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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Samsung picks Seoul to unveil new foldable phones for 1st time
Samsung Electronics, the world’s No. 1 smartphone maker by shipment, said Wednesday it will unveil its new foldable smartphone series in Seoul for the first time, in the “beating heart” of the company’s dynamic growth worldwide. The upcoming Galaxy Unpacked event will be held at Coex convention center in Samseong-dong, Gangnam, on July 26. Samsung has advanced the launch schedule from the usual August to July, a move which would likely affect the company’s third-qua
June 7, 2023
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[Bio USA] Samsung Biologics hints at sales push for new plant
BOSTON -- Samsung Biologics' US sales chief said Tuesday that the South Korean drug contract manufacturing giant will bolster its global reach to secure more large-volume orders, tapping Alzheimer’s drugs one of the key focus areas. On the sidelines of the 2030 BIO International Convention held in Boston this week, Kevin Sharp, sales head of Samsung Biologics America, met with reporters to introduce the company’s overall sales strategy for its upcoming fifth plant that will go
June 7, 2023
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[Photo News] KAI fighter jet rollout
Korea Aerospace Industries on Wednesday held a rollout ceremony of the first FA-50, a Korean fighter jet developed as an export to Poland, at its headquarters in Sacheon, South Gyeongsang Province. KAI plans to deliver 12 fighter jets to Poland by the end of this year. The Korean defense firm inked a $3 billion contract with the European country to export 48 fighter jets in September 2022.
June 7, 2023
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Samsung’s Exynos processor to power Hyundai’s in-car infotainment systems
Samsung Electronics said Wednesday that its latest automotive processor, the Exynos Auto V920, will be supplied to Hyundai Motor’s next-generation in-vehicle infotainment systems, a first chip collaboration between the nation’s top two companies. “We are thrilled to be collaborating with Hyundai Motor, a prominent global mobility manufacturer, and we anticipate that this partnership will further solidify our position in the automotive infotainment space,” said Jae Geol Py
June 7, 2023
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[Bio USA] Lotte's CDMO ambition gets full support from US plant
BOSTON – Lotte Biologics’ drug substance manufacturing site in the US will put the utmost effort into making the Korean firm's goal of becoming a global top 10 contract development and manufacturing organization firm by 2030 attainable, the company’s US general manager said. Lotte Biologics, founded in 2022, acquired a fully operational facility in East Syracuse, New York from 165-year-old US pharmaceutical firm Bristol Myers Squibb last year as a part of its market entry
June 7, 2023
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[Herald Interview] Korea emerges as center for cross border investment: IFC
Upon entering the interview room, Riccardo Puliti, the regional vice president for Asia and the Pacific at the International Finance Corporation, underscored that this is his third visit to Korea within the past eight months. “I was here in November, I was here in February, and I will be back here in September. It is evident that Korea is evolving into a prominent center for sustainable cross border investment,” he said during an interview with The Korea Herald on May 25 at the IFC K
June 7, 2023
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S. Korean shipyards rank 2nd in new global orders in May
South Korean shipbuilders fell far behind their Chinese rivals in new global orders to place second worldwide in May amid sinking demand, industry data showed Wednesday. Local shipyards won a combined 510,000 compensated gross tons (CGTs) in new orders last month, accounting for 25 percent of the global total at 2.06 million CGTs, according to the data from global market researcher Clarkson Research Service. The global total, or 79 vessels, was 36 percent lower than that from a year earlier. Chi
June 7, 2023
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S. Korea to foster local bio industry to produce W100tr by 2030
The South Korean government said Wednesday that it will give full support to the local biotechnology industry to raise the sector's production capacity to 100 trillion won ($76.9 billion) by 2030 as part of its plans to become the world-leading biotech economy. The Ministry of Science and ICT mapped out a long-term biotechnology development plan to accelerate the integration of bio and high-tech digital technologies as a way to bring about innovation in other sectors, like medicine, environ
June 7, 2023
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4 firms to recall over 54,000 vehicles over faulty parts
Kia Corp., Volkswagen Group Korea and two other companies will voluntarily recall more than 54,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Ford Sales & Service Korea and Stellantis Korea, are recalling a combined 54,412 units of nine different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems that prompted the recall include a faulty dashboard software problem in Kia's Ray mini car, a f
June 7, 2023
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[Bio USA] Samsung Biologics seeks giant leap with new plant, ADC tech
BOSTON, Massachusetts -- South Korean biologics contract manufacturer Samsung Biologics will make another huge step forward by shortening the construction time for its new manufacturing facility with an annual production capacity of 180,000 liters by five months to meet the growing demand from its clients in the pharmaceutical industry, the firm’s CEO, John Rim, said Monday. The Korean firm has now secured as clients 13 of the top 20 global pharmaceutical companies, including GlaxoSmit
June 6, 2023
