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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Conscripting women to lead to 'more babies,' claims military think tank
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Korea added to key bond index
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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[Photo News] HiteJinro introduces new lager
Models pose with HiteJinro's all-new beer brand, Kelly, which will hit convenience store shelves and restaurants across the country starting Tuesday. Following in the footsteps of hit beer brands such as Terra, Hite Lite and FiLite, Kelly is HiteJinro's sixth beer brand to be released after its launch of Terra four years ago. According to HiteJinro, the product uses 100 percent premium Danish malt and is fermented twice in a bid to maximize the natural taste of its premium ingredient
March 30, 2023
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Global Business Forum examines ways to embrace 4th Industrial Revolution
Ways for South Korea to properly gear up for the Fourth Industrial Revolution era were explored at the Global Business Forum on Wednesday at the Ambassador Seoul hotel. During the during the sixth session of the forum, Ahmad Fahmi Ahmad Sarkawi, charge d'affaires at the Malaysian Embassy in Seoul, emphasized South Korea's need to make necessary preparations to adapt and improve itself in the rapidly evolving world. As the pandemic fades out, Sarkawi said he believed it is "very ti
March 30, 2023
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[KH Explains] Political meddling prolongs KT leadership vacuum
South Korea’s telecommunications giant KT Corp. is in turmoil after a series of CEO candidates stepped down, apparently under pressure from the presidential office and the ruling party. More than two decades after its privatization, the government's political clout still seems to permeate the company, and investors are outraged by a recent plunge in share prices. “If this situation happens overseas, it would be called a scandal,” said Park Sang-in, a professor at Seoul Nat
March 30, 2023
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Hyundai E&C offers exclusive concierge services at apartments
Hyundai Engineering & Construction will bring convenient concierge services to its Hillstate Sunhwa the Wise – a residential and commercial apartment complex in Daejeon. The complex, with units now for sale by Hyundai E&C, stands 54 floors tall including underground floors and contains 851 medium-sized to large apartments. In entering a partnership with the Dopda, a premium concierge service company, to offer premium services to residents of the apartment complex, Hyundai E&C a
March 30, 2023
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Mirae Asset Securities, SKT collaborate to lead security token industry
South Korea's largest securities firm Mirae Asset Securities and telecommunications giant SK Telecom on Thursday formed a consortium called Next Finance Initiative to become a leader of the new emerging security token industry. "We expect to establish a firm position as a global platform that leads the security token industry by combining Mirae Asset Securities' financial expertise with SK Telecom's ICT capabilities and service operation experience,” said Ahn In-seong
March 30, 2023
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McKinsey promotes Hyejin Kang to senior partner in Seoul office
McKinsey & Co., a global consulting firm, said Wednesday it has promoted partner Hyejin Kang to senior partner. Kang, who assumes the role on April 1, holds a bachelor's degree in microbiology from Seoul National University and a doctorate in neuroscience from the California Institute of Technology in the US. Since joining the company in 2001, Kang has been in charge of evaluating corporate culture of Korea’s top 100 companies. She is credited for playing a leading role in facilit
March 29, 2023
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SK hynix CEO says won't cut production further
SK hynix, the world's second-largest memory chip maker, will not carry out an additional cut in chip production this year, and will stick to its plan to build an advanced packaging plant in the US, the company's chief executive officer said Wednesday. Speaking at a shareholders meeting at the company's headquarters in Icheon, Gyeonggi Province, SK hynix Vice Chairman and co-CEO Park Jung-ho forecast the demand for chips to recover in the second half of this year. But as uncertaint
March 29, 2023
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[Korean History] From $10b to $680b: S. Korea’s glory road to export-driven prosperity
In 1977, a little over two decades after the war that hardened the division of the peninsula ended, South Korea celebrated an economic milestone with much fanfare: $10 billion in yearly export volume. It had been just a year since the country had stopped receiving US aid worth a colossal $12.6 billion from 1946 through 1976, which helped rebuild most modern infrastructure there had been before the war. “Our achievement of $10 billion in exports has a bigger meaning than just its size in
March 29, 2023
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Trade minister vows support for global firms
Trade, Industry and Energy Minister Lee Chang-yang pledged to make Korea a top investment-friendly country in the world during the 5th AmCham Doing Business in Korea Seminar 2023 held at the Grand Hyatt Seoul on Wednesday. “Through various efforts such as establishing a support system for boosting corporate investment and attracting foreign investment, the Korean government will make Korea a country where global companies can boldly plan future investments,” Minister Lee said during
March 29, 2023
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LX Hausys inks strategic partnership with Belgium’s Reynaers Aluminium
Korean building materials company LX Hausys said Wednesday it will cooperate with Reynaers Aluminium, a Belgian manufacturer of aluminium products, in a bid to accelerate its entry into the domestic aluminum window market. With a memorandum of understanding signed with Reynaers Aluminium in the headquarters of LX Hausys in Seoul, LX Hausys said both companies plan to comprehensively cooperate in the overall process of designing, manufacturing and developing technologies needed to produce high-en
March 29, 2023
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Hyosung chairman named CEO of the year
Hyosung Group Chairman Cho Hyun-joon on Tuesday received the 38th CEO Grand Prix, one of the top honors given to business leaders in Korea, the textile-to-energy giant said Wednesday. The annual award, presented by the Korean Academic Society of Business Administration, has honored entrepreneurs who contribute to the nation’s economic growth with spirited entrepreneurship and excellent management skills since 1987. The Hyosung chairman, since his inauguration in 2017, was credited for re
March 29, 2023
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[Photo News] 5th Apple store in Seoul
Passersby walk past Apple's fifth retail store in Seoul on Wednesday. The Apple Gangnam, located near the Shinnonhyeon Subway Station in southern Seoul, will start operation at 5 p.m. Friday. Some 140 staff will be stationed to offer services not only in Korean, but also in Chinese, Japanese, Thai, French, German and English, the company said.
