Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Retail sales up 13% amid vaccine roll-out
Retail sales in South Korea moved up 12.9 percent in May from a year earlier, data showed Sunday, as more consumers visited offline shops amid the country's aggressive inoculation program. The combined sales of 25 major offline and online retailers reached 13.1 trillion won ($11.6 billion) last month, up from 11.6 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores advanced 8.8 percent over the cited period as Sou
June 27, 2021
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[Photo News] Lotte Maison Dong Busan opens in East Busan
Lotte Maison Dong Busan, the first brick-and-mortar shopping complex for furniture, home appliances and accessories with 38 domestic and foreign brands opened its doors in the southern port city on June 24. A number of top furniture brands, including Simmons, Hanssem, and ACE, have their products on display inside the shopping complex. Aside from the furniture stores, the living-focused mall features unique spaces as well, including “Pet Park”, a playground and training field fo
June 26, 2021
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Korean refiners turn to hydrogen in search of next 'oil'
South Korean refiners are jacking up investment in the burgeoning hydrogen market to secure their place in a world shifting away from fossil fuels and to get ahead of the next big change in the energy industry. Hydrogen, which burns clean when mixed with oxygen in a fuel cell, can be used for various industrial purposes, vehicles and ships, but it has been mostly used in oil refining and production of fertilizers. Large-scale usage of hydrogen requires not only manufacturing factories but als
June 26, 2021
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Posco partners with China’s HBIS Group to product automotive steel sheets
South Korean steelmaker Posco is working with Chinese steel producer HBIS Group Co. to produce and sell automotive galvanized steel sheets, the company said Friday. Through an online signing ceremony, the two companies inked an agreement to establish an equally invested joint company, Posco said. Posco Chief Executive Officer Choi Jeong-woo and Kim Hag-dong, the head of steel business unit, attended the event. “From our collaboration with HBIS Group we plan to reinforce our position a
June 25, 2021
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KH Group to acquire Alpensia Resort for W710bn
KH Gangwon Development, a special purpose company of KH Group, will acquire the Alpensia Resort in PyeongChang, which was used as a venue for the 2018 Winter Olympics, the company announced Friday. The company signed an agreement with Gangwong Province on Thursday to purchase the resort, some 180 kilometers east of Seoul, for 710 billion won ($629.65 million). The deal is expected to be finalized by Aug. 23, after due diligence. The Alpensia Resort served as the main location of the firs
June 25, 2021
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Samsung Electronics to vaccinate its workers from next month
Samsung Electronics Co. on Friday said it will begin running an in-house vaccination program for its workers next month to beef up antivirus measures amid the pandemic. The tech giant will inoculate employees aged 18-59 working at its plants in South Korea, as well as those dispatched from its partner companies, in cooperation with local health authorities. They will begin administering Moderna's COVID-19 vaccine at Samsung's in-house medical clinics July 27. Its affiliate Samsung Display Co.
June 25, 2021
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Posco, partner firms forge pact on shared growth
South Korean steelmaker Posco on Thursday vowed to pursue shared growth with its approximately 90 partners and suppliers. Posco Chairman Choi Jeong-woo proclaimed the new doctrine at a ceremony attended by representatives of labor unions at local firms tied to the steelmaker, as well as dignitaries such as Moon Sung-hyun, chairperson of the Economic, Social, and Labor Council under the presidential office, North Gyeongsang Province Gov. Lee Cheol-woo, Pohang Mayor Lee Kang-deok and lawmakers f
June 24, 2021
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Online hair salon bookings up 365%: Gmarket
Gmarket reported sharp increases in sales of vouchers for hairdressing salons, restaurant meals and cinema seats, the e-commerce giant said Thursday, calling it a sign that consumption is recovering. Sales of restaurant vouchers between May 21 and June 20 rose 67 percent on-year at Gmarket, while sales of movie tickets and vouchers for hairdressing salons respectively soared 183 percent and 365 percent on-year, the firm added. Auction, another one of the country’s major online shopping
June 24, 2021
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Kolon Industries to double production of aramid, key material for 5G, EV
Kolon Industries said Thursday it will inject 236.9 billion won ($208.6 million) to double the annual production capacity of aramid, a key raw material for fifth-generation network cables and electric vehicles, from the current 7,500 metric tons to 15,000 tons by 2023. According to the textile and chemical unit of Kolon Group, this is the second three-year expansion of its aramid plant in Gumi, North Gyeongsang Province. From 2017 to 2020, the company expanded the facility’s capacity 5
June 24, 2021
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Korea District Heating Corp. pledges to turn plastic waste into hydrogen
The Korea District Heating Corp. said Wednesday that it will launch a circular economy project to turn plastic waste into hydrogen. According to the KDHC -- one of the world’s largest district heating companies that serves over 1.5 million customers here -- it has partnered up with the Korea Energy Agency, SK Ecoplant and GS Power to develop a city model of the circular economy where plastic waste is converted into oil, then finally into hydrogen. The project will heat plastic waste u
June 23, 2021
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Local AI startup VoyagerX raises $27m from SoftBank, others
