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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LG Energy Solution pledges to double sales by 2028
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Posco International to issue ESG bonds worth W80b
Posco International will sell green bonds worth 80 billion won ($70 million) to finance its efforts on the environmental, social and corporate governance (ESG) fronts, the company said Sunday. The ESG bond issue is part of the firm’s plan to raise 150 billion won in the debt market. The rest, 70 billion won, is to be raised through regular bond offerings. The volume of bond sales could be even greater, the trading arm of steelmaker Posco said, as institutional investors demanded as m
March 15, 2021
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[#WeFACE] LG Chem CTO says ESG is survival of the fittest
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 (ESG) issues, which have become central factors globally in measuring the sustainability of an investment or business decision. – Ed. Even for South Korea’s leading petrochemical company LG Chem, the global environmental, social and governance drive means the survival of the fittest -- those who
March 14, 2021
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‘LH officials will only be allowed to acquire land for actual use’
In the wake of a massive property speculation scandal involving former and incumbent officials at the Korea Land & Housing Corp., the government is expected to start the discussion on ways to reform the scandal-plagued state housing developer, this week. In a ministerial-level meeting on Sunday, Prime Minister Chung Sye-kyun pledged a complete overhaul of the LH in order to prevent its officials from engaging in misconducts such as real estate speculation. “We will come up with an
March 14, 2021
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Hyundai E&C bags W158b order from Peru
Hyundai Engineering & Construction Co., a major builder in South Korea, said Sunday it has secured an order worth 158.2 billion won (US$139 million) in Peru for a site preparation of the country's new airport. Hyundai E&C said it beat rivals from Spain, Portugal and China to win the land preparation work for the Chinchero International Airport in Cusco, Peru, after forming a joint venture with local builder HV Constratistas. The Peruvian government hopes the Chinchero Internati
March 14, 2021
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S. Korea's information security industry expands amid pandemic
South Korea's information security market grew to hit nearly 12 trillion won ($10.6 billion) last year on the back of increasing demand for online services amid the pandemic, the ICT ministry said Sunday. Total sales of the industry, which includes digital and physical security sectors, reached 11.9 trillion won in 2020, up 6.4 percent from the previous year, according to the Ministry of Science and ICT, citing a report from the Korea Information Security Industry Association. The ministry sai
March 14, 2021
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Supermarket unit of Emart fined W582m for unfair biz practices
South Korea's antitrust regulator said Sunday it has decided to fine a super supermarket (SSM) unit of Emart Inc., the country's biggest discount store chain, 582 million won ($515,000) over unfair business practices. Emart Everyday Inc. unfairly returned unsold seasonal products, such as sunscreen and ice boxes, to suppliers after it bought them between January 2015 and May 2018, according to the Korea Fair Trade Commission (KFTC). The company shifted inventory costs of unsold goods to suppli
March 14, 2021
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SK chemical unit to build packaging material plant in China
SK global chemical Co., an affiliate of South Korea's top refiner SK Innovation Co., said Sunday it will build a packaging material plant in China. Under the deal, SK global chemical will set up a joint venture with Satellite Petrochemical to build a plant that produces ethylene acrylic acid (EAA), a high-end eco-friendly material used for packaging. The plant, to be in Lianyungang, Jiangsu Province, eastern China, will be able to churn out 40,000 tons of EAA a year, according to the company
March 14, 2021
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[Eye Plus] Dilkusha: Tribute to historic witness of March 1 Movement
It sometimes takes an outsider’s perspective to observe the epochal events of a country and a journalist’s spirit to deliver the acquired truth to the world. Such was the case of Albert Taylor, an American journalist who spent tumultuous years on the colonialized Korean Peninsula, and his own residential place Dilkusha, which recently has been brought back to public’s access as a memorial place that carries traces of Korea’s modern history. In the residential alley at
March 13, 2021
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Georgia Gov. Kemp asks Biden to overturn ITC ruling against SK Innovation
Georgia Gov. Brian Kemp has asked US President Joe Biden to overturn a US trade panel's decision against SK Innovation Co. in a trade secret case over electric vehicle batteries. Kemp repeated his request to save thousands of jobs in northeast Georgia directly tied to an SK Innovation's EV battery plant in Commerce, Georgia, in a letter to Biden on Friday (US time). SK Innovation has been building a plant in the US state of Georgia, to be completed by 2022, to provide EV batteries to Ford Moto
March 13, 2021
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LH official takes life, land minister offers to resign
The massive land speculation scandal centering on a state-run corporation took a new turn Friday, when a ranking official took his own life amid alleged involvement in the case and the land minister immediately offered to resign. With the abrupt turn of events, the corruption case has now turned into a political battle between the beleaguered Moon Jae-in administration and the opposition camp, which seeks momentum in the forthcoming elections. A senior official at the state-owned Korea Land &a
