Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Korea added to key bond index
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Busan hosts Asia startup expo
The city of Busan is hosting an expo for startups in Asia from Tuesday through Thursday at Bexco, under the theme “Connect Asia, Fly to the World.” The city government expects about 10,000 people engaged or interested in startups across Asia to attend Fly Asia 2022, consisting of conferences, an awards ceremony, exhibits and various opportunities for networking. Organized by Busan Techno Park and the Busan Startup Agency Preparation Office, Fly Asia 2022 kicks off with an opening cer
Nov. 21, 2022
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LG Chem gives back to society as 'Green Connector'
Under its vision called “Green Connector,” South Korea’s leading chemical firm LG Chem is expanding its social contribution activities. The vision highlights four areas of focus—education, ecosystem, energy, and economy—in which LG Chem will try to maximize ESG values. LG Chem said Monday it will kick off the third edition of its environment and science education program “Like Green” for elementary and middle school students in December as part of its en
Nov. 21, 2022
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[Herald Interview] 'CSR must be 100% integrated with business'
Incorporating corporate social responsibility-related strategies into a company's business yields greater profits for the company in the long run, as it realizes multifaceted achievements, according to the head of a CSR solution provider. CSR-related businesses score wins with diverse demographic, including companies' customers, stakeholders, the government and companies themselves, with their characteristic sustainability, said Lee Yoon-suk, founder and CEO of InnoCSR during an interv
Nov. 21, 2022
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Hana Financial, SKT team up to advance fintech service
Hana Financial Group and SK Telecom -- one of the five biggest lenders and the largest mobile carrier by subscribers in South Korea, respectively -- are ramping up a joint initiative to expand their presence in fintech, an industry built on making the best of financial and tech companies amid a rush to a digitalized economy. The partnership is the latest highlight of a race to outgrow the traditional financial systems by the five banking giants: KB Kookmin, Shinhan, Hana, Woori and NongHyup. The
Nov. 20, 2022
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Antitrust watchdog to tighten scrutiny on delinquent online sellers
South Korea’s antitrust watchdog said Suday it will come up with effective measures to restrict delinquent online sellers using popular customer-to-customer platforms such as Karrot and Joonggonara. The Fair Trade Commission will guide platform operators to voluntarily enhance their user protection system and regulate business-driven sellers who are business owners rather than ordinary individuals. This comes in response to increasing fraudulent damage and dispute cases reported from sales
Nov. 20, 2022
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Hybe announces foray into game biz
Hybe, the multi-label K-pop powerhouse behind BTS, is set to accelerate its game business by investing in local game developer Flint. Hybe Chairman Bang Si-hyuk said Saturday, during a press conference held on the sidelines of South Korea’s largest annual gaming exhibition G-Star, that the company’s game-to-metaverse subsidiary Hybe IM will service Flint’s newly launched mobile game Dragon Blaze 2: Knights of Veda. Hybe had signed an investment agreement earlier with Flint in w
Nov. 20, 2022
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Industry steps up lobbying as Korea eyes ways around US inflation act
South Korea’s major business groups said Thursday they had asked US lawmakers and Cabinet members of the Joe Biden administration to grant Korea a three-year extension to the US Inflation Reduction Act so that Korean automakers can keep receiving electric vehicle incentives there. The law, effective since Aug. 16, is leaving out Hyundai Motor and its affiliate Kia from federal tax credits since they do not make their electric vehicles in North America. Rules that go in effect on Jan. 1 nex
Nov. 17, 2022
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Royal suite and 400 rooms: No expense spared for Saudi crown prince's visit
The unofficial "richest man in the world" and the de facto leader of Saudi Arabia's choice of lodging during his stay in South Korea is garnering attention with his extravagant decision to stay in a suite room that goes for 22 million won ($16,449) a night. According to industry insiders, Saudi Arabia's Crown Prince Mohammed bin Salman arrived at Seoul Air Base around midnight and spent the night at the Lotte Hotel Seoul, a luxury business hotel situated in central Seoul. The
Nov. 17, 2022
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[Newsmaker] Korea celebrates Kimchi Day on Nov. 22
Nov. 22 is Kimchi Day, a day dedicated to the savory Korean soul food that Koreans take great pride in. The South Korean government designated Kimchi Day to celebrate and promote the salted and fermented vegetable that is known for its various health benefits and is made in most Korean homes around this time of the year. Gimjang, the process of making large quantities of kimchi before winter, has long been a major annual event in Korean households and neighborhoods where family members, relative
Nov. 17, 2022
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Saudi crown prince's visit brings $30b in business deals
Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman arrived in Seoul on Thursday to hold talks with President Yoon Suk-yeol and top business leaders, initiating a slew of agreements worth an estimated $30 billion between the two countries. The crown prince’s trip to Seoul is his first in three years. In a closed meeting held earlier in the day, Yoon and the crown prince agreed to develop bilateral relations into a “future-oriented strategic partnership” and
