Hyundai Motor, Supernal in search of best talents for advanced air mobility

Hyundai Motor Group and its US-based advanced air mobility subsidiary Supernal are ramping up efforts to attract top urban air mobility talents as they aim to debut flying taxis in South Korea and the US in 2028. According to Hyundai Motor Group’s online recruitment notice on Monday, the company has opened up ten positions related to specific areas within the AAM division, including strategic investment, AAM system engineering, flight control, aircraft body assembly, software design and de

Feb. 19, 2024

Advertisers pressured to boycott Lee Kang-in

Several advertisers are facing pressure to cancel their contracts with South Korean soccer star Lee Kang-in, following the 23-year-old’s alleged discord with national soccer team captain Son Heung-min. According to industry officials on Monday, some companies intending to feature the Paris Saint-Germain midfielder in their advertisements are reevaluating their decisions, while others are considering whether to suspend existing contracts. Chicken chain Alachi, which Lee has represented sinc

Feb. 19, 2024

[Photo News] Winner of 2024 Genesis Invitational

Hyundai Motor Group Executive Chair Chung Euisun (right) and Japan’s nine-time PGA Tour winner Hideki Matsuyama hold the trophy celebrating the player’s victory at the 2024 Genesis Invitational of the US PGA Tour held last week at California's Riviera Country Club. In its eighth year as the event's title sponsor, the carmaker's Genesis brand provided a fleet of 220 vehicles during the four-day tournament. Matsuyama was awarded a $4 million prize along with the GV80 c

Feb. 19, 2024

Seoul shares open higher on tech, auto gains

South Korean stocks got off to a strong start Monday led by gains from tech and auto shares. The benchmark Korea Composite Stock Price Index moved up 26.98 points, or 1.02 percent, to 2,675.74 in the first 15 minutes of trading. Market bellwether Samsung Electronics rose 0.82 percent, and major chipmaker SK hynix added 0.07 percent. Kia, the country's No. 2 carmaker, increased 1.73 percent, and its auto parts affiliate Hyundai Mobis jumped 3.25 percent. Top oil refiner SK Innovations climbe

Feb. 19, 2024

US commercial property crisis looms over Korea

The downturn in the US commercial property market, which has already hit banks in New York, Japan and Europe, is beginning to loom over South Korea, with around 1 trillion won ($750 billion) in losses already confirmed by the big financial conglomerates. The total amount of overseas commercial real estate exposures (risks inherent in investments) by the five major Korean financial companies has reached 20.39 trillion won so far, according to data received from the companies and compiled by Rep.

Feb. 18, 2024

[Herald Interview] ‘Korea needs to power up defense academia’

South Korea now should focus on fostering defense academia and young talents to become a leader in the global defense industry, says Kang Eun-ho, former chief of the Defense Acquisition Program Administration. “In the past, Korea followed a catch-up strategy (in advancing its defense industry), which was a second-place strategy,” said Kang in an interview with The Korea Herald in Seoul on Feb. 5. “For the catch-up strategy, we had to succeed in over 90 or 95 tasks out of 100. I

Feb. 18, 2024

Samsung Bioepis posts record-high biosimilar sales

Overseas biosimilar sales of Samsung Bioepis, a biosimilar developer under Samsung Group, reached an all-time high in 2023, according to its partner companies on Sunday. According to Samsung Bioepis’ US partners, Biogen and Organon, sales of Samsung Bioepis’ biosimilar products in overseas markets came to $1.36 billion, or some 1.8 trillion won in 2023. The figure was up 11 percent from $1.23 billion in 2022. Biosimilar sales through Biogen came to $770 million, up 3 percent on-year,

Feb. 18, 2024

Korean telcos to show off latest AI tech at MWC

Korea’s leading telecommunication firms are to showcase their latest artificial intelligence technologies and services at the upcoming MWC Barcelona 2024, the world’s largest connectivity show slated for next week in Spain. The country’s top two mobile carriers SK Telecom and KT revealed their plans Sunday to set up showrooms at this year's event running from Feb. 26 to 29, with exhibitions mainly focused on AI and next-generation 5G and 6G connectivity. LG Uplus, Korea�

Feb. 18, 2024

English service enhanced for electronic disclosures

The Financial Supervisory Service announced Sunday an updated plan aimed at providing foreign investors with more English information on financial disclosures, as part of efforts to facilitate foreign investment in Korean companies. The initiative to provide English services commenced in January 2023 following a decision by three of the nation’s financial organizations -- the Financial Services Commission, the FSS and the Korea Exchange. As part of this initiative, the FSS began updating

Feb. 18, 2024

[Photo News] Water Partnership

Woori Financial Group Chairman Yim Jong-yong (left) and Korean Water Resources Corp. (or K-water) CEO Yun Seog-dae pose for a photo at the financial giant’s Seoul headquarters on Thursday after signing a memorandum of understanding to support small- and medium-sized firms for their overseas expansion and environmental, social and governance management. “Our partnership combining Woori’s expertise in corporate financing and K-water’s business know-how will become a crucial

