[KH Explains] Korean defense firms aim big in US market

South Korean defense firms are seeking to break through into the US market, the biggest in the world, as the industry looks to carry on its export momentum. Hanwha Aerospace on Thursday announced that it completed a field test of its multipurpose unmanned ground vehicle, Arion-SMET, with the US Army and Marine Corps in Hawaii in December. It was the first time a Korean UGV developer had taken part in the US Defense Department’s foreign comparative testing. “Arion-SMET’s partici

Jan. 7, 2024

Korean ramyeon exports hit record high

South Korea’s exports of Korean instant noodles, also known as ramyeon, reached a new record high of nearly $1 billion (1.31 trillion won) in 2023, according to government data and industry sources, Sunday. According to data from Korea Customs Service, annual ramyeon exports were tallied at $952 million last year, a 24.4 percent jump from $765 million in 2022. The outbound shipments of ramyeon logged $785 million for the January-October period in 2023, breaking the previous year’s re

Jan. 7, 2024

삼성디스플레이, 미국서 ‘IRONFLEX’ 상표출원...'더 강한' 폴더블폰 나오나?

[코리아헤럴드=조혜림 기자] 삼성디스플레이가 차세대 폴더블 디스플레이 브랜드 'IRONFLEX(아이언플렉스)'를 최근 미국서 상표출원한 것으로 확인됐다. 폴더블 제품명에 주로 쓰던 'flex'에 강하고 견고함을 뜻하는 영어단어 'iron'을 합성한 것으로 화면 주름 등 내구성이 한층 개선된 제품으로 보인다. 7일 미국 특허청에 따르면 삼성디스플레이는 지난 3일 ‘IRONFLEX’의 상표등록출원서를 제출하고 심사를 기다리고 있다. 상표의 사용범위를 '폴더블 스마트폰,' '폴더블 모니터,' '폴더블 태블릿' 등으로 광범위하고 구체적으로 명시하고 있다. 취재결과 삼성디스플레이는 해당 상표를 미국뿐만 아니라 한국과 영국에서도 동시에 출원했다. 업계 관계자는 “디스플레이 시장에서 경쟁이 심화하면서 기업들이 빠르게 움직이고 있다”며 “

Jan. 7, 2024

Samsung to boost patent leadership with ‘Ironflex’ trademark for foldable displays

Samsung Display has recently registered the "Ironflex" trademark for its next foldable display technology, according to a filing with the US patent agency and industry sources, Sunday. The filing said that the Korean display maker submitted the filing to the US Patent and Trademark Office on Jan. 3 and was waiting for the agency’s review. Similar filings are also found to have been made in South Korea and the UK. The Ironflex trademark consists of standard characters without clai

Jan. 7, 2024

US finalizes antidumping duties on tin mill product imports from S. Korea, China, Canada, Germany

WASHINGTON -- The US Department of Commerce said Friday that imports of tin mill products from South Korea, China, Canada and Germany were found to have been dumped into the US market as it issued its final antidumping duty determinations. The department released the findings that the imports from the countries are "unfairly priced." Tin mill is a steel product widely used for food packaging or to store other items. In the list of companies subject to duties was TCC Steel Corp., a Sout

Jan. 6, 2024

US senators pressure Hyundai, 12 carmakers not to interfere in union activism

A group of 33 US senators on Thursday called on Hyundai Motor Group and 12 other auto manufacturing companies not to interfere with the United Auto Workers’ ongoing efforts to unionize at their US plants. Democrats Gary Peters, Ron Wyden, Dick Durbin and others signed a letter and sent it to top executives at Hyundai Motor Group, Tesla, Toyota, Volkswagen, Mercedes-Benz, BMW, Rivian and others, urging them to remain neutral in union organizing activities. “We are concerned by reporti

Jan. 5, 2024

NPS set to post record-high returns in 2023

The National Pension Service is expected to have logged over 12 percent in returns in 2023, marking its highest-ever yield. According to news reports Friday, the state pension fund may have registered its highest profit since the National Pension Service Investment Management was founded in 1999. “We cannot confirm the exact figures as a regulatory filing has not been made yet. The exact numbers are to be released in late February,” an official from the NPS said. However, seeing th

Jan. 5, 2024

LG Chem to transfer obesity drug rights to Boston-based Rhythm in $305m deal

LG Chem said Friday it has signed an agreement with Boston-based Rhythm Pharmaceuticals to transfer the development and sales rights of a new anti-obesity drug candidate named LB54640. The deal amounts to $305 million, which includes upfront payments worth $100 million and milestone payments worth $205 million for the development and commercialization of the drug. Under the agreement, LG Chem will receive royalties depending on product sales from Rhythm Pharmaceuticals each year. Rare forms of o

Jan. 5, 2024

Seoul shares down for 3rd day on dampened hopes for Fed's early rate cuts

Seoul shares ended lower for a third straight day Friday, after robust employment data weighed on expectations for an early rate cut by the Federal Reserve this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 8.94 points, or 0.35 percent, to close at 2,578.08. The Kospi has fallen 2.9 percent this week. Trade volume was moderate at 514.78 million shares worth 8.27 trillion won ($6.28 billion), with losers outpacing winners 515 to 343. Overnig

