Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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Renault Samsung's Jan. sales more than double on SUVs
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Friday its vehicle sales more than doubled last month from a year earlier on robust sales of SUV models. Renault Samsung sold 13,314 vehicles in January, jumping from 6,152 units a year earlier, despite the extended COVID-19 pandemic, the company said in a statement. Domestic sales rose 27 percent on-year to 4,477 units from 3,534, while exports more than tripled to 8,837 units from 2,618 on strong demand for its XM3 an
Feb. 4, 2022
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Kia's Jan. sales fall 5.7% on chip shortage
Kia Corp., South Korea's second-largest automaker, said Friday its sales fell 5.7 percent last month from a year earlier as the global chip shortage continued to affect its production. Kia sold 212,819 vehicles in January, down from 225,733 units a year ago, the company said in a statement. Domestic sales declined 11 percent on-year to 37,038 units last month from 41,481, while exports were down 4.6 percent to 175,781 from 184,252 during the cited period, it said. Continued chip short
Feb. 4, 2022
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Lotte, GM bet $11m in EV battery materials startup Soelect
A consortium led by Lotte Ventures, a startup investment unit of South Korea’s No. 5 conglomerate Lotte Group, injected $11 million into Soelect, a North Carolina-based firm that manufactures next-generation materials for electric vehicle batteries. According to the Soelect Thursday, the consortium, comprised of Lotte Ventures, General Motors Ventures and KTB Network, will support the US startup to commercialize its EV battery technology. The startup develops materials that go inside
Feb. 3, 2022
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Hanwha to supply K9 howitzers to Egypt in record deal
Hanwha Defense announced Thursday that it will export the K9 self-propelled howitzer and other support vehicles to Egypt in a 2 trillion won ($1.6 billion) deal, the largest-ever supply deal for the locally-developed weapons system. Under the deal, the firm plans to supply the K9 howitzers, the K10 ammunition resupply vehicles and the K11 fire control vehicles. Technology transfer is also included in the deal for the local production of the K9. The firm said the first batch of K9 howitzers w
Feb. 3, 2022
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Will Sampyo become first to get punished under new industry safety law?
Following a deadly landslide accident on Saturday, the industry is keenly focused on whether Sampyo Industry will become the first company to get punished under the new industry safety law that came into effect last week. The accident occurred at Sampyo’s quarry in Yangju, Gyeonggi Province, on the first day of the Lunar New Year holiday. All three missing workers who were making holes for demolition work were discovered dead this week. Sampyo is the local manufacturer of con
Feb. 3, 2022
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Samsung SDI sets up new ESG body
Samsung SDI has established a new organization to accomplish its environmental, social and governance goals, including a full transition to renewable energy by 2050. According to the South Korean battery firm Thursday, its board of directors formed a sustainable business management committee to bolster ESG efforts. Also, an ESG strategy team, which previously belonged to the firm’s strategy division, has been elevated to a sustainable business management bureau directly under the chief fi
Feb. 3, 2022
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Korea Shipbuilding wins ship orders totaling W704b
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has received 704 billion won ($583 million) worth of ship orders. Korea Shipbuilding obtained four separate orders from shippers in Europe and Oceania to build two liquefied natural gas-powered roll-on/roll-off (Ro-Ro) ships, one LNG bunkering ship and six 2,800 twenty-foot equivalent unit (TEU) container carriers, the company said in a statement. The ships will be delivered to the unidentified clients beginning in the s
Feb. 3, 2022
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Daewoo Shipbuilding wins orders totaling W1.8tr from Europe
Daewoo Shipbuilding & Marine Engineering Co. said Thursday it has received a combined 1.8 trillion won ($1.5 billion) worth of orders from Europe. Daewoo Shipbuilding will build two liquefied natural gas carriers for Maran Gas Maritime Inc., the gas shipping unit of Greece's biggest shipping firm Angelicoussis Shipping Group, and six container ships for an unidentified European shipper, the company said in a statement. The two LNG ships and six container carriers will begin being delivered
Feb. 3, 2022
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Krafton invests $5.4m in Indian sports game developer
Krafton Inc., a South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Thursday that it has invested $5.4 million in an Indian sports game developer, Nautilus Mobile. It is Krafton's first investment in an Indian game development studio. Nautilus is a sports game developer that developed a cricket game franchise. "Real Cricket" has been downloaded more than 100 million times globally and has more than 10 million monthly active us
Feb. 3, 2022
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Canadian authorities approve Samsung Bioepis' Ontruzant
South Korean biopharmaceutical firm Samsung Bioepis Co. said Thursday it has won approval from Canadian authorities for the sale of its biosimilar cancer drug Ontruzant. The Health Canada has approved Ontruzant -- a biosimilar product referencing Switzerland-based Roche Holding's Herceptin, also known as Trastuzumab -- for treatment of adults with early breast cancer, metastatic breast cancer and metastatic gastric cancer. Ontruzant will be commercialized in Canada by global pharmaceutical gia
Feb. 3, 2022
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34 more firms added to antitrust watch list
The number of South Korean companies affiliated with large business groups under tight supervision rose by 34 in the three months ending Jan. 31 as conglomerates expanded new businesses, the antitrust regulator said Thursday. The total number of affiliates on the Fair Trade Commission (FTC) watch list reached 2,738 as of end-January, compared with 2,704 three months earlier, according to the commission. Major business groups newly launched or acquired 112 units, while offloading 78 others from
Feb. 3, 2022
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Samsung's metaverse service My House sees early success
Samsung Electronics said Wednesday its My House world map service, launched in collaboration with Naver‘s 3D avatar platform Zepeto, saw cumulative visits quickly surging to over 4 million in less than a month. My House invites users to experience Samsung home appliances and furniture in a personalized virtual “home“ that users can decorate to their individual taste. The metaverse platform was unveiled on Jan. 5 at the annual tech show CES 2022. Since then, the cumulati
Feb. 2, 2022
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Why aren't there Korean-made vaccines yet?
