KB chief stresses role of finance in net-zero transition

KB Financial Group said Wednesday that Chairman Yoon Jong-kyoo stressed the role of finance in achieving a net-zero transition at a meeting of the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero, or GFANZ, held in Singapore on Monday. The GFANZ is an alliance of over 550 financial institutions from 50 countries. Established in April 2021, the coalition aims to promote a net-zero economy and tackle climate change. Its Asian advisory committee was also set up in June las

June 7, 2023

LS Cable & System to build Korea's largest offshore wind farm

South Korean cable maker LS Cable & System said Wednesday it won an order worth some 100 billion won ($76 million) to build the country's largest offshore wind farm in joint cooperation with Hanwha Corporation Engineering & Construction. According to the company, LS Cable & System has been selected as supplier of submarine communication cables for Hanwha Corp. E&C's Shinan Ui offshore wind power project. The project, which is scheduled to be completed by 2026, aims to c

June 7, 2023

Seoul shares nearly unchanged ahead of Fed's rate decision

South Korean stocks closed nearly flat Wednesday as investors remained cautious ahead of big events next week. The local currency rose to a near two-month high against the US greenback. The benchmark Korea Composite Stock Price Index rose 0.19 point, or 0.01 percent, to close at 2,615.60. Trading volume was slim at 525.8 million shares worth 9.93 trillion won ($7.62 billion), with losers slightly outpacing gainers 439 to 422. Institutions scooped up a net 348.97 billion won worth of local shares

June 7, 2023

LG CNS, Honeywell team up for smart factory

Information technology service provider LG CNS said Wednesday it signed a deal with US tech conglomerate Honeywell to spur innovation in the smart factory industry. Smart factories are digitized factories that depend on device connection, machinery and production systems to collect and share data for the optimization of manufacturing and supply chain management. They involve various innovative technologies such as artificial intelligence and cloud computing. The two companies agreed to work toge

June 7, 2023

LG Energy Solution to enhance battery supply chain in US

LG Energy Solution has joined hands with Novonix, an Australian battery materials and technology firm, to strengthen the supply chain of a core battery material in North America, the South Korean battery maker said Wednesday. According to the announcement, LG Energy Solution signed a joint development agreement with Novonix to co-develop artificial graphite, a core anode material in making lithium-ion batteries for electric vehicles. Novonix also agreed to issue $30 million worth of unsecured no

June 7, 2023

[Photo News] Maritime defense exhibition

HD Hyundai Heavy Industries, the world’s biggest shipbuilder under South Korea's ninth-largest conglomerate HD Hyundai, is showcasing its latest battleship technologies at the International Maritime Defense Industry Exhibition, or MADEX 2023, held at the Busan Exhibition and Convention Center from Wednesday through Friday. The shipbuilder said it will display the models of various warships under development, such as the next-generation KDDX, Korean aircraft carrier and unmanned power

June 7, 2023

Samsung picks Seoul to unveil new foldable phones for 1st time

Samsung Electronics, the world’s No. 1 smartphone maker by shipment, said Wednesday it will unveil its new foldable smartphone series in Seoul for the first time, in the “beating heart” of the company’s dynamic growth worldwide. The upcoming Galaxy Unpacked event will be held at Coex convention center in Samseong-dong, Gangnam, on July 26. Samsung has advanced the launch schedule from the usual August to July, a move which would likely affect the company’s third-qua

June 7, 2023

[Bio USA] Samsung Biologics hints at sales push for new plant

BOSTON -- Samsung Biologics' US sales chief said Tuesday that the South Korean drug contract manufacturing giant will bolster its global reach to secure more large-volume orders, tapping Alzheimer’s drugs one of the key focus areas. On the sidelines of the 2030 BIO International Convention held in Boston this week, Kevin Sharp, sales head of Samsung Biologics America, met with reporters to introduce the company’s overall sales strategy for its upcoming fifth plant that will go

June 7, 2023

[Photo News] KAI fighter jet rollout

Korea Aerospace Industries on Wednesday held a rollout ceremony of the first FA-50, a Korean fighter jet developed as an export to Poland, at its headquarters in Sacheon, South Gyeongsang Province. KAI plans to deliver 12 fighter jets to Poland by the end of this year. The Korean defense firm inked a $3 billion contract with the European country to export 48 fighter jets in September 2022.

