S. Korea to up seafood exports to $4.5b by 2027

South Korea will penetrate deeper into the global seafood market with the goal of exporting $4.5 billion worth of goods in the sector by 2027, the oceans ministry said Wednesday. The amount represents around a 50 percent rise from a record high of $3.15 billion tallied in 2022, on the back of the global popularity of "gim" and abalone, according to the Ministry of Oceans and Fisheries. Gim, or dried seaweed, is usually roasted with sesame oil and fine salt, and served as a side dish in

May 17, 2023

TGS Group, The Korea Herald ink deal to work together on art investment

TGS Group’s art investment business unit ArtFin signed a memorandum of understanding with The Korea Herald on Monday in a pledge to share Korean art with the world. Through the non-binding agreement, the two companies will cooperate to create a new wave of art investment, nurture a better environment and a bigger market for artists and investors. They will also support Korean artists to enter the global market. They plan to do so by exhibiting, planning and selling artworks, discovering an

May 16, 2023

[Contribution] Korea-US startup cluster cooperation opens new chapter

By Lee Young SMEs and startups minister President Yoon Suk Yeol’s recent state visit to the US, the first such visit by a South Korean president in 12 years, has proven successful. Along with a joint statement, Korea and the US announced six agreements including the Washington Declaration, while securing $5.9 billion worth investments and 50 business deals. The two countries have confirmed the elevated status of Korea, which our people and companies have achieved over the last seven decade

May 16, 2023

Kia mulls $1b EV expansion of Mexico plant

Hyundai Motor Group’s Kia Motors is in talks to expand the production lines at its Mexico plant as part of efforts to bolster responsiveness to US subsidies for electric vehicles, according to company officials and local authorities on Tuesday. “We are not building a new plant but (we are) considering transferring some of the production lines for EVs,” a Kia official told The Korea Herald. “The move is part of our response to the Inflation Reduction Act in the US. But the

May 16, 2023

Nongshim's profits soar on upbeat US sales

South Korean food giant Nongshim saw its profits nearly double in the first quarter, primarily led by its booming business in the US, the company's earnings report said Tuesday. According to Nongshim's regulatory filing, the company's sales and operating profits during the January to March period were tallied at 860.4 billion won ($643 million) and 63.8 billion won, respectively, on a consolidated basis. Compared to the same period last year, Nongshim's sales have increased b

May 16, 2023

LG Chem plans 6-fold growth in battery materials sales

LG Chem CEO Shin Hak-cheol said Tuesday that the company will expand its sales of battery materials to 30 trillion won ($22.4 billion) by 2030, a sixfold increase from 4.7 trillion won in 2022. Shin added the company also aims to make its annual sales from three growth drivers -- battery materials, sustainability businesses and pharmaceuticals -- to reach 40 trillion won by 2030, which will make up 57 percent of the company’s total annual sales. LG Chem’s mid-term growth plan was unv

May 16, 2023

Closer ties with US, Japan key to geo-economic challenges

South Korea needs to strengthen its trilateral alliance with the United States and Japan in trade and investment to overcome global geo-economic challenges and supply chain disruptions triggered by COVID-19, said Jun Kwang-woo, chairman of the Institute for Global Economics. The COVID-19 pandemic and the war in Ukraine have increasingly polarized the world economy, which centers around the US and China. This caused a shift in the global economic paradigm, leading to closer links between nati

May 16, 2023

Major firms’ profits nearly halved in chip downturn

Major companies in South Korea witnessed their operating profit nearly halve on-year in the first quarter this year, as the country’s key semiconductor industry struggles from its worst downturn, a corporate tracker said Tuesday. According to corporate data research institute CEO Score, the combined operating profits of 309 of the top 500 Korean companies by sales marked 25.8 trillion won ($19.3 billion) in the January-March period this year – a plunge by 48.8 percent from 50.5 trill

May 16, 2023

Ukraine asks Korean businesses to help rebuild war-torn country

Ukraine’s top governmental officials called for Korea to take part in the reconstruction of the war-torn country following Russia's invasion at a meeting held by the Korea Chamber of Commerce and Industry in Seoul on Tuesday. The KCCI held a meeting under the title of “Korea-Ukraine Partnership for the Future,” in cooperation with the Embassy of Ukraine in Korea as high-ranking Ukrainian governmental officials visited Seoul, to discuss how Korean companies could take par

May 16, 2023

Thailand's PTT seeks investment, partnerships with Korean tech firms

Thailand's largest conglomerate as well as a state-owned oil and energy company PTT called for investments from South Korean companies, in a bid to forge potential partnerships and scale up its businesses ranging from EVs to semiconductors, during a session organized by the Thai Embassy held in Seoul on Monday. During the session, the chief officer of PTT Buranin Rattanasombat said that PTT will function as an optimal partner for Korea. The group has forayed into a number of key industries

