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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Coway named among top 50 S. Korean brands
South Korea’s home appliance brand Coway was named one of the “Best Korean Brands 2022” by global management consulting firm Interbrand. Interbrand has announced top 50 Korean brands since 2013. This year’s recognition marks the eighth consecutive year that Coway has been named among 50 best South Korean brands. Coway’s rank, which was placed at 27th last year, jumped up three levels to 24th. Coway’s brand value enjoyed a 5.6 percent year-on-year increase a
July 6, 2022
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S. Korea recaptures No. 1 shipbuilding nation status in H1
South Korea has captured the No. 1 spot in global shipbuilding orders for the first time in four years on the back of rising demand for high-priced vessels, such as liquefied natural gas (LNG) carriers and container ships, data showed Wednesday. The country's shipbuilders secured a total of 9.79 million compensated gross tons (CGTs) during the January-June period, accounting for 45.5 percent of the orders placed worldwide, the Ministry of Trade, Industry and Energy said, citing data from Cl
July 6, 2022
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KT invests W30b in S. Korean AI chip startup Rebellions
KT Corp., South Korea's No. 2 mobile carrier, said Wednesday it has invested 30 billion won ($23 million) in Rebellions Inc., a local artificial intelligence (AI) chip startup, to participate in the fast growing field of AI chips. The deal signed Monday marks KT's second strategic investment in the field of AI, following its partnership with Moreh Corp., a South Korean AI infrastructure startup, last year. Founded in 2020, Rebellions has made notable strides within the AI chip market f
July 6, 2022
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KSOE replaces orders for 3 LNG carriers with higher-priced ones
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday it has replaced existing contracts for three liquefied natural gas (LNG) carriers with new ones with a higher price tag amid supply chain disruptions. KSOE, a subholding company of global shipping titan Hyundai Heavy Industries Holdings, said in a regulatory filing that it has inked a 314.1 billion-won ($240 million) contract with an Oceanian-registered shipper to build a LNG carrier, a replacement of the original 198.9 billion-
July 6, 2022
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LG Energy Solution to supply EV batteries to Isuzu: report
LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won ($762.4 million), a news report said Wednesday. LGES will produce cylindrical batteries for Isuzu's EV version of its flagship mid-to-large Elf trucks for four years starting in 2023, according to the Korea Economic Daily. The supply deal is part of their joint project for the electrification of Isuzu trucks. I
July 6, 2022
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Samsung chief meets Japanese business leaders
Samsung Electronics Vice Chairman Lee Jae-yong held meetings with Japanese business leaders who were staying in Seoul this week to attend the annual gathering of the Korea-Japan Business Council, according to the tech giant on Tuesday. Lee, the de facto leader of Samsung, on Monday had dinner with Masakazu Tokura, chairman of Sumitomo Chemical who doubles as chairman of Keidanren, or the Japan Business Federation. He also held a luncheon meeting on Tuesday with Toshiaki Higashihara, chairman o
July 5, 2022
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LG secures W8tr in automotive parts orders in H1
LG Electronics said Tuesday its automotive parts business has secured new orders worth 8 trillion won ($6.16 billion) in the first half of this year, with the total cumulative orders set to exceed 65 trillion won by the end of this year. The company said its Vehicle Component Solution unit has recently signed a series of new deals with global carmakers to supply its in-vehicle infotainment systems and 5G telematics solutions. The Korean tech giant is looking to beef up its competitiveness in
July 5, 2022
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Samsung chief’s W2tr personal fortune evaporates in H1 as stocks dip
The personal fortune of Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong has decreased by over 2 trillion won ($1.54 billion) during the first half of 2022 as shares of key Samsung affiliates tumbled due to bearish stock market in Korea, data showed Tuesday. As a result, the total worth of Lee’s combined stake in Samsung affiliates fell to 12.03 trillion won as of end-June, from 14.19 trillion won in January, according to data by market intelligence Korea CXO Institute.
