Most Popular
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Korea added to key bond index
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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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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Daewoong Bio set to ramp up antibiotics biz to W100b in value
Daewoong Group subsidiary Daewoong Bio Inc. on Friday unveiled a vision to scale up its antibiotics business to 100 billion won ($79 million) in value, amid the slowing market for antibiotics. Daewoong Bio said it has invested 50 billion won to build a new plant for manufacturing Cephalosporin, or beta-lactam antimicrobials used to manage a wide range of bacterial infections, in Hwaseong-si, Gyeonggi Province. The firm's existing Cephalosporin manufacturing plant in Seongnam-si, Gyeonggi Pr
July 14, 2023
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Hanwha Ocean named prime bidder for 2 new navy frigates
South Korean shipbuilder Hanwha Ocean Co. was selected Friday as the preferred bidder to build two next-generation frigates for the country's Navy, sources said. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., edged out domestic rival HD Hyundai Heavy Industries Co. in the bidding for the Navy's fifth and sixth Ulsan-class frigates with enhanced anti-submarine and anti-air capabilities, according to the industry and military sources. It marks the first time for
July 14, 2023
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Posco unveils vision for W100tr sales by 2030
Posco Group on Thursday unveiled a new vision titled "Better World with Green Steel" to aggressively ramp up its global steel competitiveness, while upholding environmental, social and corporate governance values. During a ceremony held to announce Posco's vision at the group's headquarters, attended by some 250 executives and employees, Posco said it aims to post total sales of 100 trillion won ($78 billion) by 2030, while doubling its operating profit margin logged in 2022.
July 13, 2023
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Daewoong’s Nabota secures over half million membership users in US
Daewoong Pharmaceutical said Thursday its US partner Evolus’ botulinum toxin treatment program using its Nabota, or Jeuveau, has secured over 600,000 subscribers in the US. Daewoong added that 96 percent of patients enrolled in the botulinum toxin program have returned for a second injection, promising Nabota's further growth in the US market. Evolus is a California-based performance beauty company that is responsible for sales of Daewoong Pharmaceutical’s Nabota in the US marke
July 13, 2023
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Private-public teamwork is new survival tactic for businesses: Chey
SEOGWIPO, Jeju Island -- Gone are the days when it was sufficient for companies to have the upper hand in the global market by sharpening their competitive edge on their own. Governments and corporations teaming up together has become a global phenomenon to deal with uncertainties induced by supply chain disruptions and economic rivalry between the US and China, SK Group Chairman Chey Tae-won said Wednesday. Fragmented global markets unfolded new ways of survival, requiring governments to partne
July 13, 2023
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EcoPro to inject W2tr in Pohang to beef up cathode production
South Korean battery materials company EcoPro said Thursday it will invest 2 trillion won ($1.6 billion) in an industrial complex in Pohang, North Gyeongsang Province, to boost an ecosystem for developing cathode materials for rechargeable batteries. The company signed a memorandum of understanding with the city and provincial governments. The 2 trillion-won funding is the city’s largest-ever single deal secured. Under the agreement, EcoPro plans to invest 2 trillion won over a period of f
July 13, 2023
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[Photo News] The beauty of 'plogging'
Posco International said Wednesday that its women's table tennis team Spinners and national players of Korea Bobsleigh Skeleton Federation jointly participated in plogging -- a combination of jogging with picking up litter -- alongside its employees and executives at a mountain in Pyeongchang, Gangwon Province. This activity aligned with the company’s environment, social, and governance goals, while bringing together athletes that the company has long been funding since 2011 under i
July 13, 2023
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I&OK eyes global expansion through metaverse platform
South Korean ICT start-up I&OK said that it has inked an agreement with global artificial intelligence-based company iStaging to establish a joint venture called iStaging Asia. The signing event was held at I&OK's office in Seoul on July 3, with top executives including I&OK CEO Song Min-jae and iStaging’s CEO Johnny Lee in attendance. Under the agreement, iStaging Asia aims to collaborate with leading retail and financial companies in Korea to operate metaverse business
July 13, 2023
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Air Incheon launches Incheon-Kuala Lumpur route
South Korean cargo carrier Air Incheon said Wednesday it has launched a new route connecting Incheon and Kuala Lumpur, its second route to a Southeast Asian country following the first one between Incheon and Hanoi. The company said it plans to operate one flight over five days a week, from Tuesday to Saturday. Each flight will take off at 11 p.m. from Incheon Airport, stop for a layover at Haikou, China, and arrive at Kuala Lumpur International Airport at 7:20 a.m., Malaysia Time. According to
July 12, 2023
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HiteJinro’s Kelly hits 100m sales in 99 days
HiteJinro’s new beer brand Kelly sold 100 million bottles in 99 days since its market debut in April, according to the nation’s top beverage company Wednesday. Some 3.3 million boxes of Kelly, HiteJinro’s sixth beer brand and the first lager beer, were sold as of Tuesday. The company said the upbeat sales figure equates to 11.7 beers sold every second or 2.3 beers consumed by one person among the total population that is of legal drinking age. Kelly also set a record with hit