Jan. 5, 2024

Kia’s EV9 named SUV of the year in North America

Hyundai Motor Company’s smaller sibling Kia’s large-sized full-electric sport utility vehicle, the EV9, won the 2024 North American Utility of the Year award, the company said Friday. The North American Car, Truck and Utility Vehicle of the Year Awards was held at the city of Pontiac in Michigan on Thursday. This is the third time Kia has won the top SUV honor, after its midsized SUV Telluride and battery-powered crossover SUV EV6 each won the title in 2020 and 2023, respectively. On

Jan. 5, 2024

Subsidy for second child increases, but expected impact low

Despite the government's decision to raise the subsidy for parents having more than one child this year by 1 million won ($760), a survey suggests that the subsidy may not significantly influence parents' decisions to have another child. “Despite implementing the voucher subsidy, a recent decrease in the total fertility rate suggests there has been no direct impact (on having another child),” said Lee Yun-jin, a senior researcher at the Korea Institute of Child Care and E

Jan. 5, 2024

Nexon's Intelligence Labs aims to enhance user experience

South Korean game developer and publisher Nexon is steering the future of the gaming industry with Intelligence Labs, an in-house AI research and development team designated to exploring the optimal gaming experience for users. Launched in 2017, Intelligence Labs has used machine learning and deep learning to come up with more engaging and immersive games. A team of around 700 engineers is now zeroing in on generative artificial intelligence research to create original, personalized content for

Jan. 5, 2024

S. Korea to go all-out to achieve 2% inflation target in H1

The government will extend intensive policy support to bring inflation down below 3 percent in the first half of 2024 as prices are projected to ease slower than expected, the finance ministry said Friday. "Inflation is expected to moderate gradually to stay around 3 percent in the first half of this year. The government will maintain the intensive price stabilization scheme involving all ministries' concerns to achieve the 2 percent level at an early date," First Vice Finance Min

Jan. 5, 2024

Biz lobbies of S. Korea, Japan to hold annual meeting next week

Business lobbies of South Korea and Japan will hold their annual meeting early next week to discuss joint projects between the business communities of the neighboring countries, industry sources said Friday. The 30th Korean-Japan Business Council, co-hosted by the Federation of Korean Industries and the Japan Business Federation, or Keidanren, will take place over two days in Tokyo from Wednesday. Members of the FKI leadership, including Chairman Ryu Jin and Vice Chairman Kim Chang-beom, are exp

Jan. 5, 2024

FSS chief slams Taeyoung's 'insufficient' self-rescue efforts

The head of South Korea's top financial authority on Thursday lashed out at Taeyoung Engineering & Construction's self-rescue efforts, saying they fell far short of expectations and urging a new plan within the week. Financial Supervisory Service chief Lee Bok-hyun made the comments during his New Year's press conference at the FSS headquarters in Seoul earlier in the day, just a day after the ailing construction firm announced a set of self-rescue plans to overcome a liquidit

Jan. 4, 2024

[NCSI] Samsung Fire & Marine, Samsung Securities, Samsung C&T, Lotte Global Logistics top NCSI customer satisfaction ratings in 2023

South Korea suffered a slight decline in customer satisfaction across industries last year, an annual survey by the Korea Productivity Center said Thursday, in reflection of a sluggish economy and people’s increased belt-tightening amid high-flying interest rates. The KPC’s National Customer Satisfaction Index for 2023 was 78.2 points, down 0.2 points from the previous year. It was the first time the figure fell since 2010. The KPC, an affiliated agency of the Ministry of Trade, Indu

Jan. 4, 2024

Seoul shares down for 2nd day on overdone hope for Fed rate cuts

Seoul shares ended lower for a second straight day Thursday, after the latest Fed minutes indicated interest rates will remain at a high level for some time. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.29 points, or 0.78 percent, to close at 2,587.02. Trade volume was moderate at 761.45 million shares worth 8.84 trillion won ($6.8 billion), with losers outpacing winners 614 to 277. Institutions sold a net 800 billion won worth of stocks, out

Jan. 4, 2024

[NCSI] Korea outranks US, Japan, Singapore in consumer satisfaction

South Korean customers were more satisfied with their goods and services in 2023, compared to those in the US, Japan and Singapore, according to the National Consumer Satisfaction Index published annually by the Korea Productivity Center. The index is not only a measure of consumer satisfaction, but an indicator of the economic performance of companies, government agencies and the economy as a whole. Similar standards have been adopted by over 30 countries worldwide, which use the same metrics t

Jan. 4, 2024

SK Ecoplant to showcase net-zero solutions at CES

South Korean energy and environmental solutions provider SK Ecoplant said Thursday that the company would take part in CES 2024, the world's largest consumer electronics and technology trade show, to showcase its net-zero solutions with other SK companies. SK Group plans to operate a 1,850-square-meter exhibition booth during the CES in Las Vegas next week, with seven affiliates joining. SK Ecoplant will introduce its low-carbon construction materials, including glass fiber-reinforced polym

Jan. 4, 2024

After yearslong legal battle, Hahn & Co. secures control over Namyang Dairy

Hahn & Co., the nation's largest private equity firm based on assets under management, secured control over Namyang Dairy Product on Thursday, following years of legal disputes. The Supreme Court sided with Hahn & Co., ordering Namyang Dairy Product Chairman Hong Won-sik and his family members to hand over their 53.08 percent stake in the company to the private equity firm. With the court decision, the equity manager is to become the dairy firm's largest shareholder, while the

Jan. 4, 2024