May 16, 2023

SK hynix's NAND unit Solidigm names new CEOs

Solidigm, an SK hynix subsidiary and NAND flash memory solutions provider, appointed a data center expert along with a mergers and acquisitions strategist as its new co-chief executive officers, the company said Tuesday. The two new CEOs are David Dixon, senior vice president and general manager of Solidigm's data center group, and Noh Jong-won, chief business officer of Solidigm and a president of SK hynix. The company said it selected the two people based on their "proven leadership&

May 16, 2023

GS25 to debut ChatGPT-developed whiskey highball

GS25, the leading convenience store chain in South Korea owned by GS Group, said Tuesday it is launching an artificial intelligence-developed alcoholic beverage -- a first globally -- this week. GS25 has partnered with Brewguru, a startup brewing company, to apply AI-based knowledge in developing and introducing a whiskey highball beverage called AskUp Lemon Sparkling Highball. This offering is the world's first alcoholic drink that incorporates AI’s expertise into its decision-maki

May 16, 2023

Auto exports jump 40% in April on vibrant eco-friendly car sales

South Korea's car exports surged 40.3 percent on-year in April on the back of solid demand for eco-friendly cars, the industry ministry said Tuesday. The value of outbound shipments of automobiles came to $6.16 billion last month, compared with $4.4 billion a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest monthly figure for any April, it added. In terms of volume, exports also logged the largest figure for any April with 247,399 vehicl

May 16, 2023

Hotel Lotte's Q1 net profit plunges 61% despite turnaround to operating profit

Hotel Lotte Co., a major hotel and duty-free shop operator in South Korea, has said its net profit sank 61 percent on-year in the first quarter, though it made a turnaround to an operating profit. Net profit came to 18.6 billion won ($13.9 million) in the January-March period, down from 48.6 billion won over the same period last year, according to the company's regulatory filing Monday. Hotel Lotte swung to an operating profit of 35.7 billion in the three months ended in March from an opera

May 16, 2023

Seoul shares open higher amid US debt ceiling woes

South Korean stocks opened higher Tuesday as investor sentiment was buoyed by ongoing US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index climbed 16.3 points, or 0.66 percent, to 2,495.65 in the first 15 minutes of trading. US stocks finished a tad higher overnight on rising optimism that Washington would reach a debt ceiling deal. The Dow Jones Industrial Average rose 0.14 percent, and the tech-savvy Nasdaq Composite went up 0.66 percent. In Seoul, market bellwether Sa

May 16, 2023

BOK, Samsung join hands for offline payment using CBDC

The Bank of Korea and Samsung Electronics on Monday have joined hands to develop Central Bank Digital Currency technology that enables transactions to be made without internet access. The two sides signed a memorandum of understanding at Samsung’s headquarters in Suwon, Gyeonggi Province to strengthen their partnership on the development of CBDC, a form of digital currency issued by the central bank, as well as a solution for offline transactions using the virtual money. Samsung Electroni

May 15, 2023

Seoul shares inch up amid US debt ceiling woes

South Korean stocks snapped a four-day losing streak to close marginally higher Monday, amid concerns over the dispute over the US debt ceiling between the US government and Congress. The local currency edged down against the US dollar. After swerving in and out of negative terrain, the benchmark Korea Composite Stock Price Index finished up 3.93 points, or 0.16 percent, to 2,479.35. Trading volume was light at 475.7 million shares worth 6.8 trillion won ($5.08 billion), with decliners outnumber

May 15, 2023

[Herald Interview] US states compete to lure Korean battery makers

A growing number of US states are going all-out to attract lucrative production lines of Korean battery makers, with some of them offering hefty incentives in addition to the federal government’s tax cuts under the Inflation Reduction Act. “There’s a national competition among some states. It really comes down to the whole package of what a state can offer,” Indiana’s Secretary of Commerce Brad Chambers told The Korea Herald in a recent phone interview. Indiana has

May 15, 2023

Electricity bills to rise by 5.3% as Kepco battles mounting losses

Electricity rates and gas prices in South Korea will increase by 5.3 percent from Tuesday, to ease the financial burden of cash-strapped state-run energy companies. The electricity rate will go up by 8 won ($0.006) per kilowatt-hour and the gas rate by 1.04 won per megajoule, the government announced Monday. The hiked rates take effect from Tuesday, but will not be applied retroactively. This means that a four-person household that uses an average amount of electricity and gas will have to pay

May 15, 2023

Samsung eyes chip facility in Japan amid thaw in Seoul-Tokyo relations

Samsung Electronics, the world’s top chipmaker by revenue, is reportedly considering building an additional research and development facility in Japan amid a thaw in Seoul-Tokyo relations. Japanese media outlet Nikkei reported on Sunday that the Korean chipmaker will build a chip development facility estimated to cost some 30 billion yen ($220 million) in Yokohama, where it already has Samsung R&D Institution Japan. There, Samsung will build a prototype chip production line with the fa

May 15, 2023