Most Popular
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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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Taking away phones during school hours not a human rights violation: watchdog
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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[Photo News] BAT's Vuse makes Seoul debut
BAT Rothmans, the Korean unit of British America Tobacco, debuted its new e-liquid cigarette product Vuse 800 in Korea on Monday, marking its first launch in Asia. The battery-powered device allows up to 800 puffs without charging, with four flavor options available. Vuse is the bestselling e-liquid cigarette brand in the US, making up 46 percent of the market share. (BAT Rothmans)
July 24, 2023
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[Photo News] Unpacked in Seoul
A digital banner promoting Samsung Electronics' upcoming Galaxy Unpacked event is displayed on the N Seoul Tower at Namsan in central Seoul, Saturday night. Samsung is scheduled to hold the unveiling event for its new foldable phones for the first time in Seoul on Wednesday. (Samsung Electronics)
July 24, 2023
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BC Card to set up joint venture in Kyrgyzstan
South Korean credit card issuer BC Card announced on Sunday it has decided to establish a joint venture with a Kyrgyz state-run payment provider to offer a unified card payment processing service in the central Asian country. The joint venture firm, called BC Card Kyrgyzstan (BCKG), will be set up in Kyrgyzstan's capital city, Bishkek, in August in collaboration with two firms -- Korean payment services firm Smartro, and Kyrgyz state-run payment provider Interbank Processing Center (IPC). &
July 23, 2023
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Three Chinese lenders caught violating reporting obligations
South Korea's Financial Supervisory Service has ordered three Chinese banks operating in Seoul to take disciplinary action after they were found to have violated disclosure and reporting obligations. The lenders in question are the Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank. The FSS ordered the Chinese firms to autonomously handle their employees involved in these violation cases. Autonomous handling refers to the practice where the FSS
July 23, 2023
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Looming Vietnamese tax revision rattles Korean textile firms
Vietnam is responsible for about half of Nike’s footwear production globally, and almost half of the Vietnamese production is shouldered by South Korean equipment manufacturers that have operated there for decades. Nike is just one example of South Korean businesses’ presence in Vietnam in the textile and apparel industry. But changes proposed to a trade system that would make foreign companies like Korean textile firms in Vietnam no longer eligible for tax exemptions has sent jitter
July 23, 2023
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Hyundai Group chair underscores people-centered management
Hyundai Group Chairman Hyun Jeong-eun has highlighted the importance of business management with a people-centered approach and fostering young talent, Hyundai Elevator said Sunday. Hyun attended a town hall meeting to commemorate the opening of Hyundai Elevator’s Future Talent Academy with some 20 attendees representing the elevator firm's subsidiaries and partners including Korea National University of Transportation and Korea Lift College. During the Friday meeting at Hyundai Eleva
July 23, 2023
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LG Chem seeks to foster more flexible corporate culture
South Korea’s largest chemical company LG Chem said Friday it is accelerating efforts to create a more flexible corporate culture and foster better communication between executives and employees. As part of related efforts, the company recently launched its new initiative called the CEO Discussion Table, which brings together CEO Shin Hak-cheol and junior employees to freely exchange their opinions on the company’s key strategies and business directions. Through the non-hierarchica
July 21, 2023
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SK Chemicals shares soar on AstraZeneca deal
Shares of SK Chemicals soared sharply Friday, a day after the chemicals and drug developer announced that it signed a contract manufacturing deal for British-Swedish multinational pharmaceutical and biotechnology company AstraZeneca’s diabetes medicines. Its shares started at 79,800 won ($62.27) as of 9 a.m., a 23 percent jump from the previous trading day. In the afternoon, the stocks were traded slightly lower at 72,200 won, still up around 11 percent from a day ago. In its regulatory fi
July 21, 2023
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HMM put up for sale for 'at least' W5tr
The state-run Korea Development Bank and Korea Ocean Business Corp., the two largest shareholders of debt-ridden shipping company HMM, are seeking to sell their shares for at least 5 trillion won ($3.9 billion), according to industry sources Friday. The two organizations said they are selling a combined 40.65 percent controlling stake in HMM, together with perpetual convertible bonds worth 2.68 trillion won. A perpetual bond has no maturity date and can be converted into equity. From 2018 to 2
July 21, 2023
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Museum for late Samsung chief’s art collection gets regulatory approval
A new art museum featuring some 23,000 artworks collected by the late Samsung Group Chairman Lee Kun-hee is expected to be built in central Seoul in 2028 after getting regulatory approval Thursday. The museum was one of the six construction projects whose feasibility reviews gained approval from the Ministry of Economy and Finance. Following his death in 2020, his family donated a total of 23,181 art pieces previously owned by Lee. The collection includes various masterpieces by renowned Korean
July 21, 2023
