Most Popular
-
1
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
2
S. Korea, Singapore seal supply chain agreement
-
3
Korean language teaching expert says demand has outstripped supply
-
4
Korea added to key bond index
-
5
Conscripting women to lead to 'more babies,' claims military think tank
-
6
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
7
North Korea notifies UN Command of plans to fortify border with South
-
8
Taking away phones during school hours not a human rights violation: watchdog
-
9
Who is pollster roiling politics with claims of government string-pulling?
-
10
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
LG Uplus to compensate customers for network failure
LG Uplus Corp., South Korea's No. 3 mobile carrier, said Friday it will compensate more than 4 million customers for a network disruption caused by distributed denial-of-service attacks earlier this year. The company's network had suffered partial disconnections for a combined five times on Jan. 29 and Feb. 4 due to the DDoS attacks. Its fixed-line internet, video-on-demand and internet telephone services were unavailable for 63 minutes and 57 minutes on the respective days. LG Uplus s
April 28, 2023
-
Industrial output up 1.6 % in March
South Korea's industrial output and retail sales gained ground on-month in March, data showed Friday, while its facility investment fell over the period. The industrial output advanced 1.6 percent from the previous month in March, according to the data from Statistics Korea. Retail sales, a gauge of private spending, increased 0.4 percent over the period. However, facility investment slipped 2.2 percent, it added. In February, all three major indicators of economic activity -- industrial ou
April 28, 2023
-
[Herald Interview] Fairfax County ready to support Korean companies expanding into US
Fairfax County of Virginia, one of the major business destinations in the US, is home to 8,800 tech companies, including nine listed on the Fortune 500. South Korea also has a sizeable business community consisting of some 80 companies -- the largest number among Asian countries -- including Dongwon Group, SK Signet, Golfzon and Korea Aerospace Industries. Behind the successful attraction of the big names and multinational businesses stands Fairfax County Economic Development Authority, which se
April 27, 2023
-
Korean chip, car industries unassuaged by summit talks
South Korean chip suppliers and automakers have been left unimpressed by the summit between Presidents Yoon Suk Yeol and Joe Biden, after it failed to bring out any tangible measures to ease their concerns over Washington's increasingly protectionist policies. Holding a joint press conference after their summit on Wednesday, the two presidents announced their agreement on strengthening cooperation in advanced technology sectors, including chips, electric vehicles and batteries. But they did
April 27, 2023
-
[Contribution] Luxury boom shows the power of the brand
By Achim Berg Senior partner at McKinsey & Company In 2023, challenges will persist in the fashion industry, but things are not all gloom and doom. Disruption in markets, fears over global food and energy supplies, and worries over rising inflation pressure will continue to dampen the mood of the global fashion industry. The world is grappling with high inflation and a cost of living crisis – which have had a deleterious effect on consumers’ purchasing power. Consumers ar
April 27, 2023
-
Hanwha completes puzzle with DSME takeover
The final puzzle piece for Hanwha Group's ambitions in becoming a global defense company has fallen into place. With antitrust regulators approving the acquisition of Daewoo Shipbuilding and Marine Engineering, the group's business operations now span all three areas of air, land and sea. Hanwha, whose core businesses are its aerospace and defense systems, previously tried to acquire DSME in 2008 with Hanwha Group Chairman Kim Seung-yeon leading the takeover. But the global financial c
April 27, 2023
-
Top financial firms log Q1 net growth; increase loan loss reserves
All four major financial holding companies in Korea have increased their loan loss reserves during the first quarter of this year. Despite this, KB Financial Group, Woori Financial Group, Hana Financial Group and Shinhan Financial Group have managed to report an improvement in net profit during this period. KB's loan loss reserves in the January-March period were 668.2 billion won, surging dramatically from 145.8 billion won during the same period last year. Despite the increase in loan los
April 27, 2023
-
Posco International posts upbeat earnings after merger
Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the same period from a year earlier. However, the company added that it generally saw a jump in its p
April 27, 2023
-
Hyundai Steel unveils roadmap for carbon neutrality
South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050. For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030. “Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Ste
April 27, 2023
-
Posco, Siemens boost ties on eco-friendly projects
