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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0.1 percent of companies account for 51.3% of output: data
Big companies account for just 0.1 percent of all businesses in South Korea, but they generate 51.3 percent of total output, a report showed Thursday. According to data from the Ministry of SMEs and Startups, 99.9 percent of domestic enterprises were small and medium sized ones, employing 82.7 percent of the country’s total employed population as of 2019. Compared to a year earlier, the number of SMEs rose 3.8 percent to 6.89 million. The number of employees in SMEs increased by 2 per
Oct. 28, 2021
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Saean to unveil new electric sports car
First-generation electric carmaker Saean has quickly grown into a global company, and plans to focus on strengthening its headquarters as well as research and development for new models, including a sports car. Saean said it will merge affiliated companies in America, Japan and Korea, and Saean Corp., its headquarters in Calgary, Alberta, will have all business rights, patent and technological rights. Saean R&D will focus on developing new models.
Oct. 28, 2021
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Korea plants green dreams in Mongolia
Arid, rocky desert stretching out across the horizon with no end in sight, with heavy sandstorms carving out dry steppe land from time to time. This may be what you would normally imagine when you think of Mongolia, home to Asia’s largest and coldest desert -- Gobi Desert. In a country where forests only cover less than 10 percent of the total land, afforestation is innately difficult -- it has a very short growing season that is restricted by cold temperatures and low precipitatio
Oct. 28, 2021
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Doosan’s Moon Hong-sung promoted to CBO, spearhead all biz
Doosan Group said Thursday it has promoted Doosan Corp. President Moon Hong-sung to chief business officer. The newly appointed CBO will be tasked with leading all businesses of Doosan Corp. from hydrogen fuel cells and drones to industrial robots. Before the promotion, Moon served as the chief strategy officer and led new businesses for Doosan Robotics, Doosan Mobility Innovation and Doosan Logistics Solutions at the holding entity Doosan Corp. since earlier this year. Now, key segments such
Oct. 28, 2021
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Hyundai Steel swings to black in Q3 on robust sales
Hyundai Steel Co., South Korea's No. 2 steelmaker, said on Thursday it swung to the black in the third quarter from a year earlier on the back of solid demand for key products and price hikes in line with the economic recovery from the pandemic. Net profit reached 596 billion won ($509 million) on a consolidated basis in the third quarter of the year, turning from a net loss of 44.7 billion won a year earlier, the company said in a regulatory filing. Operating income for the July-September per
Oct. 28, 2021
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SK Innovation to develop all-solid-state batteries with US firm
SK Innovation Co., a South Korean battery maker, said Thursday it will develop and produce all-solid-state batteries with a US firm, in a bid to expand its foothold in the next-generation battery market. Under the joint venture deal with Solid Power, a Colorado-based solid-state battery developer, SK Innovation will invest $30 million to acquire a stake in the American company and work with the startup to produce all-solid-state batteries with a target energy density of 930 watt hours per liter
Oct. 28, 2021
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Hanwha Life Insurance net soars 154% despite pandemic
Major South Korean insurer Hanwha Life Insurance Co. said Thursday its third-quarter net profit rose more than 1.5 times from a year earlier despite the coronavirus pandemic. Consolidated net income came to 378.9 billion won ($323.1 million) in the July-September period, up 154.5 percent from a year earlier, the company said in a regulatory filing. Operating income climbed nearly 21 percent on-year to 250.3 billion won, with sales soaring 33 percent to 7.51 trillion won. Hanwha Life Insurance
Oct. 28, 2021
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S-Oil Q3 net soars elevenfold on strong petrochem sales
S-Oil Corp., South Korea's No. 3 oil refiner, said Thursday its net income surged by elevenfold in the third quarter from a year earlier, driven by strong sales of petrochemical and lube base oil products. Net income came to 334.5 billion won ($285 million) in the July-September period, compared with 30.3 billion won a year earlier, the company said in a regulatory filing. Operating profit reached 549.4 billion won, swinging to black from an operating loss of 9.2 billion won the previous year.
