Daewoo E&C, Nigerian Petroleum reaffirm joint project goals

Daewoo Engineering & Construction CEO Baek Jung-wan and Nigerian National Petroleum Corporation’s Group General Manager Mele Kolo Kyari reaffirmed their commitment to their ongoing joint oil and gas projects in Nigeria, a sector vital to the African country's economy, during a meeting at Daewoo's Seoul headquarters on Monday. Daewoo E&C Chairman Jung Won-joo and Nigdel Oil Chairman Joseph T. Penawou were also present at the meeting. Daewoo E&C, with a history in Niger

Jan. 31, 2024

[KH Explains] What’s behind unusual popularity of imported milk in Korea?

Imported milk has been enjoying unexpected popularity in Korea recently, with the import volume more than tripling over the past three years alone. According to the Korea Customs Service, imports of pasteurized milk totaled 3.74 metric tons, worth 41.5 billion won ($31.1 million), last year, up 32 percent from a year prior and a threefold surge from 2020. Almost 90 percent of the imports came from Poland, followed by Australia (4.1 percent), Germany (3.9 percent) and France (2.2 percent). Despit

Jan. 31, 2024

Doosan Bobcat debuts Korea's first hydrogen-powered forklift

Doosan Bobcat, a South Korean compact equipment manufacturer, has commercialized the country's first hydrogen-powered forklift. The development was marked by a first shipment ceremony on Tuesday at the company's Incheon forklift plant. Korea Zinc, which operates the world's largest zinc smelter, is set to be the first customer for the forklift, in alignment with their 2050 decarbonization goals under the RE100 initiative. The 3-ton model hydrogen forklift, equipped with a 20-kW fu

Jan. 31, 2024

LG CNS builds LLM for code generation

South Korean IT solutions provider LG CNS on Wednesday unveiled its own large language model for code generation, enabling developers to mitigate the possible security risks of artificial intelligence. In June 2023, LG CNS first launched "AI Coding,” a ChatGPT-based service that supports code generation for a system, application or service. Developers can ask AI Coding to convert, generate, recommend, and check the errors of codes in line with their requirements. The company had appli

Jan. 31, 2024

Citibank Korea sponsors climate action conference

Citibank Korea said Wednesday it sponsored the ninth Climate Action Conference, held on the previous day at a hotel in central Seoul. The event was jointly hosted by the Korean chapter of the World Wide Fund for Nature, United Nations Global Compact Network Korea and Korea Sustainability Investing Forum. According to the bank, this year's conference was devoted to providing practical guidance for the local companies trying to engage in the global Science-Based Targets Initiative, while intr

Jan. 31, 2024

Hanwha showcases defense capabilities to Canadian think tank

Energy-to-defense giant Hanwha Group said Wednesday its shipbuilding and machinery manufacturing affiliates presented their state-of-the-art defense technologies to the head of Canada‘s leading global affairs research group, in the companies' efforts to expand their footing in the North American market. According to Hanwha, Dr. David Perry, the president of Canadian Global Affairs Institute, took an extensive tour of Hanwha Ocean and Hanwha Aerospace's facilities during his visit

Jan. 31, 2024

GS E&C hits record sales on overseas orders

Korean construction giant GS Engineering & Construction said Wednesday it posted record sales in 2023, largely buoyed by upbeat overseas orders amid a housing market slowdown at home. The company's sales reached 13.43 trillion won ($12.21 billion) last year, up 9.2 percent from a year before. The sales figures were the highest in the builder’s history. Sales at the building and housing business division increased by 9.7 percent to 10.23 trillion won, while the company's infra

Jan. 31, 2024

SK Networks, US tech tycoon team up for AI investments

SK Networks said Wednesday that it has forged a partnership with US tech tycoon and investor Vivek Ranadive to cooperate on investments in futuristic technologies with a strategic focus on artificial intelligence. The nonbinding agreement was signed in Seoul on Thursday upon the visit of Ranadive, founder and managing director of Silicon Valley-based venture capital firm Bow Capital. He also owns the NBA’s Sacramento Kings. SK Networks President and Chief Operating Officer Choi Sung-hwan h

Jan. 31, 2024

Dog gone! KakaoTalk to remove all free character emojis

Kakao Friend emojis will gradually be discontinued on KakaoTalk, South Korea’s No.1 messaging app. The app’s operator Kakao decided to end all free Kakao Friends emoji services, but details of the plan are under consideration, according to local media reports Wednesday. The emojis are 34 non-moving images showing various expressions by the five initial member characters of Kakao Friends -- animal or fruit-based characters licensed by Kakao. The emojis have received broad love from