July 12, 2023
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[Herald Interview] Daewoong Pharmaceutical steps onto global stage
Korea’s leading pharmaceutical firm Daewoong Pharmaceutical aims to achieve a fivefold increase in overseas sales within the next five years through the introduction of new drugs, according to the company's global business head on Friday. “My personal goal is to see Daewoong’s overseas sales reach 1 trillion won ($772.6 million) within the next five years,” said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during an intervi
July 12, 2023
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LG Electronics sets sights on W100tr in sales by 2030
LG Electronics announced Wednesday its vision to transform into a "smart life solutions company" to expand customer experience, to take a leap from its core identity as a top home appliance brand. The tech giant also set the goal to achieve a global annual revenue of 100 trillion won ($77.5 billion) by 2030, and vowed to invest 50 trillion won to drive the growth. "LG will continue to pursue its bold vision to transform and leap forward as a smart life solutions company that con
July 12, 2023
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FSS chief urges foreign financial firms to prioritize effective risk management
Lee Bok-hyun, governor of the Financial Supervisory Service, urged foreign financial firms Wednesday to prioritize effective risk management in a roundtable meeting with their CEOs in Seoul on Wednesday. "In light of recent domestic and international uncertainties, I urge foreign financial firms to proactively prioritize the firms' soundness and effective risk management," Lee said during the meeting. Lee, who has been prioritizing the improvement of internal controls for Korean f
July 12, 2023
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Hanwha, SK team up on renewable energy
Hanwha Solutions and SK D&D have inked a strategic partnership to push for hydrogen fuel cell and solar power energy businesses, the companies said Wednesday. Representatives from the two sides signed a memorandum of understanding on Tuesday. According to officials, their joint hydrogen fuel cell business will aim to enter Korea’s bidding market for hydrogen power development. Hanwha Solutions will be in charge of securing the site for setting up a hydrogen fuel cell plant and obtainin
July 12, 2023
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[Photo News] Hana-SKT startup accelerator
SK Telecom CEO Yoo Young-sang (center left) and Hana Financial Group Chairman Ham Young-joo (center right) attend the launch ceremony of the AI Lab for Startups, their joint startup accelerator program, at a Sparkplus co-working office in southern Seoul on Tuesday. The nation’s top telecom and financial firms have teamed up to nurture promising startups specialized in artificial intelligence as part of their strategic partnership signed last year. A total of 15 startups have been selecte
July 12, 2023
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[Photo News] Say no to disposables
KB Financial Group Chairman Yoon Jong-kyoo said Tuesday he is joining the "Zero Disposables Challenge," a campaign launched by the Minister of Environment Han Hwa-jin in February to encourage using more reusable products than disposables. The KB chief encouraged the public to join forces, saying "Even small actions that consider the environment can be widespread."
July 11, 2023
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Posco raises 2030 second battery material sales target by 50%
Posco Holdings has set a goal of achieving 62 trillion won ($48 billion) in sales of secondary battery materials by 2030 by expanding its raw material production capacity, it said Tuesday. During its Posco Group Secondary Battery Materials Business Value Day, the firm announced the new goal, which is a 51 percent increase compared to the announced target last year of 41 trillion won. The raw materials it plans to expand production include lithium and nickel as well as next-generation, cathode an
July 11, 2023
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Hyundai hires first female factory workers
Hyundai Motor Group has hired female workers for its local production plants for the first time since its founding, according to the nation’s umbrella union on Tuesday. Among a total of 200 factory workers hired in July, six were women, the Korea Metal Workers’ Union said. The carmaker, however, did not reveal the exact gender ratio. Currently, the carmaker employs around 28,000 factory workers, among whom approximately 500 are women. Most of the female employees had previously worke
July 11, 2023
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SK chief renews will to support young talent
SK Group Chairman Chey Tae-won on Monday renewed his will to support the nation’s young talent, urging them to make Korea a “leading country.” “You should not remain satisfied with South Korea being among the Organization for Economic Cooperation and Development member countries,” he said during a scholarship awarding event in Seoul on Monday. “The responsibility of making it a country that leads the world rests on your shoulders.” Chey, who doubles as t
July 11, 2023
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Bioethanol takes spotlight at Green Fuels forum
Some 200 experts from the biofuel, petroleum refinery and automaking industries gathered to attend the 2023 International Green Fuels Symposium on Tuesday to evaluate sustainable fuel market trends and examine related policies in the country. Under the theme “The Role of Green Fuels in Realizing 2050 Carbon Neutrality," the event was hosted by the Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council. Lawmakers, government officials and ac
July 11, 2023