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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Oriental Brewery to raise beer prices over rising costs
The Korean beer maker Oriental Brewery said Wednesday it would lift prices of its beer products by an average annual rate of 7.7 percent starting from March 8. The price hike comes as the company seeks to offset higher raw material and packaging costs fueled by COVID-induced supply disruptions. The beer manufacturer said it has seen the global price of barley, the primary ingredient of beer, climb by 33 percent since pre-pandemic levels. The price of aluminum, the core material for packagi
March 2, 2022
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Korea joins IEA to release 60m barrels as oil prices soar
To stabilize soaring global oil prices amid the heightening crisis between Russia and Ukraine, South Korea on Wednesday decided to join the International Energy Agency to release 60 million barrels to the market. According to the Ministry of Trade, Industry and Energy Wednesday, the 31 members of the IEA held an online meeting on Tuesday and agreed to inject some 60 million barrels of emergency reserves to alleviate concerns over an oil supply crunch as the result of Russia’s ongoing inva
March 2, 2022
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K-diaspora project launched to support young ethnic Koreans overseas
The Korea Herald on Wednesday signed a memorandum of understanding with two local organizations to support a project to build the capacity of young ethnic Koreans residing overseas. The K-Diaspora Project envisages shaping Korean youth in 190 countries – roughly 2 million in total - into global leaders that share an identity anchored in Korean roots. Godowon Foundation, a non-profit organization dedicated to youth mentoring, and the Blue Tree Foundation, an NGO against school violence, h
March 2, 2022
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[Newsmaker] Nexon founder Kim Jung-ju, pioneer in Korea's gaming industry, dies at 54
Kim Jung-ju, the founder of South Korea’s biggest game maker Nexon and an engineer-turned-entrepreneur who led the country’s burgeoning game industry which also made him the richest man here, passed away on Monday. He was 54. According to Nexon’s holding company NXC, Kim died on Feb. 28 in Hawaii, the United States. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, the company said. Born in February 1968 in Seoul,
March 2, 2022
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S. Korean builder sentiment inches up in Feb.
South Korean builders' business sentiment edged up in February from a month earlier on the back of increasing orders, a poll showed Wednesday. The country's construction business survey index (CBSI) came to 86.9 last month, up 12.3 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. Yet February's tally was still below par. A reading below 100 indicates that builders who are pessimistic about the industry's current state outnumber
March 2, 2022
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POSCO launches holding firm to better focus on non-steel biz
Posco, South Korea's top steelmaker, launched a holding company Wednesday to better nurture non-steelmaking businesses, such as battery materials and hydrogen. In January, shareholders of Posco approved a plan for the steelmaker to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group's holding company, Posco Holdings Inc., will focus on charting out future business, research and development, and investment. The steelmaking business
March 2, 2022
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Celltrion's autoimmune disease biosimilar lands in S. Korea
South Korean pharmaceutical giant Celltrion Inc. said Wednesday that its autoimmune disease biosimilar Yuflyma has begun sales in the domestic market. Yuflyma -- a biosimilar referencing blockbuster drug Humira by AbbVie Inc. -- is used to treat patients with multiple chronic inflammatory diseases, such as rheumatoid arthritis and psoriasis. The high-concentration biosimilar is already being marketed in major European countries following its approval from drug authorities last year. Yuflyma requ
March 2, 2022
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Hyundai, Kia's US sales rise 6.4% in Feb.
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 6.4 percent in February from a year earlier despite the prolonged pandemic and chip shortages. The corporate duo sold a total of 105,088 vehicles in the world's most important automobile market last month from 98,797 units a year ago, according to the companies' sales data. Hyundai's US sales jumped 10 percent to 55,906 units from 50,735 over the cited period and Kia's also climbed 2.3 per
March 2, 2022
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[CONTRIBUTION] Embracing change in business: Why it matters
In the face of global environmental challenges like climate change, sustainability is on every CEO‘s agenda. The debate on “net zero” dominated discussions in the sustainability arena in 2021. We are witnessing a trend where a growing number of large corporations and financial institutions are pledging to achieve net-zero emissions by 2050. Sustainability is top-of-mind for CEOs in Korea and around the world. It heads a shortlist of priorities that also embraces new business
March 2, 2022
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S. Korea's production, consumption fall in January
South Korea's production and private spending both fell for the first time in nearly two years in January, due largely to a high base effect, data showed Wednesday. Industrial output fell 0.3 percent in January from the previous month, compared with a 1.3 percent on-month gain in December last year, according to the data compiled by Statistics Korea. It marked the largest on-month fall since July 2021 when industrial output decreased 0.8 percent. Retail sales, a gauge of private spending, logged
March 2, 2022
