Daewoo E&C chairman meets Cambodian PM

South Korean builder Daewoo Engineering & Construction Chairman Jung Won-ju met Cambodian Prime Minister Hun Manet, who was visiting South Korea for a bilateral summit, to seek support for the builder's expansion plans in Cambodia, the company said Friday. During the meeting, Jung requested support for Korean companies making inroads investments into the Cambodian market and discussed ways to enhance economic cooperation between the two nations, the firm said. "Daewoo E&C, as o

May 17, 2024

Samsung expected to introduce new Exynos processor in next Galaxy series

Samsung Electronics is expected to introduce its new flagship Exynos 2500 mobile processor made with its cutting-edge 3-nanometer process, in the upcoming Galaxy S25 smartphone lineup, according to industry sources on Friday. The envisioned chipset, which will be produced on Samsung Foundry’s second-generation 3nm process node using the advanced Gate-all-around technology, will be designed with the main focus on improving power efficiency. Samsung, the world's top memory chipmaker, ha

May 17, 2024

CJ Olive Young's Q1 sales jump on strong overseas trade

CJ Group's health and beauty drugstore CJ Olive Young showed stronger year-on-year performance in the first quarter, largely driven by robust sales in foreign markets and an increasing number of foreign visitors to Korea. According to its regulatory filing Thursday, the company reported 1.08 trillion won ($797 billion) in sales for the first quarter of the year, up 30 percent increase compared to the same period last year. The profit figures were not immediately disclosed. The company first

May 17, 2024

Korea Eximbank extends $120m loan to Cambodia for road development

The state-run Export-Import Bank of Korea said Friday it has signed an agreement to provide a $120 million loan to Cambodia to support the enhancement of the Southeast Asian country's provincial road infrastructure. Korea Eximbank President Yoon Hee-sung and ROS Seilava, secretary of state at Cambodia's Ministry of Economy and Finance, inked the contract at a ceremony held at the South Korean presidential office in Yongsan-gu, on the occasion of a summit between Korean President Yoon S

May 17, 2024

Seoul shares dip over 1% on profit hunting, caution over Fed's rate cuts

South Korean stocks slumped more than 1 percent Friday as investors locked in profits from a recent rally caused by hope for a rate cut by the Federal Reserve. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 28.38 points, or 1.03 percent, to 2,724.62, snapping a two-session winning streak. It rose 0.83 percent on the previous day. Trade volume was moderate at 561.1 million shares worth 10.3 trillion won ($7.6 billion), with losers beating winne

May 17, 2024

Korean firms target EV charging market in US

Lotte and SK both made announcements of progress in their entries to the US EV charging market Thursday, joining LG as Korean conglomerates competing in the burgeoning sector. Lotte Innovate announced Thursday that it had recently established EVSIS America, a US unit of its EV charging subsidiary and secured about 3,300 square meters of land in California to build an EV charger factory. Lotte Innovate plans to complete preparations for the California plant’s production lines before the end

May 17, 2024

Seoul sees further jump in cost of dining out

The price of five out of eight major dishes at local eateries in Seoul increased again in April, as the cost of eating out continues to rise in the nation's capital. The Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission, compiles the monthly average prices for eight major dining options in South Korea, in a bid to provide the public with an understanding of the changing costs of dining out. Of the eight, the prices of gimbap, jajangmyeon, kalguksu, naengmyeon and kimchi

May 17, 2024

Metanation, Memetoon partner up for webtoon, short-form services

Metanation and Memetoon inked a deal Tuesday for a global content market-focused partnership, which will involve projects incorporating blockchain Web3 technology across different industries such as webtoons, movies and dramas. Webtoon service Memetoon, which has an international publisher, plans a range of services involving secondary copyright, NFTs, AI, tournaments, donations, sponsorships, support, and gaming, utilizing its token and point systems. "We aim to provide a decentralized mod

May 17, 2024

Seoul shares start tad lower on profit taking

South Korean stocks started a tad lower Friday following the previous day's rally amid hopes for a US rate cut. The benchmark Korea Composite Stock Price Index shed 6.19 points, or 0.22 percent, to 2,746.81 in the first 15 minutes of trading. On Wall Street, major stock indices closed lower Thursday after their record high on the previous day on data showing a slowdown in inflation. The Dow Jones Industrial Average fell 0.1 percent, and the Nasdaq Composite lost 0.26 percent. In Seoul, most

May 17, 2024

[Contribution] Can arboretums and gardens save the world? Exploring their role in biodiversity conservation

By Lee Seok-woo In recent years, the rapid decline of biodiversity worldwide due to deteriorating global environmental conditions, including climate change, has become a pressing concern. The need for urgent measures to conserve biodiversity has never been more critical. Arboretums play a crucial role in preserving plant species diversity, especially in the conservation of indigenous plant species. Additionally, the diverse forms of gardens being established in urban areas are increasingly recog

