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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S. Korea steelmaker Posco says its staff back in office as COVID rules ease
Most staff at South Korea's Posco have returned to their offices starting from Friday, a spokesperson of the steelmaker said on Tuesday, making it one of the first major firms in the country to implement back-to-office plans. Posco's move comes as South Korea weighs scrapping social distancing curbs altogether and explores living with COVID-19 amid declining infections. Previously, 50 percent of the company's office-based workforce had worked from home, while its plants in the southern port ci
April 5, 2022
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Shinsegae looks into whiskey business: reports
Shinsegae’s ambition to enter the soju business appears to have shifted to whiskey instead, as it reportedly submitted a trademark application last week, according to local reports Tuesday. Tentatively named Jeju Whiskey, the retailer is likely to introduce its new brand early next year, considering the application process that takes six to 12 months. According to Korea Customs Service, last year’s whiskey imports increased by 32.4 percent from 2020, on the back of rising demand fo
April 5, 2022
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Korean ramen makers’ share prices on rise amid strong exports
Share prices of Korean ramen companies like Nongshim, Samyang Foods, and Ottogi are on the rise, as exports of Korean instant noodles hit new highs last month. Notably, foreign and institutional investors are demonstrating strong interest, according to analysts. Nongshim shares closed at 306,000 won ($252) apiece on Monday, up 2.68 percent from the previous session. The figure indicates a 9.42 percent rise in only half a month since its price stood at 281,000 won on Mar. 15. Institutional inv
April 5, 2022
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Batman Cola, Superman Cider hit convenience stores in Korea
South Korean convenience store GS25 said Monday it will launch its own series of sodas -- Batman Cola and Superman Cider -- in collaboration with entertainment giant Warner Bros. Both products will be priced at 1,700 won. “Our customer analysis shows that today’s younger generation no longer blindly goes for nationally recognized brand names but attaches greater value to product content,” the company noted as the reason behind launching a private brand product. According to
April 4, 2022
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Bumpy road ahead for SBW’s SsangYong Motor bid
Ssangbangwool Group, best known for its underwear business, is joining an estimated 1 trillion won ($819 million) bidding war to acquire debt-ridden carmaker SsangYong Motor whose takeover deal with Edison Motors has recently been called off. Ssangbangwool, or SBW, plans to turn in a letter of intent this week to the lead manager of the deal, EY Hanyoung, by forming a consortium led by subsidiary Kanglim, a maker of special-purpose vehicles like firetrucks and cranes. Other than Ka
April 3, 2022
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[Newsmaker] 65% of Millennials, Gen Z choose ethical consumption over price
Some 65 percent of South Korean millennials and Generation Z said they would buy products manufactured by ethical businesses even if they are more expensive than nonethical ones, a survey showed Sunday. In a survey conducted by the Korea Chamber of Commerce and Industry with 380 young people last month, 64.5 percent of respondents said they would choose products from businesses that uphold environmental, social and governance values over price. Some 4 percent said they are willing to pay ove
April 3, 2022
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Samsung CEO tells staff to ‘call me by my initials’
Samsung Electronics is one of many South Korean companies who have taken on reforming the use of honorific titles in the workplace, aiming for a more horizontal culture and removing hurdles that might have stifled employees’ creativity. The tech giant appears to have made a step toward this goal recently, namely from upper management. Samsung co-Chief Executive Officer Han Jong-hee told staff to call him by the initials of his given name rather than honorific expressions for his job ti
April 1, 2022
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Medytox files complaint with ITC against Hugel over botox dispute
South Korean botox maker Medytox has filed a complaint with the US International Trade Commission against its local rival Hugel over allegations of stealing its bacteria and manufacturing processes, the company said Friday. According to Medytox, the company lodged the complaint on Wednesday against Hugel, Hugel America and Croma-Pharma GmbH with top global law firm Quinn Emanuel Urquhart & Sullivan leading the litigation. Croma-Pharma, an Austrian family-owned company based on north of Vie
April 1, 2022
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‘Errand’ apps, fledgling business born out of pandemic
When 34-year-old Lee Min-ho tested positive for COVID-19, the most immediate concern for his young family was getting food and supplies. Instead of calling up his parents, Lee opted to use what is called an “errand app” on his phone. “I just needed a few items from the local store, and I didn’t want to bother other people. So I requested (an errand runner) to pick up the groceries and leave them at my doorstep,” he said. In the era of social distancing, mobile ap
March 31, 2022
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Posco International acquires Australian energy firm Senex
