Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
20 minors registered as CEOs making over 100 million won
-
7
Yoon honors veterans of Korean War in trip to Philippines
-
8
K-pop CEOs sidestep key issues at National Assembly audit
-
9
Man killed by fellow hunter who mistook him for wild boar
-
10
LG Energy Solution pledges to double sales by 2028
-
Hyundai Motor, SK chiefs herald ‘hydrogen alliance’
Hyundai Motor Group Chairman Chung Euisun and SK Group Chairman Chey Tae-won met Tuesday in a top-level talk, giving shape to the “hydrogen alliance” between South Korea’s No. 2 and No. 3 conglomerates. Their encounter came prior to and in line with the third meeting of the Hydrogen Economy Committee, a state policy panel affiliated with the Prime Minister’s Office that is devoted to adding momentum to the new energy paradigm. Also catching attention was the venue th
March 2, 2021
-
SK makes last-minute attempt to overturn import ban in US
SK Innovation has asked the US president to intervene in its battery patent fight with LG Energy Solution, saying it might have to “abandon” a $2.6 billion production base in Georgia after its defeat last month in the top US trade court. Making a case for a presidential veto of the court decision, the South Korean firm gave a presentation to US government officials, which the Wall Street Journal reported underscored that the Georgia plant will create 2,600 new jobs and contained
March 2, 2021
-
Korea’s presence in tech R&D shrinks as China rises
South Korea’s share in global research and development spending in technology has waned as China’s is rapidly rising, a comparative report by the Federation of Korean Industries showed on Tuesday. The number of Korean companies that made it to the list of leading 2,500 corporate investors in R&D plunged from 80 in 2014 to 56 in 2019, the report revealed. The Korean firms’ share in the total value of R&D investments also shrunk from 3.9 percent to 3.6 percent during
March 2, 2021
-
SsangYong's Feb. sales more than halve on extended slump
SsangYong Motor Co. said Tuesday its sales plunged 61 percent last month from a year earlier on lower demand for its vehicles amid the COVID-19 pandemic. SsangYong Motor sold 2,789 vehicles in February, down from 7,141 units a year ago due to a sharp decline in domestic sales and exports, the company said in a statement. Domestic sales fell 48 percent to 2,673 units last month from 5,100 the previous year, and exports plummeted 94 percent to 116 from 2,041, it said. SsangYong Motor's lineup c
March 2, 2021
-
LG Energy Solution ranks 2nd in global EV battery market in Jan.
South Korean battery maker LG Energy Solution Ltd. was the No. 2 supplier of electric vehicle (EV) batteries in the world in January after China's CATL, a market research firm said Tuesday. LG Energy Solution, which spun off from LG Chem Ltd. in December last year, shipped 2.5 gigawatt-hour (GWh) equivalents of EV batteries in January, up 50.6 percent from a year earlier, according to SNE Research. But its global market share shrank to 18.5 percent from 23.9 percent in the same month last ye
March 2, 2021
-
SsangYong resumes plant operations after weekslong suspension over parts shortage
Financially troubled carmaker SsangYong Motor Co. said Tuesday it has resumed the operation of its local plant after a weekslong suspension due to a glitch in its parts supply. SsangYong Motor halted its plant in Pyeongtaek, 70 kilometers south of Seoul, for two days in December and 16 days last month as its subcontractors refused to supply parts due to outstanding payments. The SUV-focused carmaker filed for court receivership on Dec. 21 after it failed to obtain approval for the rollover of
March 2, 2021
-
LG's steam closet hits 1m in cumulative production
LG Electronics Inc., a major home appliance maker in South Korea, said Tuesday that the cumulative production of its steam closet has surpassed 1 million units. Domestic models of LG Tromm Styler, a clothing care appliance that made its debut in 2011, surpassed 1 million units in cumulative production as of end-February, the company said. All of LG's steam closet models are manufactured in the company's plant in Changwon, some 400 kilometers south of Seoul. LG currently sells the Styler in m
March 2, 2021
-
LG Innotek develops industry's first automotive Wi-Fi 6E module
LG Innotek Co., a major electronics parts maker in South Korea, said Tuesday it has developed an automotive Wi-Fi module with advanced wireless communication technology as the company eyes to expand its presence in the future mobility market. LG Innotek claimed its latest automotive Wi-Fi module is the industry's first to be based on the next-generation Wi-Fi 6E (6th Generation Extended) technology using 6 GHz bandwidth. The company said it expects to commercialize the Wi-Fi 6E module in 2022
March 2, 2021
-
Online food delivery market grows 79% in 2020 amid pandemic
South Korea's online food delivery service market spiked nearly 80 percent in 2020 from a year earlier amid the coronavirus pandemic, government data showed Tuesday. The value of online food service transactions came to 17.4 trillion won ($15.5 billion) last year, up 78.6 percent from the previous year, according to the data from Statistics Korea. It was nearly 6.4 times the 2.7 trillion won recorded in 2017, when the statistical agency started tracking related data. Of the total transactions
March 2, 2021
-
[Herald Interview] Carbon-neutral Philips sets higher goals for 2025
For anyone who has tried, it is evident that reducing one’s carbon footprint requires an extraordinary attention to the waste produced, coupled with a conscious effort to cut down on convenient habits that are harmful to the Earth. When the individual effort is enough of a challenge to take on, how does one achieve this seemingly insurmountable task as a company, let alone a global one with international branches? Global health care company Philips has had its eyes on an environmental,
