Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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Yoon warns of using executive order to force striking truckers to return to work
President Yoon Suk-yeol warned the government could use an executive order to force striking truckers to return to work. Yoon issued the warning in a Facebook post late Thursday night after thousands of members of the Cargo Truckers Solidarity Union, under the wing of the Korean Confederation of Trade Unions, launched a nationwide strike to demand the extension of a freight rate system guaranteeing basic wages. The strike is the second of its kind in five months and threatens to disrupt supply c
Nov. 25, 2022
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[Herald Interview] Public Procurement Service helps firms eyeing overseas procurement market
As South Korea is seeing a widening trade deficit on sluggish global demand amid an economic slowdown, finding new markets for export has become ever more important. The Public Procurement Service, which procures, supplies and manages goods and services for public organizations, also supports Korean companies to tap into the overseas procurement market, the size of which amounted to $12.8 trillion in 2020. “The overseas procurement market is a huge market that companies must aim to become
Nov. 25, 2022
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SK invests in cultured salmon, extends sustainable food biz portfolio
SK Inc, the strategic investment arm of SK Group, said Thursday it invested in a food-tech startup specializing in cultured salmon, in a bid to diversify its investment portfolio in food business. The holding unit of the nation's third-largest conglomerate said it invested 10 billion won ($7 million) in Wildtype, a United States-based producer of cultured salmon. Cultured salmon is salmon that is cultivated in pilot labs with real animal cells, with mixture of nutrients, sugars, salts, amino aci
Nov. 24, 2022
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[From the scene] Posco goes all-out to salvage typhoon-hit plant
POHANG, North Gyeongsang Province -- It was as silent as a graveyard inside the dark, dusty No. 2 rolled steel manufacturing plant at Posco’s steel mill in the southeastern city of Pohang on Wednesday, unlike three months ago when it was churning out steel products like those for EV motors. The plant is responsible for more than one-third of Posco’s some 13.5 million metric tons of steel products produced annually. Several workers wearing bright orange safety vests, helmets and goggl
Nov. 24, 2022
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Luxembourg's crown prince to visit Seoul for economic ties
Luxembourg’s Crown Prince Guillaume Jean Joseph Marie is set to arrive in Seoul on Monday for a three-day visit, leading a delegation of 87 representatives from public and private institutions in the space and ICT industry, the European country said. The Crown Prince and Luxembourg Minister of Economy Franz Fayot will hold several bilateral meetings with South Korean officials to seek cooperation in the development of the space industry, startups, smart cities and environmental technology.
Nov. 24, 2022
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Corporate direct financing dives 49% in October amid rate hikes
Corporate direct financing in South Korea fell 49 percent in October from the previous month as rate hikes weighed on corporate activities, data showed Thursday. Local companies raised a combined 8.79 trillion won ($6.51 billion) by selling stocks and bonds last month, sharply down from 17.2 trillion won a month earlier, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or o
Nov. 24, 2022
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[Photo News] Starbucks for the community
CEO of Starbucks Korea Sohn Jeong-hyun (third from left) poses with Starbucks employees and Han Chan-hee (fourth from left), chairman of Beautiful Fund, during an opening ceremony Wednesday held for the launch of the fourth Starbucks Community Store in the country. The store will support young adults to stand on their feet by providing them with a maximum of 5.5 million won ($4,113) per year.
Nov. 24, 2022
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Production of S. Korea’s first COVID-19 vaccine suspended
The production of the country's first homegrown COVID-19 vaccine was indefinitely suspended Tuesday, amid the slowdown in demand for vaccines tailored to combat SARS-CoV-2, the original strain of coronavirus. According to industry insiders, South Korean vaccine maker SK Bioscience suspended the production of finished SKYCovione products. However, despite the suspension of final products, the vaccine bulk -- the liquid base materials used as main ingredient of vaccines -- are still in produc
Nov. 23, 2022
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[Herald Interview] New markets, startups can counter crisis: Arthur D. Little CEO
As colliding shocks prompted by inflation rocks the global economy, policymakers are managing their expectations for growth while companies are searching for ways to ride out the disruptions following a potential global recession. The pace of recovery will be as much different as the size of the impact and there is no universal way of preventing and mitigating such a crisis in coming years. For South Korea, however, the antidote lies in finding new markets to avoid overdependence and launching s
Nov. 23, 2022
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Apple succumbs to antitrust pressure
US smartphone giant Apple said Tuesday it will voluntarily correct its unfair policy of charging greater commission fees to Korean app developers than in other markets by January next year. The decision comes after South Korea’s antitrust watchdog began a probe into the iPhone maker over its Korea-exclusive charging system that is based on consumer prices, including value-added tax. This means Korean developers are forced to pay a 33 percent commission to Apple, above the 30 percent rate i
Nov. 23, 2022
