Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Korea added to key bond index
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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LG denies decision to pull out of 4th battery plant with GM
LG Energy Solution on Wednesday denied earlier reports on the alleged decision to put a pause on the joint plan with General Motors to build a fourth battery cell manufacturing plant for electric vehicles in the US. “The two companies are still in discussions about Ultium Cells’ fourth plant in the US and no specific decisions have been made at this point,” an official at LG Energy Solution told The Korea Herald. Ultium Cells, a joint venture established by LG Energy Solution a
Jan. 25, 2023
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Celltrion becomes largest shareholder of Iksuda Therapeutics
South Korean drugmaker Celltrion announced on Wednesday that it has increased its stake in British biotechnology firm Iksuda Therapeutics to 47.05 percent through direct investment and a fund formed with Mirae Asset Capital. This decision has made Celltrion and the Mirae Asset Celltrion New Growth Fund the largest shareholders of Iksuda, which specializes in the development of a new generation of antibody drug conjugates, or ADCs. Celltrion declined to disclose its original shareholding percenta
Jan. 25, 2023
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S. Korea's kimchi imports hit new high in 2022
South Korea's imports of kimchi touched an all-time high in 2022 amid galloping consumer inflation in the country, government data showed Wednesday. Inbound shipments of the spicy Korean traditional side dish came to $169.4 million last year, up 20.4 percent from a year earlier, according to the data from the Korea Customs Service. The on-year growth rate was the highest since the 53.8 percent surge recorded in 2010. Kimchi is a traditional Korean side dish normally made of fermented cabbag
Jan. 25, 2023
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Key takeaways of eased rules for foreign investors
South Korean financial authorities have announced a set of new rules, including abolishing the decades-old investor registration system, in a move to create a welcoming environment for foreign investors. According to the Financial Services Commission, foreign investors hold around 30.7 percent of the local stock market as of the end of June 2022. The new revisions are also a part of the country's efforts to get its stock market included in the top grade of global market indices. The governm
Jan. 24, 2023
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Exports of S. Korea's traditional liquor soju up 13.2% in 2022
Exports of soju, South Korea's traditional distilled liquor, increased 13.2 percent in 2022 from a year earlier, data showed Tuesday, rebounding for the first time in three years. Outbound shipments of soju reached $93.3 million in 2022, rising sharply from $82.4 million tallied a year earlier, according to the data compiled by the Korea Customs Service. In terms of volume, exports advanced 12.7 percent to reach 67,104 tons, the data showed. Soju is a clear, distilled liquor made with grain
Jan. 24, 2023
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40 % of conglomerates plan to reduce investment in 2023: survey
More than four out of 10 South Korean conglomerates plan to cut back on their investment both at home and abroad this year amid a global economic slowdown and worsening market conditions, a survey by the state-run trade agency has showed. According to the recent survey by the Korea International Trade Association, 47 percent of 1,327 companies having overseas sales of $500,000 or more last year forecast that business circumstances will deteriorate this year. Some 16.9 percent of the respondents
Jan. 22, 2023
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SK Bioscience hires big pharma experts
South Korean drugmaker SK Bioscience announced Friday that it has hired experts from big pharma companies including Sanofi in a bid to bolster its presence in overseas markets. SK Bioscience plans to boost its qualifications to the highest possible standards through recruitment of world-class professionals and eventually venture into foreign markets, including the US and Europe. “It is time for us to expand our presence into global markets. By upgrading our business through strategic talen
Jan. 20, 2023
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Posco Holdings estimates 47% drop in operating profit
Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, Friday estimated a 46.7 percent on-year drop in operating profit last year, mainly due to suspended operations in typhoon-hit steel manufacturing plants in Pohang The firm's annual operating profit fell to 4.9 trillion won ($3.9 billion) from 9.2 trillion won in 2021. Posco Holdings noted the temporary closing of manufacturing facilities in Pohang caused by a typhoon last year resulted in a loss of 1.3 trillion won in
Jan. 20, 2023
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Daewoo E&C opens construction education center in Nigeria
South Korean builder Daewoo E&C said Friday it opened an education school to train experts in welding and scaffolding, as part of its social outreach project. The center launched training programs for welding and scaffolding, the two skills that are large in demand in Nigeria, Daewoo E&C said. The welding program began on Jan. 11, and it aims to foster 100 welders in six seasons, with each season lasting for three months. The scaffolding program also began on Monday. Those who complete t
Jan. 20, 2023
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Posco completes restoration of all typhoon-hit plants
