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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Ex-president's daughter investigated for drunk driving accident
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First lady’s Dior bag scandal to be at center of Assembly audit
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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Samsung Heavy to develop floaters for offshore wind turbines
South Korean shipbuilder Samsung Heavy Industries Co. said Monday it has launched its project along with DNV GL, a Norwegian ship quality assurance company, to develop floaters for offshore wind turbines. Under the deal with DNV GL, a leading global technical certification and standardization of offshore wind power, Samsung Heavy plans to develop large floaters that work to stabilize offshore wind turbines and remote-control maintenance technologies for them. Demand for offshore floating win
Oct. 26, 2020
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Daewoo Shipbuilding gets nod for floating facility for LNG, power supply
Daewoo Shipbuilding & Marine Engineering Co. said Monday that it has won approval for its floating facility to supply both electricity and LNG to an onshore facility, from ABS, a US ship quality assurance and risk management company. The facility, Floating Storage Power Plant LNG Cargo Handling System (FSPP LNG CHS), was developed by Daewoo Shipbuilding as the first in the global shipbuilding industry, the company said. "The floating storage power plant and the LNG cargo handling sys
Oct. 26, 2020
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Contact less, connect more: Korea Herald to host Biz Forum
As the COVID-19 pandemic has profoundly affected a restructuring of the economy, there is an increasing demand for in-depth discussions on changing consumer patterns, working environments, business regulations and new economic growth engines. Against this backdrop, The Korea Herald has called on experts in fields who have successfully demonstrated leadership in evolving business strategies and non face-to-face services and seeking new opportunities in the post-COVID-19 world. “The Kore
Oct. 26, 2020
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Doosan Infracore's sales of mini-sized excavators triple in S. Korea
South Korea's leading construction equipment maker Doosan Infracore Co. said Monday that sales of its mini-sized excavators in South Korea nearly tripled in the first nine months from a year ago. Sales of mini-sized excavators, which refer to those under 5 tons, rose 192 percent in the January-September period from a year ago, thanks mainly to Doosan Infracore's competitive edge in customer service, the company said. Compared with 2018, sales of mini-sized excavators increased four times in th
Oct. 26, 2020
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[News Focus] Lee Kun-hee: Giant who took a leap forward
Today’s Samsung Electronics stands as one of the world’s leading conglomerates, but at the time Lee Kun-hee took the helm of Samsung Group in 1987, the company was in need of radical change. Though Lee was born in Daegu in 1942 as the third son of Lee Byung-chull, founder of Samsung Group, it was perhaps his bold instincts for change and survival that made his father change his mind and bequeath the throne to Lee, bypassing his two older brothers. During his childhood, Lee was se
Oct. 25, 2020
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Private funeral planned for Lee Kun-hee
Although long anticipated throughout his years spent in hospital, the passing of Samsung Group Chairman Lee Kun-hee shook the nation Sunday morning. With Samsung Group formally confirming the late Lee’s passing, reporters flocked to the funeral hall of Samsung Medical Center in Ilwon-dong, Seoul, despite the conglomerate’s message that they would “courteously refuse any visits or presents of condolence.” Samsung said that the wake will be held for four days, and displa
Oct. 25, 2020
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[News Focus] Samsung's governance structure poised to change
Questions immediately followed the death of Samsung Group Chairman Lee Kun-hee as to whether there will be any changes in the conglomerate’s governance structure. However, the changes are expected to not be extensive at the moment, as Lee Jae-yong essentially already has control over the group. The Samsung Group ownership family, however, could find ways to transfer at least some of the deceased’s financial assets to his son, Lee Jae-yong, which would further support the family&rsq
Oct. 25, 2020
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Lee Jae-yong's 'New Samsung' era ushered in
Lee Jae-yong, only son of the late Samsung Chairman Lee Kun-hee, has played a central role in leading the conglomerate since late 2013. The vice chairman had been preparing to take on formal leadership of the group even before his father collapsed in May 2014, representing Samsung on major political occasions. Lee greeted former President Park Geun-hye in June 2013, when Park visited Samsung’s semiconductor plant in Xian, China. The greeting was interpreted as confirmation that Lee w
Oct. 25, 2020
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Architect of Samsung’s tech revolution, Chairman Lee Kun-hee dies at 78
Samsung Group Chairman Lee Kun-hee, 78, had turned Samsung into a global technology powerhouse and laid the foundation for the rapid growth of the South Korean economy. He died Sunday. With his death, Samsung formally enters a new era under the leadership of his son, Lee Jae-yong, who has come to the fore to succeed him at the helm of the conglomerate since 2013. Lee Kun-hee had been bed-ridden since a heart attack in May 2014, with his son acting as the de facto chief of the tech titan. Th
Oct. 25, 2020
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[Newsmaker] Lee Kun-hee: 'Hermit king' of the Samsung empire
South Korea's richest and most powerful industrialist, Lee Kun-hee, turned Samsung Electronics into one of the world's biggest tech companies but lived a reclusive existence. Still, occasional pronouncements on business by the tycoon, who died at 78 on Sunday, reverberated through the country. When he inherited the chairmanship of the Samsung group in 1987 -- founded by his father as a fish and fruit exporter -- it was already the country's largest conglomerate, with operations ranging from co
