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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K-pop CEOs sidestep key issues at National Assembly audit
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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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Regulator OKs SK hynix's acquisition of Key Foundry
South Korea's antitrust regulator said Wednesday it has decided to approve the deal by the country's major chipmaker SK hynix Inc. to buy a local foundry firm, Key Foundry. In October, SK hynix said it inked a deal to acquire a 100 percent stake in the 8-inch wafer foundry manufacturer for 575.8 billion won ($474.85 million) in a move to boost its presence in the non-memory sector. The Fair Trade Commission (FTC) said it has approved the deal, as the takeover is not expected to hamper competitio
March 30, 2022
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GM to add Tahoe SUV to S. Korean lineup next month
GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will add the Tahoe full-size SUV to its lineup next month to meet a rising demand for SUVs amid the extended COVID-19 pandemic. GM Korea will begin the delivery of the Chevrolet Tahoe SUV to South Korean customers in April, making Chevrolet the first brand in South Korea among domestic and imported brands with an SUV portfolio that ranges from the small to extra-large segments, the company said in a statement. The all-w
March 30, 2022
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Posco launches control tower for carbon neutrality goals
Posco said Tuesday it has launched a new committee to act as a control tower that supervises carbon neutrality efforts across affiliates and makes timely decisions under its goal of going carbon neutral by 2050. “Posco requires a prompt decision-making process to proactively respond to global needs for carbon neutrality efforts, as well as to accelerate our production system based on carbon neutrality goals by 2050,” said Posco Vice Chairman Kim Hag-dong, who leads the new committe
March 29, 2022
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Yoon reaches out to business leaders over labor unions
President-elect Yoon Suk-yeol is set to meet soon with the country’s largest group of trading companies, his transition team said Tuesday, in a move largely seen as stepping up efforts to rebuild ties with big businesses and win support for his economic plan for private sector-led growth. The meeting will follow Yoon’s gathering last week with chiefs of Korea’s six major business groups, such as the Federation of Korean Industries. It highlights Yoon’s push to reverse pr
March 29, 2022
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Anything is possible at BIZA-Metaworld, AMAXG says
BIZA-Metaworld is a blockchain-based metaverse platform where the virtual world is almost seamlessly interwoven with the physical world, bridging the gap between the two realms. The term metaverse brings together the Greek prefix “meta” meaning after or beyond, and “universe,” which refers to physical reality. This “universe beyond real life” invites users to do practically anything that is possible in the real world, from shopping to socializing, and even m
March 29, 2022
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Samsung Bioepis buyout to bolster Samsung Biologics’ portfolio: CEO
INCHEON -- With the buyout of Samsung Bioepis’ stake, Samsung Biologics will become a global bio company based on the three pillars of contract development and manufacturing, biosimilars and new drugs, CEO John Rim said Tuesday. “Through issuing new stocks to raise about 3 trillion won ($2.46 billion) this year, we will take a full-fledged leap into becoming a global comprehensive bio company and lay the groundwork for sustainable growth,” said Rim during the company’s
March 29, 2022
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SK Inc. pledges more shareholder benefits
SK Inc., the strategic investment arm of SK Group, on Tuesday pledged to enhance shareholder benefits while consolidating its investment portfolio centering on advanced materials, biopharmaceuticals and carbon neutrality. The holding firm of the nation’s third-largest conglomerate held a general meeting of shareholders at its Seoul headquarters earlier in the day, during which all agenda items, including financial statements for the fiscal year of 2021 and the reelection of SK Group Chai
March 29, 2022
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Kumho Tire wins AA grade in MSCI ESG ratings
Kumho Tire said Tuesday it has won an AA grade in Morgan Stanley Capital International’s recent environmental, social and governance evaluation, being ranked among the top 12 percent of the automotive parts industry. The tire manufacturer has improved its ratings every year, from a BBB grade in 2019 to an A in 2021 and an AA this year. MSCI ESG Ratings identifies ESG risks financially material to all sectors and measures each company’s resilience to such risks relative to indust
March 29, 2022
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Hyundai Motor chairman reelected as Kia executive director
Shareholders of Kia Corp. have reelected Hyundai Motor Group Chairman Euisun Chung as executive director for another three years, the company said Tuesday. Chung will begin his extended director position on April 1 to lead the South Korean automaker's transition into a provider of future mobility solutions, such as autonomous driving and electric vehicles, Kia said. His three-year directorship at Kia ends in March 2025. The chairman was reelected as executive director for another three years at
March 29, 2022
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Upbeat earnings forecast for Samsung, SK hynix in Q1: survey
Samsung Electronics Co. and SK hynix Inc., the world's two largest memory chip makers, are forecast to report robust earnings in the first quarter, despite a hike in raw material prices and continued global supply woes, a financial data firm said Tuesday. Samsung is estimated to log 13.89 trillion won ($11.3 billion) in operating profits in the three months ending March 31, up 38.64 percent from a year ago, while SK hynix is expected to top 3.1 trillion won, up 137.08 percent, according to a sur
