Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
20 minors registered as CEOs making over 100 million won
-
7
Yoon honors veterans of Korean War in trip to Philippines
-
8
K-pop CEOs sidestep key issues at National Assembly audit
-
9
Man killed by fellow hunter who mistook him for wild boar
-
10
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
Budget carrier Eastar aims to pick new investor by early May: CEO
Financially troubled Eastar Jet aims to select a new investor by early May as several investors have shown an interest in the budget carrier, the company's chief executive officer said Tuesday. Eastar will decide whether to proceed with the investor selection process in the form of a "stalking-horse" bid or an open auction, by the end of this month, Eastar CEO Kim You-sang told Yonhap News Agency over the phone. In the stalking-horse bid, Eastar will select a preliminary preferred
April 6, 2021
-
Lotte Chilsung fined W1b over unfair practice
South Korea's antitrust regulator said Tuesday it has decided to fine leading beverage maker Lotte Chilsung Beverage Co. and its wine-selling affiliate a combined 1.1 billion won ($978,000) for hampering market competition. Lotte Chilsung unfairly supported its wholly owned unit MJA Wine for 10 years since 2009 in a bid to improve the affiliate's profitability, according to the Korea Fair Trade Commission (KFTC). Lotte Chilsung supplied wines to its affiliate at lower prices and shouldered lab
April 6, 2021
-
SK to buy 16% stake in Vietnam's largest retailer
SK Group said Tuesday it will make a strategic investment in VinCommerce, Vietnam's largest retail group, to tap into the fast-growing e-commerce segment in the Southeast Asian market. SK said its Southeast Asian investment arm signed a deal to buy a 16.3 percent share in VinCommerce for 460 billion won ($410 million). VinCommerce, a retail subsidiary of Masan Group, operates about 2,300 convenience stores and supermarkets in Vietnam, taking about 50 percent of the nation's retail sector. In
April 6, 2021
-
KITA provides market consultant program for exporters
In order to help out small and medium-sized exporters in the global market, the Korea International Trade Association and its business consultants have met to share successful case studies on the trade front, officials said Monday. “Since the COVID-19 pandemic, the global economy has faced a shift into a digital era and a new value chain,” said KITA Chairman Koo Ja-yeol during a meeting with KITA’s export consultants. “For (Korean) companies to gain momentum in the
April 5, 2021
-
Shipbuilding industry rebounds as global orders bundle in
South Korea’s shipbuilding industry is looking ahead to a prosperous year on the back of a global shipping volume recovery and heightened demands for eco-friendly vessels, industry data showed Monday. Of the 10.25 million compensated gross tonnage in global shipping order quantity from January to March this year, South Korean shipbuilders accounted for 5.32 million or 52 percent of the global volume, the Ministry of Trade, Industry and Energy said Monday, citing data from global shipping
April 5, 2021
-
[From the Scene] Perks of being a hydrogen taxi driver
Lee is a 61-year-old taxi driver in Seoul. He takes pride in being able to support his two kids, who both speak four languages, and his wife, who gives piano lessons at an elementary school. But there is also something else he finds satisfaction in -- his car that runs on hydrogen. After spending his whole life working for Hyundai Mobis, an auto parts arm of Hyundai Motor Group, the retiree now drives a Nexo -- Hyundai’s hydrogen fuel cell powered SUV. Lee, who preferred not to give his
April 5, 2021
-
Posco Chemical to supply key EV battery materials to LG-GM JV
Posco Chemical said Monday it would supply anodes to Ultium Cells, a joint venture established by LG Energy Solution and General Motors in 2019. The refractory and secondary battery materials arm of South Korean steel giant Posco, it will provide anodes to Ultium Cells’ electric vehicle battery manufacturing facility in Ohio, which is set to begin the mass production of NCMA (nickel, cobalt, manganese, aluminum) batteries that contain 90 percent nickel starting this year. “Thanks
April 5, 2021
-
Kumho introduces new all-season tire SOLUS TA51
Kumho Tire announced Monday that the company has launched the new all-season tire model SOLUS TA51 in South Korea. SOLUS TA51 is the tire maker’s first new product in three years, and comes in 34 different sizes, ranging from 16 inches (41 centimeters) to 19 inches. The tire product will be compatible with most car models in the local market, the company explained. It is a Korean market-only model. It is specially designed to be suitable for use in different weather conditions across
April 5, 2021
-
LG's departure from mobile biz to boost bigger rivals' presence
LG Electronics Inc.'s withdrawal from the mobile business is likely to help its bigger rivals such as Samsung Electronics Co. expand their presence in the sector at home and abroad, industry observers said Monday, as there are limited alternatives for local consumers. After years of money-losing performance, LG said it will close its mobile business by July 31. The decision came two months after the company hinted at exiting from its loss-making mobile communications (MC) unit. LG's departur
April 5, 2021
-
Samsung adopts new ERP system for efficient operation
