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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Samsung Biologics to start up Plant 4 early to cement leadership
To solidify its No. 1 position in terms of production capacity, Samsung Biologics, a contract development and manufacturing organization under the Samsung empire, will begin partial operation of its fourth plant in Songdo, west of Seoul, this year, six months earlier than previously scheduled, the company’s CEO said Thursday. Touting its manufacturing capability, John Rim, CEO of Samsung Biologics, said the planned partial operation will add fresh new capacity of 60,000 liters in October
Jan. 13, 2022
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[Herald Interview] Want a job? Tech skills are a must
The ongoing pandemic has brought a significant change in South Korea’s job market where technology skills such as data visualization and coding -- not necessarily academic background -- have become prime qualities that businesses look for from job seekers. “The COVID-19 pandemic has indeed brought about huge polarization in the local job market. Job seekers who majored in liberal arts or business are having hard time finding job openings, whereas IT majors get hired easily,”
Jan. 13, 2022
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Gwangju seeks to exclude HDC from construction projects
The Gwangju Metropolitan Government will review legal measures to restrict Hyundai Development Company from participating in building projects in Gwangju, the city mayor said Thursday. “If legal measures allow, we will exclude HDC from participating in construction projects in the city for a fixed period,” Gwangju City Mayor Lee Yong-seop said during a briefing held on Thursday. Lee added that authorities are also reviewing whether to order HDC to demolish the collapsed apartment b
Jan. 13, 2022
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Genesis ups 2022 sales target, hints at new EV
Taking last year’s momentum of Genesis expanding its global presence, Hyundai Motor’s standalone luxury brand expects to increase its sales by 10 percent this year with its new lineups and electrified versions of high-end vehicles, its chief executive said on Tuesday. “We are expected to (sell) between 215,0000 to 220,000 (in numbers) of Genesis vehicles,” Genesis CEO Chang Jae-hoon told reporters at the G90 launching event, adding that the global sales of the luxury bra
Jan. 13, 2022
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S. Korea expected to become world's biggest investor in fab equipment this year: report
South Korea is expected to become the biggest investor in chip fabrication facilities this year, a global industry association said Thursday. According to SEMI, a global industry association representing the electronics manufacturing and design supply chain, South Korea is forecast to rank at the top of fab equipment spending this year, followed by Taiwan and China. Global fab equipment spending is predicted to increase 10 percent from last year to reach an all-time high of $98 billion, the SE
Jan. 13, 2022
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Genesis eyes 10% increase in global sales this year
Genesis, the luxury brand of Hyundai Motor Co., said Thursday it targets a 10 percent on-year increase in sales this year spurred by new models. Genesis aims to sell 220,000 units globally this year, up from 200,000 sold last year, Hyundai Motor President and Chief Executive Chang Jae-hoon told reporters on the sidelines of the G90 sedan's launching event. "Helped by improved product lineup and increased SUV models, Genesis already made it to the top 10 luxury brands, beating (Hon
Jan. 13, 2022
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4 companies to recall more than 4,200 vehicles over faulty parts
BMW, Mercedes-Benz and two other companies will voluntarily recall more than 4,200 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The four companies, including Audi-Volkswagen Korea and Porsche Korea, are recalling a combined 4,247 units of 12 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems i
Jan. 13, 2022
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Posco succeeds in producing neon gas for chips
South Korea’s top steel maker Posco said Wednesday that it has succeeded in producing neon, a rare gas mainly used for making chips, at its Gwangyang steel mill, becoming the first Korean firm to do so. “It is very meaningful to achieve the complete localization of neon, which was a long-cherished task in the industrial gas market, in cooperation with TEMC, a small but strong Korean company,” Vice President Yoo Byung-ok said during the ceremony. “Through ESG business
Jan. 12, 2022
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[Battery+] China’s cut on EV subsidies a boon for Korean battery makers
As China plans to phase out subsidies for electric vehicles by 30 percent by the end of 2022 and completely eliminate them starting 2023, South Korean battery trio -- LG Energy Solution, Samsung SDI and SK On -- are bracing for potential impact. According to industry sources Wednesday, China’s U-turn on EV subsidies indicates its confidence about the local EV market‘s ability to survive without state support and its determination to sort out low-quality EV battery manufacturers.
