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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KITA, SME Ministry co-host trade fair to promote Korean exports to Central and South America
The Korea International Trade Association helped local small and medium-sized companies and startups tap the Central and South American markets with a two-day trade fair for South Korean consumer goods this week, the state-run agency said Wednesday. The K-Consumer Goods and Exports Fair was held Tuesday and Wednesday, both online and offline at Seoul’s Coex and Bogota’s Corferias convention center, in cooperation with Seoul’s Ministry of SMEs and Startups. It was KITA’s
June 2, 2021
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Samsung tops Chilean smartphone market in Q1: report
Samsung Electronics Co. was the top smartphone vendor in Chile in the first quarter of the year, a report showed Wednesday, although its market share declined after its rivals grew sharply in the South American nation. The South Korean tech titan represented 42.1 percent of the Chilean smartphone market in the January-March period after its shipments jumped 63 percent on-year to a record 1.2 million units, according to the latest report from market researcher Strategy Analytics. "Samsung'
June 2, 2021
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Samsung unveils new enterprise SSD with advanced data management tech
Samsung Electronics Co., the world's largest memory chip supplier, on Wednesday unveiled its new enterprise solid state drive (SSD) leveraging advanced data management technology that offers a longer lifespan. The South Korean tech giant said its new enterprise SSD, the PM1731a, features a Zoned Namespace (ZNS) solution that maximizes available user capacity and bolsters the lifetime of a server system. "These improvements will enable enterprise customers to handle big data and artificial
June 2, 2021
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SsangYong Motor offers unpaid leave, wage cut to employees in self-rescue efforts: sources
Financially troubled SsangYong Motor Co. has offered unpaid leave and a wage cut to its employees in its efforts to stay afloat, industry sources said Wednesday. SsangYong Motor, under court receivership, offered a two-year unpaid leave to half of its 4,732 employees, while demanding them to accept an extension of lower wages and suspended welfare benefits until June 2023, a person familiar with the matter told Yonhap News Agency over the phone. The company also offered an additional 20 percen
June 2, 2021
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KT teams up with VR, content developers in 'metaverse' tech
KT Corp., a South Korean telecom giant, said Wednesday it has teamed up with local virtual reality (VR) content and visual effects companies to develop "metaverse" services in a move to boost its efforts in virtual platforms. The metaverse refers to virtual environments, in which users interact with one another often through virtual or augmented reality technology, and is found in the form of online games or social networking services. KT said in a statement it has formed the "M
June 2, 2021
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Conglomerates' internal trading dips 8.7% in 2020 on tough rules
Transactions among affiliates of South Korea's major family-controlled conglomerates fell nearly 9 percent in 2020 from a year ago due to tough regulations, data showed Wednesday. The value of in-house transactions by 2,197 units of 54 business groups came to 158.9 trillion won ($143 billion) last year, down 8.7 percent from a year earlier, according to the data by corporate tracker CEO Score. Internal transactions accounted for 11.7 percent of their total sales in 2020, down from 12.5 percent
June 2, 2021
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Global monitor panel shipments dip in Q1 on Samsung's exit, chip shortage: report
Global monitor panel shipments declined in the first quarter of the year, a report showed Wednesday, mainly due to Samsung Display Co.'s exit from the monitor LCD display manufacturing business and a shortage of semiconductors. The worldwide monitor panel shipments fell 8.6 percent on-quarter to 39.9 million units in the January-March period, according to the latest report from market researcher TrendForce. "TrendForce indicates that SDC will exit the monitor LCD panel manufacturing busin
June 2, 2021
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The Korea Herald is publishing a series of interviews with the lineup of speakers who will discuss solutions to the climate crisis at the H.eco Forum, which is scheduled to be held virtually on June 10 under the theme “We Face the Climate Clock.” – Ed. South Korea is a relative latecomer to renewables. Asia’s fourth-largest economy, however, still has time to catch up with its competitors and lead the world in offshore wind power, according to Matthias Bausenwein, who
June 1, 2021
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Late KCC chief’s family donates W200b to promote education, culture
The family of the late KCC Chairman Chung Sang-young has donated over 200 billion won ($180.70 million) worth of stocks, goods and cash to support education and the arts, KCC officials said Tuesday. “The late Chung had always underlined that one of the core functions of a company is to contribute to the nation’s development, and it is in accordance to his wishes that we are returning these profits to society,” the company quoted the family as saying. Of the total, 10 billi
June 1, 2021
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[News Focus] Samsung SDI lagging behind in battery expansion race?
