Most Popular
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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More deaths in ICU following doctors' mass walkout: lawmaker
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NewJeans’ Hanni to attend National Assembly audit as witness
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North Korea already cut off inter-Korean roads in Aug.: JCS chief
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Security issues to take center stage at ASEAN summit
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MBK starts sell-off talks for Homeplus Express
Asia's largest private equity firm MBK Partners is to push for the sale of Homeplus Express, a supermarket unit of Homeplus, according to industry officials Monday. The firm has kicked off the process by selecting Morgan Stanley as the sales manager for the deal. The details of the sales plan have not been released yet. Though the market had projected that the equity house would be eyeing an exit on Homeplus soon, the sales plan has been limited to its unit Homeplus Express for the time bei
June 3, 2024
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Toss Bank outpaces bigger rivals in workers' pay
Internet-only lender Toss Bank led the local banking industry by paying its employees the highest salaries last year, surpassing even the nation's top five commercial banks. According to recent management disclosure reports from the Korea Federation of Banks, Toss Bank, operated by financial technology company Viva Republica, boasted an average annual salary of 126.2 million won ($92,000) for employees in 2023, a notable 11.5 percent increase from the previous year's 113.14 million won
June 3, 2024
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Korea bets big on gas, oil prospects in East Sea
South Korea has approved a large-scale project to carry out exploration drilling of potentially massive gas and oil reserves, which could hold up to 14 billion barrels of gas and oil in the deep sea off the country’s southeastern coast, President Yoon Suk Yeol announced Monday. Yoon highlighted that the maximum amount of buried gas and oil would be enough for the country to use for 29 years and four years, respectively. He said the government entrusted Act-Geo, a top global deep-sea techno
June 3, 2024
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Chey apologizes for 'public concern' after massive divorce settlement
SK Group Chairman Chey Tae-won issued an apology on Monday after his high-profile divorce settlement ruling -- ordering him to pay a record 1.38 trillion won ($1 billion) to his ex-wife -- raised concerns for the company's employees and stakeholders. Taking part in an extraordinary meeting held by the SK Supex Council, the conglomerate's top decision-making body, Chey also vowed to do his best to make sure his personal affairs do not have negative impacts on the company’s busines
June 3, 2024
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Daesang to ramp up kimchi production in Vietnam
South Korea's food maker Daesang announced Monday the expansion of its manufacturing plant in Vietnam with an investment of approximately 30 billion won ($21.8 million). Vietnam is a key market for Daesang's global business. Fueled by the K-food wave, Daesang’s food and materials sales exceeded 200 billion won last year. In line with this success, Daesang’s subsidiaries, Daesang Vietnam and Daesang Duc Viet, have each completed their second factories in Hai Duong Province a
June 3, 2024
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Korea Ginseng's fermented red ginseng boosts immunity
Korea Ginseng, a ginseng brand of Korean health product and cosmetics retailer DAV International, has introduced red ginseng products to combat exhaustion and weakened immunity due to recent temperature fluctuations. Red ginseng is renowned for its immune-boosting properties, particularly its antioxidant and blood flow benefits. These benefits are largely attributed to saponins, compounds found in ginseng that help defend against external factors such as viral infections. Specifically, ginsenosi
June 3, 2024
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[Contribution] Why Korea-Africa summit matters
By Lee Seong-woo Vice president of the Korea Chamber of Commerce & Industry The 2024 Korea-Africa summit is set to be held this week in Seoul. Korea and Africa have hosted ministerial forums to promote exchanges and cooperation since 2006. The upcoming summit is expected to elevate their ties to the next level. Africa may have struggled to achieve economic development and social stability but the region has also been highlighted as the “continent of the future” for many reasons
June 2, 2024
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[Herald Interview] Korea’s space sector should strive for ‘balanced portfolio’
The Korea AeroSpace Administration, the government’s new space body, officially began operations last week with the hope of vaulting the country into the category of the top five space leaders across the globe. Steve Chien, a longtime artificial intelligence expert at the US National Aeronautics and Space Administration, says the space sector should try to have a “balanced portfolio.” “You have the government. You have big companies. You have small companies. You have uni
June 2, 2024
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Korean biotech firms seek to shine at Bio USA amid China’s boycott
A record number of South Korean pharmaceutical and biotech companies are joining this week’s Bio International Convention to showcase their latest innovations and boost client partnerships amid the absence of their Chinese rivals. The event, also known as Bio USA, will run Monday through Thursday in San Diego. Aligning with this year's theme, "Time for Science to Shine," more than 20,000 biotechnology and pharma leaders have registered for this year's convention. From K
June 2, 2024
