Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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S. Korea, Singapore seal supply chain agreement
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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[Photo News] Self-drive for podium
A self-driving race car of the Korea Advanced Institute of Science and Technology finishes fourth at the Indy Autonomous Challenge held in Indianapolis on Oct. 23. KAIST said Thursday that it will participate in the Autonomous Challenge, a one-on-one autonomous racing tournament scheduled to take place at the upcoming Consumer Electronics Show in Las Vegas, in January.
Dec. 9, 2021
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Samsung ushers in next generation with execs in 30s, 40s
Samsung Electronics has promoted a swath of young executives in their 30s and 40s as part of its ongoing efforts to breathe fresh air into its rigid corporate culture. The Korean tech giant said Thursday a total of 198 executives, including eight executive vice presidents in their 40s and four vice presidents in their 30s, were promoted in its year-end executive reshuffle. Samsung said the latest reshuffle was carried out in line with its performance-driven culture, citing the company’s
Dec. 9, 2021
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LG Innotek chief wins tech award
LG Innotek said its chief executive Jeong Cheol-dong will receive an award from the Institute of Electronics and Information Engineers on Friday for helping raise the global competitiveness of the local materials and parts industry. Jeong, known for his insight on the materials and parts market with 37 years of experience in business-to-business deals, will receive the Haedong Technology Award from the academic organization, the electronic components maker said. Having joined LG Semiconductor
Dec. 9, 2021
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Jungheung to become 3rd largest builder in Korea after Daewoo E&C takeover
Construction conglomerate Jungheung Group’s acquisition of much-larger rival Daewoo Engineering & Construction on Thursday is set to make Jungheung the third-largest builder by asset in South Korea, following Samsung E&C and Hyundai E&C. While the two firms will run management individually under terms, Jungheung Group said it will retain Daewoo E&C staff and executives and guarantee the builder‘s independence in management. The two builders’ flagship apa
Dec. 9, 2021
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Kyobo, KakaoBank join hands for platform projects
Kyobo Life Insurance affiliates and KakaoBank signed a memorandum of understanding on data cooperation and financial platform projects, officials said Thursday. KakaoBank, South Korea’s biggest internet-only bank by user base, said it will work with Kyobo Book Centre, the country’s largest bookstore by sales, to develop and upgrade an alternative credit rating model. To do that, the lender plans to research and analyze nonfinancial data such as the history of book purchases by Kyob
Dec. 9, 2021
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LG Energy Solution reviews $2b EV battery plant in Ontario
LG Energy Solution said Thursday it is mulling a new electric vehicle battery plant worth $2 billion in the Canadian province of Ontario. According to South Korea’s leading battery firm, it is currently in talks with Ontario officials for the new battery factory. The envisioned Ontario plant is part of LG Energy Solution’s plan to invest 5.6 trillion won ($4.76 billion) in North America by 2024 and secure an additional annual production capacity of 55 gigawatt-hours in the regi
Dec. 9, 2021
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EcoProBM to build W970b EV battery material plant in Hungary
EcoProBM, an electric vehicle battery material supplier for Samsung SDI and SK On, said Thursday it will build a cathode plant in Hungary worth 970 billion won ($825 million). The Hungarian plant, which is to be EcoProBM’s first overseas investment, will churn out 108,000 tons of cathode material per year once it goes fully operational in the second half of 2025. The production output would be enough to produce batteries for 1.35 million electric vehicles, the company said. Cathodes
Dec. 9, 2021
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Ex-Burberry chief designer named new creative designer for LF Daks
South Korean fashion retailer LF Corp. said Thursday that it appointed Luc Goidadin, the former chief design officer of British fashion behemoth Burberry, as the new creative director of its luxury brand, LF Daks. With Goidadin at the helm, LF Daks will be under an overall restructuring process for a higher brand value, LF said. Since 1983, LF has been operating LF Daks through a licensing contract with British-heritage luxury fashion house Daks. Under Goidadin's leadership, LF Daks plans t
Dec. 9, 2021
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Jungheung inks Daewoo E&C takeover deal, vows managerial independence
Jungheung Group said on Thursday it has signed a binding sales and purchase agreement contract with KDB Investment to acquire a controlling 50.75 percent stake in Daewoo Engineering & Construction. With the contract, Jungheung looks to complete the takeover of Korea’s sixth-largest construction company by Feb. 15 next year, following an antitrust review of the deal to be filed before year-end. The proposed acquisition price was not disclosed. The South Korean builder group with 9.2
Dec. 9, 2021
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S. Korea begins procedures to ratify Cape Town Agreement on fishing vessel safety
South Korea has begun domestic procedures to ratify the Cape Town Agreement on the safety of fishing vessels, the oceans ministry said Thursday. The agreement, adopted by the International Maritime Organization (IMO) in 2012, is meant to enhance safety onboard fishing vessels, including vessel construction and safety equipment, to prevent illegal fishing and to ensure the long-term sustainability of the fishing industry. South Korea, along with dozens other nations, vowed in 2019 to bring the