In the race for leadership in the battery business, it looks like Samsung SDI is the slowest mover. While global competitors, including crosstown rivals LG Energy Solution and SK Innovation, have announced ambitious tie-ups and expansion plans -- even targeting the world’s largest market, the US -- Samsung SDI has produced no such news. Shares in Samsung SDI, traded on Korea’s main Kospi bourse, took a battering this week following a Morgan Stanley downgrade. In its note, the
June 1, 2021
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[Herald Interview] ‘If ESG is a threat, then hydrogen is the answer’
When the world shifted from relying on coal as fuel to oil, the transition reshaped the international order. Now, the world prepares yet another seismic shift -- from oil to renewable energy. South Korea, which is the world’s ninth largest energy consumer and has next to no fossil fuel resources of its own, could step up to take lead in this great transition by facilitating a hydrogen economy, says Lee Seung-hoon, the director of H2Korea, a hydrogen think tank under the Ministry of T
June 1, 2021
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Kepco appoints new CEO, Cheong Seung-il
The Korea Electric Power Corp. has appointed Cheong Seung-il, the former vice minister of trade, industry and energy, as its new chief executive, the state-run utility said Tuesday. At an inaugural ceremony held at Kepco headquarters in Naju, South Jeolla Province, the 21st president of Kepco urged staff and executives to “lead the changing paradigm of zero carbon” and “seriously consider an aggressive transition of the energy system.” During the speech, Cheong sugg
June 1, 2021
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Korea Shipbuilding bags W1.36tr order for 12 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday that it has a combined 1.36 trillion won ($1.2 billion) of orders from five customers to build 12 ships. Under a deal with an Oceanian company, four liquefied natural gas (LNG) carriers and a 40,000-cubic meter liquefied petroleum gas (LPG) carrier will be delivered by the first half of 2024, KSOE said in an emailed statement. Another deal with an African company calls for KSOE to deliver four 50,000-ton petrochemical carrie
June 1, 2021
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Samsung Heavy wins W529b order for 4 container carriers
Samsung Heavy Industries Co. said Tuesday it has signed a 529 billion-won ($477 million) deal with an Asian company to construct four container carriers. The 13,000 twenty foot equivalent unit (TEU) container carriers will be delivered to the Asian company by February 2024, Samsung Heavy said in a regulatory filing. With the latest deal, Samsung Heavy has achieved 65 percent of its annual target of $9.1 billion, by winning orders worth $5.9 billion for 48 ships, the company said. As new orde
June 1, 2021
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LG converting smartphone production lines to make home appliances
LG Electronics Inc. is fast converting its overseas smartphone manufacturing lines into facilities that produce home appliances, industry insiders said Tuesday, following its decision to withdraw from the mobile business. LG said the Brazilian government last month approved its plan to expand its Manaus plant in Amazonas, northwestern Brazil, in a move to shift its production lines from the Taubate site on the east coast. When the $62 million project is completed, LG Electronics will have ne
June 1, 2021
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Hanwha to localize laser beam tech to shoot down drones
Hanwha Group has won a 24.3 billion-won ($21.8 million) deal from the Agency for Defense Development to develop a key device that helps laser beam weapons target drones flying several kilometers away, the company said Monday. Over the next four years, Hanwha will develop a prototype of an amplification device that magnifies the output and travel distance of laser beams. “Laser weapons can shoot down fast-flying objects at the speed of light. Based on 20 years of research into laser t
May 31, 2021
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Samsung Heavy fights hard despite shipbuilding boom
Fueled by the recovery of global trade volume and increasing demand for advanced eco-friendly vessels, South Korea’s main shipbuilders have seen business boom recently, with benefits spilling over to related sectors such as steel. But Samsung Heavy Industries, the shipbuilder under the nation’s top conglomerate, Samsung Group, continues to reel under troubled finances and weak recovery scenarios. Some critical hits to the company’s accounting books, according to market ob
May 31, 2021
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Korean Air wins 2nd approval for Asiana takeover from Thailand
Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc. Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February. It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana. The seven countries i
May 31, 2021
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Steelmakers, automakers agree to price hike of steel sheets
South Korean steelmakers have raised prices of automotive steel for the first time in four years, people familiar with the matter said Monday, a move that could boost their bottom lines. Posco, the country's largest steelmaker, reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of a ton of automotive steel to 50,000 won ($45), they said. The move is meant to reflect the increased costs of iron ore, one of the main raw materials used in steel production. The price of iron o
May 31, 2021
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Seoul city opens bike lanes along Cheonggye Stream
The Seoul metropolitan government opened elevated bicycle lanes Monday along a stream that flows through the heart of the city as part of efforts to encourage the use of the eco-friendly means of transportation among citizens and tourists. The bike lanes were built on a 5.94-kilometer-long section of the existing two-way roads that run along Cheonggye Stream, connecting Cheonggye Plaza near Gwanghwamun to Gosanja Bridge in the eastern ward of Dongdaemun. Raised to the same height as the sidew
May 31, 2021