South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses. The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months to receive authorities’ approval. The latest acquisition marks the company’s fir
March 31, 2022
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LG Innotek display chief wins award
LG Innotek Co. said Thursday its chief of display solution business has won a presidential commendation for contributing toward increasing domestic production of key components and enhancing the global competitiveness of South Korea’s materials and components industry. Koo Han-mo, senior managing director at LG Innotek, was one of the awardees who received the honor on the 49th Commerce and Industry Day on March 16. Having joined LG Innotek in 2007, Koo worked as chief of the tape substr
March 31, 2022
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Korea Shipbuilding bags W589.5b order for 4 container ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 589.5 billion-won ($487 million) order to build four container carriers. Under the deal with a Liberian shipper, Hyundai Samho Heavy Industries Co., a KSOE affiliate, will build those vessels and deliver them by the second half of 2024. KSOE did not disclose the size of those container vessels. KSOE has bagged orders to construct 68 ships worth $7 billion so far this year, or 40 percent of its $17.44 billion year
March 31, 2022
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Volkswagen to launch 22 new, upgraded models in S. Korea this year
Volkswagen Group Korea said Thursday it will launch a total of 22 new and upgraded models under its four brands this year to boost sales amid the prolonged COVID-19 pandemic. The 22 models include the Volkswagen ID.4 all-electric SUV, the Audi A3 compact and Q4 e-tron, and several new Bentley and Lamborghini models, the German carmaker said. Audi Volkswagen Group Korea has changed its name to Volkswagen Group Korea (VWGK) in line with its parent Volkswagen Group's global efforts to turn itself f
March 31, 2022
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Industrial output falls for 2nd month in Feb.
South Korea's industrial output fell for the second straight month in February as economic uncertainty has heightened amid the upsurge in COVID-19 cases and surging energy costs driven by the Ukraine crisis, data showed Thursday. Industrial output declined 0.2 percent in February from the previous month, compared with a 0.3 percent on-month fall in January, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 4.3 percent. Retail sales, a gau
March 31, 2022
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Hyundai E&C start sales of Hillstate apartment in Geomdan
Hyundai Engineering & Construction, the construction arm of Hyundai Motor Group, said on March 22 that it started sales of its new Hillstate apartment complex in Geomdan New Town, Incheon. The apartment complex comprises 13 buildings and a total 1,535 units that range in size from 74 to 125 square meters. Since the Hillstate complex was partially built as public housing, it is subject to a price cap that is expected to push down sales prices compared to average market prices. Notably, apart
March 30, 2022
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[Herald Interview] US envoy says 10-year-old KORUS FTA is foundation for a new trade platform
The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec
March 30, 2022
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Hyundai Mobis bolsters software prowess for future mobility
Hyundai Mobis, the parts-making unit of Hyundai Motor Group, said Wednesday it aims to bolster its software prowess in preparation for the future of transportation where software will enrich driver and passenger experiences. As part of its efforts, the firm has launched a four-week training course called “Mobis SW Academy,” which focuses on automotive software engineering and embedded software technology crucial for developing automotive parts. Job seekers can join the program, a
March 30, 2022
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Cha Medical to build world’s largest CGT manufacturing facility
Cha Medical and Bio Group has officially begun the construction of Cell Gene Biobank, which is expected to be world’s largest single facility in the business of contract development and manufacturing organization for cell and gene therapy, the company said Wednesday. According to the company, it has invested 300 billion won ($248 million) into building CGB that features 10 stories above ground and four below ground to cover a total floor area of 66,115 square meters in Pangyo, Gyeonggi P
March 30, 2022
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Hanmi Global wins plant operation deal from SK Nexilis
South Korean construction management firm Hanmi Global said Wednesday that it has won an order from SK Nexilis to manage the copper foil making unit of SKC Group’s new plant in Poland that has an annual production capacity of 50,000 tons. Located in an industrial complex in Stalowa Wola, southeastern Poland, the plant will start mass production of copper foils – a key material for anode of electric vehicle batteries – from as early as 2014. Under the deal, Hanmi
March 30, 2022
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Hyundai Glovis introduces firefighting system for vehicles onboard cargo ships
Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it has established a firefighting plan for vehicles that are transported on cargo ships, a customized system to prevent risk of fire caught on electric vehicles on board a vessel. According to the company, it will place special equipment such as fire cover and water mist nozzle at all of its car-carrying ships. By putting this specially-coated cloth on a vehicle caught fire, the flow of oxygen will instantly stop and
March 30, 2022