Feb. 18, 2024

Hyundai takes over Mobis' hydrogen fuel cell business

Hyundai Motor Company has acquired a hydrogen fuel cell business from the group's affiliate and auto parts supplier Hyundai Mobis at 217 billion won ($163 million) to consolidate the group's hydrogen energy efforts. The agreement, finalized on Friday, includes a complete transfer of assets, personnel, and operations related to Hyundai Mobis' domestic hydrogen fuel cell activities to Hyundai Motor Company. Hyundai Motor Group is streamlining its operations by focusing its hydrogen

Feb. 16, 2024

K-water CEO meets Saudi ambassador to help with country's water challenges

Korea Water Resources, the state-run water management agency also known as K-water, had a meeting with the Saudi Arabian ambassador to Korea to discuss water concerns and request support for Saudi Arabia's bid to host the World Water Forum in 2027. K-water announced Friday that CEO Yun Seog-dae met with Ambassador Sami M. Alsadhan at the company's office in Gwacheon, Gyeonggi Province, to discuss K-water’s advanced technologies that can assist in tackling Saudi Arabia's wate

Feb. 16, 2024

Samsung Display may face strike amid pay deadlock

Samsung Display is on the verge of facing its second-ever labor strike, as unionized workers and the company failed to reach an agreement in wage talks and collective negotiation. The unionists held a fifth round of talks over wages and collective bargaining agreements on Thursday with the display maker's management, but the company showed “no willingness” for a negotiation, the union chief told The Korea Herald on Friday. “From the first round of negotiations that began i

Feb. 16, 2024

Samsung chairman inspects biotech arm, urges to 'aim higher'

Samsung Electronics Chair and Samsung Group leader Lee Jae-yong on Friday visited the group’s biotech arm in Incheon, calling on executives and staff members to set higher goals after the unit posted all-time high earnings last year. At Samsung Biologics’ biopharmaceutical campus in the Songdo Industrial Cluster in Incheon, the chair inspected the construction site of its fifth plant with a capacity of 180,000 liters, slated to go online in April 2025, and was briefed by executives

Feb. 16, 2024

SK Networks unveils AI investment firm goal

SK Networks unveiled its vision to transform into an artificial intelligence-centered business investment firm on Friday and mapped out a plan to triple its operating income to 700 billion won ($524 million) by the end of 2026. “Based on the innovative foundation of our business model, we will continue to create and grow the happiness of various stakeholders by promoting 'AI democratization,’ ensuring universal access to the benefits of AI technology by fostering a civilization

Feb. 16, 2024

LS Cable, Germany’s VAC team up for EV magnets

LS Cable & System, through its subsidiary LS Eco Advanced Materials, has partnered with European magnet manufacturer Vacuumschmelze to create a joint venture aimed at making special magnets needed for electric vehicles. Announced on Wednesday, this partnership will start producing 1,000 tons of neodymium permanent magnets annually by 2027, enough for half a million electric cars. Neodymium permanent magnets are crucial for the motors that power electric cars, making this venture particularly

Feb. 16, 2024

Bithumb hits stumbling block in ambition to be market No. 1

Bithumb Korea, the operator of the country’s No. 2 cryptocurrency exchange Bithumb, has failed to seal a deal with major local lender KB Kookmin Bank for issuance of real-name accounts, jeopardizing its plan to attract more traders. KB Kookmin Bank informed Bithumb last week that it will not partner with the crypto exchange to provide real-name accounts, industry officials confirmed Friday. In Korea, virtual asset exchanges are required to utilize real-name accounts under commercial banks

Feb. 16, 2024

Seoul shares end over 1% higher on reviving hope over Fed's rate cut

Seoul shares closed higher Friday, as investors placed their bets on a possible rate cut by the US Federal Reserve and US retail sales fell by a wider margin than expected. The Korean won fell against the US dollar. The benchmark Kospi added 34.96 points, or 1.34 percent, to close at 2,648.76. Trade volume was moderate at 584.7 million shares worth 10 trillion won ($7.5 billion), with decliners outnumbering gainers 627 to 249. Foreign investors were net buyers to the tune of 558.4 billion won, w

Feb. 16, 2024

CJ appoints two new CEOs for group's core companies

CJ Group has named two new CEOs to lead its key units -- CJ CheilJedang and CJ Logistics -- as part of its annual personnel reshuffle announced on Thursday. Kang Sin-ho, currently the CEO of CJ Logistics, has been promoted to vice chairperson of CJ CheilJedang and will assume the role of CEO at the food company. Shin Young-soo, who presently oversees CJ Logistics' Korea business division, will replace Kang to take the helm as CJ Logistics CEO. This marks the first time since 2017 that CJ Gr

Feb. 16, 2024

Hyundai Motor to cut foreign chip reliance with local push

South Korea's Hyundai Motor Group has initiated a project aimed at significantly boosting the local production and procurement of automotive semiconductors from early this year, according to industry sources on Friday. Challenges stemming from the auto group's heavy reliance on international suppliers for its semiconductor needs, such as supply chain vulnerabilities exposed during the global pandemic, are expected to be resolved through the initiative. Over 90 percent of Hyundai's

Feb. 16, 2024