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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K-pop CEOs sidestep key issues at National Assembly audit
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Hankook Tire supplies tires for Nissan's Frontier pickup
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Tuesday it has recently begun supplying tires for Nissan Motor Corp.'s Frontier pickup truck. Hankook Tire has provided the high-performance Dynapro HT and Dynapro AT2 SUV tires in the form of original equipment (OE) products for the pickup truck since July, the company said in a statement. To enhance its global brand image, the tiremaker has provided its OE tire products for 320 kin
Nov. 2, 2021
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Sales of Hyundai's green cars to reach new landmark in Nov.
Hyundai Motor Co., South Korea's top automaker, said Tuesday its annual sales of eco-friendly vehicles will likely exceed 100,000 units this month amid their growing popularity here. It would mark the first time that Hyundai's annual sales of green vehicles have surpassed the 100,000-unit level. The projection comes as domestic sales of Hyundai's hybrids, electric vehicles and fuel cell electric vehicles have spiked nearly 40 percent in the first 10 months of this year from a year earlier. In
Nov. 2, 2021
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Kia's Oct. sales fall 19% on chip shortage
Kia Corp., South Korea's second-largest automaker, said Monday its sales fell 19 percent last month from a year earlier as extended global chip shortages weighed on its production. Kia sold a total of 217,872 vehicles in October, down from 268,729 units a year ago, the company said in a statement. Domestic sales dropped 21 percent on-year to 37,837 units last month from 48,009, while exports fell 18 percent to 180,035 from 220,720 during the cited period, it said. Kia said the continued chip
Nov. 1, 2021
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Korea's exports hit second-largest ever $55.55b in Oct
South Korea’s exports rose on-year for 12 months in a row to $55.55 billion in October, its second highest monthly figure ever, as recoveries in major markets led to strong demand for semiconductors and petrochemical products. Overseas shipments last month surged 24 percent from a year ago, marking an eighth straight month of double digit growth, the Ministry of Trade, Industry and Energy said on Monday. The largest-ever monthly exports figure was 55.83 billion in September. “Desp
Nov. 1, 2021
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Hyundai's Oct. sales fall 21% amid chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 21 percent last month from a year earlier due mainly to global chip shortages. Hyundai Motor sold 307,039 vehicles in October, down from 387,197 units a year earlier, the company said in a statement. Domestic sales declined 12 percent to 57,813 units from 65,669, as the lack of semiconductor parts continued to weigh on vehicle production and sales, it said. Overseas sales dropped 23 percent to 249,226 from 321,528 a
Nov. 1, 2021
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Renault Samsung's Oct. sales jump 54% on exports
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday its sales jumped 54 percent last month from a year earlier on strong exports. Renault Samsung sold 11,627 vehicles in October, up from 7,533 units a year earlier amid the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 30 percent on-year to 5,002 units from 7,141, while exports soared to 6,625 units from 392 on robust sales of its SUV models, it said. Strong overseas demand for th
Nov. 1, 2021
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SsangYong's Oct. sales plunge 53% on lower demand
SsangYong Motor Co. said Monday its sales plunged 53 percent last month from a year earlier on weaker demand for its models and a prolonged chip shortage. SsangYong Motor sold 4,749 vehicles in October, down from 10,197 units a year earlier, the company said in a statement. Domestic sales dropped 57 percent to 3,279 units last month from 7,612 a year ago, while exports declined 42 percent to 1,500 units from 2,585 during the same period, it said. From January to October, sales fell 22 percent
Nov. 1, 2021
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[Newsmaker] KT to pay 35-40 billion won in compensation for network fiasco
KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday. In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users. “We deeply apologize for causing incon
Nov. 1, 2021
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Korea Aerospace named preferred bidder in W877b reconnaissance plane bid
Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday it has been selected as the preferred bidder in the government's 877.5 billion won ($747 million) reconnaissance plane bid. The Defense Acquisition Program Administration is expected to sign the deal with KAI next month to push ahead with the project, a KAI spokesman said by phone. Under the deal, KAI will bring four Falcon 2000LXS business jets from French aircraft manufacturer Dassault Aviation and de
Nov. 1, 2021
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Aekyung Chemical officially launches, Pyo Kyoung-won appointed as CEO
South Korean cosmetics-to-health care conglomerate Aekyung Group said Monday that it has officially launched Aekyung Chemical and appointed Pyo Kyoung-won as the inaugural CEO. Aekyung Chemical was formed by combining the group’s three chemical businesses -- Aekyung Petrochemical, AK ChemTech and the old Aekyung Chemical. In a meeting at Aekyung Tower, the group’s headquarters in Mapo-gu, western Seoul, on Monday morning, the new Aekyung Chemical’s board of directors finali