May 16, 2024

Woori partners with India’s Tata Motors in auto finance push

Woori Financial Group on Thursday announced a new partnership with Indian auto giant Tata Motors as part of its strategy to expand its presence in the global auto finance market. Woori Financial Group Chairman Yim Jong-yong and Tata Motors Executive Director Girish Wagh held an agreement signing ceremony for business cooperation at Woori’s headquarters in Seoul on Thursday. Tata Motors is a flagship subsidiary of India's top conglomerate Tata Group, accounting for around a third of th

May 16, 2024

Seoul shares up for 2nd day on revived rate-cut hopes; won soars to near 2-month high

South Korean stocks finished nearly 1 percent up Thursday as hopes for a possible US rate cut boosted investor sentiment here. The local currency sharply rose to an almost two-month high against the US dollar. The benchmark Korea Composite Stock Price Index added 22.66 points, or 0.83 percent, to 2,753, after reaching an intraday high of 2,773.46 points. Trade volume was moderate at 510.3 million shares worth 13 trillion won ($9.66 billion), with gainers outpacing decliners 531 to 345. Foreign i

May 16, 2024

Starbucks Korea to speed up hiring process

Starbucks Korea announced Thursday that the company has introduced a faster hiring process that will halve the time to recruit baristas and workers at its branches. “The existing hiring process takes around 50 days to recruit new employees, but the new hiring process will take roughly three weeks,” an official from Starbucks Korea said. According to Starbucks Korea, the new hiring process will be tested at 50 of its branches across the country. The company could extend the adoption o

May 16, 2024

Kepco to raise electricity prices as total debt soars past W200tr

Despite self-rescue efforts, a hike in electricity prices is inevitable, the Korea Electric Power Corp. Chief Executive Officer Kim Dong-cheol said Thursday. Explaining how the company was able to reduce its snowballing debt through all-out efforts, including a massive personnel restructuring, Kim noted that Korea's electricity prices are far lower than other countries. "The cost of purchasing electricity surged from 2021, but we could not shift the burden into electricity prices, and

May 16, 2024

KITA, FKI chiefs call for mutual benefit from US investment

Heads of Korean business groups raised their voices for Korean companies making vast investments in the US to be treated as they deserve when facing challenges in dealing with trade and supply chain issues involving the US. Starting Monday, Korea International Trade Association Chairman Yoon Jin-sik visited the US for five days along with the Federation of Korean Industries Chairman Ryu Jin to set forth Korean businesses' opinions to ensure that the Korea-US partnership yields outcomes reci

May 16, 2024

[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut

Motional, Hyundai Motor Group’s robotaxi service joint venture in the United States, has hit a rough patch recently, facing major investor pullouts, a delayed service launch and a drastic 40 percent workforce reduction. This turbulence comes as Elon Musk recently announced Tesla’s plans to launch its robotaxi service in August, which experts say has a simpler AI architecture that is less costly to train and run than rivals. Experts say they still expect industry-wide investments in f

May 16, 2024

Hyundai, KAIST develop world’s 1st technology to extend lifespan of LFP battery

Researchers at the Korea Advanced Institute of Science and Technology have developed the world’s first technology to extend the lifespan of electric vehicle batteries by 10 to 20 percent, KAIST said Thursday. The study, which was supported by Hyundai Motor Group, came up with a triazole-motivated electrolyte additive that can significantly increase the duration of lithium-ion batteries. According to the researchers, the new electrolyte additive succeeded in protecting lithium iron phosphat

May 16, 2024

[Herald Interview] For US overnight stockbroker Blue Ocean, golden hour falls on Sunday 8 p.m.

For Blue Ocean ATS, a broker platform that facilitates overnight trading for the US stock market, Sunday night is the peak trading hour as South Korean investors flock to execute orders before the US day trading begins. “Sunday night is our biggest night when it is Monday morning for the Asian investors and Korean investors. They start trading at 8 p.m. when traditional exchanges here in the US do not open until 9:30 a.m. on Monday,” Brian Hyndman, president and CEO at Blue Ocean Tec

May 16, 2024

[Photo News] Protecting mudflats

Over 300 employees of GS Caltex and their families planted 10,000 East Asian seepweeds, which enhance mudflats' carbon capture capacity and carbon absorption rates, in the Ramsar site at the Julpo Bay Tidal Flat Ecological Park in North Jeolla Province on Sunday, the South Korean oil refiner said Thursday. The eco-friendly project began in April when the company launched the campaign to encourage employees to buy 3.3 square meters of the mudflat to prevent reckless development of the natura

May 16, 2024

[Photo News] Kyobo Life meetup

Kyobo Life Insurance CEO and Chair Shin Chang-jae (center) poses for photos with insurance consultants at the 2024 Kyobo MDRT Day, held at the insurer’s training institute in Cheonan, South Chungcheong Province, Tuesday. The MDRT, which stands for Million Dollar Round Table, brings leading life insurance professionals together. Around 490 Kyobo MDRT insurance consultants were in attendance. At the event, Shin said, "Insurance consultants are more than just sellers of insurance product

May 16, 2024