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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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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Man killed by fellow hunter who mistook him for wild boar
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Doosan Heavy completes 2nd wind power generator plant
South Korean power plant builder Doosan Heavy Industries & Construction Co. said Friday it has completed the construction of its second plant for wind power generators in the country. The plant in Changwon, 398 kilometers southeast of Seoul, will assemble and test 5.5-megawatt wind power generators, Doosan Heavy said. With the plant, Doosan Heavy will be able to produce 30 wind power generators annually, the company said. With its wind power business starting in 2005, Doosan Heavy has b
March 26, 2021
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Korea Shipbuilding wins W637b order for 5 container ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has clinched a 637 billion-won ($562 million) order from a Taiwanese company to build five container carriers. The deal signed with Wan Hai Lines calls for Korea Shipbuilding to start delivering the 13,200-twenty foot equivalent unit (TEU) vessels in the first half of 2023, Korea Shipbuilding said in a regulatory filing. The container carriers will be built by Hyundai Heavy Industries Co., the company said. Hopes for a
March 26, 2021
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Samsung Heavy bags W2.8tr order for 20 container carriers
Samsung Heavy Industries Co. said Friday it has obtained a 2.8 trillion-won ($2.5 billion) order from a Panamanian company to build 20 container carriers. Under the deal, Samsung Heavy Industries will deliver the 15,000-TEU vessels, on which energy saving devices will be mounted, by June 2025, the shipbuilder said in a regulatory filing. Samsung Heavy Industries has won a combined $5.1 billion in orders to build 42 ships so far this year, achieving 65 percent of its annual order target of $7.8
March 26, 2021
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[Newsmaker] ‘Imprisoned Samsung chief Lee hospitalized for burst appendix’
Samsung Electronics Vice Chairman Lee Jae-yong had part of his large intestine removed after his appendix burst, local reports said Thursday. The de facto chief of the nation’s largest conglomerate, who is currently in jail for bribing former President Park Geun-hye, had a partial colorectal resection last week, the reports said, after a case of acute appendicitis was diagnosed too late and resulted in complications. They said Lee, not wanting to draw unnecessary attention, endured th
March 25, 2021
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[Exclusive] 'SK took CT scans of LG batteries to prove tech prowess'
SK Innovation took a CT scan of LG Energy Solution’s electric vehicle batteries in a potential attempt to use it in its legal dispute with the local rival, industry sources told The Korea Herald. SK Innovation requested a research facility in South Korea to take CT images of its own batteries and LG Energy Solution’s. This was while their battery trade secret case was ongoing in the US. “SK Innovation took the images to compare the inner structures of its pouch-type batte
March 25, 2021
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S. Korea eyes next-generation power chips
South Korea will nurture the local industry for next-generation power chips as a new strategic investment for future chip leadership, the government said Thursday. At the seventh meeting on innovative growth, the Ministry of Trade, Industry and Energy unveiled a blueprint that contains measures to establish an ecosystem for next-generation power chips ranging from key technologies to product development and mass production. Built to handle high voltages and large currents without damage, p
March 25, 2021
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S-Oil donates W100m for burn victims from single-parent families
S-Oil donated 100 million won ($88,200) in total for 10 single-parent households with members who had suffered burn injuries. According to the South Korean refinery, it delivered the donation to the Hallym Burn Foundation at a ceremony at the Hallym University Medical Center on Thursday. Each of the 10 households will receive 10 million won. This is the first donation S-Oil has made to assist burn victims. Established in 2008, the Hallym Burn Foundation helps burn patients with medical and r
March 25, 2021
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Midsized firms' Q2 biz outlook recovers to pre-pandemic level
South Korean midsized companies' business outlook for the second quarter has recovered to pre-pandemic levels amid a recovery in automaking and related sectors, a poll showed Thursday. The Federation of Middle Market Enterprises of Korea said its business survey index (BSI) of the country's top 500 midsized firms stood at 89.5 for the April-June period, up 5 points from three months earlier. It marks the first time for their outlook reading to surpass the pre-coronavirus level of last year's f
March 25, 2021
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Doosan Mobility teams up with POSCO unit for hydrogen fuel cell parts
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs, said Thursday that it has joined hands with Posco SPS, a steel processing company, to develop a key component for hydrogen fuel cell power packs for drones. Under a preliminary deal with Posco SPS, a unit of Posco International Corp., DMI will develop metal plates, 20 micrometers in thickness, to be used for hydrogen fuel cell power packs for drones. DMI, an unlisted unit of Doosan Corp., the holding company of Doo
March 25, 2021
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[Newsmaker] Coupang says deceased courier new on the job and had health problems
Local e-commerce giant Coupang Inc. said Thursday that its parcel delivery worker who died the previous day while working was suffering from heart-related abnormalities and was only on his second day on duty. The 43-year-old Coupang courier, whose identity was withheld, was found unconscious at a residential area in Incheon, 40 kilometers west of Seoul, at 12:57 p.m. Wednesday and pronounced dead while being transferred to a hospital. The courier's death immediately triggered speculation that
