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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SK Geocentric wins W475b loans on ESG initiatives
SK Geocentric, a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it had secured loans worth 475 billion won ($358 million) from global banks, in recognition of the company's future plans for its environmental, social and governance initiatives. SK Geocentric held a signing ceremony for a three-year agreement for sustainability-linked loans with five global financial institutions: France's BNP Paribas, Agricultural Bank of China, Bank of China, Japan's M
Nov. 15, 2022
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Textile maker Hansae marks 40th anniversary
To commemorate its 40th anniversary, South Korean clothing manufacturer Hansae is preparing to take a leap forward with its textile business by undertaking an efficient and sustainable working process, according to the company on Tuesday. "We aim to have the company reach one hundred years by discovering new growth engines with a creative and innovative corporate culture," said Kim Ik-hwan, vice chairman of Hansae. As part of its aim to work under a more efficient production process, t
Nov. 15, 2022
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Britain raises concern over Korean Air-Asiana combination
Korean Air Co. said Tuesday that Britain's antitrust regulator has expressed concerns over its planned integration with smaller local rival Asiana Airlines Inc., citing monopoly worries on routes between the two countries. In a statement released Monday, Britain's Competition and Markets Authority said the buyout of Asiana by Korean Air could lead to higher prices for passengers flying between London and Seoul, as well as impacting air cargo services. "Korean Air and Asiana Airlin
Nov. 15, 2022
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Antitrust chief hints at tighter scrutiny of Kakao
South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regula
Nov. 14, 2022
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Saudi crown prince to meet with biz moguls in Seoul
Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman expected to visit South Korea later this week, with potential to meet again Korea’s top business leaders as well as sit down with President Yoon Suk-yeol. The crown prince, also referred to as MBS, is scheduled to arrive this Thursday for a two-day stay after he attends the G-20 Heads of State and Government Summit in Bali, Indonesia, according to Korean diplomatic sources Monday. The visit will mark the crown prince’s
Nov. 14, 2022
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[Herald Interview] Jeju striving to develop own unique citrus
JEJU -- Fun fact: Tangerines produced in South Korea’s resort island of Jeju, well-known for these sweet and sour fruits, actually originated from Japan. As time passed, most of the tangerines have been modified for cultivation within Korea, but their histories can still be traced back to Japan. In a move to promote authentic Korean food and reduce dependency on foreign fruits, Jeju is striving to produce its homegrown tangerines, according to an executive from a state-run agricultural a
Nov. 14, 2022
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SPC renews commitment to safety management
South Korean food and beverage giant SPC kicked off a new safety management committee on Monday as part of follow-up measures in response to the recent death of a young employee at its affiliated bread-making factory. According to the food giant, the new committee will supervise industrial safety, working conditions and social responsibilities across the facilities of all SPC subsidiaries, and alert the company of potential accidents. SPC said it will guarantee the committee’s autonomy, st
Nov. 14, 2022
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SK pledges to empower outside board members
SK Group said Sunday it is ramping up efforts to bolster the role of outside board members in a way to help its board of directors play a more active role as the top decision-making body and elevate corporate value ultimately. After giving them more authority like evaluating CEO performance, the chip-to-energy giant said it is launching new measures to boost the board’s expertise and prowess across affiliates. Currently, SK Inc., the holding unit, has a nine-member board consisting of four
Nov. 13, 2022
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Antitrust watchdog mulls new M&A team
South Korea’s Fair Trade Commission is seeking to set up a new team dedicated solely to overseeing merger and acquisition deals among local and foreign businesses, according to industry sources on Sunday. The plan was reportedly included in a recent report on the antitrust watchdog’s reorganization submitted to the Ministry of the Interior and Safety. Currently, the FTC is responsible for reviewing the legitimacy of M&A deals and other antitrust issues involving Korean companies
Nov. 13, 2022
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GS Caltex aims to diversify business portfolio with new cracking facility
South Korean energy company GS Caltex is seeking to diversify its business portfolio with the completion of a new olefin production facility worth 2.7 trillion won ($2.01 billion) in Yeosu, South Jeolla Province. On Friday, the company held a ceremony to celebrate the completion of the facilities, with its top brass, including CEO Hur Sae-hong, in attendance. Olefin, a linchpin element in the petrochemical business, is used as a basic material for plastic, synthetic fiber and synthetic rubber. T
Nov. 13, 2022
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Daejeon seeks to attract 'largest-ever' investments from European firms
