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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Hyundai Motor to build integrated data platform for mobility services
Hyundai Motor Group seeks to build an integrated data platform to provide real-time and tailored mobility services as part of its push toward the fast-evolving future industry, its division chief said Thursday. "Connected data is the basis of a platform. We plan to build a 'data lake' that utilizes data collected in real time from urban air mobility (UAM) and purpose-based cars (PBV), as well as passenger cars," Song Chang-hyun, the head of Hyundai's Transportation-as-a-Service (TaaS)
Nov. 11, 2021
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Hanwha Q Cells to build energy storage facility in Texas
Hanwha Q Cells, the solar solutions unit of South Korean conglomerate Hanwha Group, said Thursday it is developing an energy storage system (ESS) facility in the US state of Texas, expanding its foothold in the American renewable energy market. The Sputnik ESS facility, to be located in Hunt county, will work as an emergency generator to help the state maintain a stable power supply and ease the power system burden, the company said. It will be installed with batteries of 380 megawatt-hours, e
Nov. 11, 2021
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Samsung Life Insurance net sinks 54% in Q3
South Korea's top life insurer Samsung Life Insurance Co. said Thursday its third-quarter net profit plunged more than 50 percent from a year ago, but its bottom line rose 30 percent in the first nine months of the year. Consolidated net profit stood at 159.1 billion won ($134.7 million) in the July-September period, down 54 percent from a year earlier, Samsung Life Insurance said in a regulatory filing. Revenue increased 12.9 percent on-year to 9.09 trillion won in the three-month period, whi
Nov. 11, 2021
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ICT exports log 2nd monthly high in October
South Korea's exports of information and communication technology (ICT) products reached a second monthly high in October on the back of solid global demand for chips and displays, data showed Thursday. Outbound shipments of ICT products came to $19.92 billion last month, up 21.5 percent from a year earlier, according to the data from the from the Ministry of Science and ICT. The October tally marked the second-largest amount for the month on record and the 17th consecutive month of on-year ga
Nov. 11, 2021
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NCSOFT Q3 net down 34.8% on poor performance of new titles
NCSOFT Corp., a major South Korean online and mobile game developer, said Thursday that its net profit fell 34.8 percent in the third quarter from a year earlier due partly to poor performance of its new titles. Net profit stood at 99.5 billion won ($84.3 million) during the July-September period, compared with 152.5 billion won a year earlier, NCSOFT said in a regulatory filing. Sales fell 14.4 percent on-year to 500.6 billion won over the cited period, and operating income came to 96.3 billi
Nov. 11, 2021
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Unity to acquire Peter Jackson’s Weta Digital for metaverse opportunities
Unity Technologies, creator of 3D game engine Unity, said Wednesday it will acquire Weta Digital, a visual effects company co-founded by director Peter Jackson, to prepare for the global metaverse transition. Weta Digital worked on movies including “The Lord of the Rings: The Fellowship of the Ring,” “Avatar” and “Black Widow.” Under the $1.6 billion deal, Unity will obtain the firm’s technology division, including its artist tools and engineering ta
Nov. 10, 2021
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GS Caltex to livestream entire auto inspection process to customers
GS Caltex on Wednesday kicked off a livestreaming service where customers can check out in real-time how their cars are being fixed. According to the South Korean total energy company, the service, dubbed Kixx Live, will broadcast auto inspections live through a YouTube channel open exclusively for each customer. Customers can communicate with mechanics on the channel and watch the video again at any time. “Through Kixx Live, GS Caltex mechanics will communicate live with customers,
Nov. 10, 2021
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Kepco, six subsidiaries announce complete exit from coal by 2050
Korea Electric Power Corp. and its six power generation subsidiaries on Wednesday announced a gradual but complete exit from coal by 2050. Kepco and the six subsidiaries -- Korea Hydro & Nuclear Power, Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power -- together discharged 269.6 million tons of carbon in 2018, accounting for a whopping 37 percent of South Korea‘s total emissions. The seven companies’ carbon neut
Nov. 10, 2021
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Local companies given fewer corporate tax breaks than US, Japanese firms
South Korean companies are given far fewer tax breaks compared to their counterparts in Japan and the US, a report said Wednesday. According to an analysis by the Korea Economic Research Institute, the corporate tax deduction rate in South Korea in 2019 was 8.4 percent, while the rate in Japan was 24.8 percent and 18.6 percent in the US. This means that for every 100 won of tax paid, firms in the US get 18.6 won back and 24.8 won back in Japan, while in South Korea, corporations only get 8.4
Nov. 10, 2021
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Park Yong-maan retires from his last remaining role at Doosan
Park Yong-maan is stepping down from his last remaining post at Doosan Group, bringing official closure to an era for the country’s 15th largest conglomerate. According to Doosan, the 66-year-old tycoon has recently tendered his resignation as chairman of the group’s think tank, the Doosan Business Research Institute. It was his last remaining link to the conglomerate, which he ran as chief from 2012 until March 2016. His two sons who are incumbent executives at Doosan
Nov. 10, 2021
