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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SK likely to launch battery JV with Ford, build plant in US
SK Group Chairman Chey Tae-won, who is currently visiting the US as part of the unofficial business delegation of President Moon Jae-in’s first summit with President Joe Biden, is likely to announce joint investment with Ford to build a new battery factory in the country. According to a Reuters report Thursday, SK Innovation -- a battery-to-petrochemical unit of SK Group -- is set to sign an agreement with the US automaker to form a joint venture for the production of electric vehicle ba
May 20, 2021
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AMCHAM joins calls for pardon of imprisoned Samsung heir ahead of summit
The American business lobby group here has submitted a petition for the pardon of Lee Jae-yong, the imprisoned de facto leader of Samsung Group, to the presidential office Cheong Wa Dae ahead of a bilateral summit between South Korea and the United States, its officials said Thursday. The American Chamber of Commerce in South Korea (AMCHAM) last week sent a letter to President Moon Jae-in asking him to consider pardoning Lee ahead of his visit to Washington for talks with US President Joe Biden
May 20, 2021
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Posco buys stakes in Ravensthorpe Nickel in Australia for $240m
POSCO, the world's fifth-largest steelmaker by output, said Thursday it has signed a deal to buy a 30 percent stake in the Ravensthorpe Nickel Operation in Australia for $240 million in the latest move to boost its electric vehicle battery business. Under the deal with Canadian miner First Quantum Minerals Ltd., POSCO will be provided with a long-term offtake agreement for 7,500 tons of nickel in mixed nickel-cobalt hydroxide precipitate (MHP) per year produced at Ravensthorpe, beginning in 202
May 20, 2021
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Hyundai, Kia see EU sales boom in April
Hyundai Motor and Kia, which together form the world’s fifth-largest carmaker in sales, saw their sales in Europe more than quadruple from a year earlier, reflecting a bounce back from the low-base effect from the COVID-19 pandemic, data showed Thursday. The two automobile affiliates of South Korea’s second-largest conglomerate Hyundai Motor Group, sold a combined 78,495 units in the European market in April, up 317.3 percent from the same period last year, officials said, citing
May 20, 2021
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32 conglomerates under tight scrutiny due to heavy debts
South Korea's financial regulator said Thursday it has placed 32 highly indebted conglomerates under closer watch for debt reductions in order to prevent defaults. According to the Financial Supervisory Service (FSS), the conglomerates that owe more than 1.91 trillion won ($1.68 billion) to local banks have been designated heavy corporate debtors this year. This compares with 28 such business groups last year. Shipping firm HMM and builder HDC were among the firms that were newly included on t
May 20, 2021
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Hyundai struggles to expedite Ioniq 5 production
Pressed by the prolonged semiconductor shortage and the rapidly diminishing state subsidy balance, South Korea’s top automaker Hyundai Motor is pushing to expedite the release of its new all-electric vehicle Ioniq 5 at all costs. The automaker, which had earlier underlined passenger comfort and various safety functions of the new model, is now suggesting that purchasers compromise some of these options in order to speed up their order. “We are considering various scenarios for c
May 19, 2021
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Kogas to establish world’s first hydrogen equipment inspection center
State-run Korea Gas Corp. said Tuesday that it will build the world’s first hydrogen equipment inspection support center in Wanju, North Jeolla Province. The 50 billion-won ($44.2 million) inspection center, set for completion by 2023, will be responsible for safety checks on four types of hydrogen equipment manufactured domestically and imported from overseas -- stationary fuel cell, portable fuel cell, electrolysis equipment and hydrogen extraction equipment. In February, South Kore
May 18, 2021
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EV subsidy funds running out
While demand for eco-friendly electric vehicles prolonged rapid growth, anxiety has also escalated among plausible purchasers as the government’s subsidy balance is showing signs of swift exhaustion. Despite the government’s hurried move to allocate more budget and to alleviate the subsidy payment conditions, some customers are even considering turning to alternative choices currently available, instead of waiting for the new models amid a stalled manufacturing timeline. According
May 18, 2021
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Samsung Display chief: OLED will lead metaverse era
Samsung Display CEO Choi Joo-sun said Tuesday that OLED displays, which use organic light-emitting diodes, will spearhead a digital transformation to what people in the industry call the metaverse era. At Display Week 2021, an annual symposium and trade show organized by the Society for Information Display that runs Monday through Friday in the US, Choi gave a keynote speech on “the metaverse and the great future of displays.” The global display industry faces a turning point, he
May 18, 2021
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S-Oil wins world’s first ISO compliance management system certification
S-Oil said Tuesday that it received the world‘s first compliance management system certification from the International Organization for Standardization. The ISO 37301 is an international standard for compliance management officially adopted by the international rule-setting body last month. The new standard combines ISO standards with international agencies’ guidelines, including those from the International Chamber of Commerce, the OECD’s best practice guidelines for ethi
