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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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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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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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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PM visits Samsung Biologics, but keeps quiet on availability of Moderna doses
Prime Minister Kim Boo-kyum visited Samsung Biologics’ headquarters in Incheon on Friday but remained silent on how many doses of the Moderna coronavirus vaccine the company would make available for use in South Korea. During his visit Kim checked Samsung Biologics’ facility, where hundreds of millions of doses of the Moderna vaccine will be manufactured starting this month. Despite being produced here, the vaccine is destined for overseas markets. But as Moderna struggles to fulfi
Sept. 3, 2021
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S. Korea lays out new approach to trade on five major sectors
South Korea will take a new approach to trade on five core sectors in a bid to maximize its national interests, the country’s trade minister said Thursday. Presiding over his first trade committee meeting at the government complex in Sejong, newly appointed chief negotiator Yeo Han-koo called for a differentiated, creative and vigilant trade strategy on supply chain, vaccine, carbon neutrality and climate change, technology-based trade and digital commerce. “Korea will take ini
Sept. 2, 2021
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LG Chem to set up Korea’s 1st hydro-treated vegetable oil factory
LG Chem said Thursday it will establish South Korea’s first hydrogen-treated vegetable oil factory to bolster its green product portfolio. The HVO factory will be built at the Daesan petrochemicals complex in South Chungcheong Province by 2024, according to the nation’s leading chemical firm. LG Chem will first form a joint venture with Dansuk Industrial, a local chemicals company, to build the factory together. HVO is a diesel substitute made from vegetable oil or waste cookin
Sept. 2, 2021
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HMM unions accept wage deal, end labor strife
Labor unions of South Korea’s largest shipping company HMM on Thursday scrapped a strike plan after reaching a new wage deal with management. HMM officials and representatives of the two unions, separately representing land-based and longshore workers, agreed to a 7.9 percent increase in wages, a bonus payment amounting to 650 percent of their monthly salary and a 2.7 percent increase in welfare benefits. The deal, reached early Thursday morning after marathon negotiations, ended 77 d
Sept. 2, 2021
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Naver Webtoon inks deals with Hybe, DC Comics
Naver’s storytelling and comic platform has the greatest number of creators and users in the world. Some 6 million creators are registered with Naver Webtoon and its recently acquired Wattpad, and up to 167 million users visit the sites each month. The fact that Naver’s storytelling arm has a vast pool of creators and a global fandom appeals to top global entertainment companies with high-value intellectual properties that are interested in having characters or stories they own made
Sept. 2, 2021
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[From the Scene] Yido takes on last 1.1% of construction waste
INCHEON -- Dust flew through the air as three yellow forklifts busily scooped up a huge chunk of torn wallpaper, green plastic safety nets and steel rebar from a mountain of construction waste. The ground was covered in mud as sprinklers misted the area to suppress the dust. Obviously wearing white shoes was a mistake. On Aug. 26, The Korea Herald visited an automatic construction waste recycling facility located in Incheon. Sa Gong-myeong, a director at Yido, a South Korean waste man
Sept. 1, 2021
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Incheon Airport to get new aircraft maintenance facility
Global cargo airliner Atlas Air has agreed to build a freighter aircraft maintenance facility at Incheon Airport. Atlas Air signed a deal in July to set up a joint venture with Sharp Technics K to build the maintenance, repair and overhaul facility slated to open in 2025. Sharp Technics K Chief Executive Paik Soon-suk said the new facility wouldbe able to accommodate multiple wide-body aircraft at the same time and contribute to the growth of airfreight and e-commerce on a global scale as Inch
Sept. 1, 2021
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Renault Samsung's Aug. sales up 17% on exports
Renault Samsung Motors Corp. said Wednesday its sales rose 17 percent last month from a year earlier on strong exports of its SUV models. The South Korean unit of Renault S.A. sold 8,846 vehicles in August, up from 7,570 units a year earlier, the company said in a statement. Domestic sales fell 25 percent to 4,604 units from 6,104 during the same period, while exports jumped to 4,242 units from 1,466 on strong demand for the XM3 and QM6 SUVs, it said. From January to August, its sales decline
Sept. 1, 2021
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‘High school economics textbooks biased, lack practical knowledge’
Economics textbooks used in South Korean high schools lack practical knowledge about real-life issues, such as personal finance, and are biased against corporations, a study released by a big business lobby claimed Wednesday. In its report, the Federation of Korean Industries claimed that young adults in Korea were falling behind in terms of economic knowledge compared to older generations, due to a lack of proper education. FKI commissioned Yang Joon-mo, an economics professor at Yonsei Univ
Sept. 1, 2021
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SK E&S bets future on carbon-neutral LNG, blue hydrogen
SK E&S, a natural gas provider under SK Group, said Wednesday that renewables and batteries have limits in fighting climate change and suggested carbon-neutral liquefied natural gas and blue hydrogen as answers. During a press conference held at the Four Seasons Hotel Seoul, CEO Choo Hyung-wook said the firm will ramp up production of carbon-neutral LNG to 1.3 million tons and blue hydrogen to 250,000 tons by 2025 to rise as the No. 1 hydrogen player in the world and achieve a market cap of
