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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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Hyundai Motor affirms EV production in US but why the delay?
Hyundai Motor Group Chairman Chung Euisun made it official for the first time that the company plans to manufacture electric vehicles in the US, but questions are being raised over why the South Korean auto giant is not moving fast to do so. “Not starting next year, but we are planning to (make EVs in the US), so still looking for a timing,” said Chung, crossing a line against market speculation that the automaker’s EV production in its US factories is imminent. “
Nov. 23, 2021
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BMW to strengthen EV lineup in S. Korea
BMW said Tuesday it will strengthen its electric vehicle lineup in South Korea to meet growing demand for environment friendly vehicles. This week, BMW added the all-electric iX flagship SUV and the iX3 midsized SUV to its existing EV lineup composed of the pure electric i3 subcompact car and the plug-in hybrid i8 sedan. "The company will continue to beef up its EV lineup by adding electrified models to each segment to satisfy customers' demands," BMW Korea said in a statement. BM
Nov. 23, 2021
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Large S. Korean firms cut jobs amid coronavirus pandemic
Large South Korean companies have cut their combined workforce by more than 1 percent over the past two years amid the coronavirus pandemic, a corporate tracker said Tuesday. The number of workers hired by 313 out of the country's top 500 firms by sales came to 1.24 million as of end-September this year, down 1.02 percent, or around 12,800, from two years earlier, according to the Leaders Index. These companies removed some 18,200 regular jobs over the cited period, while increasing the number
Nov. 23, 2021
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EU resumes antitrust probe into Hyundai-Daewoo combination
The European Union antitrust regulator said Tuesday it has resumed its investigation into the proposed combination of two major South Korean shipbuilders 16 months after it suspended the probe. The European Commission plans to finalize the probe by Jan. 20, it said on its website. "The probe was able to be resumed as we fully answered questions by the EU antitrust regulator," said an official at Korea Shipbuilding & Offshore Engineering Co. (KSOE). KSOE is the subholding compan
Nov. 23, 2021
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US' restriction on SK hynix plan in China 'legitimate': US trade chief
The United States' recent restriction on South Korean chipmaker SK hynix's plan to bring advanced equipment to a Chinese factory was made out of "legitimate concerns," and more such moves could be possible, Washington's top trade official has said. US Trade Representative (USTR) Katherine Tai made the remarks in her recent radio interview with CBS, a Seoul-based broadcaster, which aired on Monday. She visited South Korea for a four-day run from Thursday. &q
Nov. 22, 2021
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Trade minister urges US to begin talks on steel import restrictions
Trade Minister Yeo Han-koo said on Monday that he called on the US to begin talks on revising restrictions on steel imports from South Korea during last week‘s meeting with his US counterpart. “As the US has recently reached an agreement on or has begun negotiations with the European Union and Japan, we strongly conveyed (to the US) that they should begin talks with South Korea, their ally which is competing with the EU and Japan in the US market,” Yeo said in a press briefing
Nov. 22, 2021
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KITA to bolster monitoring on key materials
The Korea International Trade Association said Monday that it will bolster the monitoring of supply chains for key materials in close cooperation with government agencies and the trading units of conglomerates, amid the protracted urea solution supply crunch. According to a recent study by the trade lobby, South Korea is heavily dependent on single countries for its supplies of 3,911 materials, with China making up almost half the total. Over the past 10 months, Korea relied on imports from
Nov. 22, 2021
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Hyundai Motor vows 46,000 jobs for youth in next 3 years
Hyundai Motor Group, the country’s second-largest group by assets, on Monday pledged to hire 46,000 youths over the next three years. “It is our group’s duty to expand our business to create more jobs so the young people can make use of their talent,” said Hyundai Motor Group Chairman Chung Euisun during a meeting with Prime Minister Kim Boo-kyum. “We will put a lot more effort to allow youths to execute their capabilities through collaborative projects involving
Nov. 22, 2021
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Korea’s bio technology exports nears $10b
The total value of South Korean biotech and pharmaceutical companies’ technology exports is expected to reach $10 billion for the first time this year, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The country’s biotech and pharmaceutical companies’ technology exports amounted to 11.4 trillion won ($9.6 billion) as of Nov. 17, the KPBMA said Monday. As there were deals that did not disclose their contract values, the KPBMA expected the total
Nov. 22, 2021
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Celltrion's COVID-19 antibody treatment wins emergency approval in Peru
South Korean pharmaceutical giant Celltrion Inc. said Monday its COVID-19 antibody treatment has won an emergency approval from Peruvian authorities. The drug authority in the South American country granted the approval for an emergency application of Rekirona to adult COVID-19 patients. The approval was based on recent top-line results from a global phase three clinical study of Rekirona, a pivotal part of the study to obtain more comprehensive safety and efficacy results. Rekirona is a mono
