambitions as it seeks to become a main global player in the burgeoning electric vehicle components market. Lotte Energy Materials, formerly Iljin Materials Co., set sail under the new nam
July 4, 2023
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AfreecaTV bolsters ties with World Union of Billiards in Portugal
AfreecaTV, one of South Korea’s biggest livestreaming platforms, met with global billiards industry officials at the venue of the Porto Three-Cushion World Cup in Portugal on Thursday to discuss ways to globally develop the billiards industry through its platform. AfreecaTV exclusively livestreamed two Three-Cushion World Cup tournaments, held in Portugal and Vietnam this year, respectively. “The key to the billiards industry’s success lies in a strong partnership with all the
July 3, 2023
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[Herald Interview] Chip wars: No end in sight
For those who may believe in the ideal of "free trade," it might seem "protectionist" for governments to intervene in international trade and provide subsidies to nurture their own industries. But these days, semiconductor powerhouses such as the US, South Korea, Taiwan and Japan, are all racing to present hefty subsidy programs to boost their own industries based on the fear that the lack of governmental support will decide the fate of their key strategic sectors. The world&
July 3, 2023
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Posco vows to invest W121tr for next big leap
Posco Group announced Monday that it will invest 121 trillion won ($93 billion) by 2030 to step up as a global leader in eco-friendly materials. The new investment plan was announced during a ceremony celebrating the 50th anniversary of Posco’s first steel mill set up in Pohang, North Gyeongsang Province, in 1973. “With the investment, (the group) will secure future technologies, stay ahead in the growing industries and work toward a sustainable future through green materials,”
July 3, 2023
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LG Innotek named top supplier for Jaguar Land Rover
LG Innotek said Monday that it has won the 2023 Supplier Excellence Awards from the UK luxury carmaker Jaguar Land Rover, becoming the first Korean firm to be named as a qualified supplier. The electronics component manufacturer became the winner of the "impact" category at the British carmaker’s annual awards for its outstanding quality of components and compliance with delivery dates. JLR has selected top-performing suppliers each year and has recognized their extraordinary con
July 3, 2023
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S. Korea's air travel back to near pre-pandemic levels
The number of South Korean air passengers using domestic carriers increased in the first half to around 84 percent of pre-pandemic levels, government data showed Sunday. According to data released by the Ministry of Land, Infrastructure and Transport, 53.4 million air passengers used both domestic and international routes in the first six months 2023, around 84 percent of the 63.6 million passengers in the January-June period of 2019. 2019 was the second year passenger numbers exceeded 60 millio
July 2, 2023
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Hyundai Pharm recalls top hair-loss drug for containing dementia tablets
Hyundai Pharm, a South Korean pharmaceutical company, is recalling some 20,000 bottles of Minoxidil, a drug for hypertension that is also widely used for treating hair loss, following a report by a pharmacist that a Minoxidil bottle was found to have contained tablets of the dementia drug, Tamirin, instead of Minoxidil, according to news reports on Sunday. The company said both Minoxidil and Tamirin bottles are produced at the same manufacturing facility, saying some Tamirin bottles were mistake
July 2, 2023
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Schindler accused of misleading Hyundai Elevator investors
Switzerland-based elevator manufacturer Schindler Holding AG’s recent stake sale snafu in Hyundai Elevator is escalating doubts about its yearslong attempt at a hostile merger and acquisition of the Korean company, industry sources said Sunday. The second-largest shareholder of Hyundai Elevator has reportedly filed a regulatory filing to make it look like it is selling a large number of shares when in fact, it only sold a small portion of its stake. The Swiss company announced last Monda
July 2, 2023
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Mirae Asset Securities outpaces rivals in ESG ratings for H1
Mirae Asset Securities announced Friday that it received a grade A for its sustainable management by local ESG ratings agency Sustinvest, becoming the only securities firm to earn the top ranking. The latest recognition comes as the company has ramped up sustainability efforts since it started releasing its own sustainable management report in 2006. The company said establishing medium and long-term goals for ESG criteria and taking systematic steps to fulfill the goals with sub-level tasks cont
July 2, 2023
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[Photo News] Accessible Kiosk
LG Electronics said Sunday it is launching a new self-service kiosk that is more accessible to people with limited vision and other physically handicapped users. The new touch-screen kiosk features a Low Vision mode displaying a clearer screen with larger letters and a Low Position mode which lowers the menu for wheelchair users. The tech giant plans to launch a Voice Assistant mode equipped with tactile keypads for use at local franchise restaurants later this year.
July 2, 2023
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Shinhan, Woori chairmen celebrate 100 days in office
Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the
June 30, 2023
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Toss selected as preferred bidder for Shinsegae's payment services
South Korean retail giant Shinsegae Group said Friday it selected Viva Republica, the operator of Korean fintech unicorn Toss, as a preferred bidder to acquire the group's payment services. The entire stake of Shinsegae's mobile payment businesses SSG Pay and Smile Pay are up for sale. The two are estimated to have subscribers of 9.5 million and 16 million, respectively. Toss will conduct a due diligence on Shinsegae's SSG Pay and Smile Pay in July to have their legal and financia
June 30, 2023