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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Posco chief tapped for second term
Posco CEO Choi Jeong-woo has been chosen for a second term, the company said Friday. The steelmaker’s board of directors unanimously decided to reappoint Choi, whose term expires in March. The appointment is subject to final approval at the company's shareholders’ meeting, slated for March. Choi took office as the company’s ninth CEO in July 2018. It is customary for Posco CEOs to serve consecutive terms. By Shin Ji-hye (shinjh@heraldcorp.com)
Dec. 11, 2020
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HHI Group chosen as preferred bidder for Doosan Infracore takeover
Hyundai Heavy Industries Group has been selected as the preferred bidder to acquire a controlling stake in Doosan Infracore, Doosan Group’s engineering unit, HHI Group confirmed Friday. A consortium of Hyundai Heavy Industries Holdings, HHI Group‘s holdings company, and private equity firm KDB Investment beat out local construction materials firm Eugene Corp. in the takeover race. It offered about 800 billion won ($735 million) for a 35.41 percent stake in the firm. The equity
Dec. 11, 2020
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[Herald Interview] Wizbiosolutions thrives in pandemic
Wizbiosolutions started in 2010 as a one-man company. A decade of research and development down the road, it has encountered the ultimate stressor that has catapulted its growth -- the global COVID-19 pandemic. Wizbiosolutions’ portable diagnostics system, which enables field diagnostic test at airports and harbors, as well as room temperature storable reagent for polymerase chain reaction, have been key to the company’s successful Series A funding amounting to $10 million in Octobe
Dec. 11, 2020
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Samsung's share in wireless earphone phone market down in Q3: report
Samsung Electronics Co.'s share in the global wireless earphone market dropped slightly in the third quarter of the year, a report showed Friday, as more consumers lean toward cheaper products amid the pandemic. Samsung accounted for 5 percent of the global truly wireless stereo (TWS) product shipments in the July-September period, down 1 percentage point from the previous three months, according to market tracer Counterpoint Research. Apple Inc. remained the top wireless earphone vendor in
Dec. 11, 2020
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Camper van: Renault Master vs Hyundai Porest
The coronavirus pandemic has upended the world of travel, as people become more reluctant to take public transport or stay at guest lodgings. That has provided a golden opportunity for the local camper van market, which has enjoyed solid growth over the past few years. According to government data, the number of camping vehicles registered in South Korea reached 24,869 in 2019, marking a 20-fold increase from 1,300 in 2011. Industry officials expect the number to further grow, as the govern
Dec. 10, 2020
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Decision on LG-SK battery lawsuit delayed again to February
The final ruling on the battery patent lawsuit between LG Energy Solution and SK Innovation has been postponed to Feb. 10, the third delay in the US court case. The US International Trade Commission announced the delay on Thursday, without providing specific reasons. The court was originally scheduled to rule on Oct. 5, then the decision was delayed to Oct. 26 and then again to Thursday. The two Korean battery makers released official statements regarding the holdup, but with different int
Dec. 10, 2020
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GS Caltex’s biobutanol sales explode 1,000%
GS Caltex said Thursday its biobutanol sales have jumped more than tenfold on-year in the first 11 months of this year, due to growing demand for eco-friendly raw materials. The 2,3-butanediol chemical compound is a 100 percent natural substance easily found in nature including in soil, animals and fermented food. Thanks to its superb moisturizing and preservation effects, the substance is widely used as a raw material for cosmetics and personal care products. However, as 2,3-butanediol is
Dec. 10, 2020
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[News Focus] Revised laws may have big ramifications for major conglomerates
South Korean businesses on Thursday cried foul over the passage of what they called anti-business bills, saying the revisions could threaten management controls and put pressure on them at a time of unseen hardships stemming from the pandemic. Among the bills that passed the National Assembly on Wednesday, a revision to the Commercial Act regarding the “3 percent rule” has been met with the most criticism. The amendment requires listed companies to elect at least one auditor fro
Dec. 10, 2020
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LG Electronics CEO vows to improve mobile biz next year
The CEO of LG Electronics Inc. vowed Thursday to improve the company's mobile communications business next year amid the pandemic. Kwon Bong-seok said South Korea's No. 2 tech firm is "working hard" to create a turnaround in its struggling mobile business. "We are improving by reinforcing our cost competitiveness, and we plan to make quality improvements next year with growth in the premium sector," Kwon told reporters after the 15th Electronics and IT Day event in Seoul.