March 29, 2022
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KDB customers allowed to use Hana Bank's ATMs, offline branches
The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs and around 600 offline branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender. The deal is expected to help senior people and other digitally marginalized citizens have more a
March 29, 2022
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KEPCO decides to freeze unit fuel cost for electricity rate for Q2 amid high inflation
South Korea's state-run Korea Electric Power Corp. (KEPCO) said Tuesday it will freeze the adjusted unit fuel cost, a key part of the country's electricity rates, in the second quarter despite high energy prices amid rising inflation. KEPCO said it has decided to set the adjusted unit fuel cost at zero won per kilowatt-hour for the April-June period of this year, the same as that three months earlier. The company proposed a 3 won ($0.002) increase in the adjusted unit fuel cost, citing soaring g
March 29, 2022
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Hyundai Heavy hits reset with new name, CEO
Embarking on changes ranging from management to business strategy, Hyundai Heavy Industries Group on Monday deployed a new corporate name and appointed a grandson of the founder as its new chief executive officer. In a widely anticipated move, Chung Ki-sun, grandson of Hyundai Group founder Chung Ju-young, was appointed as CEO of Hyundai Heavy Industries Group at the shareholders meeting, completing the generational shift in the leadership of Korea’s largest shipbuilder. Chung, who was
March 28, 2022
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First-quarter outlook upbeat for Samsung, SK hynix
Samsung Electronics and SK hynix, the world’s top two memory chip makers, are projected to post record first-quarter earnings this year over rising chip prices and robust demand, Yonhap Infomax, a local financial data tracker, said Monday. According to earnings consensus among securities firms here, Samsung, the No. 1 producer of memory chips, is forecast to record 75.21 trillion won ($61.34 billion) in sales and 13.89 trillion won in operating profits in the three months of this year, u
March 28, 2022
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Samsung Heavy bags W804b order for 5 container carriers in Asia
Samsung Heavy Industries Co., the world's No. 3 shipbuilder by order backlog, said Monday it has clinched a 804 billion-won ($656 million) order to build five large container ships in Asia. Samsung Heavy said it has obtained the order to build the 13,100 twenty-foot equivalent unit container carriers from an unidentified Asian shipper by 2024, the company said in a statement. The container vessels will have such top-of-the-line equipment as the selective catalytic reduction and ballast water tre
March 28, 2022
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Hyundai Motor Group's cumulative US sales of green cars top 500,000
Hyundai Motor Group's cumulative sales of eco-friendly vehicles in the United States surpassed the 500,000-unit mark in February, 11 years after its entry into the American market, the group said Monday. The group's two flagships -- Hyundai Motor Co. and Kia Corp. -- sold a combined 15,218 environmentally friendly vehicles in the US last month, bringing their cumulative sales to 508,599 units. Last year alone, combined sales of green vehicles by Hyundai Motor and Kia spiked 183.5 percent on-year
March 28, 2022
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[Herald Interview] Open CEO says restaurants are Korea’s next big export item
Despite COVID-19’s lingering impact on the South Korean economy, the country saw a 4 percent growth last year, exhibiting a moderate performance on the back of strong exports and rebound of the global economy. But mom-and-pop businesses, mostly those in the food and beverage industry, have been severely hit by repeated rounds of restrictions on business hours. The pandemic has forced restaurants here to close by 9 p.m. each day under a business curfew, which was introduced to blunt a re
March 27, 2022
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Hanwha chief, Pence discuss Korea-US ties
Hanwha Group Chairman Kim Seung-youn met former US Vice President Mike Pence in Seoul last week and discussed a wide range of issues centering on bilateral ties between South Korea and the US, and the growing geopolitical uncertainty over the Ukraine war. On the war in Ukraine, Kim pointed out that companies are going through a rough time due to the economic crisis caused by international conflicts. He also asked Pence to share his thoughts about how global leaders can solve the problems that t
March 27, 2022
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LS C&S expands solar cable business
LS Cable & System, LS Group’s cable manufacturing unit, has been solidifying its leadership in the floating solar farm market by developing custom cables and landing large-scale supply contracts, according to the company on Sunday. Earlier this month, the cable maker inked an agreement to supply power cables to Goheung Bay floating solar power plant in South Jeolla Province. The deal covers the full package of cables needed to build a photovoltaic power farm and connect the plant to s
March 27, 2022
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Posco’s sustainability recognized by World Steel Association
South Korean steelmaker Posco has been recognized for its sustainability efforts by the World Steel Association, the company said Sunday. The World Steel Association, also known as worldsteel, has picked as Posco as one of the 39 sustainability charter members which proactively embraces the sustainability principles of the steel industry, according to the South Korean steel giant. A total of 142 companies and associations across the world are members of worldsteel. The recognition of the sus
March 27, 2022