Samsung Electronics Co. on Monday said the company adopted a new enterprise resource planning (ERP) system to enhance efficiency and productivity in its global operations. The South Korean tech giant said the system, which the company developed over the last 30 months, has been first used by its offices in China and Southeast Asian countries. Samsung said the new ERP system, called N-ERP, will be used by all of its overseas branches by January 2022. The world's largest memory chip and smartpho
April 5, 2021
-
Hankook Tire supplies tires for Chinese EV maker
Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Monday it has been supplying tires for Chinese EV company NIO's models since last year. Hankook Tire has provided the high-performance Ventus S1 evo 2 tires for NIO's ES6 and EC6 SUV models since 2020, the company said in a statement. The company didn't provide an exact time frame for the supply deal or the value of the deal. Hankook Tire has supplied original equipment (OE) tires to Audi models, such as
April 5, 2021
-
S. Korean casinos log big losses in 2020 on pandemic fallout
Casino operators in South Korea chalked up huge losses in 2020 as the coronavirus pandemic sent the number of visitors plunging, data showed Monday. State-run casino operator Kangwon Land Inc. registered an operating loss of 431.6 billion won ($382 million) last year, a sharp turnaround from an operating profit of 501.2 billion won a year earlier. Kangwon Land, the country's only casino open to locals, is located in Jeongseon, some 200 kilometers east of Seoul. Another state-run casino operat
April 5, 2021
-
Samsung to fund W46.4b for 27 research projects
Samsung Electronics Co. said Monday it will provide support of more than 46.4 billion won ($41 million) for 27 research projects in the areas of basic science, materials engineering and ICT solutions. The South Korean tech giant confirmed the research projects chosen for funding in the first half of 2021, which include studies related to machine learning, artificial intelligence (AI) and DNA sequencing. Since 2013, Samsung has been helping to strengthen the development of basic science and f
April 5, 2021
-
S. Korean units of 3 foreign automakers suffer slump in Q1 sales
South Korean units of three foreign carmakers posted a 24 percent on-year drop in their domestic sales in the first quarter of the year, suffering the worst performance since the 2009 financial crisis, industry data showed Monday. From January to March, GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- the Korean units of General Motors Co., Renault S.A. and Indian carmaker Mahindra & Mahindra Ltd. -- sold a combined 43,109 vehicles in the domestic market, down from 56,5
April 5, 2021
-
KAI sets sights on Asia No. 1 in ‘new space’ era
From flying cars to private satellites, the paradigm of global aerospace industry is shifting faster than ever. After SpaceX ushered in the dawn of the “new space” age, private players are now making an aggressive foray into the space industry, which had been dominated by governmental agencies. At this turbulent time, Korea Aerospace Industries, the nation’s sole aircraft manufacturer, aims to capture new opportunities in order to rise as Asia’s No. 1 aerospace comp
April 4, 2021
-
[#WeFACE] ‘Gas stations will disappear, but not their social roles’
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. One electric vehicle charger installed at a service station in Seoul generates no more than 100,000 won ($88.1) in revenue per month. After electricity bills are paid and
April 4, 2021
-
ManpowerGroup expands presence with RPO Solution in Korea
Since its launch last year, Manpower Korea’s recruitment process outsourcing -- or RPO -- service has garnered positive feedback from clients for completing recruitment at a reduced time and cost. According to the Korean unit of ManpowerGroup, a global workforce solutions provider headquartered in Wisconsin, two projects last year exemplified the strength of its Talent Solutions RPO service in the local market. In one of the cases, a US-based health care company was able to achieve its
April 4, 2021
-
Hybe: Breaking down K-pop giant’s aggressive expansion
Hybe, formerly known as Big Hit Entertainment and home to South Korean pop group BTS, made headlines over the weekend following the announcement that it has bought Ithaca Holdings, a US music firm behind the likes of Justin Bieber and Ariana Grande. The $1 billion deal has been described as “inevitable” by Hybe Chairman and CEO Bang Si-hyuk who said the two firms will work closely together to “transcend borders” and “break down cultural barriers.” Scooter Br
April 4, 2021
-
Korean shipbuilders bask in robust new orders in Q1
South Korean shipbuilders clinched orders in the first quarter worth ten times more than the total orders logged for 2020, as the shipyard industry is recovering from the fallout of the pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders for 126 ships or 5.32 million compensated gross tons (CGTs) in the January-March period, according to the data provided by global market researcher Clarkson Research Service. The tally compared with orders for 5
April 4, 2021
-
Genesis to launch sedan, SUV in China
Genesis, the independent luxury brand of Hyundai Motor Co., said Friday it will debut its flagship sedan and sports utility vehicle (SUV) in China to target the high-end segment in the world's largest vehicle market. Genesis showcased G80 sedan and GV80 SUV in a media event in Shanghai, which will be the first duo to enter the Chinese market this year. "Genesis will bolster its luxury brand image to target the young generation, a key customer group in the fast-rising Chinese luxury car m
April 2, 2021