SoftBank Ventures Asia said Wednesday that it has injected $9 million into the series A funding of VoyagerX, a South Korean artificial intelligence software developer. SoftBank was joined by Altos Venture and Yellowdog in the round, which chipped in $9 million each making the total investment at $27 million. VoyagerX will use the funds to develop more advanced AI services and hire 100 more employees by next year. Founded in 2017, VoyagerX builds AI solutions and tools that leverage deep lear
June 23, 2021
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Hanwha Defense showcases localized weapons at Korea Defense Component and Equipment Fair
Hanwha Defense on Tuesday displayed weapons that have localized key parts at the Korea Defense Component and Equipment Fair 2021 held in Changwon, South Gyeongsang Province, on Wednesday. At the event, the defense affiliate of Hanwha Group showcased Cheonma, South Korea’s first short-range surface-to-air missile system deployed since 1999. Since this year, Hanwha Defense localized parts that are no longer produced and some of imported parts such as power suppliers, providing business opp
June 23, 2021
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A Lotte company introduces ‘workcations,’ allowing remote work from Jeju hotel
Big data consulting firm Lotte Members said Wednesday that it has begun a “workcation” program for its staff this month, offering the opportunity to work from Jeju Island. Some 10 employees will work from one of the country’s most popular holiday destinations for a week during each round of the eight-round program. During the week, participants will only work Monday to Thursday between 8 a.m. and 3:30 p.m., the company said. For safety reasons, workers who are part of the pr
June 23, 2021
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S. Korea to speed up efforts to cut greenhouse gas emissions from old ships
South Korea's oceans ministry said Wednesday it plans to speed up efforts to cut the emissions of greenhouse gases from older ships in line with new environmental regulations from an international body. Last week the International Maritime Organization (IMO) announced its plans to adopt tougher environment rules on ships built before 2013, according to the Ministry of Oceans and Fisheries. Previously, the restrictions on greenhouse gases from ships were applied to those built after January 201
June 23, 2021
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Global chipmakers to break ground on 29 fabs by 2022: report
Chipmakers worldwide will break ground on 29 new semiconductor fabrication plants (fabs) by 2022, including two in South Korea, a report showed Wednesday, as they try to meet rising demand. Semiconductor firms will start the construction on 19 new high-volume fabs by the end of this year and another 10 in 2022, according to SEMI, a global industry association representing companies in the electronics design and manufacturing supply chain. "Equipment spending for these 29 fabs is expected
June 23, 2021
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Property developer picked as final bidder for Eastar
South Korean property developer Sung Jung Co. said Tuesday the court has selectedit as the final bidder to acquire financially troubled budget carrier Eastar Jet Co. The Seoul Bankruptcy Court accepted Eastar's plan to sign a contract with Sung Jung on Thursday, Eastar Chief Executive Kim You-sang said over the phone. Early on Tuesday, Sung Jung received contract documents from the bankruptcy court through the deal's lead manager Deloitte Anjin LLC to buy Eastar, the company's Chairman Hyoung
June 22, 2021
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[Herald Interview] Cleaning startup Miso aims to be ‘Amazon of services’
Around 5 a.m. in Seoul, when most of the city is still asleep, it’s not difficult to see backpack-toting men in their 50s and 60s waiting in long lines outside staffing agencies, wondering if there are any day jobs available for them. For their female counterparts, or ajumma as Koreans would call them, the situation is slightly better but not very different. “Cleaners who were working in this industry before … like at 6 a.m., they go to the employee referral agencies, th
June 22, 2021
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Daewoo Shipbuilding to form global R&D alliance for cutting-edge shipbuilding technologies
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it plans to set up a global research and development alliance to develop state-of-the-art shipbuilding technologies. To sharpen its competitive edge in the construction of eco-friendly ships and smart ships amid their growing demand, DSME will establish the R&D alliance, along with four universities, five ship quality assurance and risk management companies, and five research institutes, the shipbuilder said. The fou
June 22, 2021
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SsangYong Motor's biz partners to receive additional financial help
Subcontractors of financially troubled SsangYong Motor Co. will receive additional financial help as the automaker is in search of a new investor. The state-run Korea Credit Guarantee Fund will provide 25 billion won ($22 million) for SsangYong's subcontractors, raising such help to 75 billion won in total, according to the Ministry of Trade, Industry and Energy. The move is aimed at maintaining the supply chain for the financially troubled carmaker to support its normalization. In December,
June 22, 2021
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Hanon Systems receives preliminary bids for controlling stake from foreign firms
French automotive parts maker Valeo and three other foreign firms have submitted preliminary bids for a controlling stake in automotive thermal management systems and automotive parts maker Hanon Systems, while local players have decided against the move, sources said Tuesday. Valeo, a key rival of Hanon Systems, and German automotive parts maker Mahle have reportedly submitted a preliminary bid for the 70 percent stake in Hanon Systems worth 6.6 trillion won ($5.8 billion) as of Tuesday, while
June 22, 2021