Most Popular
-
1
Seoul Fireworks Festival ends smoothly, but leaves piles of trash
-
2
[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
-
3
Yoon set for talks with Marcos in Philippines
-
4
Can Jennie break the K-pop solo artist slump?
-
5
Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
-
6
[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
-
7
First lady’s Dior bag scandal to be at center of Assembly audit
-
8
Yoon honors veterans of Korean War in trip to Philippines
-
9
2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
-
10
[KH Explains] Can G-Star level up?
-
Kepco gets preliminary approval for opening own university
State-run utility Korea Electric Power Corp. said Friday it has received first-stage government approval for launching an energy-focused university, with plans to open in March 2022. The Ministry of Education’s deliberation committee granted preliminary approval to establish a corporation for its university Kepco Tech on Friday. The session was held via video conference due to the coronavirus outbreak. The approval comes 106 days after the review, with a total of three hearings held s
April 3, 2020
-
EU suspends HHI-DSME merger screening amid coronavirus pandemic
The European Commission has recently suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering amid the coronavirus pandemic. The commission site showed the “deadline” of the screening was “suspended” without specifying the reason. The EU recently notified on its website that due to the complexities and disruptions caused by the coronavirus, companies were encouraged to delay merger notifications original
April 3, 2020
-
CJ donates dumpling to Korean community in New York
CJ Group plans to donate dumplings to Korean residents in New York who are suffering from the coronavirus outbreak, the firm said Friday. The dumplings -- enough for 1,600 servings -- will be given to the Korean Community Service in New York through the Korean American Association. “The donation was made with the aim of adding some support to the Korean community suffering from the impact of coronavirus in New York,” the group said. CJ plans to deliver the food produced at its
April 3, 2020
-
Samsung shutters washing machine factory in US over coronavirus
Samsung Electronics Co. said Friday it has temporarily shuttered a washing machine factory in the United States after reporting virus-infected workers there. Samsung decided to suspend operation of its home appliance plant in Newberry County, South Carolina, after two workers tested positive for COVID-19. The company said the plant will reopen on Monday after disinfecting facilities. Samsung's plant in South Carolina started operation in January 2018 and produces 1 million washing machines a y
April 3, 2020
-
Samsung to post relatively solid Q1 earnings despite coronavirus pandemic: analysts
Samsung Electronics Co. is expected to post relatively solid earnings in the first quarter of the year despite the novel coronavirus pandemic, analysts here said Friday, as its chip business is likely to offset losses in the smartphone and consumer electronics sectors. Samsung, the world's largest memory chip and smartphone vendor, was expected to log 55.31 trillion won ($44.9 billion) in sales in the first three months of 2020, up 5.5 percent from a year earlier, while operating profit was est
April 3, 2020
-
Doosan Group execs to forgo 30% of their wages
Doosan Group said Thursday that its chairman Park Jeong-won and other executives will forgo their salaries by 30 percent as part of efforts to help normalize troubled affiliate Doosan Heavy Industries & Construction. Doosan Group said the pay cuts will affect executives of all of its affiliates, including Doosan Heavy, beginning this month. Still, no specific time frame was given for when the pay cuts will remain in effect. Doosan Heavy, South Korea's largest power equipment maker, said ab
April 2, 2020
-
SK Innovation, vulnerable to Europe virus crisis, charters flight to Hungary
SK Innovation has decided to dispatch employees to its electric vehicle battery plant in Hungary, where it has less workforce presence than other Korean EV battery manufacturers. According to SK Innovation, the company will dispatch 300 staff members on a chartered flight to Hungary on April 5 to support the construction of its second EV battery plant in Komarom, as global travel restrictions have limited the deployment of necessary personnel to the construction site. “Though SK Innov
April 2, 2020
-
NCSoft kicks off four-day workweek
Korean game company NCSoft said Thursday it will launch a four-day workweek to create a safer working environment and support families with children, amid the worsening novel coronavirus pandemic. The company will operate a four-day workweek for four weeks from this weekend until April 29, employing flexible work schedules and allowing telecommuting for those pregnant or with underlying conditions. “All 4,000 staff members will be given paid leave every week during the period, which
April 2, 2020
-
Kepco excludes China from submarine power cable project
The Korea Electric Power Corp. on Thursday excluded Chinese firms from entering a bid for its submarine power cable project. According to an online notice posting, only countries that are members of the Government Procurement Agreement of the World Trade Organization are eligible for the international bidding of #3HVDC (high voltage, direct current) submarine power cable project connecting Wando, an island off the coast of South Jeolla Province, and Jeju Island. China is not a member of the
April 2, 2020
-
Vaccine development must go on: Celltrion