June 7, 2023

Samsung’s Exynos processor to power Hyundai’s in-car infotainment systems

Samsung Electronics said Wednesday that its latest automotive processor, the Exynos Auto V920, will be supplied to Hyundai Motor’s next-generation in-vehicle infotainment systems, a first chip collaboration between the nation’s top two companies. “We are thrilled to be collaborating with Hyundai Motor, a prominent global mobility manufacturer, and we anticipate that this partnership will further solidify our position in the automotive infotainment space,” said Jae Geol Py

June 7, 2023

[Bio USA] Lotte's CDMO ambition gets full support from US plant

BOSTON – Lotte Biologics’ drug substance manufacturing site in the US will put the utmost effort into making the Korean firm's goal of becoming a global top 10 contract development and manufacturing organization firm by 2030 attainable, the company’s US general manager said. Lotte Biologics, founded in 2022, acquired a fully operational facility in East Syracuse, New York from 165-year-old US pharmaceutical firm Bristol Myers Squibb last year as a part of its market entry

June 7, 2023

[Herald Interview] Korea emerges as center for cross border investment: IFC

Upon entering the interview room, Riccardo Puliti, the regional vice president for Asia and the Pacific at the International Finance Corporation, underscored that this is his third visit to Korea within the past eight months. “I was here in November, I was here in February, and I will be back here in September. It is evident that Korea is evolving into a prominent center for sustainable cross border investment,” he said during an interview with The Korea Herald on May 25 at the IFC K

June 7, 2023

S. Korean shipyards rank 2nd in new global orders in May

South Korean shipbuilders fell far behind their Chinese rivals in new global orders to place second worldwide in May amid sinking demand, industry data showed Wednesday. Local shipyards won a combined 510,000 compensated gross tons (CGTs) in new orders last month, accounting for 25 percent of the global total at 2.06 million CGTs, according to the data from global market researcher Clarkson Research Service. The global total, or 79 vessels, was 36 percent lower than that from a year earlier. Chi

June 7, 2023

S. Korea to lift set of regulations to induce W300b of investment

South Korea plans to lift a set of industrial regulations to try to induce combined private investment worth 300 billion won ($231 million), the finance ministry said Wednesday. The plan, the fifth of its kind, will lift hurdles for five investment projects, including construction of production lines, according to the Ministry of Economy and Finance. "South Korea's exports have experienced a recent decline, primarily attributed to the deteriorating IT sector and weak business sentiment

June 7, 2023

S. Korea seeks to win major energy, industry projects in Azerbaijan

South Korea asked for Azerbaijan's support Wednesday for its companies seeking to take part in major energy and other industry projects in the European nation, the industry ministry said. Deputy Trade Minister Jeong Dae-jin made the request during their joint economic commission meeting in Seoul on the day, as the two nations explored ways to enhance bilateral economic and industry cooperation, according to the Ministry of Trade, Industry and Energy. South Korean companies are pushing to pa

June 7, 2023

S. Korea to foster local bio industry to produce W100tr by 2030

The South Korean government said Wednesday that it will give full support to the local biotechnology industry to raise the sector's production capacity to 100 trillion won ($76.9 billion) by 2030 as part of its plans to become the world-leading biotech economy. The Ministry of Science and ICT mapped out a long-term biotechnology development plan to accelerate the integration of bio and high-tech digital technologies as a way to bring about innovation in other sectors, like medicine, environ

June 7, 2023

4 firms to recall over 54,000 vehicles over faulty parts

Kia Corp., Volkswagen Group Korea and two other companies will voluntarily recall more than 54,000 vehicles to fix faulty components, the transport ministry said Wednesday. The companies, including Ford Sales & Service Korea and Stellantis Korea, are recalling a combined 54,412 units of nine different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems that prompted the recall include a faulty dashboard software problem in Kia's Ray mini car, a f

June 7, 2023

Seoul shares open higher ahead of inflation data, Fed meeting

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, with investors awaiting key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index rose 10.05 points, or 0.38 percent, to 2,625.46 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.03 percent to 33,573.28, and the Nasdaq Composite gained 0.36 percent to 13,276.42. US consumer prices for May, set to be released next

June 7, 2023

[Test Drive] All-electric Mercedes-AMG sedans raise bar for performance EVs

Mercedes-AMG, the high-performance brand under German auto giant Mercedes-Benz, is well known for crafting luxurious motorsports-inspired vehicles with monstrous engines. And the brand has kept these signature traits for its EQ lineup, boasting the fastest acceleration among Mercedes EVs. Mercedes-Benz Korea hosted a media test drive at the AMG Speedway in Yongin, Gyeonggi Province, last week. With a 4.3-kilometer circuit with 17 turns, the AMG Speedway is the world’s first track to bear t

June 7, 2023

70% of Signiel penthouses owned by corporations

Over 70 percent of those who own lavish penthouses at Signiel Seoul – an upscale residence located throughout the 42nd to 71st floors of Korea’s tallest building, Lotte World Tower – were revealed to be corporations, according to a news report by the Herald Business on Monday. The Signiel Seoul, which was completed in April of 2017, has a total of 223 housing units, including seven penthouses and 11 duplex-type sub-penthouses. Based on real estate registrations, the Herald Busi

June 7, 2023