Jan. 31, 2024

Seoul shares open weaker ahead of US Fed's rate decision

South Korean stocks opened weaker Wednesday ahead of a key rate decision by the US Federal Reserve this week. The benchmark Korea Composite Stock Price Index slid 6.01 points, or 0.24 percent, to 2,492.80 in the first 15 minutes of trading. Overnight, US stocks closed mixed as Wall Street waited for the Fed's latest decision on interest rates. The Dow Jones Industrial Average inched up 0.35 percent, while the S&P 500 shed 0.06 percent. The Nasdaq composite dropped 0.76 percent. In Seoul

Jan. 31, 2024

Korean Air shifts to Q4 net loss on operating costs

Korean Air Co., South Korea's national flag carrier, said Tuesday it had shifted to a net loss in the fourth quarter of 2023 from a year earlier due to increased operating costs. Korean Air swung to an estimated net loss of 234.59 billion won ($176 million) in the three months ended on Dec. 31 from a net profit of 353.98 billion won a year earlier, the company said in a statement. Operating profit likely plunged 65 percent to 183.61 billion won in the October-December period from 520.08 bil

Jan. 30, 2024

Stellantis Korea appoints 1st female chief

Stellantis Korea has named Bang Sil as its new head, the global automaker’s Korean office announced Tuesday. Bang will become the first Korean and female managing director of Stellantis Korea once the appointment takes effect Thursday. The Amsterdam-headquartered automaker established its Korean office in 2021. The new chief has over 20 years of experience in the auto industry, covering areas such as public relations, marketing, sales and networking. She previously served as an executive a

Jan. 30, 2024

Korean firms should brace for 'Trump risk': KITA

Fears over a future US decoupling from China and protectionist policies are looming large among South Korean companies as former US President Donald Trump emerges as the potential Republican presidential nominee in this year's election. One of the most substantial risks of a possible second term for Trump is his "America-first" policy agenda and the many geopolitical uncertainties rising from it, including the US potentially decoupling from China, according to a report released by

Jan. 30, 2024

Seoul shares fall on profit-taking ahead of US Fed's rate meeting

South Korean stocks closed lower Tuesday as investors booked profit ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 1.84 points, or 0.07 percent, to close at 2,498.81, ending its three consecutive session advance. Trade volume was moderate at 476.1 million shares worth 8.63 trillion won ($6.49 billion). Winners, however, outpaced losers 493 to 385. Foreign and retail investors s

Jan. 30, 2024

Samsung Biologics stocks extend rally on US bill

Samsung Biologics shares extended a rally Tuesday on upbeat sentiment that the company may be benefiting from US-proposed legislation that aims to restrict Chinese biotech firms from accessing the all-important American market. Last week, members of a bipartisan House Select Committee introduced a bill barring contracts with Beijing Genomics Institute and some Chinese biotech companies for their alleged connection with China’s People’s Liberation Army. The proposed bill specifically

Jan. 30, 2024

US Chamber criticizes Korea's move to pass platform law

The US Chamber of Commerce has openly opposed a proposed act aimed at preventing unfair market activities by major online platform players, voicing concerns over the country’s apparent rush to pass the law. Charles Freeman, senior vice president for Asia at the US Chamber, issued a statement warning Seoul on the push for the rules on Monday and called for transparency and open dialogue with Korea’s antitrust regulator that “an action of this magnitude requires.” "It

Jan. 30, 2024

[Herald Interview] Daewoong Pet targets health-conscious pet owners

Daewoong Pet, the pet health care arm of Daewoong Pharmaceutical, seeks to gain growth momentum by launching veterinary drugs and securing patent exclusivity as the need for veterinary care continues to surge amid an aging pet population. The firm's main aim is to develop and introduce drugs with the proper dosage and formulation for pets, with a particular focus on senior pets, which increasingly require health care services, Daewoong Pet co-CEO Lee Hyo-jun said. “Many veterinary hos

Jan. 30, 2024

Samsung Galaxy S24 hits shelves globally

Samsung Electronics said on Tuesday it is starting sales of its latest flagship smartphone the Galaxy S24 globally, largely buoyed by record preorders made at home over the past week. The new phone, dubbed the world’s first smartphone powered by artificial intelligence, is expected to hit the shelves first in key markets, including the US, Britain, Singapore, France, and India, from Wednesday. Ultimately Samsung aims to launch the phone in some 120 countries. “The launch of the Galax

Jan. 30, 2024

Are Korean drivers losing appetite for EVs?

A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar

Jan. 30, 2024

Govt. disapproves BlackRock's offshore wind plant project

The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs

Jan. 30, 2024