[Herald Interview] Chip wars: No end in sight

For those who may believe in the ideal of "free trade," it might seem "protectionist" for governments to intervene in international trade and provide subsidies to nurture their own industries. But these days, semiconductor powerhouses such as the US, South Korea, Taiwan and Japan, are all racing to present hefty subsidy programs to boost their own industries based on the fear that the lack of governmental support will decide the fate of their key strategic sectors. The world&

July 3, 2023

Posco vows to invest W121tr for next big leap

Posco Group announced Monday that it will invest 121 trillion won ($93 billion) by 2030 to step up as a global leader in eco-friendly materials. The new investment plan was announced during a ceremony celebrating the 50th anniversary of Posco’s first steel mill set up in Pohang, North Gyeongsang Province, in 1973. “With the investment, (the group) will secure future technologies, stay ahead in the growing industries and work toward a sustainable future through green materials,”

July 3, 2023

Hyundai, Kia to outpace chaebol rivals in Q2 profits

Hyundai Motor Company and its sister firm Kia will continue to post upbeat earnings in the second quarter as the two automakers are projected to take first and second places on the list of Korea’s top profit makers in the second quarter. According to market tracker FnGuide’s earnings consensus on Monday, Hyundai Motor’s operating profit in the second quarter is expected to reach 3.6 trillion won ($2.7 billion), up 21.1 percent on year to repeat as the leading earner among the l

July 3, 2023

US deputy secretary welcomes SK-Ford battery partnership

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

July 3, 2023

LG Innotek named top supplier for Jaguar Land Rover

LG Innotek said Monday that it has won the 2023 Supplier Excellence Awards from the UK luxury carmaker Jaguar Land Rover, becoming the first Korean firm to be named as a qualified supplier. The electronics component manufacturer became the winner of the "impact" category at the British carmaker’s annual awards for its outstanding quality of components and compliance with delivery dates. JLR has selected top-performing suppliers each year and has recognized their extraordinary con

July 3, 2023

Hana seeks to foster financial talent in Indonesia

Hana Financial Group said Monday it is working together with Binus University, a prestigious private university in Indonesia, to foster global talent in the financial sector. Under the partnership agreement signed in Seoul on Friday, Hana Financial Group will provide opportunities for Indonesian university students to work as interns at Hana offices starting in the second half of this year. Binus University plans to operate the International Talent Pool Management program, which provides credits

July 3, 2023

[Photo News] Mini showrooms in Korea

Mini has opened the world's first showrooms specifically designed to promote its high-performance brand -- John Cooper Works, or JCW -- in South Korea, the company under BMW said Monday. Located in Suwon, Gyeonggi Province, Incheon, Daegu and Busan, the four JCW performance showrooms present the entire lineup of JCW vehicles, offering premium services and test drives for customers. The Korean sales of JCW models jumped by 45 percent on-year in 2022, logging the biggest annual sales figure o

July 3, 2023

S. Korea's exports to US up 5.5% per year for 10 years under KORUS FTA

South Korea's exports to the United States rose more than 5 percent per year on average over the past decade thanks to the 2012 bilateral free trade agreement, compared with a 1.5 percent increase in the country's overall exports, a think tank said Monday. South Korea's shipments to the US jumped to $96.3 billion in 2021 from $56.4 billion in 2011, marking a yearly 5.5 percent growth on average, according to the Korea Institute for International Economic Policy. During the period,

July 3, 2023

Korea, Spain join hands on mobility, smart manufacturing

South Korea and Spain are teaming up to conduct joint research on smart manufacturing and future mobility as part of their agreement signed last year to bolster technology ties, according to the Korea Institute for the Advancement of Technology, an institution affiliated with the Ministry of Trade, Industry and Energy, on Sunday. In November last year, the two countries set up an industrial technology partnership committee and discussed possible areas for collaboration. As a follow-up to the agr

July 3, 2023

DSME removed from S. Korea's list of conglomerates following merger

South Korea's antitrust regulator said Monday the number of conglomerates in the country fell to 81 following the takeover of Daewoo Shipbuilding & Marine Engineering Co. by Hanwha Group. Hanwha earlier clinched a deal to acquire a 49.3 percent stake and managerial control in DSME, with the Fair Trade Commission giving the final nod to the agreement in late April. DSME was renamed Hanwha Ocean in May. Prior to the takeover, DSME was the country's 37th-largest conglomerate with comb