Oct. 28, 2021
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Samsung logs record sales, 3-year-high operating profit in Q3 on buoyant chip biz
Samsung Electronics Co. on Thursday reported strong third-quarter earnings on the continued robust performance of its key semiconductor business. Its net profit rose 31.3 percent from a year earlier to 12.29 trillion won ($10.5 billion) in the July-September period, the world's largest memory chip and smartphone vendor said in a regulatory filing. Operating profit jumped 28 percent in the third quarter to 15.82 trillion won, the largest since the third quarter of 2018. Sales hit a quarterly re
Oct. 28, 2021
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SMEs take up absolute majority of firms in S. Korea
Small and medium-sized enterprises (SMEs) account for an absolute majority of businesses in South Korea, with their workforces taking up nearly 83 percent of all corporate employees, data showed Thursday. As of 2019, smaller firms in Asia's fourth-largest economy numbered 6.89 million, up 3.8 percent from a year earlier and accounting for 99.9 percent of all companies here, according to the data from the Ministry of SMEs and Startups. The number of their employees stood at 17.44 million, up 2
Oct. 28, 2021
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[Awards] Incheon Free Economic Zone communicates with globe
INCHEON FREE ECONOMIC ZONE AUTHORITY By Kim Jae-beom Director of media & culture division I am very glad to see the Incheon Free Economic Zone Authority being recognized at The Korea Herald Marketing Awards, hosted by the nation’s No. 1 English news daily. The prize is significantly meaningful, as I believe that our efforts and passion toward the vision of a “global business frontier” is eventually acknowledged by the paper. Being designated as Korea’s first free
Oct. 28, 2021
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Hyundai Mobis promotes ‘green acceleration’ management for carbon-neutral goal
Hyundai Mobis, the auto parts making affiliate of Hyundai Motor Group, has adopted a “Green Acceleration” strategy to promote environmentally friendly business management for future generations and the Earth, the company said Wednesday. According to Hyundai Mobis, it is working to reduce carbon emissions while managing harmful substances in the overall process of manufacturing, to maximize the positive effects to support the environment. Already having a portfolio of core auto p
Oct. 27, 2021
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Nexon’s Blue Archive: Mobile game for anime fans by anime fans
Never trust a skinny chef. The sentiment behind this tongue-in-cheek reference to a chef’s inability to resist his own delicious food applies to most professions, including game developers. Nexon’s Blue Archive, an anime-style role-playing game, immediately stole the hearts of anime fans after its February release in Japan, even ranking as the most popular game on both Google Play and App Store. Perhaps the game’s success was a predestined one, considering it was developed b
Oct. 27, 2021
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[Advertising Awards] SK Innovation’s ‘ESG’ campaign embeds future vision
MARKETING AWARDS / GOLD PRIZE SK INNOVATION By Lim Su-kil Head of SK Innovation Value Creation Center SK Innovation pursues the “Green Balance 2030” initiative to seek growth through an eco-friendly business management strategy. We would like to express our gratitude to all who supported the public relations campaign “SK Innovation Going ESG.” As the ESG paradigm is becoming mainstream across the globe, a company that neglects environmental issues, hesitates to walk t
Oct. 27, 2021
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LG Chem to set up battery separator plant in Hungary with Japan's Toray
LG Chem Ltd., South Korea's leading chemical company, said Wednesday it will build a battery separator production plant in Hungary with Japanese chemical giant Toray Industries Inc. as part of efforts to expand its presence in the European market. Under the 50:50 joint venture deal, the two companies will invest over a combined 1 trillion won ($854.7 million), aiming for annual production of 800 million square meters of separators, the key component used in rechargeable batteries, by 2028, LG C
Oct. 27, 2021
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[Newsmaker] Once promising testbed, Seoul now a doomed city for e-scooters
One by one, electric scooter operators are leaving South Korea, once hailed as a perfect testbed for last-mile mobility innovation. According to industry sources Wednesday, German e-scooter operator Wind, which entered the Korean market in 2019, recently called it quits. Another e-scooter firm Gcooter halted services starting this month in three districts of Seoul -- Yeongdeungpo-gu, Dongjak-gu and Gwanak-gu -- where e-scooters are most frequently towed. As to why they are packing their bag
Oct. 27, 2021
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[Advertising Awards] Following footprint of batteries to trace beginnings of LG Energy Solution
CORPORATE PR AWARDS / GRAND PRIZE LG Energy Solution By Sung Hwan-doo Senior Vice President, Head of Corporate Affairs Group I want to say many thanks to the judges and members of The Korea Herald for this award. This year, LG Energy Solution made a new leap forward. And we are extremely happy to receive the Corporate PR Grand Prize at this crucial time when we are conveying our image as a company to the public for the first time. The secondary cell business has undoubtedly become one of
Oct. 27, 2021
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LG Display posts strong Q3 earnings on robust panel demand, OLED biz
LG Display Co., South Korea's major display panel maker, said Wednesday that its third-quarter net income surged 4,067.5 percent from a year earlier to 463.5 billion won ($396.1 million), largely driven by strong demand and profitability of its OLED business. Operating income jumped 221.8 percent to 528.9 billion won in the three months ending in September, 17.3 percent lower than previously expected. Sales rose 7.2 percent on-year to 7.22 trillion won. Continued growth in pandemic-led demand
Oct. 27, 2021
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Korea’s potential growth rate may hit zero in following decade: report
With South Korea’s economic engine sputtering, the country’s potential growth rate may fall to zero in the following decade, a study showed Wednesday. According to research published by the Korea Economic Research Institute, most of the country’s macroeconomic indicators on production, consumption and investment cast a gloomy outlook. The country’s potential growth rate -- the maximum rate Asia’s fourth-largest economy could grow without triggering inflation --
Oct. 27, 2021
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Voices of caution as Cabinet endorses new emissions goal
South Korea’s Cabinet on Wednesday endorsed a plan to reduce greenhouse gas emissions by 40 percent from the 2018 level by 2030, sharply increasing the previous goal, set last year, of a 26.3 percent cut. In response to the new goal, conservative experts and industry insiders are voicing caution. At a seminar hosted by the Federation of Korea Industries on Wednesday, Park Ju-heon, professor of economics at Dongduk Women’s University said the energy transition should be
Oct. 27, 2021