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Public Procurement Service supports suppliers for overseas expansion
South Korea’s government procurement agency said Friday it is ramping up support for local companies to accelerate their expansion into overseas markets and boost the nation’s exports overall. Affiliated with the Ministry of Economy and Finance, the Public Procurement Service oversees and manages contracts of goods, services and construction to facilitate the procurement and supply of goods for the public sector. PPS Administrator Kim Yoon-sang also renewed the agency’s commitm
July 21, 2023
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[Herald Interview] Urbanbase seeks overseas expansion with AI-based home furnishing technology
Furnishing a home is a strenuous venture, as performing a holistic analysis of measurements for a slew of necessities such as furniture, floor area and structure of a building, can be costly and tough to pull off for everyday consumers with little knowledge in architecture. Urbanbase, a startup specializing in providing three-dimensional spatial data and artificial intelligence-supported styling services for home refurbishment, is one of the first companies in South Korea that attempted to simpl
July 20, 2023
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KB Financial embarks on CEO selection process
KB Financial Group on Thursday announced the details of its candidate selection process for a new chairman ahead of the upcoming shareholders’ meeting, set to take place in November. The group's Chairman Candidate Recommendation Committee held its first meeting on Thursday and decided on the procedure to shortlist candidates. On Aug. 8, the committee plans to draw up a shortlist of six candidates, and on Aug. 29, it will conduct the first round of interviews and narrow down the sh
July 20, 2023
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FTC levies W41b price-fixing fine on Korean vaccine makers
South Korea's antitrust regulator on Thursday announced it has decided to assess 40.9 billion won ($32.3 million) of fines for 32 pharmaceutical firms and wholesalers for colluding to secure orders for the government’s vaccine procurement bids. The 32 companies included global pharmaceutical firm GSK, GC Biopharma, Yuhan, Boryung and SK Discovery, which has SK Plasma and SK Bioscience as subsidiaries. Under the the Fair Trade Commission's decision, Korea Vaccine Sales will receiv
July 20, 2023
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SK Square closes W860b stake sale of SK Shieldus
SK Square, the investment arm of SK Group, has completed the process of selling a portion of its stake in its security service subsidiary SK Shieldus to EQT Partners, a private equity fund operated by Sweden's largest conglomerate, the Wallenberg Group, a filing showed Thursday. SK Square said it has sold 28.82 percent of its stake in Korea Security Holdings, the parent firm of SK Shieldus, for about 860 billion won ($684 million). EQT Partners acquired a 36.9 percent stake in SK Square and
July 20, 2023
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Conglomerates team up to support rain victims
South Korea’s leading conglomerates and business groups have donated 19 billion won ($15 million) as part of relief and recovery efforts for the victims of the recent monsoon rains which caused flooding and landslides in many parts of the country. Korea's four largest groups, Samsung, Hyundai Motor, SK and LG, led the charge Thursday in raising financial support for those most affected by the downpours with a combined donation of 10 billion won. Samsung Group announced a 3-billion-won
July 20, 2023
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Samsung Pay to stay commission-free to counter Apple Pay’s expansion
Samsung Electronics announced Wednesday that it will not charge any fees to card issuers in Korea for its digital wallet service, Samsung Pay. "We have decided to keep Samsung Pay commission-free," a Samsung official said in a statement. “Samsung Electronics is dedicated to enhancing the development of the domestic payment ecosystem by maintaining ongoing partnerships with local card companies, all while delivering the finest Samsung Pay service to consumers.” Samsung has
July 20, 2023
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[Graphic News] Number of airline passengers in H1 reaches 84% of 2019 levels
South Korean travelers using Korean air carriers reached nearly 84 percent of pre-pandemic levels in the first half of this year, government data showed. From January to June, the number of passengers on domestic and international routes amounted to 53.4 million, or 83.9 percent of the tally reported during the same period in 2019, the Ministry of Land, Infrastructure and Transport said in a press release. The number of passengers on domestic routes in the first half of 2023 stood at 32.7 millio
July 20, 2023
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Adidas rolls out limited edition Son Heung-min football cleats
Adidas launched limited edition soccer cleats dedicated to Tottenham’s Son Heung-min on Tuesday, to commemorate 15 years of sponsorship. The Son Heung-min edition, called the HMS Pack, is available at the official online stores, the Adidas flagship store in Myeong-dong, Gangnam Brand Center, Hongdae Brand Center and soccer gear stores. The HMS Pack comes in three models. The laceless FG model is priced at 319,000 won ($252), TF models for male adults at 129,000 won, and TF J models for wom
July 19, 2023
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HD Hyundai scores world’s biggest LCO2 carrier order
HD Korea Shipbuilding and Offshore Engineering, an intermediate holding company of South Korea’s heavy industries conglomerate HD Hyundai, said Wednesday that it has scored an order to build the world’s largest liquefied carbon dioxide, or LCO2, carrier. According to HD Hyundai, the shipbuilder recently signed a 179 billion won ($141 million) contract with Greek ship operator Capital Maritime Group to build two 22,000-cubic-meter-class LCO2 carriers. The carriers are 159.9 meters in
July 19, 2023