Private lunch with Hyundai Motor chief to be auctioned

Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge

May 1, 2023

SKIET to supply battery separators for EVs to China's Sunwoda

SK IE Technology, an electronics materials maker affiliated with SK Group, said Monday it is supplying battery separators to Chinese battery maker Sunwoda Electronic, paving the way for it to secure a footing in China’s burgeoning electric vehicle market. The two companies recently signed a memorandum of understanding at Sunwoda’s headquarters in Shenzhen, with senior executives of both companies in attendance. A battery separator is one of the key components of EV batteries, as it p

May 1, 2023

[Graphic News] Jajangmyeon price soars 60 times over 5 decades

The price for a bowl of jajangmyeon, or noodles in black bean sauce, has soared more than 60 times to 6,361 won ($5) over the past five decades, according to market tracker Korea Price Information. A bowl of jajangmyeon was 100 won in 1970 when the KPI began its first survey, but it had risen to around 2,500 won in 2000. Over the last five years alone, the price has jumped 26.9 percent largely due to growing ingredient prices. The prices of flour, cooking oil, onions and cucumbers used in jajang

May 1, 2023

[Herald Interview] Kona Electric comes back stronger, cheaper

Hyundai Motor’s all-electric compact sport utility vehicle Kona has returned to the market after a yearslong hiatus. Its first-generation model was suspended in 2019 following a series of battery fires, leading to a 1.4 trillion won ($1 billion) recall of some 80,000 vehicles. For the vehicle's second generation, dubbed the All New Kona Electric, the carmaker has teamed up with Chinese battery giant CATL to enhance safety while minimizing price hikes, according to Hyundai’s prod

April 30, 2023

Hanmac gets global recognition

Top brewer Oriental Brewery's Hanmac, a rice-based lager beer, has returned with an upgraded design and fresh quality. Hanmac was launched in 2021 to celebrate the 100th anniversary of the nation’s beer history as part of the brewer's ambitious project to become “Korea’s most representative lager." The new version of Hanmac boasts a new, softer mouthfeel and a head with a longer-lasting taste by using a four-step microfiltration process. In addition, the company

April 30, 2023

Doosan rides Rockwell's presence for 'cobot' expansion in North America

South Korean industrial giant Doosan Corp. is set to expand its presence in the North American market through a strategic partnership with Rockwell Automation, the preeminent industrial automation solutions provider in the US. Doosan said Sunday its robotics unit, Doosan Robotics, and Rockwell signed a memorandum of understanding in Washington last Tuesday in commemoration of the 70th anniversary of the Korea-US alliance. Under the agreement, Doosan will exclusively supply collaborative robots,

April 30, 2023

Samsung eyeing 25% cut in chip production: analysts

Samsung Electronics is expected to cut its memory chip production by up to 25 percent in an effort to ease inventory woes, according to analysts on Sunday. The projection comes after the world’s largest memory chip maker hinted on an earnings call last week that it would start cutting production of legacy products for which it had already secured sufficient inventory to meet mid- to long-term demand. At the time, the company did not specify the reduction scale. Following the announcement,

April 30, 2023

Minister visits Boston Dynamics, Hyundai Motor’s robotics pioneer

The South Korean government plans to unveil its industry strategy for advanced robots before the end of the first half of the year as the country looks to foster its robotics sector and competitiveness on the global stage, according to Trade Minister Lee Chang-yang. “The Korean government will provide support for strengthening the competitiveness of cutting-edge robot companies, creating a new market and establishing global footholds,” said Lee during his visit to Boston Dynamics --

April 30, 2023

HD Hyundai CEO honors family of Korean War veteran

HD Hyundai CEO Chung Ki-sun recently visited several US subsidiaries to personally meet with and extend gratitude towards employees whose family members are Korean War veterans, according to the shipbuilding giant Sunday. As a member of an economic delegation accompanying President Yoon Suk Yeol on his state visit to the US, Chung visited HD Hyundai’s local operations in Alabama and Georgia. In particular, he met with six employees working at a HD Hyundai power transformer plant in Alabama

April 30, 2023

[Beyond Earth] ‘We are all earthlings after all’

“As a human who has looked at the Earth from space with the naked eye, I’ve come to a position where it is very difficult for me to ignore the problems on Earth. And that is something that all astronauts have in common,” said Yi So-yeon, Korea’s one and only astronaut, in an interview with The Korea Herald on April 25. Yi became the first Korean to travel to space when Soyuz TMA-12, a Russian space mission to the International Space Station, was launched on April 8, 2008.