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Nexon founder Kim Jung-ju dies at 54
Kim Jung-ju, founder of South Korea’s biggest game maker Nexon, passed away on Monday. He was 54. Nexon’s holding company NXC said Tuesday evening that Kim died in Hawaii, US, on Feb. 28. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, it said. The cause of death was not given. Nexon CEO Owen Mahoney paid condolences to Kim. “It is difficult to express the tragedy of losing our friend and mentor Jay Kim, a man w
March 1, 2022
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Hyundai Motor halts production in Russia for 5 days
Hyundai Motor has shut down its manufacturing plant in St. Petersburg, Russia, on Tuesday for five days, citing a semiconductor shortage, the company's headquarters in Seoul confirmed. “The plant will be shut down temporarily due to supply disruption caused by a semiconductor shortage,“ an industry official said. "The decision has nothing to do with Russia and Ukraine.” According to local reports, the carmaker has also stopped its car deliveries to dealers. Hyundai sold
March 1, 2022
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Posco to invest W5tr in Gwangyang steel mill
Posco Group will invest 5 trillion won ($4.1 billion) in Gwangyang, South Jeolla Province, one of the steel giant’s two production bases, for the next three years, according to industry sources Tuesday. This year alone, an estimated 1.7 trillion won will be invested to beef up production of eco-friendly high-strength steels like electrical steels for cars, as well as to expand overall production capacity at the steelmaking complex in the region. Sources say the new investment plan come
March 1, 2022
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[MWC 2022] SKT CEO bets future on metaverse, AI chip, quantum cryptography
BARCELONA, Spain -- SK Telecom CEO Ryu Young-sang announced at World Mobile Congress 2022 on Monday, local time, that the firm has chosen three new technologies to seek future growths -- metaverse, artificial intelligence chips and quantum cryptography. During a press conference, Ryu pledged to make a foray into those future technologies this year as the company has accumulated enough know-how on 5G, which was commercialized three years ago. Based on its 5G experience, SKT aims to introduc
March 1, 2022
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Exports up 20.6% in Feb. on robust chip, auto shipments
South Korea's exports jumped 20.6 percent in February from a year earlier as overseas shipments of chips, autos and other key products increased amid a global economic recovery, data showed Tuesday. Customs-cleared outbound shipments stood at $53.91 billion last month, up from $44.71 billion a year earlier, according to the preliminary data compiled by the Ministry of Trade, Industry and Energy. It is the highest figure for February since the ministry began compiling related data in 1956. It a
March 1, 2022
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S. Korea remains 5th in global car production: KAMA
South Korea was the fifth-largest country in the world in terms of auto production last year, keeping its rank for the second consecutive year despite the chip shortage-triggered decrease in car manufacturing, data showed Monday. According to the Korea Automobile Manufacturers Association, the country produced some 3.46 million cars, a 1.3 percent decrease from the year before. KAMA explained that despite a global shortage of semiconductors, South Korea was able to minimize the decrease in out
Feb. 28, 2022
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Number of safety accidents deaths down after new industrial law
The number of deaths at workplaces due to safety accidents has fallen compared to a year ago after the country enforced a strengthened industrial safety act, according to government data. The Labor Ministry data showed that from Jan. 27 to Feb. 26, a total of 42 people died from 35 fatal industrial safety accidents, compared to 52 deaths from 52 accidents that occurred over the same period last year. In a one month period, 18 workers in the manufacturing industry lost their lives,
Feb. 28, 2022
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Korea Investment & Securities to back PAI Partners in acquiring Tropicana
The securities company Korea Investment and Securities said Monday it will participate as a joint lead arranger to back PAI Partners’ acquisition of the orange juice brand Tropicana. The Paris-based private-equity firm PAI Partners agreed to buy a majority interest in a portfolio of juice brands, including Tropicana, from PepsiCo last August. Investment banks like Credit Suisse and Bank of America are involved in helping PAI Partners obtain $4.4 billion (5.27 trillion won) in loans neede
Feb. 28, 2022
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Big data firm DataStreams starts online academy
Big data platform company DataStreams Corp. said Monday it launched an online academy and appointed instructors last week to deliver the firm’s big data and data governance knowledge to its staff, partners, students and the public. DS Academy will offer 57 lectures in nine courses on products, consulting, big data infrastructure, data integration using the company’s data fabric solution TeraONE, big data governance, big data fabric and artificial intelligence big data analysis, amon
Feb. 28, 2022
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Samsung Bioepis secures 10 biosimilars in 10 yrs
Samsung Bioepis Co. said Monday that it has secured a total of 10 biosimilar products, including five that are globally available, as the South Korean biopharmaceutical company celebrates its 10th year anniversary. Founded in 2012, Samsung Bioepis has won global approval for a total of six biosimilars -- Infliximab, Etanercept, Adalimumab, Trastuzumab, Bevacizumab and Ranibizumab. Samsung Bioepis is a joint venture between Biogen and Samsung Biologics Co., one of the world's major contract drug
Feb. 28, 2022