March 25, 2021
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Georgia lawmakers urge Korean battery firms to settle
In a notable shift of tone, senators in the US state of Georgia have called on LG Energy Solution and SK Innovation to resolve their battery patent disputes on their own. According to media reports Wednesday, the Georgia Senate unanimously passed a resolution on Tuesday US time, which calls on two battery makers to negotiate a settlement so that SK could continue building two battery factories in the state. A draft of the resolution had reportedly been directed toward President Joe Biden,
March 24, 2021
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Hyundai Motor Group wraps up generational shift in leadership
Hyundai Motor Group’s key affiliates held their annual shareholders meetings Wednesday and addressed pending issues such as reshuffling boardrooms, enhancing ESG policies and revamping business in keeping with the post-coronavirus market trends. A notable change was that the group efficiently wrapped up the generational shift in its leadership, with the senior honorary chairman stepping down from all his official posts and fully clearing the track for his recently inaugurated son. Chung
March 24, 2021
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Samsung to launch new premium vacuum cleaner in April
Samsung Electronics Co. said Wednesday its new premium vacuum cleaner will go on sale in South Korea next month as the tech giant targets to boost home appliance goods amid the pandemic-induced stay-at-home trend. The BESPOKE Jet, featuring an automatic dust emptying system in a battery charging station, will be sold at between 890,000 won ($780) and 1.39 million won here starting in April, according to Samsung. The new cordless stick vacuum cleaner comes in four colors -- midnight blue, woo
March 24, 2021
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4 auto parts makers fined W82b over price collusion
South Korea's antitrust regulator said Wednesday it has decided to fine four auto parts producers a combined 82.4 billion won ($72.7 million) for colluding to fix bidding prices of vehicle parts. Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018 for 99 rounds of auto parts purchasing bidding by the country's top automaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Korea Fair Trade Commission (KFTC). The commission ordered the
March 24, 2021
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HHIH join forces with KIC to push for global M&A
Global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed an initial deal with Korea Investment Corp. (KIC), South Korea's sovereign wealth fund, toward merger and acquisitions with global companies as part of efforts to expand its presence in new businesses. Under the deal, HHIH and KIC will jointly invest 1 trillion won ($900 million) to push for the mergers and acquisitions of global companies in the areas of AI, robots, remote autonomous ships
March 24, 2021
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KT&G seeks to generate half of sales from abroad by 2025
KT&G Corp., South Korea's dominant tobacco company, said Wednesday it is aiming to earn half of its revenue from overseas by 2025 as it seeks to open more overseas subsidiaries and explore new markets. Currently, KT&G earns 40 percent of its tobacco sales from exports. The company operates sales subsidiaries in five countries -- Russia, Indonesia, Turkey, Taiwan and the United States. For the whole of 2020, its sales rose 6.8 percent to a record 5.3 trillion won ($4.68 billion) from 4
March 24, 2021
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KT provides AI tech for opinion polls
KT Corp., a major South Korean mobile carrier, said Wednesday it has signed a memorandum of understanding with pollster Gallup Korea to introduce the telecom company's artificial intelligence (AI) technology in opinion polls. Under the agreement, KT will apply its voice bot and AI call center technology in opinion polls conducted by Gallup Korea, according to a statement from the telecom operator. KT's AI call center solution incorporates speech recognition as well as personalized text-to-spee
March 24, 2021
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LG shareholders OK EV parts spinoff for JV with Magna
Shareholders of LG Electronics Inc. on Wednesday approved the company's plan to split off some of its electric vehicle (EV) components business to set up a joint venture (JV) with Canadian auto parts maker Magna International Inc. The shareholders passed LG's proposal to carve out the EV powertrain business from its vehicle component solutions (VS) division to establish a new company with Magna. LG will hold a 51 percent stake in the newly created firm, tentatively named LG Magna e-Powertrai
March 24, 2021
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Samsung to launch drone delivery service for Galaxy buyers in Ireland
Samsung Electronics Co. on Wednesday said it will offer a drone delivery service to its Galaxy device buyers in Ireland under a partnership with Irish drone startup Manna. The service will be first available to customers in Oranmore, some 200 kilometers west of Dublin, but the two sides said they plan to expand the drone service nationwide in the future. "The new service, which is a first for Samsung globally, will facilitate an end-to-end contactless experience for Samsung customers from
March 24, 2021
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LG Electronics to supply commercial ESS in Hawaii
LG Electronics Inc. said Wednesday it will supply a commercial energy storage system (ESS) in Hawaii as the South Korean tech giant eyes to expand overseas sales of efficient power management solutions. A consortium of South Korean and United States entities, including LG, the University of Hawaii and the Korea Institute of Energy Technology Evaluation and Planning, recently inked a deal with the state government of Hawaii to develop and build an advanced microgrid using renewable energy, accor
March 24, 2021