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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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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7 carmakers to recall over 54,000 vehicles over parts defects
Ford Sales & Services Korea Inc., Hyundai Motor Co. and four other carmakers will voluntarily recall 54,390 vehicles combined over parts defects, Seoul's transport ministry said Thursday. Ford will recall 19,733 Explorer SUVs over faulty rear toe links at the back wheels, which could cause safety problems while driving, according to the Ministry of Land, Infrastructure and Transport. Hyundai will recall 17,682 units of its hydrogen fuel-cell Nexo, as the malfunction of a sensor leads to a
April 14, 2022
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Seasoned bureaucrat to lead Oceans Ministry
Cho Seung-hwan, a former senior official at the Ministry of Oceans and Fisheries who spent more than 20 years in maritime services, was tapped to head the ministry under the incoming Yoon Suk-yeol government. “Cho is a maritime expert with an unmatched depth of experience spearheading many projects under previous governments. I expect him to find new opportunities for the maritime industry and map out plans to make the country a leading maritime power,” Yoon said. Cho, who served
April 13, 2022
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Startup founder named to lead SME Ministry
President-elect Yoon Suk-yeol on Wednesday named a startup founder-turned-lawmaker to lead the Ministry of Small Medium-sized Enterprises and Startups, in his second round of Cabinet nominations since Sunday. Rep. Lee Young founded local internet and mobile security provider Teruten in 2000, and won a proportional representation seat without a constituency in the 2020 parliamentary election. She is the only legislator at Yoon’s People Power Party with experience in running startups,
April 13, 2022
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Naver's new goal: 1b users in 5 years
SEONGNAM, Gyeonggi Province -- South Korean IT behemoth Naver is aiming to double its annual sales to reach 15 trillion won ($12.2 billion) in the next five years and secure 1 billion users worldwide, company executives said Wednesday. “Naver has entered the ‘Global 3.0’ stage where we create multiple growths through the synergy of various business portfolios, technological leadership as well as domestic and overseas partnerships,” CEO Choi Soo-yeon said at a press conf
April 13, 2022
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Posco wins Worldsteel‘s recognition for sustainable management
South Korean steelmaker Posco was named Sustainability Champion of the year by the World Steel Association in recognition of its sustainable management, the company said Wednesday. Worldsteel is an international non-profit organization representing the global steel industry with memberships of 140 companies around the world. The organization named 10 companies for their sustainable efforts. Posco was added to the list for the first time, the company said. The Worldsteel recognition is
April 13, 2022
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Samsung opens store in Argentina's southernmost city of Ushuaia
SAO PAULO -- Global tech powerhouse Samsung Electronics Co. said Tuesday it has opened an outlet in Argentina's southernmost city of Ushuaia. The store, which opened Friday, carries Samsung's Galaxy S22 smartphone, the Galaxy Watch 4, accessories and other products, according to Samsung's Latin America Headquarters. Ushuaia, which claims the title of the world's southernmost city and has a population of some 60,000, is one of five internationally recognized Antarctic gateway cities and lures man
April 13, 2022
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Vehicle registration in S. Korea surpasses 25 million
The number of registered vehicles in South Korea had surpassed 25 million as of end-March, which means one out of every two South Koreans owns a vehicle, data showed Wednesday. Car registrations had come to 25.07 million units in the country of 52 million people as of end-March, up 2.12 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. The number of environmentally friendly cars registered here had advanced 7.7 percent from the previous y
April 13, 2022
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Edison files court injunction against SsangYong's sale bid
Edison Motors Co. has filed a court injunction seeking to block SsangYong Motor Co.'s move to find a new buyer after its takeover bid fell through due to payment failure, a filing showed Tuesday. Edison said in a regulatory filing that it lodged the injunction request with the Seoul Central District Court, claiming SsangYong must not "proceed with a new takeover other than the one with the Edison consortium under the contract signed in January." Edison has agreed to buy Ssang
April 12, 2022
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Resort developer Ananti ditches North Korean project
South Korean luxury resort developer Ananti said Tuesday that it has decided to pull out from its resort and golf club project in the Kumgangsan tourist zone of North Korea, a business that once symbolized inter-Korean rapprochement. The decision comes after a news report that Pyongyang appears to have started demolishing South Korean facilities at the Kumgangsan Ananti Golf & Spa Resort on the North’s eastern coast. On Monday, US news outlet NK News published satellite images sugg
April 12, 2022
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PPS to host marketplace for global procurement
Korea‘s Public Procurement Service is set to host an annual consultation fair in November to assist small- and medium-sized enterprises seeking entry into overseas procurement markets valued at $12.8 trillion. The annual event titled Global Public Procurement Marketplace (GPPM) has supported SMEs since 2016 to provide information concerning offshore markets such as foreign procurement laws and local market trends. According to the PPS, the event brings together Korean enterprises, forei
April 12, 2022
