Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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'Culinary Class Wars' producers deny trying to spice up results
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Hanwha Solutions acquires US hydrogen tank maker
Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy. Hanwha Solutions plans to complete the process to take over an entire stake in the US industrial tank equipment maker by April, the company said in a statement. "The company will invest $100 million, including the acquisition capital, in Cimarron by 2025," the statement said. The acquisition
Dec. 28, 2020
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Samsung Electronics top pick of S. Korean retail investors this year
South Korean retail investors have loaded up on shares in top-cap Samsung Electronics Co. this year, reaping a huge return on their investments, data showed Monday. Local individual investors had bought a net 14.7 trillion won ($13.3 billion) worth of common and preferred shares in the global tech giant as of Thursday, according to the data from the Korea Exchange. Retail investors' massive purchase has made Samsung, the world's leading smartphone and memory chip maker, the most-bought stock a
Dec. 28, 2020
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[Herald Interview] ‘Fair economy laws’ need adjustment to reflect reality: KCCI chief
The head of South Korea’s leading business lobby group called for additional legislative measures to minimize the side effects of the so-called fair economy laws, which have caused concern among business operators here. He added that Asia’s fourth-largest economy should refrain from relying too much on a fast-paced recovery, as the effects of the pandemic are likely to be enduring, and extraordinary measures entail fiscal repercussions later on. “Thanks to the health authorit
Dec. 27, 2020
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KOTRA opens ‘Korea Desk’ in Myanmar to support trade
The Korea Trade-Investment Promotion Agency said Sunday that it has opened a “Korea Desk” in Myanmar to support trade and investment between the two countries. Launched with the backing of South Korea’s Ministry of Trade, Industry and Energy and Myanmar’s Commerce and Investment ministries, the Myanmar Korea Desk will offer help to companies from both countries wishing to branch out into each other’s markets. While Korean businesses in Myanmar can receive new or
Dec. 27, 2020
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What now? Nearly on cusp of COVID-19 conquest, virus mutates
Coronavirus variants spreading out of the UK and South Africa are new obstacles for companies struggling to bring forth viable treatments and vaccines for the COVID-19 pandemic. The outstanding question is: Are the treatments and vaccines thus far developed still effective against the coronavirus variants? According to the World Health Organization, the UK variant has a genetic mutation in the S gene, making its binding affinity to human receptor cells more powerful. Simply put, this makes th
Dec. 27, 2020
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Posco uses smart technology to make plants safer
Steelmaking is dangerous work that involves heavy equipment and hot materials, including molten iron that gets as hot as 1,500 degrees Celsius. Minor mistakes can lead to deadly accidents. To prevent industrial accidents and to promote safety for its employees, Posco has implemented various smart technologies, the country’s leading steelmaker said Sunday. Recently, for example, the steelmaker introduced drones to its plants. In the past workers had to use ladders and climb about 100 m
Dec. 27, 2020
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Corporations to skip in-person New Year’s meetings amid pandemic
South Korea’s major corporate groups are opting out of hosting New Year’s kickoff meetings in person this year, as the coronavirus outbreak shows no signs of abating, according to industry sources. Companies such as Samsung and Hyundai Motor typically host large-cale staff meetings at auditoriums on the first workday of January to mark the beginning of a new year. But the ongoing global pandemic has made the logistics of holding such an event difficult, forcing companies to go onli
Dec. 27, 2020
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42 conglomerates earned W1.42tr in brand license fees from affiliates last year
South Korea's antitrust watchdog said Sunday 42 large business groups earned a combined 1.42 trillion won ($1.29 billion) by selling brand licenses to their affiliates last year amid concerns conglomerate owners could glean profits from such transactions. The 2019 tally marked a 7.6 percent rise from the previous year's 1.32 trillion won, according to the Korea Fair Trade Commission (KFTC). Of 64 business groups that are required to disclose such data, 42 conglomerates, or 65.6 percent, raised
Dec. 27, 2020
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Will perovskite solar cells provide answer to Korea’s carbon neutrality?