Jan. 12, 2022
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Samsung dispatches flights to bring back COVID-positive employees from CES
Samsung Electronics dispatched chartered flights to Las Vegas to bring home some 20 staff members and executives who tested positive for COVID-19 at the CES 2022 trade show, according to industry sources Wednesday. The majority of the infected Samsung officials returned to South Korea late Tuesday night, while the remaining officials arrived around noon on Wednesday. Most of the officials reported minor or no symptoms. After arrival, they were transferred to a quarantine facility for medical
Jan. 12, 2022
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Posco logs record high earnings in 2021 on robust demand, high prices
Posco, South Korea's top steelmaker, said Wednesday that it logged its largest earnings ever last year on the back of strong demand for key products and high prices. Its operating income stood at 9.2 trillion won ($7.73 billion) last year on a consolidated basis, compared with an operating profit of 2.4 trillion won a year earlier, the company said. Sales amounted to 76.4 trillion won, up 32.1 percent from a year earlier, it added. Posco showed a stellar performance in the second and third qu
Jan. 12, 2022
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EU set to veto merger of S. Korean shipbuilders: sources
European Union regulators are set to veto Hyundai Heavy Industries Co.'s proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., citing monopoly issues, industry sources said Wednesday. Within this week, the EU's antitrust regulator will likely announce its decision to block the merger of the South Korean shipbuilders, arguing the tie-up could create a monopoly in the LNG ship market amid rising energy prices, a person familiar with the matter told Yonhap New
Jan. 12, 2022
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Naver invests in e-commerce data startup
Naver D2 Startup Factory has made a follow-on investment in local e-commerce data startup Datarize, the IT giant said Wednesday. Stonebridge Ventures led the series A funding of Datarize with co-investments from Weventures, Korea Development Bank and Mirae Asset Venture Investment. The total funding amounted to 11.5 billion won ($9.6 million). Naver D2 Startup Factory had previously taken part in the seed investment of Datarize in 2020. Datarize developed an all-in-one growth solution for onl
Jan. 12, 2022
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Pernod Ricard Korea launches Time Well Spent campaign to solidify local presence
Pernod Ricard Korea’s new “Time Well Spent” campaign will solidify its position as a market leader in the local whiskey market, which is constantly expanding, the liquor firm said Wednesday. According to Pernod Ricard Korea’s marketing director Kim Kyung-yeon, the domestic imported whiskey market made 58 percent growth compared to 2019. “With increased public interest in whiskey, high-end whiskey categories and the malt whiskey saw significant growth -&ndash
Jan. 12, 2022
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Samsung's chip biz faces minimal impact from Xi'an lockdown: analysts
The prolonged lockdown in the Chinese city of Xi'an will have minimal impact on the performance of Samsung Electronics Co., which has a chip fabrication complex there, analysts said Wednesday. Samsung, the world's largest memory chip maker, temporarily adjusted operations at its NAND flash chips manufacturing base in the city late last month, following the city's draconian restrictions imposed on Dec. 22, banning its 13 million citizens from venturing out and doing nonessential activities, to s
Jan. 12, 2022
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Hyundai Development apologizes over construction accident
GWANGJU -- The chief of Hyundai Development Co. apologized Wednesday over the collapse of a facade of a high-rise apartment building under construction, which has left six workers still missing. The exterior wall of the apartment building in the southwestern city of Gwangju crumbled down at around 3:46 p.m. Tuesday, with at least one person injured and about 10 vehicles buried under the rubble. A total of 394 people were working at the scene of the accident, but six of them were unaccounted fo
Jan. 12, 2022
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Daewoo E&C names insider as new CEO
Daewoo Engineering & Construction on Wednesday named Baek Jung-wan, the current head of the constructor’s housing division, as its new CEO whose appointment will be finalized in an upcoming board meeting once the planned acquisition by the Jungheung Group completes next month. Baek, 59, a career insider, joined Daewoo E&C in 1985. He has worked as an onsite leader for Daewoo’s major apartment constructions before becoming an executive director at the company’s ho
Jan. 12, 2022
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S. Korea's ICT exports hit record high of $227b in 2021
South Korea's output in the information and communication technology (ICT) industry rose 24 percent in 2021 from a year earlier to reach an all-time high, data showed Wednesday. The record-high output of $227.6 billion comes on the back of solid global demand for chips, displays and rechargeable batteries, according to the data compiled by the Ministry of Science and ICT. Imports of such goods rose 19.9 percent on-year to $135 billion, resulting in a trade surplus of $92.6 billion last year.
Jan. 12, 2022
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Air Premia opens cargo flights to Vietnam
South Korean budget carrier Air Premia Co. said Wednesday it has opened cargo flights to Vietnam to ride out the prolonged COVID-19 pandemic. It is Air Premia's second cargo-only international route after the carrier began to offer cargo flights to Singapore last month. The company said it will consider starting passenger flights on the routes depending on the condition of the pandemic. In November, the carrier partnered with French air cargo services agent ESG Group to offset low demand in t
Jan. 12, 2022
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LG Energy Solution to purchase 700,000 tons of lithium ore concentrate from Australia
South Korean battery maker LG Energy Solution Ltd. has signed an initial contract to purchase 700,000 dry metric tons of lithium ore concentrate from an Australian miner, a document showed Wednesday, a deal that could help LG secure a supply of lithium-ion battery materials. A disclosure document posted by Liontown Resources Ltd. said it will supply the lithium spodumene concentrate to LG Energy Solution under a five-year offtake agreement starting 2024, with a potential extension for another f
Jan. 12, 2022