Sept. 1, 2021
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Ex-Samsung CEO appointed as chairman of board at SNU Holdings
Kwon Oh-hyun, who led Samsung Electronics’ semiconductor business until 2017, will chair the board of directors at SNU Holdings, a holding company of his alma mater Seoul National University, the university said on Wednesday. Nicknamed Mr. Chip, he previously served a chief executive officer of Samsung Electronics in charge of its flagship chip and display business from 2012-2017, before stepping aside from management. He was then promoted to the chairman, more of an honorary post at Sams
Sept. 1, 2021
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Exports continue record streak in August; growth in all major sectors
South Korea continued to report record-shattering export results in August, data showed Wednesday, reinforcing an economic recovery almost single-handedly driven by overseas sales as domestic spending remains weighed down by the pandemic. According to the Ministry of Trade, Industry and Energy, outbound shipments jumped 34.9 percent from a year earlier to $53.2 billion last month, the best performance that the Asia’s fourth-largest economy has ever pulled off in August. The previ
Sept. 1, 2021
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Doosan unveils industry’s most efficient fuel cells for homes, buildings
Doosan Corp. said Wednesday it has developed the industry’s most efficient solid oxide fuel cell for homes and buildings, with plans to offer the new product to the market next year. According to the holding firm of Doosan Group, the 10-kilowatt SOFCs can turn hydrogen into electricity 40 percent more efficiently than polymer electrolyte membrane fuel cells now available in the market. Also, the 10-kW SOFCs exhibit the same efficiency as 5-kW SOFCs, but require 50 percent less space to
Sept. 1, 2021
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S. Korean trade minister, WTO chief discuss restoring multilateralism amid pandemic
South Korea’s newly appointed Trade Minister Yeo Han-koo on Wednesday exchanged ideas with World Trade Organization Director General Ngozi Okonjo-Iweala on how to restore multilateralism in global trade amid intensifying protectionism triggered by the pandemic. According to the Trade Ministry, during the virtual meeting, which was arranged at the request of the WTO, Yeo stressed that the upcoming 12th Ministerial Conference at the WTO set for Nov. 30 would be a chance to yield tangible r
Sept. 1, 2021
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Hyundai Heavy, Babcock join forces for S. Korea's 1st aircraft carrier
Global shipbuilder Hyundai Heavy Industries Co. said on Wednesday that it has signed a partnership deal with British defense company Babcock to cooperate on a project to build South Korea's first aircraft carrier. Under the deal, the two companies will team up to receive an order for the 30,000-ton aircraft, Hyundai Heavy Industries said. The project, CVX, has been pushed by the country's Navy, which is scheduled for completion in 2033. Hyundai Heavy and Babcock carried out a conceptual desig
Sept. 1, 2021
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S. Korea, ASEAN aim to forge deeper economic ties amid pandemic fallout
South Korea and the Association of Southeast Asian Nations (ASEAN) agreed Wednesday to deepen trade ties to cope with the economic fallout from the COVID-19 pandemic and make efforts to increase the supply of vaccines. Trade Minister Yeo Han-koo met ASEAN Secretary-General Lim Jock Hoi virtually to share ideas on ways to maintain their supply chain, according to the Ministry of Trade, Industry and Energy. During the meeting, ASEAN acknowledged that South Korea's New Southern Policy meant to ex
Sept. 1, 2021
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DRAM spot prices fall amid forecast of weaker demand
DRAM prices in the spot market have recently been declining amid expectations for weaker demand stemming from widening COVID-19 vaccinations around the globe, industry sources said Wednesday. According to market tracker DRAMeXchange, the average contract price of 8-gigabit DDR4 DRAMs for PCs came to $3.889 on Monday, the lowest level in seven months. It was also down 36.8 percent from this year's high of $5.3 at the end of March. Spot prices of PC DRAMs topped the $4 mark in February before s
Sept. 1, 2021
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5G users top 17 mln in July: data
South Korea's 5G user base continued to expand in July to reach over 17 million users, data showed Wednesday, with the growth expected to pick up later this year on the back of launches of new devices. The total number of 5G subscriptions stood at 17.08 million in July, up around 616,000 from the previous month, according to the data from the Ministry of Science and ICT. The latest figure accounts for around 24 percent of the total 71.71 million mobile network subscriptions in the country. So
Sept. 1, 2021
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Netmarble launches Metaverse Entertainment to explore virtual idols
Netmarble on Tuesday announced the launch of Metaverse Entertainment to explore business opportunities with virtual idols. According to South Korean game company, the new entity is wholly owned by Netmarble F&C, Netmarble’s development arm. F&C co-head Seo Woo-won will double as the inaugural CEO of the entertainment unit. Metaverse Entertainment will develop a virtual reality platform and offer game-related metaverse content, such as managing virtual idols, on it. Netmar
Aug. 31, 2021
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SK Global Chemical rebrands as plastic recycling firm SK Geo Centric
SK Global Chemical on Tuesday rebranded as SK Geo Centric to transform into an urban plastic recycling company with plans to invest 5 trillion won ($4.3 billion) by 2025. During a press conference Tuesday, CEO Na Kyung-soo presented a new direction for the firm, which has engaged in the petrochemicals business since opening the country’s first naphtha-cracking plant in 1972. Utilizing three key technologies -- solvent extraction, depolymerization and pyrolysis -- the company will turn
Aug. 31, 2021