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Korean electronics firms wary of fallout as China lockdown lingers
South Korean companies are keeping a wary eye on looming supply chain disruptions and slowing consumer electronics demand as the pandemic lockdown in China shows no signs of ending. While there are signs that the severe lockdown and fast spreading coronavirus in the Chinese port city Shanghai could spread to other cities, including port city Guangzhou, prospects of the slowing demand of consumer electronics -- especially in China -- is adding to the concerns. The lockdown in Shanghai, beginnin
April 12, 2022
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PPS-certified companies’ overseas shipments grow despite COVID-19
Korean small- and medium-sized companies certified by the governmental Public Procurement Service for their technological aptitude and product quality saw their overseas shipments grow despite the ongoing COVID-19 pandemic. The certified companies -- called Government Performance Assured (G-PASS) companies -- have recorded $1.25 billion in actual exports last year, a 69.1 percent increase from $740 million in 2020, according to PPS authorities. This far exceeds South Korea’s average expor
April 12, 2022
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SK eyes stake in Bill Gates-backed TerraPower: report
SK Group is reportedly seeking to acquire a sizeable stake in TerraPower, a US nuclear power startup backed by Bill Gates, as part of its investment push in the carbon-free energy sector such as electric vehicle batteries and hydrogen. According to local daily Chosun Ilbo on Tuesday, the nation’s third-largest conglomerate is in talks to purchase a 10 percent stake, worth $15.4 million, in TerraPower, from India’s Reliance Industries. “Nothing has been decided yet,” an
April 12, 2022
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[HERALD INTERVIEW] Public Procurement Service supports SMEs through expo
Some 460 small- and medium-sized enterprises are participating in an annual expo to market their technologies and products to large companies, public institutions and foreign buyers from Wednesday through Friday. The Korea Public Procurement Expo 2022, organized by the Public Procurement Service and held at Halls 3, 4 and 5 of the Korea International Exhibition Center 1 at Goyang, Gyeonggi Province, will help Korean companies that suffered amid the pandemic stretch their wings in the market tha
April 12, 2022
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Samsung's financial affiliates to launch integrated platform, brand
Financial affiliates of Samsung Group, South Korea's top conglomerate, on Tuesday said they will launch a new integrated brand and unified platform to secure a larger pool of customers from the MZ generation. Named Monimo, the single platform, which will house five financial affiliates, including Samsung Life Insurance Co. and Samsung Securities Co., will provide various services. The platform will go into operation Thursday. Additionally, the affiliates said they will launch a new and unified b
April 12, 2022
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Hankook Tire supplies tires for Mercedes-Benz's S-Class sedan
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Tuesday it started supplying tires for Mercedes-Benz's S-Class sedan last year. Hankook Tire has been providing the high-performance tires, including Ventus S1 Evo3 and Ventus S1 Evo3 run-flat products, since early last year in the form of original equipment (OE) products for the luxury sedan, the company said in a statement. To enhance its global brand image, the tiremaker has provided its OE tire products for
April 12, 2022
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Hyundai Glovis wins LNG shipping deal from Australia
Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Tuesday it has signed a long-term liquefied natural gas (LNG) shipping deal with Australian energy firm Woodside. Hyundai Glovis has ordered a local shipbuilder to build an LNG ship to transport LNG for Woodside. Once the ship is delivered in late 2024, the company will begin shipping, a company spokesman said. Hyundai Glovis is the first Asian shipping company to sign an LNG shipping deal with Woodside. The company said it will
April 12, 2022
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Samsung resumes in-person gatherings, business trips as COVID rules eased
Samsung Electronics said Monday it has eased a set of coronavirus rules for its office in South Korea as COVID-19 infections are on a steady decline. Effective Monday, the tech titan, dedicated to smartphones, consumer electronic goods and semiconductor chips, will no longer be discouraging its staff from going on business trips at home and overseas, holding in-house gatherings and after-work dinners. The new rule will affect over 110,000 employees in Korea. Under the eased rules, up to 299
April 11, 2022
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Sales of short-term corporate bonds swell 26.8% in Q1
Sales of corporate bonds with maturity of one year or below in South Korea grew 26.8 percent in 2021 from a year earlier amid the coronavirus pandemic, data showed Monday. Local companies issued 326.2 trillion won ($265.1 billion) worth of such debts, compared with 257.2 trillion won from a year earlier, according to the data from the Korea Securities Depository (KSD). But the issuance decreased 5.1 percent from a quarter ago. Short-term bonds refer to those that come due within one year. Sales
April 11, 2022
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Retail, manufacturing giants turn to bio, health care as strategy for future growth
More South Korean conglomerates relying heavily on manufacturing and retail networks for growth are turning to the bio and health care industries to secure future growth engines and expand areas of business. Retail and confectionary giant Lotte Group officially announced that bio and health care businesses will be its new growth engine at the shareholders’ meeting last month. Lee Dong-woo, CEO of Lotte Holdings, said the firm plans to directly invest in the bio and healthcare businesse
April 10, 2022