July 3, 2023

Seoul shares open higher on tech boost, easing inflation

South Korean stocks got off to a strong start Monday, driven by tech heavyweights and signs of inflation easing in the US economy. The benchmark Korea Composite Stock Price Index advanced 22.61 points, or 0.88 percent, to 2,586.89 in the first 15 minutes of trading. The US personal consumption expenditures index, a reading on inflation, rose 3.8 percent in May, a marked drop from a 4.3 percent rise in April, the US Commerce Department data showed, in a sign that inflation is cooling. The core PC

July 3, 2023

S. Korea's air travel back to near pre-pandemic levels

The number of South Korean air passengers using domestic carriers increased in the first half to around 84 percent of pre-pandemic levels, government data showed Sunday. According to data released by the Ministry of Land, Infrastructure and Transport, 53.4 million air passengers used both domestic and international routes in the first six months 2023, around 84 percent of the 63.6 million passengers in the January-June period of 2019. 2019 was the second year passenger numbers exceeded 60 millio

July 2, 2023

Hyundai Pharm recalls top hair-loss drug for containing dementia tablets

Hyundai Pharm, a South Korean pharmaceutical company, is recalling some 20,000 bottles of Minoxidil, a drug for hypertension that is also widely used for treating hair loss, following a report by a pharmacist that a Minoxidil bottle was found to have contained tablets of the dementia drug, Tamirin, instead of Minoxidil, according to news reports on Sunday. The company said both Minoxidil and Tamirin bottles are produced at the same manufacturing facility, saying some Tamirin bottles were mistake

July 2, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants. (Hana Financial Group)

July 2, 2023

[KH Explains] Korea’s economic recovery slower than hoped

Though Korea’s sluggish economy was initially expected to improve in the latter half of the year, the recovery is slowing, as the country struggles with a prolonged export slump. The Finance Ministry is likely to lower slightly the economic growth rate forecast for 2023 from the previous 1.6 percent when it announces economic policy measures for the second half of the year on Tuesday. The Korean economy was initially expected to rebound in mid-2023 when China’s economy reopened and t

July 2, 2023

MWC Shanghai wraps up with focus on Chinese firms

SHANGHAI -- The Mobile World Congress Shanghai, which returned as an in-person event after a two-year hiatus, wrapped up on Friday. Some 300 companies participated in the three-day event to boast their latest innovation practice of the fifth-generation business but mostly centered around the Chinese telecommunications industry. The number of companies that set up exhibition booths at this year’s MWC Shanghai was nearly halved from some 550 in 2019. Around 37,000 people participated in the

July 2, 2023

[Herald Interview] Korea at forefront of innovation, leadership: GSMA execs

SHANGHAI -- Top executives of GSMA, the host of the Mobile World Congress, said South Korea is a perfect place to learn about the digital transformation since it has been at the forefront of technological innovation and leadership. “Korea was one of the very first (countries) to launch 5G (network) services. It's got such vibrant operators and a technology ecosystem that are globally known and respected,” John Hoffman, CEO and director at GSMA Limited, said in an interview with

July 2, 2023

Schindler accused of misleading Hyundai Elevator investors

Switzerland-based elevator manufacturer Schindler Holding AG’s recent stake sale snafu in Hyundai Elevator is escalating doubts about its yearslong attempt at a hostile merger and acquisition of the Korean company, industry sources said Sunday. The second-largest shareholder of Hyundai Elevator has reportedly filed a regulatory filing to make it look like it is selling a large number of shares when in fact, it only sold a small portion of its stake. The Swiss company announced last Monda

July 2, 2023

Mirae Asset Securities outpaces rivals in ESG ratings for H1

Mirae Asset Securities announced Friday that it received a grade A for its sustainable management by local ESG ratings agency Sustinvest, becoming the only securities firm to earn the top ranking. The latest recognition comes as the company has ramped up sustainability efforts since it started releasing its own sustainable management report in 2006. The company said establishing medium and long-term goals for ESG criteria and taking systematic steps to fulfill the goals with sub-level tasks cont

July 2, 2023

[Photo News] Go casual to save energy

Hana Financial Group Chairperson Ham Young-joo (third from left) and employees pose for photos to promote “cool biz” fashion at the group’s headquarters in Seoul on Friday, as part of an energy-saving campaign challenge. Last month, Ham was nominated by Kolon Vice Chairperson Ahn Byung-duk to join the campaign. On the day, he nominated SC Bank Korea CEO Park Jong-bok and Genesis BBQ Chairperson Yoon Hong-geun as the next participants.

July 2, 2023