Although it has been over two years since the coronavirus began spreading in Korea, the country has not seen a homemade vaccine developed yet. SK Bioscience is the company closest to delivering the first Korean-developed vaccine as the biopharmaceutical firm’s GBP510 is in the third and final phase of clinical trials. The government and company officials have voiced hope for a successful result and swift authorization as well as commercialization of GBP510 in the first half of this year,
Feb. 2, 2022
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Jeju golf courses log record visitors again in 2021
With cross-border travel restricted, golfers continued to flock to Jeju last year, pushing the resort island’s golf tourism records to all-time highs. According to the island province’s official data, a record 2.89 million people visited golf courses there in 2021, up 21.6 percent from a year earlier. It was the second year in a row that the tally rose to a new record. In 2020, some 2.38 million teed off in Jeju, logging an on-year growth of 14.7 percent. Of last year’s 2
Feb. 2, 2022
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Hyundai, Kia's own platform-based EV sales exceed 100,000 units
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday they sold more than 100,000 units of electric vehicles equipped with their own EV platform since April in global markets. Last year, Hyundai Motor launched the Hyundai IONIQ5 and the GV60 SUV under its independent Genesis brand, while Kia released the EV6 sedan mounted on the group's own electric-global modular platform (E-GMP). The all-electric models' sales stood at 96,578 units from April to December. In the first three we
Feb. 2, 2022
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Hyundai, Kia's US sales rise 2.3% in January
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 2.3 percent last month from a year earlier on strong demand for their SUV models. Hyundai and Kia sold a total of 90,360 vehicles in the world's most important automobile market in January, up from 88,359 units a year ago, according to the companies' sales data. Hyundai's US sales climbed 10 percent to 47,872 units from 43,394 over the cited period, while Kia's declined 5.5 percent to
Feb. 2, 2022
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Samsung C&T wins $510m plant deal from Vietnam
Samsung C&T Corp., the construction unit of Samsung Group, said Wednesday it has obtained a $510 million plant deal from Vietnam. Samsung C&T received the order from Petro Vietnam Power Corp., an affiliate of Vietnam's state-run oil firm Petro Vietnam, to build the Southeast Asian country's first combined cycle power plant, the company said in a statement. Samsung C&T will form a consortium with local builder Lilama Corp. to build gas and steam turbines, heat recovery steam gener
Feb. 2, 2022
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[Herald Interview] Cargo ships are floating coal plants and hydrogen is the answer
A giant container ship that was knocked off by strong winds and blocked Egypt’s Suez Canal in 2021 was mounted with an 85-megawatt engine. Powered by fossil fuels, the engine is a miniature coal power plant that generates massive energy to maneuver the 200,000-ton ship the length of four football fields. South Korea, the world‘s No. 1 shipbuilder, last year bagged 88 percent of global orders to build such huge container ships powered by internal combustion engines. Like it or not,
Feb. 1, 2022
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South Korea suffers trade deficit 2 months straight in 14 years
South Korea witnessed a trade deficit for two consecutive months for the first time since the global financial crisis in 2008, due to rising prices of energy and raw materials. According to the Ministry of Trade, Industry and Energy, Asia’s No. 4 economy saw its exports increase 15.2 percent on-year to $55.3 billion in February, while its imports surged 35.5 percent to $60.2 billion, resulting in a trade deficit of $4.8 billion. This is the first two-month trade deficit since the four
Feb. 1, 2022
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Samsung Biologics to acquire Biogen’s stake in Samsung Bioepis for $2.3 billion
Samsung Biologics has reached an agreement with Biogen to buy out the US biotechnology firm’s stake in Samsung Bioepis for $2.3 billion (2.7 trillion won), the company said Friday. Biogen secured a 15 percent stake when Samsung Bioepis was established as a joint venture in 2012. The US company exercised its right in June 2018 to buy up to one share less of Samsung Bioepis’ 50 percent stock. The payment for the 10,341,852 shares will be carried out over the next two years and full
Jan. 28, 2022