Chubb unites Korean insurance arms under 'Lina' brand

US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary, announced Friday that it will rename its brand from Ace General Insurance to Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One. "The unified 'Lina' brand embodies

May 31, 2024

LG Chem inks biggest corporate purchase of wind power in Korea

LG Chem said on Friday that it has secured a 20-year deal to purchase clean electricity from two wind farms in South Korea, as part of its efforts to reduce carbon emissions and achieve net zero by 2050. Facilitated by the state-run utility Korea Electric Power Corporation, LG Chem formed a power purchase agreement with ST International, an energy trading company, and Shinhan Asset Management, the owners of the two wind farms, with a combined capacity of 241 megawatts, located in Yeongdeok and Y

May 31, 2024

Posco breaks ground for W1.5t nickel and precursor plants

South Korean steel giant Posco Group said Friday that it held a ground-breaking ceremony for its new plants dedicated to nickel and precursor production, as part of efforts to secure a stable supply chain for secondary battery materials. For this project, Posco partnered with CNGR, a Chinese company renowned for its global leadership in precursor production. In January, Posco Holdings and CNGR established Posco CNGR Nickel Solution, their 60:40 joint venture specializing in nickel refining. Addi

May 31, 2024

Seoul shares end almost flat ahead of key US inflation data

Seoul shares ended almost flat Friday after a three-day rise ahead of key US inflation data due this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.08 point, or 0.04 percent, to close at 2,636.52. The main index has fallen 1.9 percent this week. Trade volume was heavy at 594.78 million shares worth 15.45 trillion won ($11.1 billion), with gainers far outpacing losers 533 to 332. Institutions and individuals bought a combined 1.35 trillion

May 31, 2024

How will SK chief's W1.3tr divorce settlement affect his ownership?

The high-profile divorce settlement ruling ordering SK Group Chairman Chey Tae-won to pay his ex-wife a record 1.38 trillion won ($1 billion) has commanded attention for how the chaebol chief will raise the cash as well as the possible impact the ruling could have on the shareholding structure of the nation’s second-largest conglomerate. The Seoul High Court on Thursday ordered Chey to pay 1.38 trillion won in property division and 2 billion won in a one-off alimony payment to his estrange

May 31, 2024

Lotte Biologics forges partnership with Merck for raw materials supply

Lotte Biologics, a South Korean contract development and manufacturing organization, and Merck’s process solutions arm signed a letter of intent for a strategic partnership in biopharmaceutical manufacturing and process development, the company said Friday. Under the partnership, Lotte Biologics plans to purchase raw materials and solutions from Merck for its development and production of pharmaceutical products in the future. “Lotte Biologics expects its partnership with Merck will

May 31, 2024

Toss Bank racks up profits for third quarter in row

Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 billion won recorded in the same period last year. This figure nearly doubled from the 8.6 billion won logged in the third quarter of the previous year, when the online bank first reported a quarterly

May 31, 2024

Hanwha Ocean bolsters its Canadian submarine partnerships

Hanwha Ocean has bolstered its partnerships with Canadian companies to strengthen its submarine businesses, the Korean shipbuilder said Friday. According to the company, Hanwha Ocean signed a teaming agreement with CAE, a Canadian simulation technologies developer that provides integrated live, virtual and constructive training solutions for defense forces, at Canada's largest defense and security trade show CANSEC in Ottawa. Hanwha Ocean and Hanwha Aerospace were the only Korean firms to p

May 31, 2024

91,000 homes foreign-owned, mostly by Chinese

The number of homes owned by foreign nationals came to 91,453 in December 2023, with 55 percent of them belonging to Chinese nationals, government data showed Friday. The Ministry of Land, Infrastructure and Transport released a report on foreign-owned real estate assets, which showed that 0.48 percent of all homes in the country are owned by non-South Koreans. The number of foreign-owned homes rose 4.8 percent compared to the previous report released six months ago, with 4,230 additional homes

May 31, 2024

Hanwha makes Time's top 100 most influential companies list

Hanwha Group has made the list of Time magazine's 100 Most Influential Companies in the world for the first time, as the only Korean company recognized this year. The list, which was unveiled on Thursday, described Hanwha as the "Lockheed Martin" of Asia, pointing out that the conglomerate had a good business year amid the ongoing global geopolitical crises. The US magazine noted that Hanwha Aerospace's market value jumped 69 percent last year to top $7.8 billion through sign