Despite the ambivalent sentiments about COVID-19 vaccine development, South Korean biologics company Celltrion said it was determined to continue with the project. Celltrion on Thursday said it was now screening to select the most effective antibodies to neutralize the virus behind the pandemic with the Korea Centers for Disease Control. The company aims to finish the work in a couple of weeks, after which it will start mass production of the therapeutics for clinical studies while simultane
April 2, 2020
-
Danaher rebrands GE Healthcare Life Sciences to Cytiva
Danaher said Thursday it has launched Cytiva -- formerly GE Healthcare Life Sciences, which it acquired for $21.4 billion -- aiming to completely rebrand the biologics side of General Electric’s business. Cytiva’s projects, spanning from cell and gene therapies to protein research, biosimilar and novel biologics drug development, are highly in demand amid the COVID-19, according to the Cytiva CEO and president, Emmanuel Ligner. After the transition from GE Healthcare Life Science
April 2, 2020
-
FTC to give benefits to firms supporting coronavirus-hit suppliers
South Korea’s antitrust watchdog said Thursday it planned to give benefits to companies that support small and medium-sized enterprises affected by the coronavirus. Since early February, conglomerates have offered support for their suppliers facing disruptions in production and supply. Korean SMEs, which rely mostly on manufacturing and exports, are directly hit by production setbacks and drops in demand caused by the coronavirus. In a recent survey of 407 companies by the Korea Federa
April 2, 2020
-
Tmon pushes the envelope, plans IPO
South Korea’s Tmon announced Thursday that it posted its first monthly operating profit in 10 years, and plans to get listed next year. The firm recorded 160 million won ($130,000) operating profit last month, becoming the first local e-commerce platform operator to be in the black. The improvement in revenue began to materialize since the fourth quarter of last year, and will hopefully continue, a company official said. Tmon this year has seen a 44 percent increase in the numb
April 2, 2020
-
[Management in Korea] Why all shareholders matter (2)
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed. By Eugene Kim and Olivia de Patoul In the first article published in March, we discussed how governance in South Korea has become marginalized, the factors that played into creating an environment where shareholders are often ignored, and how preventive steps investors can take to ensure board members u
April 2, 2020
-
Two more Samsung workers contract coronavirus after overseas business trips
Samsung Electronics Co. said Wednesday two more employees have contracted the novel coronavirus following overseas business trips. The company said two employees who work at its factory in Gumi, North Gyeongsang Province, tested positive for COVID-19 after they went to Brazil. The two, who work for its mobile business unit, departed for Brazil together in early February and arrived back in South Korea on Monday. Samsung said there will be no shutdown of its plants, since the two had been u
April 1, 2020
-
S. Korean sees record-low air passenger number in March amid coronavirus pandemic
South Korea saw a record-low number of air passengers last month due to the novel coronavirus pandemic, data showed Wednesday, as countries around the globe impose lockdowns and restrict travel. The number of air passengers stood at 1.74 million in March, according to data from the Korea Civil Aviation Association (KCA). This is the first time that the figure has fallen below 2 million since the country started to record such statistics from 1997. "The figure is based on real-time sta
April 1, 2020
-
WeMade wins IP suit against Chinese game company
South Korean game developer WeMade said Wednesday it has won a lawsuit against a Chinese game company for violating a license contract and dodging royalties. According to WeMade, the International Chamber of Commerce’s International Court of Arbitration on March 27 ordered Hangzhou Jiuling Network Technology to pay WeMade 85.2 billion won ($69.1 million) for violating the intellectual property license agreement it had signed with the Korean company. In September 2017, Jiuling -- a subs
April 1, 2020
-
Posco Chemical inks EV battery material deal with Huayou Cobalt
Posco Chemical said Wednesday it has signed a long-term supply deal with China’s Huayou Cobalt for cathode materials, a key material for electric vehicle batteries. According to the company, Huayou Cobalt -- the world’s biggest cobalt supplier -- will supply 76,300 metric tons of precursors until December 2022. The exact size of the deal is unknown. Precursor is an immediate product used in producing cathode materials, and cathode is a one of the four key components of a lithium
April 1, 2020
-
[Monitor] Korean EV batteries capture 40% global market share
According to market tracker SNE Research on Tuesday, the global market share of Korea’s three major EV battery manufacturers -- LG Chem, Samsung SDI and SK Innovation -- doubled to 42 percent in February up 20.9 percent on-year, surpassing the 40 percent mark for the first time. In the same period, the global market share of Chinese EV batteries shrank from 32.8 percent to 11.1 percent, while that of Japanese firms surged to 45.8 percent from 33.2 percent. Kim Byung-wook (kbw@heraldco
April 1, 2020
-
[Herald Interview] ‘With fried chicken, water beats beer’
No one can deny that water is essential for life, but until recently, it has typically been considered indistinctive -- without color, taste or smell. But as water sommelier Ko Jae-youn explains, the common idea that water is tasteless is wrong. Aside from its beneficial mineral content, water also has enough taste to be paired with food, like wine is, he said. “Try light carbonated water with fried chicken, just as a quick way to find out how water can be paired with food. It will ta
April 1, 2020