March 29, 2023
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Posco International enters bioplastic recycling biz
Posco International Corp. said Wednesday it has signed a memorandum of understanding with two bioplastic companies to enter the biodegradable plastic recycling sector as part of its bid to expand its green portfolio. Posco International signed the deal with TotalEnergies Corbion, a Netherlands-based bioplastic company, and Esol, a South Korean supplier of polylactic acid, on Tuesday, under which the three companies will collaborate to develop PLA recycling technologies, Posco International said.
March 29, 2023
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[Graphic News] Auto exports hit record high in February
South Korea’s car exports jumped nearly 50 percent in February on-year to reach an all-time high on the back of solid demand for eco-friendly cars. The value of outbound shipments of automobiles came to $5.59 billion last month, up 47.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest monthly figure, with the previous record being set in December last year when exports stood at $5.42 billion. In terms of volume, exports s
March 29, 2023
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Boryung sets up space mission JV with Axiom Space
Major South Korean health care company Boryung said Tuesday it signed a contract to establish a joint venture with US commercial space station developer Axiom Space, in a bid to ramp up its space business. With the JV, which is scheduled to be established by May, Boryung said it will actively search for a slew of business opportunities in space, while utilizing Axiom Space's space-related infrastructure and space development technologies. According to Boryung, the JV will mainly focus on co
March 28, 2023
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KT, LS tie-up gains momentum
KT Submarine, a marine business unit of South Korean telecommunications giant KT Corp., is gaining fresh momentum in sales. The company posted 42.8 billion won ($33 million) in sales last year, a 43.2 percent jump from a year ago, largely driven by global orders in key markets such as the US and the Philippines. Its operating deficit, however, increased from 5.1 billion won to 6.6 billion won during the same period due to one-time expenses for upgrading equipment. “This year, we plan to co
March 28, 2023
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[Herald Interview] BAT’s design chief pursues perfection in simplicity
BAT's design philosophy for heating tobacco products centers around perfecting the user experience and simplicity, rather than complicated designs, says the head of design at global tobacco giant British American Tobacco. "My priority when designing heating tobacco products was that the item should become one of the three products that consumers can carry with them all the time, along with a phone and wallet," said Ken Kim, the first South Korean to oversee the entire design proce
March 28, 2023
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[From the scene] Hype vs. reality of Apple Pay in Seoul
Last Sunday in Seoul’s bustling Hongdae district, a couple in their 20s walked into a crowded Baskin Robbins store, and inquired if they could pay using Apple Pay. Moments later, their payment went through and their faces beamed with joy. “The hype was real. It (Apple Pay) is so fast and convenient. We are addicted to the ‘ding’ sound that we hear when the payment goes through on Apple Pay,” the couple said. Apple Pay made its official debut in Korea on March 21, al
March 28, 2023
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KITA warns of trade deficit of $41b as exports slump persists
The Korean trade lobby group on Tuesday warned that Korea's trade deficit could expand by up to $41 billion by the end of the year in the worst-case scenario. If South Korea's export slump persists until the end of the year, Korea International Trade Association sees that the annual export volume could fall by up to 8 percent as well. "While the automotive, shipbuilding and petroleum industries are expected to recover after the second quarter, the semiconductor, computer and dis
March 28, 2023
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LG Display secures W1tr from sister unit
LG Display has decided to borrow 1 trillion won ($770.1 billion) from LG Electronics to secure operation funds, as the Korean display maker struggles to make ends meet amid sluggish demand. In a regulatory filing on Monday, LG Display said it decided to borrow 1 trillion won from LG Electronics at an interest rate of 6.06 percent for three years starting from Friday. The display maker would only be obligated to pay the interest during the first two years, and must pay back the loan by the rema
March 28, 2023