South Korean steelmaker Posco Group said Thursday that it has teamed up with German industrial giant Siemens to enhance the competitiveness of the steel industry during their meeting in Seoul, Tuesday. Posco Vice Chairman Kim Hak-dong and Siemens CEO Roland Busch held the meeting to strengthen mutual cooperation between the two groups and find new business opportunities. Siemens is Europe's largest engineering company pushing for business in a range of fields including factory automation, e
April 27, 2023
-
Yoon asks Tesla CEO Musk to invest in S. Korea
WASHINGTON--President Yoon Suk Yeol met with Tesla CEO Elon Musk on Wednesday and asked for his investment in a gigafactory in South Korea, a presidential official said. The meeting took place at Musk's request during Yoon's state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok. Yoon said South Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a gigafactory. "Shou
April 27, 2023
-
Korea, US ink 23 MOUs to rachet up tech alliance
Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Roundtable and the Korea-US Business Forum were held at the US Chamber of Commerce in Washingt
April 26, 2023
-
ReWorld Forum explores finance roles in tackling climate change
The SDX Foundation chairman warned that innovative changes to our old perception of the climate crisis must occur within the next 10 years, or it will be impossible to prevent catastrophic consequences. “Although our generation only worked hard for our family and society, the outcome has unfortunately led to passing on a deteriorated environment to our children,” said SDX Foundation Chairman Jhun Ha-jin, 65, during a ReWorld Forum in Seoul on Wednesday. “Due to this unfortunate
April 26, 2023
-
Korea Ginseng Corp. finds more evidence ginseng could help stop Alzheimer’s
Korea Ginseng Corp., the country's leading ginseng manufacturer, said Wednesday that a collaborative research team supported by KGC and Konyang University has found a potential mechanism to reduce cognitive decline in Alzheimer's disease in red ginseng polysaccharides. Alzheimer's is the most common type of dementia, which occurs when amyloid beta, a proposed cause of Alzheimer's, aggregates and accumulates in the brain. Konyang University’s Research Institute for Demen
April 26, 2023
-
Booyoung founder receives medal for contribution to growth in Cambodia
South Korean construction giant Booyoung Group’s Founder and Chairman Lee Joong-keun was awarded the Medal of National Merit by Cambodian Prime Minister Hun Sen on Monday. The medal is the highest honor given by the Cambodian government and is awarded to those who have significantly contributed to national development. As a recipient of the medal, Chairman Lee was recognized for his leadership in many social contribution projects that Booyoung Group carried out throughout Cambodia. This in
April 26, 2023
-
Hyundai Mobis Q1 net jumps 62% on high-margin parts
Hyundai Mobis Co., South Korea's leading auto parts maker, said Wednesday its first-quarter net profit jumped 62 percent from a year earlier on increased sales of high-margin components. Net profit for the three months ending March 31 rose to 841.8 billion won ($629 million) from 520.9 billion won during the same period of last year, the company said in a statement. "The quarterly bottom line was buoyed by the increased production of modules and key components as the global chip shorta
April 26, 2023
-
SK hynix suffers record loss in Q1, eyes recovery in Q2
In the wake of escalating competition between the US and China, SK hynix said it is reviewing plans for future operation of its manufacturing facilities in China, as it announced its worst operating profit losses on Wednesday. “We are looking at various factors of long-term geopolitical risks, market demand and operation efficiency to comprehensively review the future operation of our manufacturing plant in China,” Kim Woo-hyun, chief financial officer for SK hynix, said on the ear
April 26, 2023
-
Big firms' R&D spending rises 14% in 2022 despite lower earnings
Major South Korean firms' spending on research and development swelled 14 percent in 2022 from a year earlier despite sharply decreased operating income amid an economic slowdown, a market tracker said Wednesday. Combined R&D expenditures by 231 out of the country's top 500 companies came to 68.4 trillion won ($51 billion) last year, up 8.4 trillion won from a year earlier, according to CEO Score. The tally covers businesses that have disclosed their R&D expenditures over the p
April 26, 2023
-
Samsung SDI, GM to build $3 bln EV battery plant in US
Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to invest more than $3 billion in constructing a plant with an annual capacity of over 30 gigawatt hours (GWh). The location of the plant has not been decided yet, it said. The company aims to commence commercial
April 25, 2023
-
Samsung, Posco join forces to tackle business uncertainties
South Korean steel giant Posco said Tuesday it had signed its first ever long-term agreement with Samsung Electronics in a bid to expand technical cooperation between the two industrial giants and to jointly seek new business opportunities. According to Posco, its Vice Chairman Kim Hak-dong and Samsung Electronics Vice Chairman Han Jong-hee visited Samsung's headquarters in Suwon, Gyeonggi Province, to iterate the specifics of the three-year agreement the two companies signed in March. &quo
April 25, 2023