Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Korea National Railway gains traction in expanding overseas business
Private companies are facing difficulties expanding business overseas as the trend for global railway markets is shifting in favor of a comprehensive set of investments that combine design, construction, finance and operations. On behalf of the government, Korea National Railway is acting as a platform to avidly engage in international cooperation and sales activities, helping Korea’s railway industry increase business worldwide. First, they established a consortium with private companie
June 6, 2021
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[Herald Interview] Chief of Korea National Railway maps out innovative future for railways in Korea
With the international community keen to achieve carbon neutrality, every business sector confronts a set of restrictions involving carbon emissions. For South Korea, dependent heavily on exports, such an issue should be approached with more care. Aware of the gravity of the issue, the current government is sparing no effort in supporting eco-friendly businesses as well as drawing up policies to reduce carbon emissions. With railways widely perceived as one of the best transportation networks
June 6, 2021
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Retail giants in last-minute preparations on eve of bidding for eBay Korea
Big-name bidders are believed to be carefully weighing how much to offer on the eve of bidding for eBay Korea, South Korea's no. 3 retail behemoth, as the deal is expected to bring a seismic change to the local retail industry, industry sources said Sunday. Most of the preliminary bidders are expected to attend the bidding Monday, including South Korea's No. 1 mobile carrier, SK Telecom Co.; retail giant Lotte Group, discount store franchise E-Mart; and MBK Partners, private equity firm and la
June 6, 2021
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Ourhome proxy battle ends in younger sister’s victory
Ourhome, the catering unit of LG Group, put an end to a yearslong management dispute as younger siblings of the owner family united to remove the elder and only son as CEO. Shareholders and board members of the food service operator on Friday passed the motion to dismiss CEO Koo Bon-sung from his top post in a meeting, after he became involved in a scandal and as the company‘s business took a hit. The board named Koo Ji-eun, the youngest sibling of the four, as the new CEO. Koo was pr
June 4, 2021
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Enterprise SSD prices to rise over 10 pct in Q3, boding well for Samsung: report
Prices of enterprise solid state drives (SSDs) are likely to increase sharply in the third quarter of the year due to robust demand from server companies, a report showed Friday, boding well for top memory chip producer Samsung Electronics Co. Contract prices of enterprise SSDs for the July-September period are expected to go up 10-15 percent from the previous quarter, according to the latest report from market researcher TrendForce, which revised its previous forecast of a 5-10 percent increa
June 4, 2021
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[Herald Interview] German direct selling for readies Asia foray --- from Korea
Germany’s leading multi-level marketing and direct sales firm LR Health & Beauty is building its business presence here, in hopes of expanding beyond Korea into the Asia region, its chief executive said. “It is great to see how LR has developed over the last few years. We have reached decisive milestones,” Andreas Friesch, who has led the company since 2018, said in an interview with The Korea Herald. “The expansion to South Korea is one of them,” he added.
June 3, 2021
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S. Korea’s labor laws too strict: think tank
South Korea’s penalties for violating labor regulations are exceptionally strict compared with those in other major economies, think tank data showed Thursday. According to the Korea Economic Research Institute, affiliated with the Federation of Korean Industries, employers in Asia’s fourth-largest economy face jail terms of up to two years or fines of up to 20 million won ($17,976) if they violate the law that sets a maximum number of working hours. The United States has no san
June 3, 2021
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Lime Korea offers 40% discount for monthly membership Lime Prime
Lime Korea said Thursday it has cut the price of the company’s monthly subscription plan Lime Prime to 7,500 won ($6.70) from 12,500 won to make its service more accessible to daily commuters. Lime Korea currently charges a fixed rate of 1,200 won to unlock an e-scooter and then a per-minute fee from 160 won to 230 won to ride. For 7,500 won a month, the company waives the initial fee for Lime Prime subscribers. Also, Lime Prime members can reserve a vehicle up to 30 minutes at no cost
June 3, 2021
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SK invests in world’s 1st ‘turquoise hydrogen’ producer Monolith
SK Inc., the holdings firm of SK Group, said Thursday that it has acquired a stake in Monolith, the world’s first company to have successfully mass-produced “turquoise hydrogen.” The strategic investment was made by a consortium led by SK Inc., of which NextEra, a leading clean energy company in the US, was also a participant. SK did not disclose the investment amount, but industry sources said it would likely be in the range of tens of millions of dollars. Although hydro
June 3, 2021
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Hyundai Motor, BTS hold campaign to promote hydrogen
South Korea’s top automaker Hyundai Motor on Thursday released the trailer of its upcoming documentary featuring K-pop supergroup BTS, to promote the value of hydrogen as sustainable fuel. The teaser was uploaded on the company’s global YouTube and Instagram pages, while the main documentary, titled “For Tomorrow We Won’t Wait,” is set to be fully unveiled at noon, Korean time, on June 5. The day marks World Environment Day, as designated by the United Nations G
