[Photo News] Mercedes-KERI EV charging research

Mercedes-Benz Korea CEO Mathias Vaitl (right) and Kim Nam-kyun, president of the Korea Electrotechnology Research Institute, pose for a photo during a signing ceremony for a memorandum of understanding in Seoul on Tuesday, during which the two agreed to set up a joint research center on EV charging systems, called the Global Interoperability Test Center. “As the electric vehicle market continues to evolve, expanding charging infrastructure and creating a standardized testing environment ar

Oct. 30, 2024

Sibling leadership made official in Shinsegae Group revamp

South Korean retail giant Shinsegae Group on Wednesday announced a structural revamp dividing its flagship retail business into two companies, E-Mart and Shinsegae Department Store, making official the sibling leadership that for years has formed part of the founding family’s succession plan. In an executive reshuffle, Chung Yu-kyung, president and younger daughter of Chairwoman Lee Myung-hee, was promoted to chair to lead the department store business Shinsegae Inc. Her elder brother Chun

Oct. 30, 2024

Mobile carriers raise severance pay to slim down workforce

Mobile carriers are strengthening their severance packages to encourage early retirement amid efforts to renew their business portfolio and restructure stagnant workforce. Kicking off voluntary redundancy, KT Corp., the country's second-largest telecommunication company, recently raised the maximum severance pay for voluntary redundancy, from 330 million won ($238,000) to 430 million won. Earlier this month, the mobile carrier decided to establish two new affiliates, KT OSP and KT P&M,

Oct. 30, 2024

LG Innotek develops industry's first rare earth-free magnet

LG Innotek said Wednesday it has developed a high-performance eco-friendly magnet that eliminates the use of heavy rare earth elements. Heavy rare earth elements have been critical for magnets to retain their strength at high temperatures. However, these elements are predominantly sourced from specific countries like China, posing price volatility and supply instability risks, alongside significant environmental damage due to mining. Following its 2021 achievement of reducing rare earth usage by

Oct. 30, 2024

SK Networks teams up with Malaysia’s Sunway in AI push

SK Networks said Wednesday it has joined forces with Malaysia’s Sunway Group, a leading conglomerate in Southeast Asia with key interests in real estate and construction, to drive artificial intelligence innovation. Founded in 1974, Sunway is one of Malaysia’s top 20 conglomerates, operating in 13 sectors across 50 countries with a market capitalization exceeding 10 trillion won ($7.2 billion). Under the partnership, the two companies plan to collaborate in the AI sector across Kor

Oct. 30, 2024

AmCham, KITA host seminar on doing business in US

The American Chamber of Commerce in Korea hosted a seminar on Tuesday in Seoul, partnering with the Korea International Trade Association to explore key business opportunities and challenges associated with expanding into the US market. Now in its sixth year, the annual seminar focused on providing essential insights and practical strategies for Korean companies aiming to establish or expand their presence in the US, with particular emphasis on US market trends and key implications of the 2024 U

Oct. 29, 2024

Seminar stresses arbitration's role in ending private equity disputes

Arbitration can be a powerful tool to resolve the rising number of disputes related to private equity investments, according to a seminar jointly hosted by leading law firms from South Korea and the US. Kim & Chang, South Korea’s leading law firm, and US law firm Debevoise & Plimpton LLP held a joint seminar on arbitrating private equity disputes in southern Seoul on Monday. The event kicked off with lawyer Jeffrey Sullivan from Debevoise & Plimpton LLP explaining how private e

Oct. 29, 2024

Hankook Tire uses carbon black for sustainable production

Hankook Tire announced on Tuesday that it has incorporated three types of carbon black, a byproduct of the combustion of various petroleum products, into tire production as part of its efforts to create a circular economy. Last year, Hankook Tire launched the Tire-to-Tire Circular Economy Model consortium together with HD Hyundai Oilbank and HD Hyundai OCI to upcycle waste tires and develop carbon black. HD Hyundai Oilbank sources recovered carbon and pyrolysis oil, or bio-oil, from end-of-life

Oct. 29, 2024

Lambda CEO upbeat on AI partnership with SK Telecom

Lambda CEO Stephen Balaban expressed his anticipation of teaming up with SK Telecom, South Korea's largest wireless carrier by membership, ahead of his upcoming visit to the country as a keynote speaker for the SK AI Summit on Nov. 4-5. “As we continue working toward a world where access to computing is as easy and ubiquitous as electricity, there’s no better partner than SK Telecom -- a telecommunications company that connects people around the world and truly understands how A

Oct. 29, 2024

SK Inc. to enhance shareholder policy in value-up push

SK Inc., the holding company of South Korea's SK Group, has unveiled a three-year corporate value-up plan that includes enhanced shareholder benefits. In a plan unveiled Tuesday, the company vowed an annual dividend of about 280 billion won ($202 million), maintaining a minimum payout of 5,000 won per common share annually until 2026. Additionally, the company plans to buy back and retire 1 to 2 percent of its market capitalization in treasury shares each year. These efforts will be finance