Nov. 17, 2022
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S-Oil makes $7b Shaheen petrochemical project official
South Korean oil refiner S-Oil, owned by Saudi Arabia’s Aramco, on Thursday confirmed its $7 billion massive project of building a large-scale petrochemical plant in the nation’s southeastern city of Ulsan. The so-called “Shaheen Project” is the largest investment made in Korea by Aramco that holds 63.4 percent shares in the refiner. The announcement comes as Saudi Arabian Crown prince Mohammed bin Salman was visiting Seoul to hold talks with President Yoon Suk-yeol and b
Nov. 17, 2022
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[Photo News] Hyundai FIFA Museum in Qatar
(From left) Former Swiss professional soccer player Pascal Zuberbühler, former Italian professional soccer player Gianluca Zambrotta, former Uruguayan professional soccer player Diego Forlan, Director of the FIFA World Football Museum Marco Fazzone, Hyundai Motor India, M.East & Africa Strategic Region Executive Vice President Kim Un-soo, and former Korean professional soccer player Park Ji-sung pose in front of the Hyundai Motor's FIFA Museum in Doha, Qatar, during its opening cer
Nov. 17, 2022
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Coway to build solar power plant to bolster ESG initiative
South Korean home appliance maker Coway said Thursday it will begin constructing a solar power plant on the roof of its global sleep technology subsidiary iOBED's factory, located in Paju, Gyeonggi Province, in December. The construction is set to be completed in March 2023. The solar power plant will begin operation in the first half of 2023, and is estimated to have an annual generation capacity of 800 kilowatt hours, according to the home appliance company. The plant will become the fift
Nov. 17, 2022
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Conglomerates asked to pledge big for Busan Expo bid
The Korea Chamber of Commerce and Industry on Wednesday said it has set a goal to collect a combined 31 billion won ($23.4 million) from the nation’s top 10 chaebol groups in an aim to support Busan’s bid for the 2030 World Expo. According to the largest business lobby here, the “special membership fees” were decided based on discussions with the companies during a general assembly in September, with their asset value being the key criteria. Samsung Group has pledged to p
Nov. 16, 2022
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Businesses demand more migrant workers to relieve labor shortage
Small and medium-sized businesses in South Korea are demanding more foreign workers than the government plans to bring in next year to plug the growing skills shortage, data showed Wednesday. According to a survey conducted this month by the Korea Enterprises Federation, one of the five major business lobby groups, 55 percent of the 307 companies -- comprising those with fewer than 300 employees -- welcomed the government plan to add a 110,000-strong foreign workforce next year, a roughly 50 per
Nov. 16, 2022
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Hyundai Glovis, Lion Group team up for smart logistics solutions
Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it is entering the Malaysian logistics market in a strategic partnership with local logistic giant Lion Group, as part of efforts to expand its presence in Southeast Asia. The two sides signed a memorandum of understanding, under which the Korean firm will apply its smart logistic solutions to enhance efficiency of Lion's logistics operations overall. Established in 1930, Lion Group is one of the largest conglom
Nov. 16, 2022
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Yido, Full Swing join hands to renew brand awareness
Yido, a South Korean firm that specializes in integrated management for infrastructure and golf courses, said Wednesday that it has signed a strategic partnership with US sports virtualization hardware and software company Full Swing to expand their presence in the Asian market. Established in 1986, Full Swing is the industry's top golf simulator maker and the official licensed simulator of the PGA Tour. The company’s launch monitor was co-developed with Tiger Woods to enhance accur
Nov. 16, 2022
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SK Signet to produce ultrafast EV chargers in US
South Korean manufacturer of electric vehicle chargers SK Signet said Wednesday it will start producing ultrafast 350-kilowatt electric vehicle chargers in the US from the second quarter of 2023. The plan comes after the company, an affiliate of the nation's second-largest conglomerate SK Group, revealed in October it was investing $15 million to acquire a new manufacturing facility in Plano, Texas. The plant, located on a 495,867-square-meter site, can produce 10,000 EV chargers with capac
Nov. 16, 2022
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Corporate Korea bets big on Jokowi’s $34b capital relocation plan
Corporate Korea is betting big on Indonesia’s $34 billion capital relocation plan as they are expected to play a leading role in building futuristic infrastructure for smart city and flying cars. During this week’s Group of 20 summit held on the resort island of Bali, South Korea and Indonesia on Monday signed a total of 10 memoranda of understanding to boost economic partnership between the two countries, whose official ties will reach the 50th anniversary next year. The 10 agreem
Nov. 15, 2022
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Porsche Korea supports esports team to lure younger customers
Porsche Korea aims to strengthen its brand presence in esports as part of its marketing strategy to reach out to younger customers and let them experience the brand in a new way, according to the carmaker. In response, Porsche Korea signed a partnership agreement with the South Korean esports team DRX last year to support them for three years and host various esports activities. Team DRX, sponsored by Porsche Korea, won the LoL World Championship finals in San Francisco on Nov. 6, scoring 3-2 an
Nov. 15, 2022