[HIT Forum] Innospace champions small satellite renaissance

Innospace, the South Korean small satellite and hybrid rocket startup, laid out Wednesday the strides being made in small satellite technology and emphasized the growing role of Innospace in this domain. "The old space era, dominated by large institutions and national objectives, contrasts sharply with the current landscape. Today, startups and medium-sized ventures with market-driven objectives are shaping the 'New Space Era'. Innospace is at the forefront of this shift," sa

Oct. 11, 2023

[HIT Forum] High schooler shares his space dream

Choi Se-yeong, a student at Gimhae Bunsung High School, delivered congratulatory remarks for The Korea Herald’s Humanity in Tech Forum as a representative of future scientists moving forward for the nation’s space industry. “I would like to first express my heartfelt gratitude for giving such an exceptional opportunity to speak at this huge forum,” said Choi at The Shilla Seoul on Wednesday. As part of an experiment last month, students at Aircraft -- an aerospace enginee

Oct. 11, 2023

[HIT Forum] Korea's only astronaut highlights humanity's connection with universe

Korea’s only astronaut, Yi Soyeon, delivered a keynote speech Wednesday at The Korea Herald's Humanity In Tech or HIT Forum, discussing her space journey and how it has broadened her perspective on humanity. “Since I went to space in April 2008, Korea has witnessed great advancements and unprecedented interest in the space sector, making it timely for me to share my experience,” said Yi before some 400 attendees of the HIT Forum at The Shilla Seoul. This year, Yi also pu

Oct. 11, 2023

[HIT Forum] 'We should explore space together in peace'

As humanity goes deeper into space and explores more of the unknown, it is crucial to take responsibility to carry out space missions with peace and solidarity, say Sasha Sagan, daughter of renowned astronomer Carl Sagan, and Yi Soyeon, South Korea's one and only astronaut. “Our track record as a species is questionable at best and especially when we arrive in new places,” said Sagan. “I think that our only hope is to really take the lessons of where we have fallen short i

Oct. 11, 2023

[HIT Forum] Sasha Sagan underscores tolerance for ambiguity in understanding universe

Sasha Sagan, renowned author and daughter of the late American astronomer and cosmologist Carl Sagan, delivered the keynote speech for The 2023 Korea Herald Humanity In Tech on Wednesday, highlighting the need to tolerate ambiguity in rapidly changing times. "Thank you so much to everyone at the Korea Herald for inviting me here today. I have always wanted to visit Seoul and I am truly delighted to be here," said Sagan during the forum, held at The Shilla Seoul. Sagan pointed out durin

Oct. 11, 2023

Samsung Electronics forecasts Q3 rebound

Samsung Electronics predicted Wednesday that its operating profits in the July-September period would recover to exceed 2 trillion won ($1.5 billion) after months of efforts to elevate profitability amid memory chip slump. Samsung's third-quarter operating profits is estimated to hit 2.4 trillion won, a 77.9 percent plunge from a year ago, according to the company’s earnings guidance. The figure exceeded the 2.2 trillion won consensus by local analysts provided by market intelligence

Oct. 11, 2023

[HIT Forum] Hanwha at forefront of Korea’s space leadership

Hanwha Aerospace said Wednesday it plans to become a total services provider for outer space, ranging from space-based internet, future air mobility and cosmic data analysis platform. “Although the space sector is considered a high-risk business, it is a key infrastructure for sustainable growth of our future generation. With the combination of big data and artificial intelligence, the space economy is witnessing exponential growth,” said Lee Joon-won, senior vice president at Hanw

Oct. 11, 2023

[HIT Forum] Science minister welcomes HIT forum on space economy

Science and ICT Minister Lee Jong-ho on Wednesday made congratulatory remarks for The Korea Herald’s Humanity in Tech Forum, vowing to take the lead in ushering in Korea’s new space economy. “I give my sincere congratulations for The Korea Herald’s HIT Forum that discusses ‘space’ as its first topic for sharing vision on science and technology innovation,” said Lee in a pre-recorded video played during the forum held at the Shilla Seoul. “It is a t

Oct. 11, 2023

Seoul shares open higher on US gains after Fed comments

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, buoyed by dovish comments on interest rates by Federal Reserve officials. The benchmark Korea Composite Stock Price Index rose 44.09 points, or 1.84 percent, to 2,446.67 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.4 percent to 33,739.30, and the tech-heavy Nasdaq Composite gained 0.6 percent to 13,562.84. Traders have expected another rate hike this year due to higher-than-ex

Oct. 11, 2023

S. Korea logs current account surplus for 4th month in August

South Korea logged a current account surplus for the fourth straight month in August on the back of a widened trade surplus and increased interest income from overseas, central bank data showed Wednesday. The country's current account surplus reached $4.81 billion in August, following the surplus of $3.74 billion the previous month, according to preliminary data from the Bank of Korea. August's surplus came as the country's trade balance has remained in the black for five straight