Oct. 25, 2020
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'Samsung Empire' architect Lee's feats well deserved, but tarnished by political scandal
Lee Kun-hee, the architect of now South Korea's top conglomerate, Samsung Group, had been making headlines in the country's business, social and even political realms since taking over the helm of the business empire from his father for his offbeat approaches and business insights. Lee inherited the Samsung crown in 1987 at the age of 45 when his father Lee Byung-chull, founder of the present day Samsung Group, died. Under his leadership, the group has the world's largest smartphome and memory
Oct. 25, 2020
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Retail sales up in Sept. on strong performance of online shops
Retail sales in South Korea advanced 8.5 percent in September from a year earlier as online shops enjoyed brisk sales amid the new coronavirus pandemic, data showed Sunday. The combined sales of 26 major offline and online retailers reached 11.9 trillion won ($10 billion) last month, up from 11.16 trillion won posted last year, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms led the overall growth, with their revenue advancing 20 percent over the
Oct. 25, 2020
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[Breaking] Samsung Chairman Lee Kun-hee dies at 78
Lee Kun-hee, chairman of South Korea’s top conglomerate, Samsung Electronics, died Sunday after being hospitalized for six years. He was 78. Born in 1942, Lee had led Samsung Group since 1987, following in the footsteps of his father, Samsung founder Lee Byung-chull. Lee Kun-hee collapsed due to a heart attack in May 2014 and remained hospitalized since then. He is survived by a son, Lee Jae-yong, and by daughters Lee Bu-jin and Lee Seo-hyun. Samsung Electronics' press offic
Oct. 25, 2020
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LG Electronics to release new budget smartphone in S. Korea
LG Electronics Inc. on Sunday introduced a new budget smartphone as the South Korean tech firm seeks to boost its presence in the mobile market with price-competitive devices. LG said the Q52 will go on sale in South Korea on Wednesday with a price tag of 333,000 won ($290). The handset is the fifth Q series model released this year. The Q52 has upgraded features and design compared with its predecessor, the Q51. However, the latest smartphone does not support 5G. The Q52 comes with a quad
Oct. 25, 2020
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SK’s Chey highlights ‘financial story’ to raise corporate value
SK Group Chairman Chey Tae-won highlighted the importance of creating a “financial story” for its affiliates, and how it can lead to a jump in corporate value when added with trust from the market and support from society. In the closing ceremony of the company’s annual CEO seminar held in Jeju Island, Chey spoke to the group management of the group’s vision. “The previous evaluation of corporate value, which centered on financial achievements such as sales and o
Oct. 23, 2020
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Hugel becomes first Korean firm to tap Chinese BTX market
Hugel became the first Korean botulinum toxin maker to enter the Chinese market for aesthetic BTX, which is estimated to be worth 1.75 trillion won ($1.55 billion) by 2025. Hugel announced Friday its Botulax gained China’s National Medical Products Administration’s approval for sales under the product name Letybo. Hugel is now one of the four companies authorized to trade in the wrinkle-smoothening toxin in China, which is believed have great demand for the aesthetic product. To
Oct. 23, 2020
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LG Chem applies for US phase 1 trial for NASH drug pipeline
LG Chem, partnering with Chinese firm TransThera Biosciences, has applied for a phase 1 clinical trial of its nonalcoholic fatty liver disease treatment in the US, the company said Friday. LG Chem’s pipeline TT-01025 is an investigational new drug for NASH, short for nonalcoholic steatohepatitis, which is a chronic dysfunction of the liver that can lead to cirrhosis or cancer. “With close collaboration with TransThera Biosciences, we expect to enter clinical trials more quickly t
Oct. 23, 2020
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Business leaders pick AI as catalyst for innovation: GE survey
A majority of business leaders who participated in the 2020 GE Global Innovation Barometer report acknowledged artificial intelligence as a catalyst for innovation, GE said Friday. The GE Global Innovation Barometer is an opinion survey that has been annually commissioned by GE since 2011 to identify changing perceptions of innovation among business executives around the world. This year, 2,307 executives from 22 countries and 1,004 science and engineering students from 10 countries participa
Oct. 23, 2020
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Posco returns to profit in Q3
South Korean steelmaker Posco and its affiliates posted an operating profit of 666.7 billion won ($588.6 million) in the third quarter, down 35.9 percent from the same time a year earlier. The total revenue reached 14.26 trillion won in the same period, down 10.8 percent on-year, and the net profit stood at 514 billion won, up 3.5 percent, the company said. While the quarterly performance stands short of the year before, the operating profit still jumped 297.5 percent on-quarter. Looking at
Oct. 23, 2020
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SK hynix to benefit from Intel deal in long term: analysts
SK hynix Inc.'s acquisition of Intel Corp.'s NAND memory business will bring positive results to the company, analysts here said Friday, as it can beef up profitability and technological prowess in the sector. South Korea's No. 2 chipmaker on Tuesday announced a 10.3 trillion-won ($9 billion) deal to buy Intel's non-volatile memory unit that includes its solid state drive (SSD) business and a NAND flash chip plant in Dalian, China. Local analysts said the deal will help SK hynix achieve econo
Oct. 23, 2020