Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Korean language teaching expert says demand has outstripped supply
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SK, Swedish private equity chiefs discuss future industries
SK Group Chairman Chey Tae-won met with Conni Jonsson, founder and chairperson of Swedish private equity firm EQT Partners, and discussed expanding ties on future industries, such as green energy and health care, officials said Sunday. In the meeting held Friday in Seoul, Chey told Jonsson about the conglomerate’s efforts in reducing carbon emissions, improving transparency in governance and creating both economic and social values, they said. “South Korea is a leader in hydrogen
Dec. 5, 2021
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Firms delay return to office, meal kits for year-end dinners amid omicron spread
A rapidly spreading fear over the omicron variant of the coronavirus has forced big corporations in South Korea to adopt stricter in-office quarantine guidelines again and restrict overseas business trips, casting a shadow over their business plans for next year. An increase in confirmed omicron variant infections has pushed the South Korean government to tighten its eased quarantine rules under their ‘living with COVID-19’ scheme, which kicked off Nov. 1. Starting Monday, the
Dec. 5, 2021
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Korean testing kit makers confident they can detect omicron
Amid worries over the omicron variant of COVID-19, Korean testing kit makers showed confidence in their equipment’s ability to detect the new virus variant, pushing up their stock prices again. GreenCross Medical Science said Friday that the effectiveness of its COVID-19 testing kit has been confirmed for the new omicron variant as well. In order to assess the validity of the result from its testing equipment, GCMS conducted the ‘in-silico’ experiment, which refers to a typ
Dec. 3, 2021
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Travelers, airport tighten up their guard against omicron variant of COVID-19
Silence prevailed at the departure gates of Incheon Airport on Thursday, a day after the nation reported its first cases of COVID-19’s omicron variant. People waiting to check in for their flights were seated meters apart with masks on. Some were wearing plastic gloves and face shields for extra protection. Cafes at the terminal were open but practically empty. “I mean, it’s the airport. Even my parents think working here makes me vulnerable to omicron. So I understand that
Dec. 3, 2021
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Daewoo Shipbuilding wins W383b order for offshore facility
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has signed a 383 billion-won ($325 million) deal to build a wind turbine installation vessel (WTIV). Under the deal with Monaco's Eneti Inc., the vessel will be delivered by the first half of 2023, DSME said. The latest deal was made in accordance with the 370 billion-won contract with Eneti in May, under which it has an option to place an order for an additional WTIV. The two WTIVs, which are 148 meters long and 56 meters wi
Dec. 3, 2021
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Drug Ministry cancels approval of 6 botulinum products
The licenses of six botulinum drugs will be revoked on Dec. 13, the Ministry of Food and Drug Safety announced Thursday. The Drug Ministry said the drugs were being sold in the country without obtaining the state approval to sell them in the domestic market. The drugs are four of Hugel’s Botulax units and two of Pharma Research Bio’s ReNTox units. The Drug Ministry will also shut down Pharma Research Bio’s production for six months, citing that the biopharmaceutical firm&
Dec. 2, 2021
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SK Group retains CEOs, delays decision on chairman’s brother
SK Group, the nation’s third-largest conglomerate, seems to be opting for stability rather than drastic changes in its year-end executive reshuffle, retaining all the CEOs at its key affiliates. While maintaining the top brass, 133 new executives are receiving promotions, the largest class in the past three years, in an apparent move to add weight to its new growth engine businesses that are still in their nascent phases with the potential to lead the group’s future. “Almos
Dec. 2, 2021
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Incheon Airport’s debt ratio nears 70% over plunging travel demand
Incheon Airport on Thursday forecast its debt ratio to spike to nearly 70 percent this year due to a plunge in flight operations and travelers amid the COVID-19 pandemic. The airport operator said in a press conference that flight operations are likely to have dropped 19 percent from last year, and travelers by 70 percent on-year. The downturn has hurt revenue, as the airport’s sales stood at 490.5 billion won ($416 million), a 55 percent drop from last year. The airport sought to respo
Dec. 2, 2021
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NIPA holds IoT Korea Online Business Meeting
The 2021 IoT Korea Online Business Meeting held by National IT Industry Promotion Agency from Nov. 2-4 wrapped up with several agreements reached by participating firms. Nearly 370 business meetings were arranged over the three days at the Pangyo 2nd Techno Valley Corporate Support Hubs. Small and medium-sized IoT companies in Korea have been seeking routes into overseas markets and have been doing so at large global trade shows every year. However, due to the pandemic, online export confere
Dec. 2, 2021
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New book offers tips for businesses on metaverse
Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world. Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEOs of Meta Factory, co-authored “The Metaverse Management,” based on their discussions as
Dec. 2, 2021
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[Herald Interview] Do you have a best friend at office? Human connection crucial for work efficiency, says behavioral scientist