FRANKFURT, Germany -- Daejeon Mayor Lee Jang-woo met Wednesday with officials from bio-to-chip firm Merck, at the company’s headquarters in Germany, to attract semiconductor and bio-related investments in the central Korean city. During the meeting, Lee and Merck officials discussed the company’s potential direct investment in Daejeon to build manufacturing facilities. After his inauguration in July, Lee announced his vision to promote the nano semiconductor industry, which en
Nov. 11, 2022
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NCSOFT Q3 net profit up 83 pct on stellar sales of 'Lineage' franchise
NCSOFT Corp., a major South Korean online and mobile game developer, said Friday its third-quarter net income soared more than 80 percent from a year earlier, led by strong sales from the latest entry of its popular "Lineage" franchise. It logged a net profit of 182.1 billion won ($132.2 million) on a consolidated basis in the three months ending in September, compared with 99.5 billion won a year earlier, the company said in a regulatory filing. For the quarter, NCSOFT posted an opera
Nov. 11, 2022
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LG Energy Solution secures long-term lithium carbonate supply from US producer
South Korean battery maker LG Energy Solution Ltd. said Friday it has signed a binding agreement with a US minerals provider for a long-term supply of a key lithium product used in electric vehicle lithium-ion batteries. The offtake agreement with Compass Minerals Inc. is for 40 percent of about 11,000 tons of lithium carbonate the US company is estimated to produce for six years starting in 2025, LG Energy Solution said in a release. The two companies also agreed to work on a separate supply de
Nov. 11, 2022
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STX donates W130m to Itaewon foreign victims' families
Korean general trading firm STX said Thursday it has donated 130 million won ($95,000) to the families of foreign victims of the Itaewon Halloween tragedy, as it seeks to offer comfort for their losses. The company said it donated money to the family and multiculturalism division of the Seoul Metropolitan Government for them to then deliver to the bereaved families. "We would like to convey our condolences to the foreigners who lost family members on foreign soil due to a sudden accident,&q
Nov. 10, 2022
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Doosan Enerbility wins W1.6tr construction order for El Dabaa
South Korean plant builder Doosan Enerbility said Thursday it won an order worth 1.6 trillion won ($1.1 billion) for a construction job at the El Dabaa plant, the first nuclear power plant project in Egypt. Doosan Enerbility will be responsible for the supply of 82 pieces of equipment including turbine generators, key components for nuclear power plants that extract thermal energy from pressurized steam and convert it into electrical energy. Doosan Enerbility is scheduled to construct cooling fa
Nov. 10, 2022
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Korea declares road map to become hydrogen industry powerhouse
SEJONG -- South Korea on Wednesday unveiled a road map to take the lead in the global hydrogen industry over the next seven years, stressing the energy business would drive the growth of the nation's economy. At the meeting, presided over by Prime Minister Han Duck-soo, the Ministry of Trade, Industry and Energy said the plan is to have 600 hydrogen businesses of global competitiveness, from the current 52, by 2030. To achieve this goal, the government will ease "unreasonable regulatio
Nov. 9, 2022
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S. Korea, Africa seek cooperation to boost sustainable agriculture
SEOGWIPO, Jeju Island -- Researchers and government officials from South Korea and Africa gathered on Wednesday in a bid to discuss cooperative measures aiming to boost sustainable development of agriculture in the second-largest continent based on innovative technology. “Although Africa is one of the regions that show great growth potential for agriculture industry, more than 23.5 million people suffer from food crisis -- those who are forced to skip one or two meals in a day -- due to cl
Nov. 9, 2022
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Minister calls regulatory reform, globalization key to boosting startup ecosystem
South Korea’s biggest startup festival event Comeup 2022 kicked off in Seoul on Wednesday, with SMEs and Startups Minister Lee Young stressing regulatory reform and globalization as the two keywords for the nation’s startup ecosystem. “Regulations that are limiting potential of innovative startups are those that have been implemented during the industrial period. We will be bold in loosening such regulations to help startups open up their wings,” said the minister during
Nov. 9, 2022
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Hanwha chief, Heritage Foundation founder discuss global economy, bilateral ties
Hanwha Group Chairman Kim Seung-youn held a banquet on Tuesday with Edwin Feulner, founder of the Washington-based policy think tank Heritage Foundation, in Seoul, to discuss ongoing geopolitical issues and its effects on the global economy. The latest meeting between Kim and Feulner took place on the sidelines of the American scholar's visit to Seoul for a conference on Seoul-Washington bilateral relations and market economy. The two have maintained their friendship since the 1980s, accord
Nov. 9, 2022
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Jeju holds first-ever expo on future farming machinery
SEOGWIPO, Jeju -- South Korea’s first-ever expo on automotive and self-operating agriculture machinery kicked off Tuesday on Jeju Island, addressing commitment for sustainable agriculture powered by innovative technology. “The country’s agriculture industry is facing great challenges, including climate change and a shrinking agricultural population along with aging farmers. These have become struggles for the agriculture industry here,” said the expo’s committ
Nov. 8, 2022