Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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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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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Korean Air injects W1.1tr into Hanjin International to keep hotel business afloat
Korean Air announced on Thursday it was injecting 1.1 trillion won into its subsidiary company Hanjin International to help pay off its debts and keep the latter’s hotel business afloat. The decision was made during a board of directors meeting on Wednesday, which will help pay back HIC’s debt worth $900 million while $50 million will be used to cover operating expenses for the Wilshire Grand Center in Downtown Los Angeles, a hotel HIC has operated since 2017. The airline said the
Sept. 17, 2020
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Hyundai Glovis partners with Thailand’s business giant on logistics
Hyundai Glovis said Thursday it partnered with Thailand’s No. 1 business group, Charoen Pokphand Group, to target the country’s logistics market. Under the partnership, the two companies will start a pilot project by the end of this year by injecting electric trucks into the transportation of convenience store 7-Eleven’s products operated by CP Group across Thailand. This is expected to be the first time for an electric truck to be introduced to a Thai logistics site, the Ko
Sept. 17, 2020
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Samsung Biologics signs CDO deal with Panolos Bioscience
Samsung Biologics signed to contract develop Panolos Bioscience‘s novel anti-cancer drug candidate PB101, the company announced Thursday. Per contract, Samsung Biologics will be responsible for all steps of PB101’s development, including cell line development, preclinical and global clinical trials’ sample manufacturing and investigational new drug applications. Panolos Bioscience’s next-generation anti-cancer pipeline PB101 fights cancer by inhibiting the growth of tum
Sept. 17, 2020
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Server DRAM prices tipped to decline further in Q4, boding ill for Korean chipmakers
Prices for server DRAM chips are expected to further decline in the fourth quarter of the year, a report showed Thursday, boding ill for South Korean chipmakers amid the novel coronavirus pandemic. Market researcher TrendForce recently revised its server DRAM prices forecast for the last three months of 2020, saying that server manufacturers still hold a relatively high inventory of the product, while the industry is dealing with an oversupply issue. It originally predicted a 10-15 percent
Sept. 17, 2020
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[Monitor] Korea's COVID-19 test kit exports expected to surpass W1tr
Exports of Korean-made diagnostic kits for COVID-19 radically surged this year, reaching a total of over $797 million (about 940.5 billion won) by Aug. 20, data from the Korea Customs Service showed. While the exact data has not been released yet, the amount is expected to have surpassed 1 trillion won at the end of August. (khnews@heraldcorp.com)
Sept. 17, 2020
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LG Chem to split off Battery Biz: sources
LG Chem will split off its battery business, in an apparent move to shore up investments through an initial public offering, according to industry sources Wednesday. LG Chem has decided to carve out the battery business division as a wholly owned subsidiary and finalize the agenda at a board meeting scheduled for Thursday, they said. “For LG Chem to digest battery orders, it needs to increase its production capacity, which will cost billions of dollars. To deliver required funds, goi
Sept. 16, 2020
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S-Oil opens mega-scale hybrid charging station
S-Oil said Wednesday that it has launched a mega-scale hybrid charging station in the Unjeong area of Paju, Gyeonggi Province, so it can offer comprehensive services to its customers. According to the South Korean refiner, it merged four gas stations and liquefied petroleum gas filling stations into a single charging station on a 9,900-square-meter site. With 10 DIY fuel dispensers and four LPG dispensers, the charging station can service about 30 vehicles simultaneously. “On the 9,9
Sept. 16, 2020
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Samsung Display touts OLED with tightest folds
Samsung Display said Wednesday that its latest organic light-emitting diode displays can fold with the narrowest gap compared with any rival product around the world that is commercially available as a smartphone component. Through technology optimization, this new and enhanced display can withstand around 200,000 folds despite using ultrathin glass instead of colorless polyimide, Samsung Display said. Samsung Display’s 1.4R OLED displays are used in Samsung Electronics&rsq
Sept. 16, 2020
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[Newsmaker] Celltrion on path to break W1tr in operating profit
Celltrion Group is expected to become the first Korean biologics drug company with an operating profit of over 1 trillion won ($850 million), financial data aggregator FnGuide projected Tuesday. To put things into perspective, in 2019 there were only six groups that had delivered such a performance: Samsung, SK, Hyundai Motor, Lotte, LG and GS. Celltrion Group is one of the few companies that has come out stronger from the unforeseen COVID-19 crisis. Comprising of biosimilars develop
Sept. 16, 2020
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Samsung expands laundry lineup with small-size products
Samsung Electronics Co. on Wednesday launched new small-size laundry appliances with upgraded artificial intelligence (AI) features to target single-person households and small families. Samsung added a 10-kilogram front-load washer and a 9-kg dryer to its Grande AI laundry lineup in the South Korean market. This is the first time Samsung has introduced a new washing machine with 10-kg capacity in the domestic market since 2014. The tech giant unveiled its Grande AI brand lineup of washing