Nov. 22, 2021
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SK hynix to 'wisely' deal with risks associated with US-China trade tension: CEO
SK hynix CEO Lee Seok-hee said Monday that the company will respond "wisely" to the US-China trade tension that could cloud the chipmaker's plan to upgrade its Chinese plant. "The fourth-generation DRAM chips have been produced in South Korea since July and it is still a long way to go before we can apply the same technology in our Chinese plant," he told reporters on the sidelines of an annual event of Semiconductor Day. He referred to the most advanced 10nm chips produce
Nov. 22, 2021
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Asiana to resume Guam route next month
Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will resume flights to Guam late next month to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs. Asiana plans to run a 188-seat A321NEO plane and operate two flights a week on the Incheon-Guam route from Dec. 23, the company said in a statement. "The company decided to reopen the Guam route after 18 years, as it has a couple of destinations to fly at the moment due to a
Nov. 22, 2021
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Operating margins of top 100 firms exceed 10% in Q3
Third-quarter operating margins of South Korea's top 100 companies topped the 10 percent mark for the first time in three years amid the local economy's recovery from the coronavirus pandemic fallout, data showed Monday. Their average operating margin of the leading companies by sales, excluding financial and state corporations, stood at 10.74 percent in the July-September period, up 1.98 points from the prior quarter, according to the data compiled by Yonhap News and the Federation of Korean I
Nov. 22, 2021
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[Herald Interview] Meet CEOs on metaverse -- how doing business can work via virtual world
Metaverse, the fast-emerging digital platform of interconnecting virtual communities, will provide new business opportunities for budding Korean companies seeking investors for corporate growth and the complete commercialization of their products and services. In an interview jointly hosted by The Korea Herald and Hyundai Futurenet, CEOs of three companies -- Warpsolution, Digisonic and Citylabs -- said they are working on ways to develop both physical and virtual technologies to enhance the me
Nov. 21, 2021
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Samsung’s $17b foundry investment plan in US imminent
Samsung Electronics is reportedly planning to unveil its $17 billion foundry investment plan in the US this week, as its leader Vice Chairman Lee Jae-yong returns home after a series of high-profile meetings with White House officials and key lawmakers that might have finalized the plan. According to Samsung Electronics Sunday, the vice chairman was invited to the White House on Friday, US time, and met with top officials to discuss how the South Korean tech giant could help resolve the globa
Nov. 21, 2021
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[Exclusive] Doosan to develop hydrogen power pack for cars
Doosan Group said Sunday it will develop a hydrogen power pack for commercial vehicles, signaling its entry into the hydrogen bus and truck markets. “We will develop a hydrogen power pack for land vehicles. We are also reviewing a total charging solution at bus depots that can charge both hydrogen and electric buses,” an executive at Doosan Fuel Cell, a hydrogen business unit of Doosan, told The Korea Herald while declining to be named. A hydrogen power pack is a type of generat
Nov. 21, 2021
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KOGAS transforms into hydrogen platform business
Korea Gas Corp. is undergoing a paradigm shift from a fossil fuel resource developer to a hydrogen-based eco-friendly company by pushing forward its hydrogen as well as natural gas businesses. Established in 1983 with a mission for safe and stable supply of natural gas, KOGAS owns 74 storage tanks with a total capacity of 11.56 million kiloliters at five production sites in Pyeongtaek, Incheon, Tongyeong, Samcheok and Jeju; 4,945 kilometers of natural gas pipelines nationwide; and 413 supply ma
Nov. 21, 2021
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Netflix's monthly active users hit record high in S. Korea on 'Squid Game'
The number of Netflix's monthly active users (MAU) in South Korea hit a record high in September from a month earlier helped by the Korean-made mega hit "Squid Game," a market research firm said Sunday. The US streaming giant's monthly active users in South Korea reached 9.48 million in September, up 9.8 percent from the previous month's 8.63 million, according to Nielsen KoreanClick. September tally marked the highest since Netflix launched its streaming service in South Korea in 201
Nov. 21, 2021
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LG Electronics ships out over 10 million OLED TVs since 2013
Market data showed Friday that LG Electronics has shipped out over 10 million of its premium OLED TV shipments since the launch in 2013, doubling from just a year ago amid a rapidly expanding market. The Korean TV maker shipped 899,000 TVs in the third quarter, a sharp rise by 80 percent on-year, and the most in a quarter, according to the data from market analysis company Omdia. LG said it expects this year’s total number of OLED TV shipments to surpass 4 million, double that of last y
Nov. 19, 2021
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[Newsmaker] Hite Jinro to see sales boom under ‘living with COVID-19’: analyst
Hite Jinro, the country’s biggest beer and soju maker in terms of market share, is expected to become the “main beneficiary” of the liquor industry as the country shifts back to normal under its “living with COVID-19” scheme, an industry analyst said Friday. “With the resumption of entertainment facilities operating under the ‘living with COVID-19’ scheme, the recovery of related sectors in the metropolitan area is a sign of upward momentum
Nov. 19, 2021