Oct. 29, 2024

Celltrion's Zymfentra secures more insurance coverage in US

Celltrion has secured contracts to list its Zymfentra — the world’s only subcutaneous injection formulation of its infliximab Remsima — across all public and private insurance sectors managed by the top three US pharmacy benefit managers. Celltrion announced Tuesday that it had recently finalized an agreement with a pharmaceutical group purchasing organization representing one of these major pharmacy benefit managers to secure the listing of Zymfentra in private insurance formu

Oct. 29, 2024

[Photo News] Gimjang in US

South Korea's leading kimchi maker Daesang said Tuesday it hosted the 2024 Jongga Kimchi Blast, an annual event dedicated to promoting kimchi in the US. The event featured a kimchi cooking contest and a "gimjang" experience, where around 200 residents tried traditional kimchi-making at a local mall in New Jersey. In New York, the cooking contest drew 381 contestants, including chefs, teachers and accountants, each crafting unique kimchi-based dishes. California-based food styl

Oct. 29, 2024

After 3-year hiatus, JTI Korea reenters e-cigarette market

Japan's JTI is reentering South Korea's heated tobacco market with a new product, Ploom X Advanced, in a renewed growth push. "We understand Korea's market is highly competitive, but we believe now is the ideal time to introduce our product," JTI Korea general manager David Wheeler said at the launch of the new product at a Seoul hotel on Monday. "As we are standing in a rapidly evolving market, it's crucial to develop products to an advanced level with top qua

Oct. 28, 2024

Leadership reshuffle looms as Samsung struggles to remain atop

Samsung Electronics, facing challenges from its smaller rivals, is expected to carry out a major personnel reshuffle later this year, according to industry sources Monday. The world’s largest maker of memory chips and smartphones has been battling growing competition at home and abroad. When it comes to artificial intelligence chips, for instance, it has been outpaced by its crosstown rival SK hynix, as it failed to secure an earlier edge. “Samsung’s losses in HBM and foundry a

Oct. 28, 2024

Korea Zinc dispute to drag on without clear winner

The first round of the power struggle over the world’s largest zinc smelter, Korea Zinc, has wrapped up without a solid winner, the results of a tender offer launched by the company's management showed Monday. The dispute is expected to continue as both sides have failed to secure a majority stake in the company. The current management of Korea Zinc, represented by Chairman Choi Yun-beom, secured an additional 2.33 million shares in the company through a tender offer that closed Wedne

Oct. 28, 2024

[Exclusive] Thailand's No. 1 food delivery platform to set up R&D center in Korea

Line Man Wongnai, Thailand's leading food delivery app and digital solutions platform, is expected to open a research and development center in Korea in December in a move to tap into the nation’s deep pool of tech talent ahead of its planned stock debut next year. In an exclusive interview with The Korea Herald on Friday, the company’s Chief Financial Officer Chung In-young revealed that the company is actively recruiting Korean talent particularly in three sectors -- fintech

Oct. 28, 2024

Posco earns top marks for shared growth with SMEs

South Korean steel giant Posco Group said Monday that it has received the highest grade in the 2023 Shared Growth Index Evaluation for five consecutive years. Earlier this month, the 80th Korea Commission for Corporate Partnership released the win-win index for 218 large-sized companies. The index encourages shared growth within the industry by measuring large enterprises’ efforts to make room for small and medium-sized enterprises. Posco scored highly for its clear and fair transaction pr

Oct. 28, 2024

Subsidies for kimchi-making? Napa cabbage's importance in Korea

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

Oct. 28, 2024

SK chief assumes leadership of APEC CEO Summit

SK Group Chairman Chey Tae-won, who doubles as chair of the Korea Chamber of Commerce and Industry, will preside over the Asia-Pacific Economic Cooperation Summit, the largest gathering of business leaders in the region which is to be held next year in Korea, the business lobby said Sunday, upon the launch of the preparatory committee of the upcoming event. The APEC CEO Summit will be held on the sidelines of the annual APEC Summit, where 21 heads of state and some 1,000 businesspeople join. Gye

Oct. 27, 2024

[From the scene] KGC's ginseng harvest season in full swing

ICHEON, Gyeonggi Province/WONJU, Gangwon Province – On an autumn morning in October, a bustling ginseng harvest was underway in the ginseng fields of Icheon, Gyeonggi Province. Workers were busy sorting ginseng unearthed by tractors, as roots that had been buried for years finally surfaced, ready for the season’s harvest, which is between September and November. Kim Il-bong, 65, whose family has managed these ginseng fields for three generations, said he has been exclusively partnere

Oct. 27, 2024