[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

UA Incheon-San Francisco flights to exceed pre-pandemic levels

The number of United Airlines flights from Incheon to San Francisco will exceed pre-pandemic levels starting from June as the Star Alliance member hopes to serve as a connecting bridge among travelers from Korea and the US, according to a top executive at the air carrier. The airline has increased the number of flights from Incheon to San Francisco, from seven flights weekly to 12, since April 24, to reach pre-pandemic levels. Starting June 2, it will expand the flights for the route to 14 per w

May 6, 2023

Nexon's MapleStory turns 20, uniting fans in nostalgia

Nexon's iconic MMORPG, MapleStory, is commemorating its 20th anniversary this year with an array of virtual and real-world celebrations. First launched in 2003, the 2D side-scrolling game quickly amassed players of all ages thanks to its inviting visuals and straightforward gameplay. Nexon said that "MapleStory has long been loved for its series of well-received content updates." Significant updates include 2011's "Legend," which achieved a record 626,000 concurre

April 27, 2023

Shinsegae, Hotel Shilla win Incheon airport duty-free licenses

Shinsegae DF and Hotel Shilla were selected Wednesday as new duty-free operators at Incheon International Airport, the Korea Customs Service said. Shinsegae and Shilla were awarded licenses to operate duty-free shops in DF 1 zone and DF 2 zone, respectively, for 10 years starting from July. The shops sell perfumes, cosmetics, alcohol and tobacco. Five companies, including Hyundai Department Store Duty Free, Lotte Duty Free and China Duty Free Group, competed for the rights to run duty-free store

April 26, 2023

Fitch upgrades outlook on Hyundai Card to positive, affirms at BBB

Hyundai Card said on Friday that global rating agency Fitch revised its outlook on the Hyundai Motor Group's credit card unit to positive from stable while retaining its credit rating at BBB. It is the card company's first revision from the ratings firm in 11 years, as its rating and outlook had stayed at BBB stable since July 2012. In a rating action commentary released on March 30, Fitch attributed the rating upgrade mainly to Hyundai Motor Group -- the parent company of Hyundai

April 7, 2023

Kakao raided over suspicious SM stock purchase

Financial authorities and prosecutors jointly raided tech giant Kakao Corp. on the suspicion that it participated in stock price manipulation during its takeover of K-pop agency SM Entertainment. The Financial Services Commission on Thursday sent a team of 40 investigators to Kakao and its affiliate Kakao Entertainment in Pangyo, Gyeonggi Province to seize internal documents and other related data. Authorities are looking into the possibility that Kakao violated the Capital Markets Act when

April 7, 2023

[Graphic News] Number of corporate M＆As in S. Korea down 7.7% in 2022

Mergers and acquisitions by South Korean firms decreased 7.7 percent in 2022 from a year earlier amid economic uncertainties, data showed. The number of mergers came to 1,027 cases last year, down from 1,113 cases tallied in 2021, according to the Fair Trade Commission. They were valued at 325.5 trillion won ($245.9 billion), down 6.7 percent over the period. It marked the first time since 2016 for the number of M&As to decrease on-year. The figure, meanwhile, still hovered above 1,000 for t

March 21, 2023

HD Hyundai chairman wins top industrial honor

HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving. The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry

March 15, 2023

Hyundai Motor Group donates W5.2b sleeper buses for firefighters

Hyundai Motor Group has decided to donate eight customized sleeper buses worth 5.2 billion won ($4 million) to the National Fire Agency for the Korea Chamber of Commerce and Industry’s first social responsibility project, the South Korean auto giant said Tuesday. As part of the project, Hyundai Motor Group, along with the KCCI and Hyosung Group, held a social event at a fire station in the southeastern port city of Ulsan. The KCCI’s Entrepreneurship Roundtable, a corporate gathering

March 14, 2023

[Beyond Earth] Hanwha looking long-term with space business

Hanwha Group, South Korea's seventh-largest conglomerate by total value of assets, solidified itself as the leading player in the country’s space race in the private sector when its aerospace arm, Hanwha Aerospace, won the bid to lead the project of upgrading the homegrown Nuri rocket over Korea Aerospace Industries in December 2022. On top of advancing the Nuri rocket through four more launches by 2027, Hanwha has made it clear that it aims to become what it calls a “total spac

March 12, 2023

Number of startups drops 7.1 pct in 2022

The number of startups in South Korea fell more than 7 percent in 2022 from a year earlier amid a sluggish property market, government data showed Friday. A total of 1.317 million new companies were set up in the country last year, down 7.1 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises and Startups. The ministry attributed the decline largely to tougher rules for the home rental business, falling real estate transactions and low proper

March 3, 2023

SM founder's suspected offshore tax evasion can never happen, says Hybe CEO

Park Ji-won, CEO of K-pop powerhouse Hybe, is seen in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap) Hybe, the K-pop powerhouse that is trying to become the largest shareholder of its rival SM Entertainment, once again tried to dispel concerns over suspected offshore tax evasion by SM founder Lee Soo-man on Friday, calling it "a scenario that can never occur." On Thursday, SM's co-CEO Lee Sung-soo claimed in a YouTube video that the founder Lee established a Hon

Feb. 17, 2023

Yoon expresses commitment to rooting out illegal acts at industrial sites

President Yoon Suk Yeol has expressed his commitment to rooting out illegal acts by labor unions at industrial sites, saying doing nothing against them would raise questions about what the government exists for, his office said Sunday. Yoon made the remark during a meeting with about 150 government ministry employees held in the central administrative city of Sejong on Tuesday last week, stressing that a key point in labor reform is to ensure the rule of law, the office said in a statement. &q

Feb. 12, 2023

[Herald Interview] Shareholder activism will boost share prices long term: expert

The rise of shareholder activist campaigns will provide outside perspectives for Korean companies and increase their values both socially and financially in a long term, said Alex Edmans, a finance professor at the London Business School. “Evidence shows that when you have shareholders engaging, as long as these are large shareholders which have skin in the game, and therefore incentives to do a lot of their own research, it is useful to listen to those outside perspectives,” Edmans

Jan. 18, 2023