Dec. 9, 2021
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Car-sharing app SoCar to launch integrated mobility services
SoCar, a South Korean car-sharing company, said Thursday it aims to launch an integrated mobility services that connects all transit options in one app next year. The envisioned "super app" will allow users to find multiple modes of transit, such as car-sharing, buses, trains, and electric bikes, to reach their destinations in the fastest and most effective manner, the company said in a statement. "The super app users can book an electric bike to reach a SoCar zone, a SoCar ve
Dec. 9, 2021
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5 companies to recall over 4,200 vehicles over faulty parts
Audi Volkswagen Korea, Honda Korea and three 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 five companies, including Volvo Trucks Korea, Stellantis Korea, FMK which sells Ferraris and Maseratis in the country, are recalling a combined 4,282 units in 10 kinds of models, the Ministry of La
Dec. 9, 2021
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Posco International sets up holding company in Singapore to expand palm oil business
Posco International, the trading arm of the country’s leading steelmaker Posco, has set up a holding company in Singapore to expand its palm oil business, the company said Wednesday. The trading company is currently seeking to transfer 85 percent of its stake in an Indonesian palm farm to the holding company in the city state. The transfer will be completed by the end of the year, officials in Songdo, west of Seoul, said. The company plans to dispatch professionals next year to expand th
Dec. 8, 2021
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Hanmi Global, CIOB to share educational contents
Hanmi Global said Wednesday it has signed a preliminary agreement with the Chartered Institute of Building (CIOB) to share educational contents on construction management. The construction management company has recently developed an online education platform, tentatively called Global PM University, to foster professionals in project management and offer knowledge on construction to the general public. The CIOB, established in 1834, is a global professional body for construction management
Dec. 8, 2021
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[Newsmaker] SK chief says sustainability, not size, priority in chip investment
While Samsung makes a multibillion dollar bet on a new chip fab in the US, SK Group Chairman Chey Tae-won is seeking to chart a different path in the semiconductor business, emphasizing “sustainability” as a prime factor to consider before making major investment decisions. While attending 2021 Trans-Pacific Dialogue held near Washington, DC, on Tuesday, the 61-year-old leader underscored that the key of the chip business is sustainability, not size, when asked of his plan on makin
Dec. 8, 2021
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[Herald Interview] SBA to guide digital transformation of small businesses
In times of digital transformation, bigger firms have the tools, technology and personnel for digital transformation, but smaller companies often lack the necessary resources. This is where the Seoul Business Agency steps in to support small- to medium-sized companies in the capital. "Conglomerates or IT companies are undergoing digital transformation and making business opportunities out of it. SMEs are aware of the shift, but they are very busy with their daily workload," said Kim H
Dec. 8, 2021
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Jungheung Construction to sign deal to buy Daewoo E&C this week
Jungheung Construction, a midsized local builder, said Wednesday that it will sign a deal this week to buy a controlling stake in Daewoo Engineering & Construction Co. In July, Jungheung Construction was named the preferred bidder to take over the 50.75-percent stake in its bigger rival from an investment fund under the state-run Korea Development Bank (KDB). The deal is known to be worth around 2 trillion won ($1.7 billion). In 2018, Hoban Construction Co. was selected as a preferred bid
Dec. 8, 2021
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Hyundai Motor likely to post record-high profit this year: analysts
Hyundai Motor Group is likely to post a better-than-expected fourth quarter result as well as a record-high operating profit of 7 trillion won ($5.9 billion) this year, despite the ongoing chip shortage, market experts said Wednesday. Market analysts viewed that the Korean automaker’s focus on expanding sales of its ecofriendly models and broadening its product mix to enhance its brand value has helped the company to anticipate a turnaround this year. Nine local securities f
Dec. 8, 2021
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SK Gas invests in US hydrogen startup in push for clean energy transition
SK Gas Co., a key energy unit of South Korea's No. 3 conglomerate SK Group, said Wednesday it has invested in a US startup that has the original decarbonizing technology to produce clean hydrogen, as part of efforts to advance its transition to clean energy. SK Gas did not disclose the value of the investment in C-Zero, a California-based tech company, citing the terms of the contract. C-Zero is known for its methane pyrolysis technology that uses high temperatures to break methane in natural
Dec. 8, 2021
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8 aluminum alloy makers fined W21b for price fixing
South Korea's antitrust regulator said Wednesday it has decided to impose a combined 20.7 billion won ($17.6 million) in fines on eight makers of aluminum alloy products for colluding to fix bidding prices. Altechno Metal and seven other firms colluded to fix their quotations between 2011 and 2021 for bids on aluminum alloy products by the country's largest carmaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Fair Trade Commission (FTC). Prior to the bidding, the companies
Dec. 8, 2021