After COVID-19 forced many aspects of our lives to become more isolated, the world is making a gradual move to return to how we used to be. Commuting to work has resumed and team lunches have been revived, although people still wear their masks and transparent acrylic panels have been erected between people at the tables. Although South Korea kicked off its “living with COVID-19” scheme with eased social distancing rules on Nov. 1, still today many are suffering from soc
Dec. 2, 2021
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[Battery+] 2nd urea crisis? Four metals China can weaponize to sink S. Korean EV battery firms
The ongoing urea solution shortage in South Korea is just a trailer. The real movie hasn’t even started yet. China can always send another wave of supply chain crises to Korea, and next time, the electric vehicle battery industry could be the target. According to Hana Financial Investment Thursday, electric vehicle batteries manufactured in South Korea by LG Energy Solution, Samsung SDI and SK On are heavily dependent on Chinese metals. “The three companies source 71 percent
Dec. 2, 2021
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More listed units of biz groups adopt e-voting for small shareholders
More listed units of South Korea's major business groups have adopted electronic voting and other types of voting this year than a year earlier in a bid to promote small shareholders' rights, the country's antitrust regulator said Thursday. As of May, 78.8 percent of 274 listed affiliates of the country's 62 major conglomerates, or 216 firms, had introduced at least one out of cumulative, written or e-voting systems, the Fair Trade Commission said in a report on large business groups' governanc
Dec. 2, 2021
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Doosan Robotics launches unmanned modular robot cafe
Doosan Robotics Co. said Thursday it has produced an unmanned modular robot cafe in cooperation with Folletto Robotics, a local unmanned beverage manufacturing system maker. Doosan Robotics is a subsidiary wholly owned by Doosan Corp., a holding company of Doosan Group, South Korea's 15th largest conglomerate by asset. The unmanned modular robot cafe is a kind of collaborative robot, which refers to a robot that can work with a human. The unmanned modular robot cafe can be manufactured by put
Dec. 2, 2021
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Hyundai Rotem wins W219b tram cars order in Canada
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 219 billion won ($186 million) order to supply tram cars to Canada. Under the deal, Hyundai Rotem will supply tram cars for the Valley Line West to be built between the downtown of Edmonton, Alberta, and the western part of the city by June 2027, the company said in a statement. The company didn't provide the volume of tram cars. Hyundai Rotem beat rivals such as Germany's Siemens AG,
Dec. 2, 2021
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Hyundai, Kia's US sales fall 13% on chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Thursday their combined sales in the United States fell 13 percent last month from a year earlier amid the global chip shortage. Hyundai and Kia sold a total of 89,663 vehicles in the world's most important automobile market in November from 103,068 units a year ago, according to the companies' sales data. Hyundai's US sales fell 20 percent to 44,345 units from 55,171 over the cited period, while Kia's declined 5.4 percent to 45,318 from 47,
Dec. 2, 2021
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Posco Chemical enters US EV battery market via GM joint venture
Posco Chemical and General Motors will form a joint venture and build a factory in North America to locally produce key electric vehicle materials, the two companies announced Thursday. Once completed in 2024, the new facility will produce and supply cathodes to Ultium Cells, a joint venture between GM and LG Energy Solution, which is building two EV factories in Ohio and Tennessee. Though size and location remain unclear, this is Posco Chemical’s first expansion to the US. Cathodes a
Dec. 2, 2021
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Posco mulls holding company structure: sources
South Korean steelmaker Posco Group is pushing to establish a holding company to make a breakthrough in business expansion and eventually to boost its market valuation, industry sources said Wednesday. Posco, the country’s sixth-largest conglomerate in terms of assets, has been drawing a downward graph in stocks despite its record-high business result this year due to the booming steel industry during pandemic. According to sources, Posco Group will table the issue of an es
Dec. 1, 2021
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Samsung, Ministry of SMEs team up to support smaller tech firms
Samsung Electronics and the Ministry of SMEs and Startups on Wednesday signed a memorandum of understanding to set up a 30 billion won ($25.4 million) fund supporting smaller tech firms here. Samsung and the ministry are contributing 15 billion won each with the aim of supporting research work for locally-developed materials, parts and equipment for the next five years between 2022 and 2026. “In order to respond to changes in this new normal era, innovation should occur not at a compa
Dec. 1, 2021
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Hyundai's Nov. sales fall 17% amid chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales fell 17 percent last month from a year earlier amid global chip shortages. Hyundai Motor sold 312,602 vehicles in November, down from 377,193 units a year earlier, the company said in a statement. Domestic sales declined 11 percent to 62,071 units from 70,035, as the lack of semiconductor parts continued to affect vehicle production and sales, it said. Overseas sales dropped 18 percent to 250,531 from 307,158 amid the
Dec. 1, 2021