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Posco Chemical buys stake in Chinese EV battery material producer
Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it plans to acquire a 15 percent stake in a Chinese manufacturer of artificial graphite anode material as part of efforts to bolster its battery materials business. The decision, reached at a board meeting earlier in the day, enables Posco Chemical to invest 26.1 billion ($22.1 million) in Inner Mongolia Sinuo New Material Technology Co. and participate in the management of the company, the company said in a regulatory
Nov. 10, 2021
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KCCI warns S. Korea’s potential growth rate to drop amid low birth rates
The Korea Chamber of Commerce and Industry warned on Wednesday that South Korea’s potential growth rate could drop to the mid-one percent range as a result of low birth rates and a drop in labor productivity. In a report released on Wednesday, the chamber’s sustainable growth initiative division said South Korea’s total fertility rate hit a record low of 0.84 last year as it has been also hit with the fastest aging population among OECD members. Combined with a drop in labor
Nov. 10, 2021
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HHIH to launch W34b fund for digital health care and biotechnology
Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Wednesday it will launch a 34 billion-won ($28.8 million) fund to support promising startups in the digital health care and bio industries. The fund will help the company advance into the digital health care market and seek new business opportunities, HHIH said in an emailed statement. HHIH will invest in telemedicine, digital therapeutics, artificial intelligence-based diagnostics and new biomedicine de
Nov. 10, 2021
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SHK Smarter 7 develops varnish that inactivates COVID-19
SHK Smarter 7 said it has developed a varnish that inactivates, or virtually kills, more than 99 percent of the novel coronavirus. The eco-friendly paint and varnish producer said that when its Dr. Virus varnish is painted on walls and ceilings, repeated air circulation allows it to inactivate the COVID-19 virus and bacteria in the air. The anti-COVID-19 test of the new product was conducted at a bioveterinary research lab of Wageningen University in the Netherlands, which is an internation
Nov. 10, 2021
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Tobacco harm reduction policy in spotlight
The US Food and Drug Administration recently authorized for the first time an electronic cigarette to be sold in the US, drawing attention to a harm reduction policy, which is designed to lessen the negative social or physical impacts associated with tobacco use. The US FDA last month issued marketing granted orders to vapor company R. J. Reynolds for its electronic nicotine delivery device and accompanying tobacco-flavored e-liquid pods through the premarket tobacco product application (PMTA
Nov. 10, 2021
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SK Telecom Q3 net profit up 88% on equity gain, 5G growth
SK Telecom Co., South Korea's top wireless carrier, said Wednesday its third-quarter net income rose 88 percent on-year thanks to growth in 5G users and equity gains. Net income stood at 736.5 billion won ($623.3 million) in the July-September period on a consolidated basis, compared with 391.8 billion won a year earlier, according to a regulatory filing. Operating income rose 11.71 percent to 400 billion won over the same period, while sales increased 4.99 percent to 4.96 trillion won.The tel
Nov. 10, 2021
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China says it is in talks with S. Korea over urea water solution
China has been proactively consulting with South Korea to help ease its supply shortage of urea water solution needed in diesel vehicles, Beijing's foreign ministry said Tuesday. South Korea has been grappling with a shortage of urea water solution in recent weeks as Beijing last month tightened exports of urea and other raw materials amid a coal supply shortage. Coal is the main feedstock for urea. "China highly appreciates South Korea's demand for (urea) and has been proactively negotia
Nov. 9, 2021
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[Newsmaker] [KH Explains] Korea’s urea crisis
The sense of crisis is deepening in South Korea, as an acute shortage of a chemical called urea threatens to disrupt businesses across a vast spectrum from construction to retail. Government officials are mobilizing diplomacy to secure urea supplies from overseas, but no immediate solution is in sight. The Korea Herald looks at what is causing this sudden urea crunch and why this is such a hard problem to solve. 1. What is urea, anyway? Urea is a type of nitrogen made mainly of
Nov. 9, 2021
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[Hydrogen Korea] ‘Hydrogen steel’ is hailed as next big thing. Here’s what’s the hype is all about
Steel emits less carbon than diapers per ton of production. Due to its staggering size of production, however, steel is responsible for roughly 8 percent of the world’s carbon emissions and has been blamed as the main polluter driving up the planet’s temperature. Posco, the South Korean steelmaker, was the country’s greatest emitter of carbon last year. It discharged more carbon than it was allowed to by regulations, and even accrued debt worth 78.6 billion won ($66.4 mil
Nov. 9, 2021
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Korea-US business leaders call for trade secret protection amid supply chain jitters
Business leaders in South Korea and the US have called for the protection of confidential business information and urged to ensure the autonomy of the private sector as the post-COVID global supply chain is being realigned. During the 33rd Plenary Meeting of Korea-US & US-KOREA Business Councils on Tuesday, an event jointly held by the Federation of Korean Industries and the US Chamber of Commerce, issues such as bilateral relations, climate change and building a resilient global supply cha
Nov. 9, 2021