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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[KH Biz Forum] Metaverse will include telepathy, future prediciting, says Ethereum founding member
The future of the metaverse will include telepathy, predicting the future and hyper learning, Ethereum Foundation founding member and CEO of the metaverse-building platform MetaMetaverse Joel Dietz said Wednesday at the Korea Herald Biz Forum held at the Four Seasons Hotel Seoul. “I am going to make some bold claims,” Dietz said as he introduced three of his futurist visions of the metaverse. Dietz said that as the metaverse becomes more prevalent, people will begin to shift toward a
Oct. 19, 2022
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[KH Biz Forum] Technology to empower humanity in new digital age
Advanced technologies empower humanity in the long run because they lead to greater freedoms to shape identity, reduce labor and fight diseases, as blockchain, artificial intelligence, robots and mRNA vaccines deliver the means to enhance life in the digital age, experts said Wednesday. “We need a new social contract for the digital age,” keynote speaker Don Tapscott, executive chairman of the Toronto-based Blockchain Research Institute, said at The Korea Herald Biz Forum held at the
Oct. 19, 2022
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Posco chief elected as chairman of World Steel Association
South Korean steelmaker Posco Group Chairman Choi Jung-woo has been elected to lead the world’s largest steelmakers’ association, the company said Wednesday. At the association’s general meeting held Tuesday in Brussels, Choi became its 44th chairman, and India’s Jindal Steel Works Chairman Sajjan Jindal and US’ Nucor CEO Leon Topalian will support Choi as vice chairmen. Choi's one-year term began Tuesday. He had served as vice chairman for a full year . Choi h
Oct. 19, 2022
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[KH Biz Forum] Rainbow Robotics CEO sees future of robots in our everyday lives
Recently, the country’s service sector has increasingly adopted robots -- from simple coffee making to using robotic systems for dental implant surgery, even opticians use robots for 3D scanning and making personalized glasses frames. In the near future, these machines will be applied to various sectors beyond the manufacturing and service industries, according to Rainbow Robotics CEO Lee Jung-ho, who spoke at The Korea Herald Biz Forum held at Four Seasons Hotel, Wednesday. Showcasing t
Oct. 19, 2022
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Kakao's co-CEO offers to resign over massive service disruption
A top executive of Kakao Corp. offered to step down Wednesday to take responsibility for the recent disruption of the company's mobile messenger KakaoTalk and other related services. The announcement by Kakao's co-CEO Namkoong Whon came as Kakao services, ranging from KakaoTalk to online banking and ride-hailing services, have resumed complete operation. Earlier in the day, SK C&C, which hosts Kakao's data servers, started to fully supply electric power to Kakao's disrupt
Oct. 19, 2022
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GM Korea targets turnaround in 2023 with focus on exports
CHANGWON -- General Motors Co. said Wednesday it is targeting to transform its South Korean operations into a "profitable and sustainable business" next year by increasing exports of next-generation vehicles. GM Korea Co. reported net losses for eight consecutive years through 2021 and expects losses to narrow further this year. To help achieve a turnaround, GM Korea plans to produce a next-generation crossover utility vehicle (CUV) model in its Changwon plant, about 300 kilometers sou
Oct. 19, 2022
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Posco Holdings Q3 operating profit down 71% on typhoon damage
POSCO Holdings Inc., the holding firm of South Korea's top steelmaker POSCO, on Wednesday said that its third-quarter operating profit dropped 71 percent as some of its steel-processing facilities remain shuttered after a typhoon. Its operating income stood at 900 billion won ($633 million) in the July-September period, compared with an operating profit of 3.1 trillion won a year earlier, the company said in a regulatory filing. The operating profit was 17.8 percent lower than the average estima
Oct. 19, 2022
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SK C&C says it has completed power supply to Kakao servers
SK C&C, which hosts a data center for Kakao Corp., said Wednesday it has started to fully supply electric power to the tech firm's disrupted servers, a move that could lead to a full normalization of Kakao services. "The power supply rate reached 100 percent at around 5 a.m.," an SK C&C official said. A fire at Kakao's data center near Seoul on Saturday caused the worst server outage ever for South Korea's dominant messenger and its internet portal Daum. The fire
Oct. 19, 2022
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LG Group chief visits joint EV battery plant in Ohio
LG Group Chairman Koo Kwang-mo visited a joint venture between the group‘s battery making affiliate and U.S. carmaker General Motors Co. in Ohio, industrial sources said Tuesday. Koo has recently toured the No. 1 plant of Ultium Cells LLC, a joint venture between GM and LG Energy Solution Ltd. that hived off from LG Chem last year, according to the sources. Ultium Cells’ No. 1 plant is set to produce EV batteries during the second half of the year, with two more plants under c
Oct. 18, 2022
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Korea's Comeup aims to become world's top startup accelerator program
SMEs and Startups Minister Lee Young said on Tuesday that it plans to nurture Comeup, the ministry's startup accelerator program, as one of the top five startup events globally in five years. “Ramping up engagement from private sectors, we plan to place Comeup as the world’s fifth largest startup event in five years,” said Lee during a press conference at Maru 100 in southern Seoul. Lee added the government will make room for startup companies to enter global markets more