Nov. 1, 2021
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[Green Paradox] Moon’s hydrogen vision is 'color-blind'
Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into the flaws and shortcomings of Korea’s green policies. – Ed. South Korea is undoubtedly among the frontrunners in the global hydrogen race, with a sweeping and ambitious national strategy to utilize the cleanest fuel to power Asia’s fourth-largest economy. In its push for the hydrogen economy, the Moon Jae-in administration takes pride in having enacted the world&rsq
Nov. 1, 2021
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New LG Energy Solution CEO touts long-term battery vision
Kwon Young-soo, the newly appointed CEO of LG Energy Solution, called for an unrelenting focus on battery technology, urging executives and staff to shake off recall fears in his inaugural speech delivered on Monday. “You must have had a lot of worries due to the recent quality issues, but there is no need to be discouraged. As the saying goes, it’s darkest before the dawn, and this is an inevitable process in the long term,” Kwon said in his first message as chief of LG En
Nov. 1, 2021
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Samsung Heavy raises W1.28t via new share sale
Samsung Heavy Industries Co. said Monday that it has raised 1.28 trillion won ($1.1 billion) through the sale of its new shares. The shipbuilder's 250 million new shares were oversubscribed by existing shareholders and its workers, Samsung Heavy said in an emailed statement. The subscription rate was 103.3 percent, while the common shares oversubscribed by the existing shareholders and the workers numbered 17.82 million shares, Samsung Heavy said. Samsung Heavy will offer to the public 73,317
Nov. 1, 2021
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LG Vice Chairman Kwon appointed new CEO of LG Energy Solution
Kwon Young-soo, previously the vice chairman of LG Corp., was appointed Monday as the new CEO of LG Energy Solution Ltd. after getting the nod from its shareholders, the company said. Last week, LG Energy's board tapped Kwon as its new CEO, a decision largely seen as a replacement in the wake of the battery recalls in General Motors Co.'s Bolt electric vehicles (EV). LG Energy and LG Electronics have set aside 1.4 trillion won ($1.2 billion) to repay GM for the recalls of Bolt EVs caused by ba
Nov. 1, 2021
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SK Telecom names new CEO following non-telecom spinoff
SK Telecom Co. on Monday named the former head of its mobile network operations division Ryu Young-sang as its new CEO following the launch of its non-telecom spinoff SK Square. Ryu has been working for SK Telecom since 2000 and is known for his expertise in mergers and acquisitions, as well as finding new business sectors, the company said. On Monday, South Korea's largest mobile carrier split into two, spinning off the new investment company SK Square, in the latest move to make aggressive i
Nov. 1, 2021
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SKC expands battery materials biz with investment in British manufacture
SKC Co., a chemical unit of South Korea's No. 3 conglomerate SK Group, said Monday it will invest $33 million in a British battery materials maker with two private equity funds and other investors in a bid to tap into the fast-growing sector. SKC will form a consortium with BNW Investment and SJL Partners to invest a combined 80 million won in Nexeon Ltd, with the rest to be invested by SJL Partners and a pool of other investors, the company said in a statement released after the board's approv
Nov. 1, 2021
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SK Networks CEO Choi steps down amid embezzlement trial
Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2
Nov. 1, 2021
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[Battery+] Solid-state batteries will give new life to petrochemical waste: Solid Power CEO
Petrochemical companies generate waste called hydrogen sulfide at their facilities and even pay money to dispose of the highly toxic gas. But what if this unwanted byproduct could be converted into a raw material for green energy? Doug Campbell, co-founder and CEO of Solid Power, one of the world’s most promising advanced battery developers, suggests that solid-state batteries will give new purpose to materials that had been neglected before. “A company like SK (Innovati
Oct. 31, 2021
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GS E&C begins work on W2.7tr road project in Australia
An international consortium including GS Engineering & Construction has been chosen as the winner of Australia’s major road project, worth 3.1 billion Australian dollars (2.7 trillion won), the Korean builder said Sunday. The project is to build a 6.5 kilometer road connecting the Metropolitan Ring Road and the Eastern Freeway in Melbourne, including major bridges and interchanges. Ground was broken for the project on Oct. 28, a GS E&C official said Sunday. It is the Korean
Oct. 31, 2021
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Pay gap between occupations widens amid pandemic
Pay gaps between occupations grew wider amid the COVID-19 pandemic as wages in the tech and TV broadcasting industries saw some of the biggest growth while workers in the aviation and tourism sectors took a hit, new data has revealed. According to new data released Sunday by the Korea Economic Research Institute, jobs at web portal, data processing and web hosting companies saw their pay grow by 9 million won ($7,666) on average to 37.9 million won during the first half of this year compared wi
Oct. 31, 2021