July 5, 2022
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Samsung's Q2 operating profit likely to rise 15.6% on chip biz: survey
Samsung Electronics Co. is expected to report a more than 15 percent rise in operating profit for the second quarter, helped by strong semiconductor business despite slowing demand for smartphones and home appliances, a survey showed Tuesday. The world's largest memory chip maker is forecast to log 14.5 trillion won ($11.1 billion) in operating profit in the April-June period, up 15.6 percent from a year ago, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News
July 5, 2022
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Winds of change for Samsung’s militant work culture
A 6:30 a.m. commute bus, three nutritious meals a day at the cafeteria and a pride that runs deep for being a part of South Korea‘s largest and richest conglomerate have been among many features that captured the “Samsung man” -- trained to fit into the gigantic and somewhat militant organization. A shared goal of maintaining Samsung’s superiority has united its 270,000-member workforce so far, not to mention its hefty year-end incentives and other financial benefits fr
July 4, 2022
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S. Korea hits record high power demand in June
Early sizzling temperatures that hit the country last month led to record-breaking electricity demand for the month of June, data showed Monday. According to Korea Power Exchange, the country’s average maximum power demand stood at 71,805 megawatts last month, up 4.3 percent on-year -- the highest since records began in June 2005. It is also the first year that the average maximum power demand surpassed 70,000 megawatts. The sudden surge of power consumption resulted from many household
July 4, 2022
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[Photo News] Frozen Assets
A worker moves a large block of ice at an ice making company in Bucheon, Gyeonggi Province. There is growing demand for ice as the nation suffers from a heat wave that came early this year.
July 4, 2022
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Korea, Japan business leaders echo urgent need for summit
The Federation of Korean Industries held a meeting with its Japanese counterpart Keidanren, or the Japan Business Federation, in Seoul on Monday after a three-year hiatus spurred by the COVID-19 pandemic. The two business lobbies have held an annual meeting, known as the Korea-Japan Business Council, since 1982. However, the last two gatherings were postponed due to the protracted pandemic. Monday’s meeting saw more than 20 business leaders from the two countries coming together to dis
July 4, 2022
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‘SK Innovation’s green transformation has high potential for success’
SK Innovation’s green transformation strategy, announced a year ago, has “a very high potential for eventual success,” said one US scholar who cited its “clarity of purpose of vision,” “well-reasoned plan of execution” and an “intangible advantage of culture and management systems.” In a column published in SK Innovation’s SKinno News on Friday, Kannan Ramaswamy, chair professor of global strategy at Arizona State University’s Th
July 4, 2022
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[Exclusive] SK Pharmteco to invest extra $30m for Irish plant expansion
SK Pharmteco, a global contract development and manufacturing organization under South Korean conglomerate SK Group, will invest an additional $30 million (39 billion won) for the second phase expansion of its subsidiary SK Biotek’s Irish pharmaceutical manufacturing plant, an executive told The Korea Herald. “The total funding over the two phases is expected to be $65 million -- $35 million for phase one and an additional $30 million planned for the second phase expansion,” s
July 3, 2022
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Calls grow over legislation of digital data inheritance
When a person dies, a will provides instructions on where and to whom their property, possessions and asset go. But what happens to the things they leave behind that only exist online? A local platform operator said Sunday that it had been working with law firms on a bill that would define the type of digital assets subject to inheritance, the range of disclosure and eligibility. Demand for people to be able to keep photos and texts left behind by deceased loved ones has been growing, but the
July 3, 2022
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LG Energy Solution chief leaves for Europe to push factory automation
South Korean lithium-ion automotive battery maker LG Energy Solution announced Sunday that its Chief Executive Officer and Vice Chairman Kwon Young-soo has embarked on a trip to Europe to support the company’s push for the automation of manufacturing. Kwon left Seoul on Sunday with he plans to visit Wroclaw, southwestern Poland, where LG Energy Solution’s 70-gigawatt-hour battery plant is located, according to the company based in Seoul. The Wroclaw location has annually produced
July 3, 2022
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KB vows to serve customers amid economic uncertainty
KB Financial Group Chairman Yoon Jong-kyoo said Friday that he would better serve customers by giving them what they need amid worsening inflation pushing up interest rates, at a biannual meeting with executives held in-person for the first time since January 2020. “The mission of financial institutions like us is to offer protection to clients, like having whatever they have with us stay unharmed in the event of a crisis,” Yoon said, describing client protection as the top priority
July 3, 2022
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5 makers of manhole covers fined for price fixing
South Korea's antitrust regulator said Sunday it has decided to impose a combined fine of 2.14 billion won ($1.64 million) on five producers of manhole covers for colluding to fix prices of industrial products. Segye Cast Iron Co. and four other companies colluded to fix their quotations between September 2011 and January 2020 for more than 1,000 rounds of purchasing bidding for manhole covers, according to the Fair Trade Commission (FTC). They colluded to fix bidding prices and designate a
July 3, 2022
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Online shopping expands in May on lifting of virus curbs
Online shopping in South Korea continued to increase in May as the lifting of virus curbs bolstered demand for travel and cultural services and foodstuffs, data showed Friday. The value of online shopping transactions stood at 17.3 trillion won ($13.4 billion) in May, up 10.5 percent from the previous year, according to the data from Statistics Korea. Purchases made through smartphones, tablets and other mobile devices increased 14.6 percent on-year to 12.9 trillion won. Mobile shopping took up
July 1, 2022