May 31, 2024

S. Korea to build up to 3 new nuclear reactors by 2038

South Korea plans to build up to three new nuclear reactors by 2038 in line with efforts to cut carbon emissions and meet the growing electricity demand, officials said Friday. The plan, which will run from 2024 to 2038, comes under the biennial energy blueprint submitted by a group of experts to the government, which sets a strategy for the supply of electricity and the energy portfolio, according to the Ministry of Trade, Industry and Energy. Under the plan, the portion of carbon-free energy s

May 31, 2024

Seoul shares open higher on hopes for Fed's rate cut

Seoul shares opened higher Friday as the US economic growth grew at a slower-than-expected pace and poor corporate earnings revived hopes for the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index rose 19.27 points, or 0.73 percent, to 2,654.71 in the first 15 minutes of trading. Investors are also awaiting US consumption data due later in the day, which may offer clues on the Fed's future policy path. In Seoul, most large-cap stocks advanced. Market bellwethe

May 31, 2024

Kazen's new look powers HD Hyundai Oilbank's premium push

HD Hyundai Oil Bank is stepping up its focus on the premium gasoline market with an updated brand design and slogan for Kazen, its flagship high-end gasoline product. The new design, launched in May, aims to improve readability and create a strong, dynamic impression. It will be rolled out across all HD Hyundai Oil Bank gas stations nationwide. The Kazen boasts an octane rating of over 100, exceeding legal standards. This high-octane fuel is crucial for preventing engine knocking and optimizing

May 30, 2024

Superintelligence to reshape human-machine collaboration

As humans are increasingly associating with artificial intelligence at home and in the workplace, global tech experts gathered Thursday at this year's EmTech Korea to discuss what these technologies might look like in the next decade. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul for the first time. In a panel discussion moderated by Ka

May 30, 2024

Tech influencers discuss AI, robotics, health tech at EmTech Korea

Global tech influencers and professors gathered at this year's EmTech Korea to discuss the impact and potential of breakthrough technologies encompassing artificial intelligence in various sectors including space and robotics, energy and health tech, in Seoul on Thursday. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul, for the first time

May 30, 2024

Gyeonggi governor urges sweeping changes to survive uncertainties

The Korea Herald on Wednesday hosted its weekly Global Business Forum (GBF) under the theme “Age of Hyper-Uncertainty: Global Business Opportunities and Trends,” with Gyeonggi Governor Kim Dong-yeon and German Ambassador to Korea Georg Schmidt in attendance as the key speakers. In his welcoming speech, Ambassador Schmidt stressed that the world’s advanced economies, including Germany and South Korea, are faced with similar challenges such as trade protectionism, geopolitical te

May 30, 2024

Seoul shares dip over 1.5% ahead of US inflation data; won sharply down at 1-month low

Seoul shares dropped for the third consecutive session Thursday ahead of key US inflation data. The Korean won also dipped to the lowest in one month against the US dollar. The benchmark Korea Composite Stock Price Index fell 41.86 points, or 1.56 percent, to close at 2,635.44. Trade volume was moderate at 366.42 million shares worth 10.92 trillion won ($7.9 billion), with losers far outpacing gainers 680 to 197. Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 point

May 30, 2024

LS Eco Energy aims to double sales by 2030

LS Eco Energy, an Asia-focused subsidiary of LS Cable & System, has identified submarine cables and rare-earth elements as the new growth engine for future business as the company aims to more than double its annual sales by 2030. “For the next 15 years and beyond, large electricity demand will continue across the world,” said Lee Sang-ho, CEO of LS Eco Energy, in a press conference held Tuesday at the Federation of Korean Industries building in Seoul. “By expanding the cab

May 30, 2024

Nvidia dethrones Tesla as Korea's top stock pick

US chip giant Nvidia has become South Korea's most-owned foreign stock, replacing Tesla in the top spot after four years. As of Thursday, South Koreans held a combined $11.07 billion worth of Nvidia stocks, according to the Korea Securities Depository's securities information portal. This figure surpassed $10.67 billion in Tesla shares. Nvidia has dethroned Tesla as the top stock pick among Korean investors for the first time since July 2020, when the world's biggest electric vehi

May 30, 2024

Samsung's new chip head urges collective efforts to stay top

Jun Young-hyun, the new head of Samsung Electronics’ semiconductor business, called Thursday for unity among management and employees to retain its leadership in the ever-evolving chip industry. “Samsung’s semiconductor business has 50 years of history and has maintained the No. 1 position in memory. We have secured unrivaled technological assets by overcoming numerous crises and challenges,” he said in his inauguration message posted on the company’s internal bulle

May 30, 2024