May 18, 2021
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Posco International partners with Korea Midland Power on overseas renewable energy biz
Posco International has agreed to supply tools and materials for Korea Midland Power’s overseas renewable energy business under a new partnership agreement, the company said Tuesday. The trade arm of Posco, the country’s leading steelmaker, signed a memorandum of understanding with KOMIPO for the supply agreement, with Posco International President and Chief Executive Officer Joo Si-bo and KOMIPO President Kim Ho-bin in attendance. “We wish for the country to gain a footho
May 18, 2021
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SK Innovation to form battery material JV with Chinese firms
SK Innovation Co., a South Korean refinery-to-battery maker, has agreed to form a joint venture with Chinese companies to produce cathode, a key material for electric vehicle batteries, in China, industry officials said Tuesday. Chinese battery maker EVE Energy's board of directors has approved the joint venture with SK Innovation and Chinese battery material producer BTR to build a cathode manufacturing factory in China, according to local reports. SK Innovation is expected to invest 25 per
May 18, 2021
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Samsung unveils 3 new power management ICs for DDR5 DRAM modules
Samsung Electronics Co. on Tuesday unveiled new power-controlling chips that minimize overall power consumption while boosting performance of dynamic random-access memory (DRAM). The world's largest memory chip producer said its three power management integrated circuit (PMIC) products -- S2FPD01, S2FPD02, and S2FPC01 -- are available for DDR5 DRAM modules. A PMIC is an integrated circuit that receives the main power input and distributes the power to each electronics part with efficiency an
May 18, 2021
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N.Thing to export smart farms to UAE after $3 million deal
South Korean agriculture technology company N.Thing said Monday that it has recently inked a $3 million deal with Sarya Holdings in the United Arab Emirates to export smart farms. The contract, set to proceed next month, will allow the firm to construct vertical smart farming containers in the UAE by December this year. The container can reduce the use of water up to 98 percent compared to a typical farm and cultivate crops in any environment, whether that is in Siberia, the Middle East, or
May 17, 2021
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[#WeFACE] Future can’t develop like past: Hanhwa CTO
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. Though expensive and difficult to make, green hydrogen is the call of the times, says Jeong Ji-won, chief technology officer at Hanwha Q Cells, a solar-to-hydrogen unit of
May 17, 2021
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ETRI develops non-explosive hybrid electrolytes for EV batteries
South Korea’s state-run Electronics and Telecommunications Research Institute said Monday it has developed hybrid electrolytes for lithium-ion batteries that are free from explosions. Lithium-ion batteries are charged and discharged when lithium ions go back and forth between the positive side and the negative side. Lithium-ion batteries are filled with liquid called electrolytes, which help the ions travel. As liquid electrolytes are flammable, efforts have been made to develop solid
May 17, 2021
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Hanwha, KAIST to launch intersatellite-link project
Space Hub, an aerospace task force of Hanwha Group, will form a joint space research center with the Korea Advanced Institute of Science and Technology to launch an intersatellite-link project. Hanwha and KAIST will invest 10 billion won ($8.8 million) into the space research center, the largest one formed by a private company and a university, officials said Monday. The first project will involve the development of intersatellite-link technology, which enables data transmission by shooting las
May 17, 2021
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SK Chemicals buys 10% stake in Chinese recycled plastic firm
SK Chemicals said Monday that it acquired a 10 percent stake in Shuye, a Chinese firm that specializes in recycling plastic waste, to commercialize eco-friendly plastic called glycolmodified polyethylene terephthalate, or PETG. PETG is a plastic free of environmental hormone bisphenol A, an industrial chemical used to manufacture typical plastic. PETG offers the same transparency as glass but offers greater durability. PETG made by SK Chemicals is currently supplied to global cosmetics brand
May 17, 2021
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Samsung's US chip plant investment may be in offing: sources
Samsung Electronics Co. may unveil its plan later this month to build a new chip factory in the United States, industry sources said Monday, as the South Korean tech giant tries to cope with rivals' capacity expansions. Speculation has run high that Samsung would reveal its US investment upon the summit between South Korean President Moon Jae-in and US President Joe Biden to be held in Washington on Friday (local time). Samsung, the world's largest memory chip producer and No. 2 foundry firm,
May 17, 2021
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SsangYong Motor Q1 net losses narrow on base effect
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its first-quarter net losses narrowed from a year earlier on a base effect. Net losses narrowed to 86.29 billion won ($76 million) in the January-March quarter from 193.54 billion won in the same period of last year, the company said in a statement. "In the first quarter of 2020, losses involving tangible assets were reflected, but there was no such one-off factor in the past quarter,&
May 17, 2021