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HanmiGlobal, Bryden Wood team up to innovate construction methods
South Korean construction management firm HanmiGlobal said Wednesday it signed a business agreement with British architecture-to-engineering firm Bryden Wood to innovate its construction methods. Through the memorandum of understanding, the two companies will jointly develop and implement modern methods of construction (MMC) and a design for manufacture and assembly (DfMA) in Korea. MMC is a construction method in which structures or components of buildings are constructed at external facilities
Nov. 23, 2022
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Saudi wealth fund eyes investment in Kakao Entertainment
Kakao Entertainment, the content subsidiary of South Korean IT giant Kakao, may receive up to 800 billion won ($592 million) in investment from Saudi Arabia, following the kingdom's crown prince's visit to Seoul last week. The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is reportedly in discussion with its Singaporean counterpart, GIC Private Limited, about investing in the entertainment firm, according to news reports on Wednesday. PIF is one of the world'
Nov. 23, 2022
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[Herald Interview] Global talent can expand K-pop’s reach, entrepreneur says
With the global success of BTS reaching new heights, there are some who think this might be a high-water mark for K-pop. But a Singaporean entrepreneur who has himself debuted as a singer in South Korea is more optimistic, saying embracing global talent is one way to expand K-pop’s reach. “As K-pop is widely loved globally, it would be to its advantage to be even more globally inclusive to talents worldwide,” David Yong, chief executive of Evergreen Group Holdings, said in an i
Nov. 22, 2022
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DSME succeeds in testing autonomous-driving system for ships
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said Tuesday it has successfully completed the trial of its autonomous navigating system for ships. DSME conducted a two-day test of its testing ship, called DAN-V, equipped with its own autonomous navigating system last week near Jebu Island in Hwaseong City, Gyeonggi Province. The shipbuilder has been preparing for the future market of self-cruising vessels by signing a memorandum of understanding with Gyeonggi Free Econom
Nov. 22, 2022
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Feast for Asian startups kicks off
Fly Asia 2022, a three-day expo for startups in Asia, kicked off on Tuesday at Bexco in Busan. The city government of Busan expects Fly Asia to grow into one of the four largest feasts for startups on the continent. Hundreds of investors, speakers, panels and government officials from 21 countries are taking part in about 40 different programs including conferences, an award ceremony, showcases and networking events through Thursday. Among those who attended the opening on Tuesday were Busan May
Nov. 22, 2022
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[Herald Interview] Mayor seeks to make Busan an Asian hub for startups
The city of Busan expects some 10,000 people from 42 countries to attend lectures, discussions, business meetings and networking events at the three-day inaugural Fly Asia 2022 that began Tuesday. About 460 investors from around the world and some 900 startups in Asia have signed up to take part in the expo, making it the largest-ever investor-oriented startup event in South Korea. “We have two goals for Fly Asia. One is to lay a stepping stone for startups in the (Busan) region to reach b
Nov. 22, 2022
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Big firms' inventories soar 36% this year amid global slump
Major South Korean companies' inventories spiked nearly 36 percent in the first nine months of this year amid a global economic slump, a corporate tracker said Tuesday. Combined inventories of 195 out of the country's top 500 firms by sales came to 165.4 trillion won ($122 billion) as of end-September, up 36.2 percent from the end of last year, according to the Leaders Index. It marks the highest third-quarter amount since the institute began data tracking in 2010. In particular, inven
Nov. 22, 2022
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Coupang holds special Black Friday event for import goods
South Korean e-commerce giant Coupang said on Monday it will be holding special promotions for products directly imported from overseas, in commemoration of global shopping event Black Friday. The event, which continues through Sunday, provides discounts and coupons for users who buy directly imported goods from Rocket Delivery, Coupang's 24-hour delivery service. Users of Rocket Jikgu, Coupang's overseas delivery service, will also benefit from the event. The promotions are joined b
Nov. 21, 2022
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S. Korean startups post record sales, buoyed by pandemic demands
The Ministry of SMEs and Startups said Monday that local startups saw record-breaking growth in diverse sectors as they work to meet the needs of consumers amid the pandemic. According to the ministry, the number of startups whose sales exceeded 100 billion won ($73.8 million) was 739 companies as of end of 2021, a 16.7 percent increase from a year prior. Of the 739 startups, 569 logged 100 billion won in sales for two consecutive years. A total of 108 companies reached 100 billion won in sales
Nov. 21, 2022
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Doosan Fuel Cell signs W346.8b deal to supply hydrogen to China
Doosan Fuel Cell, the hydrogen business unit of South Korean conglomerate Doosan Group, signed a contract worth 346.8 billion won ($255 million) to supply hydrogen fuel cell to China’s combined heat and power business operator, the Korean firm said Monday. Doosan Fuel Cell said it will provide a total of 105MW in hydrogen fuel cells to China’s ZKRG Smart Energy Technology (Foshan) Co. Of them, 50MW will be manufactured and assembled in Korea by 2024 while the remaining 55MW will be d
Nov. 21, 2022