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Samsung’s iconic Frankfurt declaration marks 30th anniversary
Samsung Electronics, the world’s leading smartphone and chip maker, on Wednesday marks the 30th anniversary of the late former chairman’s iconic New Management Initiative, which is widely considered to have led the then consumer appliance firm towards becoming a global tech powerhouse. Three decades ago, Samsung late former Chairman Lee Kun-hee convened an executive meeting in Frankfurt, Germany for three days, during which he urged a drastic change in management. "If you are to
June 6, 2023
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Export dependency on China wanes
China, which has been South Korea's dominant export destination for almost two decades, is currently facing a challenge to its longstanding position. According to a report by the Korea International Trade Association, Korea's reliance on exports to China has steadily declined from 26.8 percent in 2018 to 22.8 percent last year. In the first quarter of this year, it dropped even further to 19.5 percent. The Ministry of Trade, Industry and Energy report on Tuesday also showed that the decline in e
June 6, 2023
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JPMorgan CEO meets financial leaders in Seoul
JPMorgan Chase CEO and Chairman Jamie Dimon reportedly met with the heads of the nation’s top four financial groups and Bank of Korea Gov. Rhee Chang-yong in Seoul during his two-day visit to Korea in five years, according to industry sources on Tuesday. Upon his arrival at a Seoul hotel on Monday, he met with the nation’s financial leaders, including Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Lim Jong-r
June 6, 2023
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Evacuation shelter to be built under reconstructed Gangnam apartment site
A large-scale construction project is underway for the establishment of an evacuation shelter in Seoul's Gangnam district amid growing interest for such facilities following the warning alarm sent out earlier in the week, according to industry sources Tuesday. According to Hyundai Engineering & Construction, a South Korean builder in charge of reconstructing Banpo Jugong apartment complex 1 in Seocho-gu, southern Seoul, an extensive underground evacuation shelter is planned to be constr
June 6, 2023
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Lotte sets up future growth task force in Korea, Japan
Lotte Group, the nation’s fifth-largest conglomerate, said Monday it has recently set up a future growth task force at its Korean and Japanese headquarters in an apparent move to accelerate the retail giant’s “One Lotte” strategy. The team, consisting of four members, aims to shape Lotte’s long-term strategy and nurture future growth drivers as well as seek business synergies with Lotte Japan. The team is also expected to function as a communication channel between
June 5, 2023
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LG Electronics joins RE100 to go net zero by 2050
LG Electronics announced Monday it has joined RE100 initiative to go net zero by 2050. The RE100 initiative, introduced by The Climate Group in partnership with the Carbon Disclosure Project in 2014, sets a 2050 target for using 100 percent renewable electricity. Global tech giants such as Samsung Electronics, Apple, TSMC and Sony have already joined the initiative. LG Electronics said it will gradually increase the percentage of renewable electricity usage to 60 percent by 2030, and then to 90
June 5, 2023
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Foreign investor registration system abolished after 30 years
After more than 30 years, the requirement for foreigners to register in advance with the Financial Services Commission before investing in listed stocks and bonds in Korea has been abolished. The Financial Services Commission made the announcement Monday, revealing that it has successfully made changes to the Capital Market Act, with the amendment officially approved during a Cabinet meeting. After a proclamation on June 13, the new law will come into effect from Dec. 14. The revision is part of
June 5, 2023
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Hanwha Ocean, HD Hyundai set for showdown at defense exhibition
South Korea’s maritime defense industry leaders, Hanwha Ocean and HD Hyundai Heavy Industries, are bracing to face off at the upcoming International Maritime Defense Industry Exhibition, or MADEX 2023, in Busan later this week. The biannual event will begin its three-day journey at the Busan Exhibition and Convention Center on Wednesday. According to the floor plan, the exhibition booths of Hanwha Ocean and HD Hyundai Heavy Industries will be next to each other, located in the center of th
June 5, 2023
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RNR Inc. spurs innovation in film distribution
South Korean cinema platform provider RNR Inc. is seeking to spur innovation in the nation’s film distribution industry by offering a unique business model based on a bespoke theater experience under the brand name, “Monoplex.” In a recent tech conference held in Seoul, its CEO, Ray Seok, stressed that the company’s theater business focuses on distributing content rather than operating large multiplex cinemas with multiple screens. The core of this business model is the
June 5, 2023
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Korean Air CEO wins ATW leadership award
Hanjin Group Chairman and Korean Air CEO Walter Cho received the Excellence in Leadership Award by Air Transport World, the company said Sunday. The award ceremony was held at the Grand Cevahir Hotel in Istanbul, Turkey, on Friday, Korean Air said. The award was established in 1974 by ATW, a publication covering global air transportation, and is one of the most prominent awards in the industry, Korean Air said. Cho has expanded his presence in the global aviation industry since 2019 when he took
June 4, 2023