Lotte chairman highest-paid chaebol leader in H1

Lotte Group Chairman Shin Dong-bin was the highest-paid business leader in Korea for the first half of this year, regulatory filings posted Monday by major firms in Korea showed. Shin received total compensation of 11.2 billion won ($8.37 million) from the retail giant's six affiliates in the January-June period, up from 10.2 billion won tallied a year earlier. He maintained the highest-paid business leader title for a second consecutive year. The wage reflects Shin's management perf

Aug. 15, 2023

Hyundai Bioscience, US NIH to co-develop broad-spectrum antiviral drug

Hyundai Bioscience said Sunday it will develop a broad-spectrum antiviral drug with the US National Institutes of Health, a federal agency for conducting and supporting medical research. Hyundai Bioscience USA, a wholly owned subsidiary of Hyundai Bioscience, signed a Non-Clinical Evaluation Agreement with the National Institute of Allergy and Infectious Diseases (NIAID) under the NIH. Under the contract, Hyundai Bioscience USA will provide Xafty (CP-COV03), a candidate for COVID-19 antivirals

Aug. 13, 2023

[Herald Interview] Korea's patent chief speaks on leveraging global alliances for Korea's IP growth

"South Korea aims to establish itself as a central hub within the global intellectual property network through strategic partnerships, technology-focused policies and active international engagement,” said Commissioner Lee Insil of the Korean Intellectual Property Office during her speech at the 64th World Intellectual Property Organization General Assembly held in Switzerland on July 6. During the first half of the year, the patent chief underscored Korea’s dedication to creati

July 27, 2023

Albamon, Alba Heaven slapped with W2.6b fine for collusion

The two firms operating the nation’s largest part-time job portals, Albamon and Alba Heaven, were fined 2.6 billion won ($2 million) for collusion, the antitrust watchdog said Monday. Following a record 16.4 percent minimum wage hike in 2018, JobKorea and MediaWill Networks, which run Albamon and Alba Heaven, respectively, colluded with each other to reduce the type of jobs available in free job postings. They also increased and fixed the price of paid services in order to steer users towa

July 24, 2023

Govt. to allow businesspeople to enter Ukraine for reconstruction projects

The government plans to allow businesspeople to enter Ukraine for reconstruction projects by making exceptions to the travel ban on the war-torn country, officials said Sunday. The decision was part of measures that the government is taking after President Yoon Suk Yeol made a surprise visit to Ukraine earlier this month and promised to provide a package of security, humanitarian and reconstruction assistance. Since February last year, the government has been maintaining a travel ban for all of

July 23, 2023

DSME removed from S. Korea's list of conglomerates following merger

South Korea's antitrust regulator said Monday the number of conglomerates in the country fell to 81 following the takeover of Daewoo Shipbuilding & Marine Engineering Co. by Hanwha Group. Hanwha earlier clinched a deal to acquire a 49.3 percent stake and managerial control in DSME, with the Fair Trade Commission giving the final nod to the agreement in late April. DSME was renamed Hanwha Ocean in May. Prior to the takeover, DSME was the country's 37th-largest conglomerate with comb

July 3, 2023

Posco International seeks to go carbon-neutral by 2050

Posco International said Sunday it will achieve its carbon neutrality goal by 2050 in pursuit of establishing its position as a global environmental company. Under the new road map recently approved by its board, the company plans to reduce carbon emissions by 37 percent by 2030 compared to its emissions level in 2021. Ultimately, the company said, it aims to achieve “net zero” by 2050. The company will reduce carbon emissions in both direct and indirect ways. While reducing greenhou

July 2, 2023

[Best Brand] KS Group seeks to top wallpaper industry after merger

Korea’s steel and auto parts maker KS Group is taking another big leap as a leading player in the nation’s wallpaper industry with its planned merger with local rivals. The group started its wallpaper business in 2019 when it acquired a local wallpaper firm, which was then renamed KSWallcoverings. Then, it acquired another wallpaper company, called Jeil Wallpaper, in 2020. Now the two companies are operated under the group’s wallpaper business unit, KSW. The group also purchase

June 28, 2023

[Photo News] Support for Myanmar

Hana Financial Group Vice Chairman Lee Eun-hyung (second from right) and other company and government officials pose for a photo during a stationery delivery event held at the headquarters of Hana Microfinance in Yangon, Myanmar, Tuesday. Some 500 sets of stationary were delivered to help students in the city hit by the recent cyclone Mocha.