March 12, 2021
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LG’s new US battery factories to be 3 times bigger than SK’s Georgia plants
LG Energy Solution said Friday that it will invest 5 trillion won ($4.42 billion) through 2025 to build at least two more electric vehicle battery factories in the United States. Set for completion in 2025, the new factories will offer 70 gigawatt-hours of additional annual battery production capacity in the US. LG Energy Solution currently has one local electric vehicle battery production facility in Michigan that is capable of producing 5 gigawatt-hours. “The Green New Deal in the U
March 12, 2021
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Posco chief clinches second term in office
Choi Jung-woo, incumbent chairman of Posco Group and CEO of steelmaker Posco, extended his leadership as shareholders approved his reappointment Friday. The steelmaker held its 53rd annual proxy meeting at its headquarters in Seoul’s Gangnam-gu to vote on six major agenda topics, including the reappointment of the current chief. “I will further enhance production efficiency by maximizing the use of artificial intelligence amid challenging management situations,” Choi said
March 12, 2021
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DSME scores major oil tanker deal worth 1.1 trillion won
Daewoo Shipbuilding & Marine Engineering said Friday that it had signed orders worth 1.95 trillion won ($1.73 billion) to build 10 very large crude carriers, signaling an uptrend in the nation’s shipbuilding industry. The announcement comes nearly three months after a letter of intent was signed in December. The completed vessels will be delivered to buyers in Asia, Europe and the Americas by the second half of 2023. The dual-fueled VLCCs, which use both diesel and natural gas, joi
March 12, 2021
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DL E&C inks deal on modernization of Russian refinery
Major South Korean builder DL E&C Co. said Friday it has signed a 327.1 billion-won ($290 million) interim deal to upgrade an oil refinery in Russia. Under the deal with Russian oil producer Gazprom Neft, DL E&C will build a plant for adding and cracking hydrogen at Gazprom Neft's refinery southeast of Moscow. Completion is scheduled for the second half of 2024, and the two sides plan to seal a formal contract within three months, DL E&C said. Gazprom Neft is a subsidiary of Russi
March 12, 2021
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Ridi’s global webtoon app logs success in North America
South Korea’s leading content provider Ridi Corp. said Friday that its global webtoon service Manta has achieved 300,000 accumulated downloads on the back of its popular response in the North American market. The online cartoon app, which provides various genres at a set monthly price, kicked off in North America in November last year, and soon rose to become the second most popular cartoon app on the Google app store in the US. The top title was “Under the Oak Tree,” a roman
March 12, 2021
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Posco chief wins 2nd term amid push for EV business
Posco Chairman Choi Jeong-woo won a second term to lead the South Korean steel giant for another three years, Posco said Friday. The decision at the company's annual shareholders meeting came as Posco has been pushing to boost production capacity of key components for electric vehicle batteries as part of a diversification strategy. Earlier this week, Posco International Corp. said its steel processing unit, Posco SPS, will produce 10,000 tons a year of fuel-cell bipolar plates by 2027, which
March 12, 2021
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LG, Luxoft launch joint venture for automotive solutions
LG Electronics Inc. said Friday its joint venture with Swiss-based software firm Luxoft has been launched as the South Korean company eyes to expand its presence in automotive solutions. Their joint venture Alluto is headquartered in Santa Clara, California, and will provide solutions for digital cockpit, in-vehicle infotainment, passenger-seat entertainment and ride-hailing systems based on LG's webOS Auto platform, according to the company. LG and Luxoft, now owned by US IT service firm DXC
March 12, 2021
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LG Energy Solution to invest w5tr to expand US battery production capacity
LG Energy Solution Ltd. said Friday it will invest 5 trillion won ($4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its US manufacturing capacity to 75 gigawatt hours (GWh) and help create 10,000 jobs, including 6,000 subcontractors. LG Energy Solution operates a lithium-ion battery factory in Michigan and is building a new factory
March 12, 2021
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S. Korean e-commerce giant Coupang makes US debut at NYSE
WASHINGTON -- South Korean e-commerce giant Coupang Inc. made a splash in its landmark debut on the New York Stock Exchange on Thursday at an initial public offering price of $35 each. The IPO price is higher than an earlier proposed range of $32 to $34. With 130 million shares offered, Coupang raised $4.6 billion in public offering. According to Yahoo Finance data, the company's value stood at around $88.65 billion after its first closing, making it one of the most valuable startups in the Un
March 12, 2021
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KAI to develop AR/VR jet training system
Korea Aerospace Industries said Thursday it will utilize virtual and augmented realty technologies in its jet trainer system. South Korea’s sole aircraft developer will develop the live-virtual-constructive system, which offers live maneuvering simulation, war game and virtual and constructive trainings. KAI has supplied 50 sets of training systems to 16 countries. Since 2016, the company has conducted and commissioned independent research and developed ways to integrate jet, simula
March 11, 2021