Oct. 18, 2022
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The Korea Herald to kick off forum on technology reshaping humanity
The Korea Herald, the nation’s largest English newspaper by circulation, holds its fifth annual business forum on Wednesday to shed light on the latest technology trends that could change the way people live as well as ways to make the transition smoother and more effective. Under the theme “Humanity in Tech,” the forum has invited policymakers, industry leaders and academics to explore the growing presence of blockchain and artificial intelligence in the digital age. Keynote s
Oct. 18, 2022
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S. Korea seeks more investment from Netherlands in chips, new energy fields
South Korea asked the Netherlands on Tuesday to make greater investments and enhance bilateral cooperation in semiconductors and such advanced industry fields as hydrogen and nuclear power generation, Seoul's industry ministry said. Deputy Trade Minister Jeong Dae-jin made the request during a meeting with Hanneke Schuiling, the Dutch vice minister for foreign economic relations, in Seoul, according to the Ministry of Trade, Industry and Energy. "Chung noted that the South Korean gover
Oct. 18, 2022
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US inflation act likely to benefit solar cell producers: KITA
SEJONG -- Unlike carmakers in South Korea, local producers of solar energy-related items will possibly enjoy benefits from the US Inflation Reaction Act which has strengthened regulations on Chinese products, a Seoul organization representing exporters said Monday. According to a report from the Korea International Trade Association, Korean producers' share of US imports of solar cells surged to 47.8 percent in 2021, compared to 1.9 percent in 2011. Over the corresponding 10-year period, the s
Oct. 17, 2022
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Goesan int'l organic expo ends with fanfare
GOESAN -- South Korea's sole international organic expo has ended successfully in the central county of Goesan with the number of visitors well exceeding the target, organizers said Monday. The 2022 IFOAM-Goesan International Organic Expo kicked off in Goesan, some 160 kilometers south of Seoul, on Sept. 30 for a 17-day run with the aim of highlighting the importance of organic farming and boosting related industries. The expo, co-hosted by the provincial government, the Goesan County gover
Oct. 17, 2022
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T'way Air to open Incheon-Sydney route in December
T'way Air, a South Korean low-cost carrier, said Monday it will open an Incheon-Sydney route in December as pent-up travel demand is unleashed amid eased virus curbs. T'way Air will provide four flights a week between Incheon, 27 kilometers west of Seoul, and Sydney starting Dec. 23, the company said in a statement. In February 2020, T'way Air became the country's first budget carrier to obtain the rights to offer flights on the Incheon-Sydney route dominated by the country
Oct. 17, 2022
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SPC Group’s Paris Baguette debuts in London
South Korean food conglomerate SPC Group said Sunday that it has opened its first Paris Baguette store in the UK, with an aim to run 20 bakery cafe franchises there by 2025 to expand the brand's presence in Europe. The UK is SPC’s ninth overseas market and the second European country it has entered. “The UK is an important market for us to expand business in Europe and launch more franchises there, ultimately making it one of four pillars for our brand growth globally after th
Oct. 16, 2022
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[Breaking] Fire at Kakao data center causes servers to go down
A fire Saturday at a Kakao data center in Pangyo, south of Seoul, has led to a server outage affecting the KakaoTalk messenger app, along with other apps such as Kakao T, Kakao Map, Kakao Metro, Kakao Webtoon, Kakao Bank, Kakao-owned portal Daum and music streaming service Melon. The internet connection for the apps has been unavailable since 3:30 p.m. "There has been a fire at SK C&C data center since 3:30 p.m. Work has begun to put down the fire, but we are uncertain when the fir
Oct. 15, 2022
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[Weekender] Strong dollar, weak won: What does it mean for ordinary people?
Over the past year, the Korean currency has lost nearly 20 percent of its value against the dollar. A dollar is equal to about 1,429 won, according to the currency’s closing rate on Wednesday. But a year ago, you needed 19 percent less of the Korean currency, or 1,196.5 won, to buy a dollar. The won’s depreciation, driven largely by the dollar’s gains worldwide, has sent the exchange rate into a territory trodden only during major financial crises. A won-dollar rate above 1,400
Oct. 15, 2022
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Auto exports jump 35% in September on popularity of eco-friendly cars
South Korea's car exports jumped 34.7 percent on-year in September on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to$4.79 billion last month, the largest ever for any September, according to the data from the Ministry of Trade, Industry and Energy. It is also the second-largest monthly figure after July 2022 when the amount came to $5.14 billion, it added. In terms of volume, a total of 192,863 vehicles were sold last month, up
Oct. 14, 2022
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SK Innovation marks 60 years with new climate initiative
South Korea's leading refiner SK Innovation celebrated 60 years since its foundation with a new climate initiative to become more carbon-free on Thursday. The company said it would go beyond achieving its 2050 net-zero goals, pledging to drastically reduce its carbon emissions across all workplaces by 2062, its 100th anniversary. Under a new initiative, called "All Time Net Zero," the company aims to offset carbon emissions by recycling plastic, streamlining manufacturing processes and
Oct. 13, 2022