Dec. 10, 2020
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Samsung ranks 3rd in smartwatch market in Q3: report
Samsung Electronics Co. moved up to the third spot in the global smartwatch market in the third quarter of the year thanks to brisk sales of the Galaxy Watch3, a report showed Thursday. Samsung accounted for 10 percent of the global smartwatch shipments in the July-September period, up 2 percentage points from a year earlier, and surpassed China's BBK Electronics Corp., which settled for a 7 percent share, to take the third position in the market, according to industry tracker Counterpoint Rese
Dec. 10, 2020
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Posco Chemical to supply cathodes to LG-GM EV battery JV
Posco Chemical said Wednesday it will supply cathodes to Ultium Cells, a joint venture established by LG Energy Solution and General Motors last year. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it will provide cathodes to Ultium Cells’ electric vehicle battery manufacturing facility, which is set to begin mass production of NCMA (nickel, cobalt, manganese, aluminum) batteries that contain 90 percent nickel starting next year. Ca
Dec. 9, 2020
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Korea seeks carbon neutrality through LG, SK’s biodegradable plastic
South Korea has rolled up its sleeves to support the domestic biodegradable plastic industry to address carbon-intensive plastic products and achieve carbon neutrality by 2050. According to the recent “White Biotechnology Industry Revitalization Strategy” released by the Ministry of Trade, Industry and Energy, the government will create demand for biodegradable plastic products, which are two to three times more expensive than conventional plastic items. The fall in prices of oil a
Dec. 9, 2020
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S-Oil awards 8 heroic firefighters for 2020
S-Oil said Wednesday it had delivered 90 million won ($82,300) to eight firefighters for heroic actions. At an annual Hero Firefighters Award Ceremony held at its headquarters in Mapo-gu, western Seoul, the South Korean refinery and the Korea National Council for Social Welfare delivered award plaques of appreciation and cash awards to the eight awardees as part of its firefighter support campaign. Lee Sung-ha from Incheon Central Fire Station received the top award and 20 million won. Lee dis
Dec. 9, 2020
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Posco Chemical to supply cathodes for LG-GM EV battery joint venture
Posco Chemical Co., an affiliate of South Korea's steel giant Posco Group, said Wednesday it will provide a key element for Ultium Cells' rechargeable batteries for electric vehicles (EVs). Posco Chemical said it will supply cathodes, one part of lithium-ion batteries used in EVs, to Ultium Cells, a battery joint venture of American automaker General Motors Co. and South Korean chemical firm LG Energy Solution Ltd. The two companies will separately negotiate a supply deal of anode, a key mater
Dec. 9, 2020
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Chiefs of 20 conglomerates not registered as board members: regulator
The chiefs of 20 large business groups in South Korea, including top conglomerate Samsung Group, did not register themselves as board members of their affiliates, the antitrust regulator said Wednesday, a move widely seen as an attempt to avoid managerial responsibilities. As of May, the owners of Samsung, chemicals-to-construction conglomerate Hanwha, leading shipbuilder Hyundai Heavy Industries and 17 other conglomerates were not board members of the groups' affiliates, the Korea Fair Trade C
Dec. 9, 2020
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Samsung tops Russian smartphone market in Q3: report
Samsung Electronics Co. was the largest smartphone vendor in Russia in the third quarter of the year, beating its Chinese rival Huawei Technologies Co., a report showed Wednesday. Samsung accounted for 28.4 percent of smartphone sales in Russia in the July-September period, edging out Huawei by 2.9 percentage points, according to market researcher Counterpoint Research. China's Xiaomi Corp. came in third with a 22.6 percent share in the third quarter, followed by Apple Inc. with a 9.2 percent
Dec. 9, 2020
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Conglomerates spent more on R&D this year despite pandemic
Faced with growing market uncertainties stemming from the pandemic, large companies in South Korea expanded their research and development investment to secure future growth engines. Samsung Electronics and Naver led the way, data showed Wednesday. According to an analysis conducted by Seoul-based corporate tracker CEO Score of 217 of the nation’s top 500 companies by revenue, the companies’ total aggregate R&D spending came to 40 trillion won ($36 billion) from January to Sept
Dec. 9, 2020
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Samsung ranks fourth in Q3 wearables market: report
Samsung Electronics Co. was the fourth-largest vendor of wearable devices in the third quarter of the year, a market report showed Wednesday, amid soaring global demand for wearables. Samsung shipped 11.2 million units of wearable devices in the July-September period, up 32.2 percent from a year earlier, for a market share of 9 percent, according to the latest report from market tracker International Data Corp. (IDC). "Samsung's strategy to attack the earwear market with multiple brands
Dec. 9, 2020
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No. of newly established firms rises by most in 5 years in 2019
The number of newly establishment companies in South Korea increased by the most in five years in 2019, with one in four new entities engaged in the real estate business, data showed Wednesday. Last year, the number of newly created firms reached a record 997,000, up 77,000 or 8.4 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the largest on-year increase since 2014, when such firms grew by 94,000, according to the statistics agency. Of the newly cr
Dec. 9, 2020
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Samsung accounts for 10% of global feature phone market in Q3: report
Samsung Electronics Co. accounted for 10 percent of the global feature phone market in the third quarter of the year, a report showed Wednesday, amid the decline of the sector. Global feature phone shipments declined 17 percent on-year to 74 million units in the July-September period, according to market researcher Counterpoint Research. Samsung had a 10 percent share in the feature phone market in the third quarter, sharing third place with China's Tecno Mobile, a subsidiary of Transsion Gr
Dec. 9, 2020