June 3, 2021
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Regulator rejects Samsung's proposed remedy over alleged unfair biz activity
South Korea's antitrust regulator said Thursday it has not approved a proposal by major affiliates of Samsung Group to address their alleged unfair business practice over in-house cafeteria business. Since 2018, the Korea Fair Trade Commission (KFTC) has been investigating Samsung Electronics Co., Samsung Display and two other Samsung units over allegations that they have unfairly supported Samsung Welstory Inc., the group's food service affiliate, by allowing it to run their in-house cafeteria
June 3, 2021
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Korea Shipbuilding wins W221b order for 3 oil tankers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has signed a 220.5 billion-won ($198.6 million) order for three oil tankers. The order from a European company calls for Hyundai Samho Heavy Industries Co., a unit of KSOE, to deliver the vessels by February 2024, KSOE said in a regulatory filing. The order has an option to cancel an order for one oil tanker within a given period, the company said. So far this year, KSOE has bagged orders for 123 ships, as well
June 3, 2021
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All of Samsung's chip facilities achieve Carbon Trust's Triple Standard
Samsung Electronics Co., the world's largest memory chip producer, said Thursday that all of its semiconductor facilities have earned triple standard recognition from global environment certification leader Carbon Trust. Samsung said its nine chip facilities worldwide have received the Carbon Trust Triple Standard label for their efforts to reduce carbon, waste and water use. The company runs five semiconductor worksites in South Korea, three in China and one in the United States. The South
June 3, 2021
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SK Planet invests W15b in cancer diagnostics firm
SK Planet, a data analysis subsidiary of top mobile carrier SK Telecom Co., said Thursday it will invest 15 billion won ($13.2 million) in local cancer diagnostics firm Bertis in a move to expand its presence in the digital health care industry. The move will make SK Planet the second major shareholder in the privately held company, which develops artificial intelligence (AI)-based technology in protein analysis for early diagnoses of major diseases, such as breast cancer. SK Planet said in a
June 3, 2021
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S. Korea atop Q1 chip equipment spending chart: report
South Korea was the world's largest spender on chip equipment in the first quarter of the year, a report showed Thursday, amid a global semiconductor shortage. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., spent $7.31 billion in chipmaking equipment in the January-March period, up 118 percent from a year ago, according to quarterly billings data from SEMI, a global industry association representing companies in the electronics design and manufactur
June 3, 2021
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Kia’s EV6 comes with sleek design, long driving range
For South Korea’s second-largest carmaker Kia, its sister brand Hyundai Motor is both the closest partner and biggest rival in the fast expanding battery electric vehicle market. Set to deliver the EV6 in the later half of the year, Kia has chosen to emphasize the extensive driving range and harmonious design proportion -- vying with Hyundai Motor’s Ioniq 5, which is noted for its spacious interior and futuristic design. Earlier this week, the carmaker unveiled the EV6 to the medi
June 3, 2021
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SK Lubricants expects 100% surge in lubricant sales for EVs
SK Lubricants, a subsidiary under SK Innovation, said Wednesday that its lubricant sales for electric vehicles is expected to double on-year, buoyed by a growing demand for EVs. The market size for EV lubricants will grow as much as six times by 2025, as the number of EVs, which stood at 3.94 million this year, will jump to 11.26 million by 2025, according to IHS Markit. EVs, which accelerate faster than gas-powered cars, require much more efficient lubricants that can cool down motors, gear
June 2, 2021
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Companies increasingly adopt 'vaccine leave' amid accelerating inoculation drive
Samsung Electronics Co., Hyundai Motor Co. and other major South Korean companies are increasingly adopting "paid vaccine leave" for their employees as the country's vaccine rollout gathers pace and more workers get vaccinated. The companies, including retail giant Lotte Group, pharmaceutical firms and game publishers have introduced vaccine leave from one to three days depending on their employees' symptoms after vaccinations, industry sources said Wednesday. On Tuesday, Hyundai Mot
June 2, 2021
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Seoul braces for Tylenol shortage as vaccine rollout gathers speed
As the COVID-19 vaccination campaign gathers speed in South Korea, branded Tylenol is running short as people rushed to secure the painkiller to prepare for potential side effects of the jabs, industry data showed Wednesday. Worried about a serious supply shortage similar to those of masks and hand sanitizers in the early stage of the pandemic, experts set out to encourage people to go for alternative medicines with the same key ingredient and function. The top three convenience store chain
June 2, 2021
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Hyundai Glovis debuts EV-optimized shipping system
Hyundai Glovis, the logistics arm of Hyundai Motor Group, said Wednesday that it has established the world’s first marine shipping system optimized for electric vehicles, in step with the swiftly expanding eco-friendly car market. The company has recently renewed its manual for EV ocean transportation and applied it to the loading, shipping and unloading procedures. Due to the battery cell installed at the bottom layer of the vehicle, EVs require additional care than conventional int
June 2, 2021