Starting in 2030, all new buildings in South Korea, public or private, with a gross floor area of 500 square meters or more must be fully energy efficient, generating the power they need from renewable sources such as the sun, wind and water. Part of the country’s grand plan to go carbon neutral by 2050, the zero-energy building rule is widely expected to boost local demand for solar panels for building walls. Next-generation solar cells made from materials called perovskites are dra
Dec. 26, 2020
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Mexico agrees to raise import quota of S. Korean cold-rolled steel products
Mexico has agreed to increase its import quota of South Korean cold-rolled steel products, South Korea's foreign ministry said Friday. Last month, Mexico said it will import 662,000 tons of cold-rolled steel sheets in 2023, up from 548,000 tons in 2019, according to the ministry. The move came after South Korean Deputy Foreign Minister Kim Gunn made the request for an import quota hike of cold-rolled steel sheets during his visit to the Latin American country in October. Cold-rolled sheets a
Dec. 25, 2020
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SK Innovation to inject W1tr into Georgia battery plants using green capital
SK Innovation said Thursday it will finance 1.09 trillion won ($986 million) to its battery manufacturing plants in Georgia through green bonds. According to the South Korean refinery-to-battery giant, it will guarantee the bonds to be issued by its US subsidiary SK Battery America in January next year. The fund will be used for the US unit‘s two battery plants currently under construction. Scheduled for completion in 2023, the two factories will offer a combined annual production cap
Dec. 24, 2020
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LG Chem sets course to new drug technologies after battery biz split-off
LG Chem has recently purchased a series of new drug technologies from South Korean bio companies, as part of an effort to seek a new growth engine after it split-off of its battery business. The company has signed two technology transfer agreements with local bio firms Medipost and ICM this month, the company said Thursday, with an aim to introduce two global new drugs within 10 years. The technology transferred from Medipost can grow mesenchymal stem cells in large quantities. LG Chem aims t
Dec. 24, 2020
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Cash-strapped Ssangyong Motor partially solves its parts supply deadlock
SsangYong Motor, which recently filed for court receivership due to a liquidity crunch, said Thursday that its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply. “Hyundai Mobis has announced that it will start supplying head lamps again, starting Dec. 29,” said an official of the company. The cash-strapped automaker had announced Wednesday that it will suspend the operation of its Pyeongtaek factory on Dec. 24 and 28 after its suppli
Dec. 24, 2020
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[Newsmaker] Coupang offers streaming for premium subscribers
South Korea’s major e-commerce platform operator Coupang said Thursday that it has launched Coupang Play, an over-the-top service that provides unlimited streaming to premium membership holders. Vying with global players such as Netflix and incoming Disney Plus, as well as a number of domestic rivals, Coupang Play will tap the video content market by bundling it with their Rocket Wow Club service at the existing price of 2,900 won ($2.63) per month. The application for Android mobile ph
Dec. 24, 2020
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SK Telecom teams up with AWS to launch 5G edge cloud service
SK Telecom Co., South Korea's top wireless provider, said Thursday it has partnered with Amazon Web Services Inc. (AWS) to launch the country's first 5G edge cloud service. The business-targeted service, named SKT 5GX Edge, provides users ultra-low latency for data-intensive services by connecting to AWS Wavelength Zones installed in SK Telecom's telecommunications offices, making it unnecessary for traffic to go through regional aggregation sites, according to the carrier. SK Telecom said it
Dec. 24, 2020
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S. Korea deploys 5G tech in airport virus check
South Korea said Wednesday it has introduced mobile edge computing (MEC) technology at Incheon International Airport to operate an artificial intelligence (AI) system that screens potential COVID-19 patients in a move to step up preventative measures against the pandemic. The Ministry of Science and ICT said the system will check for passengers without masks or with COVID-19 symptoms, such as high temperature, at the arrival and departure halls of the country‘s main gateway, located west
Dec. 23, 2020
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KCCI vies to beef up Korea-ASEAN biz partnership
Leaders of the Korea Chamber of Commerce and Industry in ASEAN countries discussed how to strengthen the strategic business partnership between the two regions at a meeting held online Tuesday. The Association of ASEAN Korean Chambers took place at the Four Seasons Hotel in central Seoul, joined by government officials and businesspeople. At the meeting, Ahn Byung-hwa, deputy chief of the Presidential Committee on New Southern Policy, introduced seven major tasks, such as comprehensive colla
Dec. 23, 2020
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Residents to be selected for Korea’s first smart community
Residents of South Korea’s first smart community, to be built in the southern port city of Busan, will be selected Thursday in a 148:1 competition, the company behind the project said Wednesday. The state-run Korea Water Resources Corp., also known as K-Water, will hold a drawing at BEXCO convention center to pick the lucky 36 households who will experience the cutting-edge technologies incorporated in prototype smart residences at the Busan Eco Delta City. They will join eighteen househ
Dec. 23, 2020
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Will Apple’s EV benefit Korean battery industry?
Upon the news that Apple will launch a self-driving electric vehicle by 2024, attention quickly shifted to which batteries it will use. Industry watchers predict that the Apple Car is likely to be loaded with LFP (lithium iron phosphate) batteries made by China’s CATL, but local lithium-ion batteries manufacturers, namely LG Energy Solution and Samsung SDI, will benefit from the US firm’s entry into the field in the long term. “Apple’s autonomous EV project, also know
Dec. 23, 2020
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COVID-19 consumption defined by ‘home, indoor life’
When the novel coronavirus made its appearance across the world earlier this year, optimistic market observers anticipated that “revenge spending” would eventually rebound to counter the damaging effect of the initial outbreak. South Korea, which had successfully retained its domestic virus spread in the first half of the year, had hopes for a while of seeing its domestic market get back on track within the year. But with a third wave of infections here and the stronger social dist
Dec. 23, 2020