Sept. 16, 2020
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Samsung's share in mobile AP market drops in Q2: report
Samsung Electronics Co.'s share in the global mobile application processor (AP) market dropped in the second quarter of 2020 from a year earlier, a report showed Wednesday, as the South Korean tech giant tries to expand its presence in non-memory business. Samsung, which makes the Exynos chipset, had a 13 percent share in the global mobile AP market in the April-June period, down 3 percentage points from a year ago, sharing the fourth spot with Apple Inc., according to market tracker Counterp
Sept. 16, 2020
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S. Korea's M&A activity brisk this year despite virus
Large South Korean companies have actively engaged in mergers and acquisitions (M&A) this year despite the economic fallout of the coronavirus outbreak, industry data showed Wednesday. Big businesses in Asia's fourth-largest economy spent a combined 11.45 trillion won ($9.7 billion) in 52 M&A cases in the first eights months of this year, according to the data from CEO Score. Big spenders include KB Financial Group Inc., a major South Korean banking group, which took over Prudential L
Sept. 16, 2020
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[News Focus] Firms look overseas for COVID-19 drug trials
Seven South Korean pharmaceutical firms are conducting global clinical trials of their proposed COVID-19 treatments variably in the US, India, Russia, Mexico, the Philippines and South Africa -- with more destinations on the agenda. The reasons behind choosing to go overseas reflect where the need for COVID-19 treatment is most pressing, the companies told The Korea Herald. At their clinical trial destinations it is easier to find candidates to test the drugs on, due to the sheer number of c
Sept. 15, 2020
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[Green Paradox] Green New Deal to boost Kepco’s role in renewable energy market
Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed. The ruling Democratic Party of Korea has recently prepared a bill to allow Korea Power Corp. to directly generate electricity with renewable energy sources as part of ways to foster President Moon Jae-in’s Green New Deal initiative. The move is expected to boost the role of Kepco in the country&lsqu
Sept. 15, 2020
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LG Chem adds Amazon to battery customer list
LG Chem will supply batteries to Amazon’s warehouse robots, according to industry sources Tuesday. The Korean battery maker will supply the same cylindrical batteries that power Tesla electric vehicles to Amazon’s automated robots in operation within the retail giant’s warehouses starting from 2023, they said. Though LG Chem said it can’t confirm details related to its clients, the deal is expected to be worth tens of millions of dollars. As of last year, Amazon ha
Sept. 15, 2020
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India’s import regulations target Korea after China: report
South Korean exporters need to be on alert as India has been strengthening trade remedies such as anti-dumping measures to protect its industries, a local trade association said Tuesday. According to a report released by the Korea International Trade Association, the number of newly launched investigations on imports by India between 2016 and 2019 was 60.5 on average per year, nearly doubling from 30.3 between 2010 and 2015. As for the countries subject to new investigations since 2016, Chin
Sept. 15, 2020
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Hyosung selects STLeaders PE as preferred bidder for capital unit
Hyosung Group has selected a consortium of STLeaders Private Equity and the Korean Federation of Community Credit Cooperatives as the preferred bidder for Hyosung Capital, according to the firm Tuesday. Another local financial firm, WWG Asset Management, was selected as the second preferred bidder. Hyosung plans to sell 8.84 million shares of Hyosung Capital (a 97.5 percent stake) and the sale price is estimated to be around 400 billion won ($338 million). “We have selected preferred
Sept. 15, 2020
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SK Telecom to use quantum tech in gas facility safety system
SK Telecom Co., South Korea's top mobile carrier, said Tuesday it partnered with the state-run Korea Gas Safety Corp. to develop a gas facility safety system using quantum technology. The two will also work with the gas safety company Korea Plant Maintenance and the local optical sensor company QuantumSensing to incorporate quantum-based technology into safety management systems at gas facilities. The next-generation system detects gas leaks and its concentration at facilities by analyzing li
Sept. 15, 2020
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[Monitor] More firms adopting remote work system
Some 88.4 percent of companies (among top 100 companies by revenue) have implemented remote work systems since the COVID-19 pandemic, a survey by the Korea Employers’ Federation showed. Some 8.7 percent said they were not considering a work-from-home system at the moment. But they said they would review it if the social-distancing measures reach level 3. As for office jobs, 46.8 percent of the companies said the productivity level remained similar at 90 percent compared to the employees
Sept. 15, 2020
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AmCham endorses Yoo Myung-hee for WTO chief
The American Chamber of Commerce in Korea said Monday it endorses Trade Minister Yoo Myung-hee for the position of director general of the World Trade Organization. “Minister Yoo has proven herself to be a strong and principled leader as well as a champion of free and fair trade during a time of historic challenges for international trade and the global economy,” the organization said in a released statement. “We have no doubt that she is ideally equipped to realize the v
Sept. 14, 2020