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HiteJinro marks centennial with renewed growth push
HiteJinro, the nation's oldest liquor-maker marking its centennial this year, on Wednesday renewed its emphasis on product quality and customer engagement. "We believe the key to maintaining a 40 percent share of some 2,729 manufacturing licenses in Korea today is HiteJinro's exceptional products, marketing and sales skills all combined as teamwork," said Kim Hyun-jin, managing director of HiteJinro's sales division, during a press conference in Seoul. HiteJinro traces
June 2, 2024
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Naver Webtoon eyes $4b Nasdaq listing
Naver Webtoon, also known as Webtoon Entertainment in the US, has kicked off the initial public offering process, as it filed a registration statement with the US Securities Exchange Commission for listing on the Nasdaq market. Despite the unsettled atmosphere within Naver due to recent controversies surrounding its ownership of Line, the messaging app popular in Japan, the webtoon unit aims to complete its Nasdaq stock listing no later this year. Webtoon Entertainment submitted the statement on
June 2, 2024
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HD Korea Shipbuilding unveils safer ammonia-powered ships
HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding and offshore businesses, unveiled its latest advancements in ammonia-fueled vessel technology at the Global Tech Forum on Friday in Athens, Greece. At the forum, which attracted over 100 attendees from the global shipbuilding and maritime industry, the Korean vessel manufacturer introduced its integrated scrubber technology designed to nearly eliminate toxic gas emissions from am
June 2, 2024
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Korea seeks to bolster ties with Tanzania, key supply chain partner
South Korea has been seeking to bolster ties with Africa, with its vibrant economies, young population and abundant natural resources. Tanzania, among others, is emerging as a key partner at a time when countries around the world are competing to secure high-value natural resources amid fast-reshaping supply chains for key industrial sectors. Korea has also been working to elevate economic ties with Tanzania, home to 633 million people – Africa's fifth-largest nation by population. Th
June 2, 2024
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Chubb unites Korean insurance arms under 'Lina' brand
US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary, announced Friday that it will rename its brand from Ace General Insurance to Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One. "The unified 'Lina' brand embodies
May 31, 2024
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How will SK chief's W1.3tr divorce settlement affect his ownership?
The high-profile divorce settlement ruling ordering SK Group Chairman Chey Tae-won to pay his ex-wife a record 1.38 trillion won ($1 billion) has commanded attention for how the chaebol chief will raise the cash as well as the possible impact the ruling could have on the shareholding structure of the nation’s second-largest conglomerate. The Seoul High Court on Thursday ordered Chey to pay 1.38 trillion won in property division and 2 billion won in a one-off alimony payment to his estrange
May 31, 2024
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Lotte Biologics forges partnership with Merck for raw materials supply
Lotte Biologics, a South Korean contract development and manufacturing organization, and Merck’s process solutions arm signed a letter of intent for a strategic partnership in biopharmaceutical manufacturing and process development, the company said Friday. Under the partnership, Lotte Biologics plans to purchase raw materials and solutions from Merck for its development and production of pharmaceutical products in the future. “Lotte Biologics expects its partnership with Merck will
May 31, 2024
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Toss Bank racks up profits for third quarter in row
Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 billion won recorded in the same period last year. This figure nearly doubled from the 8.6 billion won logged in the third quarter of the previous year, when the online bank first reported a quarterly
May 31, 2024
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S. Korea to build up to 3 new nuclear reactors by 2038
South Korea plans to build up to three new nuclear reactors by 2038 in line with efforts to cut carbon emissions and meet the growing electricity demand, officials said Friday. The plan, which will run from 2024 to 2038, comes under the biennial energy blueprint submitted by a group of experts to the government, which sets a strategy for the supply of electricity and the energy portfolio, according to the Ministry of Trade, Industry and Energy. Under the plan, the portion of carbon-free energy s
May 31, 2024
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Tech influencers discuss AI, robotics, health tech at EmTech Korea
Global tech influencers and professors gathered at this year's EmTech Korea to discuss the impact and potential of breakthrough technologies encompassing artificial intelligence in various sectors including space and robotics, energy and health tech, in Seoul on Thursday. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul, for the first time
May 30, 2024
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Gyeonggi governor urges sweeping changes to survive uncertainties
The Korea Herald on Wednesday hosted its weekly Global Business Forum (GBF) under the theme “Age of Hyper-Uncertainty: Global Business Opportunities and Trends,” with Gyeonggi Governor Kim Dong-yeon and German Ambassador to Korea Georg Schmidt in attendance as the key speakers. In his welcoming speech, Ambassador Schmidt stressed that the world’s advanced economies, including Germany and South Korea, are faced with similar challenges such as trade protectionism, geopolitical te
May 30, 2024