April 30, 2023

[Photo News] Bringing Korean chicken to India

Genesis BBQ Group Chairman Yoon Hong-geun (right) and Rajendra Jagdale, the director general of Science and Technology Park in India, pose after their meeting in Seoul last Wednesday. The two discussed ways for the Korean chicken franchise to enter the Indian market and share its business know-how with local partners.

April 30, 2023

Debt among those in 20s, 30s jumps most during pandemic

Debt among those in their 20s and 30s jumped more than 27 percent over the past three years since the COVID-19 pandemic hit, indicating they suffered financial difficulties due to rising home prices and an economic slowdown, central bank data showed Sunday. In the fourth quarter of 2022, overall loans extended to those in the age bracket soared 27.4 percent to 514.5 trillion won ($383.96 billion) from 404 trillion won in the fourth quarter of 2019, according to a report submitted by the Bank of

April 30, 2023

Doosan signs MOU for expansion in US smart factory market

Doosan Corp., the holding company of South Korea's energy-to-construction equipment conglomerate, said Sunday it has signed an initial pact with a US industrial automation firm to expand into the US smart factory market. On April 25, Doosan Corp. signed a memorandum of understanding with Rockwell Automation, Inc. to develop robotic and other technologies for automation facilities, smart factory construction, and other solutions for their global customers, Doosan said in a statement. Under t

April 30, 2023

[Weekender] Korea in midst of golf wear craze

Kim Min-young, a white-collar office worker in her 30s, said that in light of the start of golf season -- which customarily runs from April to September -- she recently spent some 700,000 won ($523) on clothes from the newly released spring and summer collection launched by her favorite golf wear brand. "When my friends and I go to golf courses for a game, there's definitely that tension of scanning who is using what and who is wearing what -- and what brands the products are from,&q

April 29, 2023

WTO confirms Korea's win in dispute over US washer safeguard tariffs

GENEVA -- The World Trade Organization (WTO) on Friday confirmed a ruling in favor of South Korea in a dispute over the United States' safeguard measures on large-sized residential washers and parts, officials said. The WTO's dispute settlement body endorsed a report issued by an appeals panel in February that it could not see any violation of WTO rules by South Korea in all of the five core issues surrounding the matter, South Korea's Permanent Mission in Geneva said. In May 2018

April 29, 2023

Gucci to hold fashion show at Seoul royal palace next month

Italian luxury brand Gucci will hold a fashion show at a royal palace in Seoul next month, about six months after the event was canceled due to the Itaewon crowd crush, the company said Friday. Gucci plans to showcase its 2024 cruise collection in front of Geunjeongjeon, the main hall of Gyeongbok Palace, in central Seoul on May 16. Geunjeongjeon was used to host major royal ceremonies and receive foreign envoys during the Joseon Dynasty (1392-1910). Gucci's CEO Marco Bizzarri said in a sta

April 28, 2023

SK Bioscience to invest W2.4tr by 2027

SK Bioscience said Friday that the company will invest 2.4 trillion won ($1.79 billion) over the next five years into new vaccine development and the expansion of manufacturing facilities both here and abroad. “The next five years and the company’s investments made during the period will determine SK Bioscience’s future,” said SK Bioscience CEO Ahn Jae-yong during a press conference held in Seoul. The size of the latest investment is around five times bigger than investme

April 28, 2023

Probe in full swing into W8tr stock market wipeout

The authorities are scrambling to respond to what could be one of the largest stock price manipulation cases in recent years. The authorities, including the Financial Supervisory Services, are investigating deals involving the stocks of eight companies, the combined market capitalization of which fell around 8 trillion won this week. The shares of the companies -- Samchully, Daesung Holdings, Seoul Gas, Sebang, Sun Kwang and Daou Data – began dropping abruptly earlier this week without a

April 28, 2023

Hyundai Mobis CEO shares future mobility vision at global forum

Hyundai Mobis CEO Cho Sung-hwan reaffirmed the company's vision to strengthen its key competitiveness in the future mobility sector including autonomous driving and connectivity during a symposium held in Vienna on Thursday. “Hyundai Mobis will deliver a differentiated platform to customers in the electrification, autonomous driving and connectivity sectors based on software with exceptional quality and optimum semiconductors,” Cho said during his speech. The 44th International

April 28, 2023

S. Korea calls on US to resolve legal dispute on nuclear reactor export to Czech Republic

South Korean Industry Minister Lee Chang-yang called on the United States to make joint efforts to resolve a legal dispute over Seoul’s potential export of nuclear reactors to the Czech Republic, the Industry Ministry said Friday. Lee raised the issue during a meeting with US Secretary of Energy Jennifer Granholm in Washington on Thursday, on the sidelines of President Yoon Suk Yeol’s state visit. During the talks, the two sides also agreed to strengthen bilateral cooperation on clea

April 28, 2023