Oct. 11, 2023

IMF maintains 2023 growth outlook for S. Korea at 1.4 pct

The International Monetary Fund (IMF) maintained its 2023 growth outlook for South Korea at 1.4 percent Tuesday but revised down the forecast for next year amid a global economic slowdown. The organization's latest projection for 2023 is the same as its forecast made in July when it slashed the growth outlook for South Korea by 0.1 percentage point, citing "persistent challenges" in the global economy. The figure is on par with the South Korean government and the Bank of Korea

Oct. 10, 2023

HIT forum on space to be held in Seoul

The Korea Herald, the nation’s largest English newspaper, will kick off its annual business forum under the theme, “Beyond Earth,” on Wednesday to discuss the ever-evolving and highly dynamic space industry while endeavoring to understand humanity's connection with the universe. The 2023 Korea Herald "Humanity In Tech" or "HIT" forum will shed light on the rising industry and Korea’s recent progress in the field, including the successful launch of

Oct. 10, 2023

LG Electronics ups Q3 earnings guidance on upbeat demand

LG Electronics said Tuesday it expected its third quarter operating earnings for 2023 to climb 33.5 percent from a year before, amid the strong performance of its home appliance and vehicle component solutions units. LG estimated that its operating profit for the July-September period came in at 996.7 billion won ($738 million), compared with 746.6 billion won a year ago, according to the company’s earnings guidance. The home appliance maker’s earnings guidance for the July-September

Oct. 10, 2023

Posco Holdings recoups investment in Roy Hill after 13 years

Posco Holdings said on Tuesday the company has received 85 billion won ($62 million) in dividends from the third quarter earnings of Roy Hill Holdings, recouping the investment it has made into the holding company of Australian iron ore miner Roy Hill. With the latest dividend payment, Posco Holdings has received a total of 1.3 trillion won in total in the form of dividends and discounts on iron ore that the company imported from Australia, retrieving 1.3 trillion won of investment it made to ac

Oct. 10, 2023

DB Robotics invents nation's first hybrid electric rollator

DB Robotics, a first-generation robot developer in South Korea, has revealed the nation’s first hybrid electric rollator that also converts into a wheelchair, the company said Tuesday. Compared to a standing walker, the new electric rollator has motors around each of its four wheels, enabling individuals with limited mobility to leave their house freely. Even on an incline, the electric motors accelerate, allowing the wheels to move up the slope without additional effort. In order to preve

Oct. 10, 2023

[Photo News] Wine imports double

Wine for sale in a department store in Seoul, Tuesday. According to data from the Korean Customs Service, alcohol imports to South Korea doubled over four years, to log $1.6 billion in 2022. The numbers record a 54 percent increase from the alcohol imports logged in 2018 ($1 billion). As a result, the balance of the liquor trade in Korea was a deficit of $1.2 billion last year. With the increased amount of wine imports, the trade deficit for alcohol nearly doubled in four years, from the deficit

Oct. 10, 2023

Kakao Bank to acquire 10% stake in Indonesian digital bank

Kakao Bank, the banking arm of Korean mobile giant Kakao, announced Tuesday that it will acquire a 10 percent stake in PT Super Bank Indonesia, aiming to boost its presence in the Southeast Asian market. The acquisition will be Kakao Bank's first investment outside of Korea, and will be done in collaboration with the Singapore-based ride-hailing and food delivery app, Grab. A consortium led by Grab and Singapore-based global telecom company, Singtel, is the largest shareholder of PT Super B

Oct. 10, 2023

Israel-Hamas conflict to deepen inflation woes

The conflict between Israel and Hamas militants in the Gaza Strip has raised concerns for the Korean economy as the prospect of a full-blown war in the Middle East could lead to a surge in oil prices and further pave the way for more inflationary pressures. "Though the international financial market has shown a limited response to the incident, considering it is still in the early stages, the uncertainties are very high," Finance Minister Choo Kyung-ho said at a meeting held Tuesday

Oct. 10, 2023

Hyundai Motor chair marks 3rd year of record earnings

Hyundai Motor Group is expected to post record earnings this year, breaking its own record for the third year in a row since Executive Chair Chung Euisun took the helm of the world's third largest carmaker in 2020. Hyundai and its smaller affiliate Kia are projected to post 260.8 trillion won ($192.5 billion) and 26.6 trillion won in sales and operating profits this year, according to estimates by market tracker FnGuide. Both figures stand at an all-time high. Since Chung took up leadership

Oct. 10, 2023

Seoul shares end lower amid conflict in Middle East

Seoul shares closed lower Tuesday as investors remain cautious due to the Israel-Palestine conflict. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 6.15 points, or 0.3 percent, to close at 2,402.58. The Kospi opened higher, tracking gains on Wall Street, boosted by Federal Reserve officials' dovish comments on rates. Trading volume was moderate at 410.31 million shares worth 9.3 trillion won ($6.9 billion), with losers outpacing gainers 626 t

Oct. 10, 2023