South Korea's top steelmaker Posco said Thursday it completed the restoration of its typhoon-hit steel manufacturing plants in Pohang, North Gyeongsang Province. According to Posco, all of its 17 steel manufacturing plants, which are responsible for more than one-third of Posco’s some 13.5 million metric tons of steel products produced annually, will go into full operation starting Friday. Posco attributed its quick recovery from the storm to its some 1.4 million employees' combi
Jan. 19, 2023
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[Contribution] Nurturing global powerhouse for startups
By Lee Young SMEs and Startups Minister With rapid growth led by large conglomerates, South Korea was able to be the world’s 10th largest economy. But now, startups are becoming another growth engine for the country, backed by the SMEs and Startups Ministry paving a powerful avenue for growing and developing high-potential firms. Fifty percent of Korean products that received the Innovation Awards at Consumer Electronics Show last year in the United States were from venture and start
Jan. 19, 2023
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[Photo News] 1st Paris Baguette store in Malaysia
Food and bakery giant SPC Group said Thursday that it has opened the first Paris Baguette store in Malaysia on a 264-square-meter site at the Pavilion Kuala Lumpur, the capital’s biggest shopping center in the heart of the major commercial district of Bukit Bintang. The latest store opening comes six months after a joint venture -- Berjaya Paris Baguette Sdn. Bhd. -- was launched in partnership with Berjaya Group, a Malaysia-based property developer. SPC is expanding its presence in the So
Jan. 19, 2023
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[Herald Interview] KT's cloud streaming tech brings art gallery into metaverse
South Korea’s telecom giant KT Corp. is undergoing digital transformation and making business opportunities out of it with its advanced cloud streaming technology. The company created a virtual art gallery placed in the metaverse with fast-evolving technology, allowing art lovers to explore various artworks regardless of time and place. KT joined hands with local startup TCAG to create a cloud-based streaming digital twin gallery, which realized 12 contemporary artists’ works display
Jan. 19, 2023
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[Graphic News] S. Korea's coffee imports jump 45.1% in 2022
South Korea’s imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier. The value of the country’s coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea’s yearly coffee imports have exceeded $1 billion. Last year’s amount was up 16.7-fold from 20 years earlier. With coffee consumption s
Jan. 19, 2023
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Top 100 firms spend W5.44tr on ESG efforts in 2021
The top 100 Korean companies in terms of sales invested a total of 5.44 trillion won ($4.3 billion) in environmental and safety efforts in 2021, the Federation of Korean Industries said Wednesday. The FKI analyzed the firms' environmental, social and corporate governance, or ESG, efforts based on the companies' own reports. The 100 firms' combined investment of 5.44 trillion won marked a 87.6 percent increase from 2.9 trillion won in 2020. The federation report said the increase r
Jan. 18, 2023
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P&G Korea's Febreze fights winter fabric odors
In winter, odors coming from coats and mufflers often don’t disappear, especially after meals in an enclosed space. Winter clothing comes from fabric made of porous fibers, therefore being kept in a state where odor-causing gas molecules are absorbed due to high moisture. Indoor ventilation is also difficult in winter, so odor molecules brought in from outdoors can linger and affect sofas and bedding used by the entire family. In this case, Febreze from P&G Korea, a global household go
Jan. 18, 2023
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[KH Explains] How soon will microLED replace OLED?
Micro light-emitting diode, or microLED, has become a buzzword in tech, as Apple -- the world’s largest consumer electronics company by revenue -- is reportedly working to use the sophisticated display technology in upcoming Apple Watches while reducing the use of organic light-emitting diode displays, whose key suppliers are South Korea’s Samsung and LG. In recent years, OLED has been increasingly used in high-end TVs, smartphones and wearable devices to offer better picture quality
Jan. 18, 2023
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LS Cable’s EV charging cable gets US certification
LS Cable & System, South Korea's top wire and cable maker, is revving up efforts to target the North American market for high-speed charging cables. The company said Wednesday it recently received the American UL Safety Certification for its high-speed electric vehicle charging cable. In Korea, high-speed EV chargers that supply over 400 kilowatts are required to use rapid liquid cooling cables. These cables allow cold fluid to flow, significantly lowering heat generation inside the cha
Jan. 18, 2023
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Woori Financial Group chairman relents, will step down in March
Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for chairman of Woori Financial Group. Son on Wednesday also announced that h
Jan. 18, 2023
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Hyundai launches all-new Kona subcompact SUV in S. Korea
Hyundai Motor Co. on Wednesday launched the all-new Kona subcompact SUV in the domestic market, while planning to introduce its electrified version in the second quarter of this year. Hyundai Motor aims to sell 37,000 units of the new Kona -- the first fully revamped model in five years -- this year. The second-generation Kona comes with a 1.6-liter gasoline turbocharged, a 2.0-liter gasoline or a 1.6-liter gasoline hybrid engine, the company said in a statement. It is priced at 25 million won t
Jan. 18, 2023