March 1, 2021
-
Market looks ahead to ‘post-coronavirus’ proxy season in March
This year’s March proxy season is to herald unprecedented scenes, including virtual meetings, e-voting systems and the rising presence of environmentally friendly corporate policy frames -- reflecting the COVID-19 pandemic situation. While top-tier conglomerates swiftly moved to adjust the date and format of their upcoming shareholders meetings, smaller businesses were observed struggling with epidemic-caused new market norms. Of the 2,350 listed companies on South Korea’s bench
March 1, 2021
-
Boys no longer preferred
Statistics Korea’s data on Monday showed the male ratio at birth in South Korea fell to the lowest level last year, implicating the end of the country’s long-held tradition of boy preference. The gender ratio at birth, or the number of baby boys per every 100 baby girls born, stood at 104.9 in 2020 -- the lowest since the institution started to collect related data in 1990. The figure is close to a natural level observed worldwide of about 105 boys to every 100 girls. This repres
March 1, 2021
-
Drone delivery service kicks off to deliver items to ships near Busan Port
While the COVID-19 pandemic has impeded the transfer of goods via ship, with stricter rules to limit the number of crew members boarding and coming ashore, a small South Korean venture company is offering a new kind of delivery service using drones. Marine Drone Tech, a drone logistics company based in Busan, is the first company in Korea to officially register a maritime drone delivery service. It received its business registration certificate from the Ministry of Land, Infrastructure and Tr
Feb. 28, 2021
-
S. Korea retains position as 7th largest exporter in 2020
Despite the fallout from the ongoing trade dispute and COVID-19 pandemic, South Korea retained its position as the world’s seventh-largest exporter in 2020, showed data released by the World Trade Organization on Sunday. According to the WTO report on trade trends of major economies in 2020, Korea’s ranking in global trade was in seventh place last year, unchanged from the previous year. Asia’s fourth largest economy accounted for 3.1 percent of world exports, following Ch
Feb. 28, 2021
-
Bill aims to compensate SMEs for losses from virus restrictions, starting in July
Small businesses and microenterprises that have suffered due to COVID-19 and the accompanying restrictions could be eligible for government subsidies as early as July, as the legislative process is underway. According to officials with the ruling Democratic Party of Korea and the government on Sunday, their representatives were currently fine-tuning the legal framework to offer compensation to microenterprises that had been ordered to close or scale back their operations as part of the national
Feb. 28, 2021
-
‘Korea’s solar push might end up helping China’
Clean energy, new jobs and a revitalized local economy. President Moon Jae-in’s Green New Deal is billed to serve all these purposes. Yet, its push for solar energy runs the risk of fattening the pockets of Chinese manufacturers, who in recent years have swamped the local market with cheap solar cells. An investigation by The Korea Herald has revealed that none of the companies involved in the government-led 5 trillion won ($4.5 billion) project to build a solar farm on the reclaimed l
Feb. 28, 2021
-
GC WellBeing to repurpose liver drug as COVID-19 treatment
GC WellBeing will conduct a phase 2 clinical trial of its liver drug Laennec, to repurpose it as a COVID-19 treatment, the Ministry of Food and Drug Safety said Friday. This puts the total count of domestic pursuits for COVID-19 treatments at 14 and vaccines at eight. Among them, Celltrion’s monoclonal antibody regdanvimab is the only one to have been emergency-approved. Laennec is made from human placenta. Having been approved in Korea in 2005, the drug has been in use for 16 years a
Feb. 26, 2021
-
Hanwha Group Chairman Kim returns to management after 7 years
Hanwha Group said Friday that Chairman Kim Seung-youn will come back to management as an unregistered representative of three Hanwha units, ending his seven-year absence. According to Hanwha Group, the chairman will take the post in the holdings firm Hanwha Corp., energy and chemical company Hanwha Solutions and Hanwha Engineering & Construction, starting next month. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for a breach of trust and had to res
Feb. 26, 2021
-
Pfizer vaccine approval in Korea imminent, FDA allows more flexible storage
South Korea on Friday paved the way to approving Pfizer’s mRNA vaccine for COVID-19 as another group of pharmaceutical experts positively opined on the vaccine’s efficacy and safety. On the same day, Korea received enough Pfizer vaccines to inoculate 58,500 people, sourced from the global COVAX facility. This lot, under special import exemptions, can be used without the Drug Ministry’s emergency approval, with the first round of vaccinations to start Saturday for frontlin
Feb. 26, 2021
-
Smilegate’s latest game commemorates March 1 Independence Movement Day
Smilegate said Friday it will release Wonhon: A vengeful spirit to recount the atrocities South Koreans suffered under Japanese colonial rule and to celebrate the upcoming 102th anniversary of March 1 Independence Movement Day. According to the Korean gaming company, the prologue version of Wonhon will be unveiled on its content sourcing and distributing platform Smilegate Stove on March 1. Developed by Busan Sanai Games and published by Super.com, the thriller PC game takes place during th
Feb. 26, 2021