June 27, 2023

Amore Pacific Group signs MOU with retail giant A.S. Watson Group to expand global business

South Korean cosmetics giant Amore Pacific Group said Tuesday it has signed an initial pact with international health and beauty retailer A.S. Watson Group to expand its global business. With the memorandum of understanding, the two companies agreed to cooperate to seek the growth of Amore Pacific's brands that have already entered A.S. Watson's platforms, including Innisfree, Etude and Mise-en-Scene. The companies also agreed to cooperate to help more Amore Pacific brands, such as Ill

June 27, 2023

[Photo News] Smile for children

SK Group said Monday that a total of 4,273 children in Vietnam have received surgeries treating facial deformities over the past 27 years as part of the firm's social contribution project there, called Smile For Children. The project was launched in 1996 in partnership with Korean medical institutions and volunteers, with SK covering all costs worth a total of some 4 billion won ($3 million).

June 26, 2023

Doosan to expand EV materials production in Vietnam

Doosan Corp. has joined hands with Hai Duong, an industrial city east of Vietnam's capital Hanoi, seeking further business opportunities based on its manufacturing techniques for advanced electronic materials, the South Korean conglomerate said Sunday. Doosan Corp. and the city of Hai Duong signed a memorandum of understanding last week in Hanoi with government and company officials in attendance, which took place as part of events celebrating South Korean President Yoon Suk Yeol’s st

June 25, 2023

Yoon challenges S. Korean businesses to invest in Vietnam

President Yoon Suk Yeol challenged a group of South Korean businesspeople on Thursday to invest in Vietnam's emerging markets, saying he believes they hold the key to overcoming various global risks. Yoon made the remark during dinner with a South Korean business delegation accompanying him on his three-day state visit to Vietnam. The 205-member delegation, the largest yet under the current administration, includes Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey

June 23, 2023

[Beyond Earth] Kolon aims to become global space parts supplier

Kolon Group, a South Korean chemical and textile conglomerate, is looking to become a global space parts supplier as it continues to build upon its strength of developing and manufacturing composite materials. “Our business is to supply all parts that are made up of composite materials, so we are developing technologies that can produce composite-materials-made components that go into a space launch vehicle,” said Bang Min-soo, CEO of Kolon Glotech, in an interview with The Korea Her

June 19, 2023

[KH Explains] Are Hyundai, Kia really responsible for thefts in US?

South Korean automakers Hyundai Motor Company and its sister firm Kia have been facing a public backlash and multiple lawsuits in the United States as the number of vehicle thefts among certain models lacking immobilizers surged after videos of young men stealing the cars went viral on social media platforms last summer. Videos with the hashtags “Kia Boyz” or “Kia Boys” began trending on social media platforms, namely TikTok, across the country. They showed mostly teenage

June 13, 2023

LG Chem to join Israel’s massive desalination project

LG Water Solutions, the arm of LG Chem specializing in manufacturing seawater reverse osmosis membranes, has secured an exclusive supply agreement for the Ashdod Rehabilitation Project in Israel, aiming at strengthening the company's presence in the Mediterranean desalination market. Under the agreement, LG Water Solutions will supply a total of 30,000 SWRO membranes to the Ashdod plant throughout the year. With a capacity of 336,000 m3/day, this can generate clean water for approximately 1

May 18, 2023

GS25 to debut ChatGPT-developed whiskey highball

GS25, the leading convenience store chain in South Korea owned by GS Group, said Tuesday it is launching an artificial intelligence-developed alcoholic beverage -- a first globally -- this week. GS25 has partnered with Brewguru, a startup brewing company, to apply AI-based knowledge in developing and introducing a whiskey highball beverage called AskUp Lemon Sparkling Highball. This offering is the world's first alcoholic drink that incorporates AI’s expertise into its decision-maki

May 16, 2023

SK Group chips in for NYC cultural festival

SK Group is sponsoring art and cultural festivities in New York as part of business efforts to expand its presence in the US market. The SUPEX Council, the group’s highest consultative panel, confirmed that five SK affiliates -- SK E&S, SKC, SK On, SK C&C and SK Ecoengineering -- will participate as corporate sponsors in the Lincoln Center's Summer for the City festival in New York from June 14 to Aug. 12. It is the group's first time employing the key “Global Sto

May 14, 2023

Samsung SDS joins hands with o9 Solutions, Emro for SaaS solution

Samsung SDS announced Thursday that it has formed strategic partnerships with o9 Solutions, a US-based planning platform provider, and Emro, a Korean Supplier Relationship Management vendor, in a bid to jointly develop global SRM Software as a service solution. Samsung SDS said it plans to complete the development of the SaaS solution this year, and secure customers by 2024 to cement its position as a market leader. SRM has become a crucial factor in strengthening the firm’s competitiven

May 11, 2023

LS Cable & System wins W2tr cable deal from TenneT

South Korean cable maker LS Cable & System said Monday it had won an order worth 2 trillion won ($1.5 billion) as part of the largest-ever transmission network project launched by Dutch state-run grid operator. The Korean firm is forming a consortium together with Belgian construction companies Jan De Nul and Denys to secure the deal. The project aims to connect a North Sea offshore wind farm with inland areas of Germany and the Netherlands through high-voltage direct current (HVDC) cables.

May 8, 2023