Woori Bank joins race for 4th online-only lender

Woori Bank, a major commercial lender in South Korea, has entered the competition to secure a license for the country's fourth internet-only bank. An official from Woori Bank confirmed Tuesday that the company recently submitted a letter of intent to Korea Credit Data to join the firm's consortium to win approval to launch an internet-only bank. This marks the first time a local commercial bank has officially delivered its commitment to join the race. "Woori Bank has consistently

May 14, 2024

Kia rolls out new EV6 with longer range but no price hike

Kia has officially launched an upgraded version of the EV6 in the Korean market, with sales starting Tuesday and deliveries expected by June. "The new EV6 will launch internationally within this year," a Hyundai Motor Group official told the Korea Herald. This latest update, the first in about three years since August 2021, increases the maximum driving range to 494 km per charge, according to the Korean Ministry of Environment certification. This represents a 19 km improvement over t

May 14, 2024

TikTok girl surprised with Buldak Carbonara Ramen event

South Korean food giant Samyang Roundsquare, formerly Samyang Foods Group, surprised a young Texas girl who went viral on TikTok after receiving a multi-pack of Buldak Carbonara Ramen as a birthday gift. Adalynn Sofia's emotional reaction to receiving the spicy noodles garnered nearly 100 million views and 10 million likes on the platform since it was posted in early April. As a gesture of appreciation, Samyang Roundsquare organized a surprise event for the girl at her home. A bright pink v

May 14, 2024

[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure

In the realm of materials science, diamonds have long held a prestigious status for their unparalleled hardness and brilliance. Traditionally, the synthesis of these coveted gems has relied on high-pressure, high-temperature methods, representing a significant barrier to large-scale production. However, recent research by Rodney S. Ruoff and his team at the Center for Multidimensional Carbon Materials within the Institute for Basic Science has opened a new chapter in diamond synthesis -- growing

May 14, 2024

[Photo News] Taste of luxury in the sky

Korean Air said Tuesday that its first-class cabin food and beverage service has won the top awards from the US travel magazine, Global Traveler. The airline offers a diverse range of menu choices, paired with an exclusive wine program designed by renowned sommelier Marc Almert. Since last year, vegan menus based on traditional Korean temple cuisine have also been served. (Korean Air)

May 14, 2024

[Photo News] Hankook Tire in Europe

Hankook Tire will showcase its latest products at the Tire Cologne 2024 exhibition, slated to take place from June 4 to 6 in Germany, the Korea tire maker said Tuesday. Hankook Tire will present its electric vehicle-dedicated tire brand iON's new summer product, as well as the e-SMART City AU56, a tire type for electric buses, for the first time at the global exhibition. (Hankook Tire & Technology)

May 14, 2024

[H.eco Forum] Orsted drives Taiwan's renewable push with Asia's largest offshore farms

Orsted, a company that has transformed itself from one of Europe’s most carbon-intensive power generators into a global leader in green energy, is now seeking to lead the charge against climate change in Asia. In anticipation of the H.eco Forum 2024, scheduled to take place on Some Sevit in Seoul on May 22, The Korea Herald spoke with one of the session speakers, Christy Wang, chairperson of Orsted Taiwan, to discuss the company’s journey, its contributions to Taiwan's offshore

May 14, 2024

Seoul shares open almost flat ahead of US inflation data

South Korean stocks opened almost flat Tuesday as investors awaited a key US inflation report set to be released later this week. The benchmark Korea Composite Stock Price Index gained 0.51 point, or 0.02 percent, to 2,727.72 in the first 15 minutes of trading. Overnight, the S&P 500 closed almost flat, while the Dow Jones Industrial Average fell 0.2 percent. The tech-heavy Nasdaq composite gained 0.3 percent. Investors' eyes are on the US Consumer Price Index data for April due out Wed

May 14, 2024

Import prices up for 4th month in April on higher oil prices

South Korea's import prices rose for a fourth consecutive month in April due to an increase in oil prices and the Korean won's decline against the US dollar, central bank data showed Tuesday. The import price index rose 3.9 percent last month from a month earlier following a 0.5 percent on-month gain the previous month, according to the preliminary data from the Bank of Korea. From a year earlier, prices also rose 2.9 percent last month following a 0.5 percent on-year decline the previ

May 14, 2024

Samyang shares soar on upbeat sales of Buldak ramyeon in US

Samyang Roundsquare shares rallied Monday, driven by investor expectations of the growing popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The shares soared to a record high of 353,000 won ($258) at one point in the morning before closing at 329,000 won. Over the past three months alone, the shares jumped more than 70 percent. Samyang's upward trajectory began in August 2023 when it posted record exports of its Buldak products in the second quarter. E

May 13, 2024

China’s AliExpress, Temu sign rare pact in Korea to ensure product safety

Chinese e-commerce giants AliExpress and Temu signed a product safety agreement with Korea's Fair Trade Commission on Monday in the hopes of ensuring and protecting Korean consumers from harmful products being distributed and sold here through their platforms. The agreement marks the first of its kind signed by an overseas online platform operator in Korea regarding product safety. Particularly, Temu's involvement is noteworthy as this is the first time the company signed such an agree

May 13, 2024

Seoul shares almost flat ahead of US inflation data

South Korean stocks ended almost flat Monday as investors were cautious ahead of the release of US inflation data set to be released later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.42 point, or 0.02 percent, to 2,727.21. Trade volume was slightly heavy at 614.2 million shares worth 12.9 trillion won ($9.4 billion), with losers outpacing winners 481 to 380. Last week, the Dow Jones Industrial Average gained ground for the fourth c

May 13, 2024

Samsung doubles down on Vietnam

Samsung Electronics has pledged to increase its annual spending in Vietnam to $1 billion as the Southeast Asian country emerges as a strategic base for manufacturing in the region. According to industry sources on Monday, Samsung Electronics Chief Financial Officer Park Hark-kyu on Thursday met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi to discuss business collaborations. During the meeting, the Samsung CFO noted how the company has invested $22.4 billion in Vietnam so far and share

May 13, 2024

Yuhan-Kimberly’s reforestation campaign marks 40th year

Yuhan-Kimberly announced Monday that its long-standing forest conservation campaign "Keep Korea Green" has reached its 40th anniversary this year. Originating in 1984, the campaign has evolved into a corporate social responsibility model rooted in cooperative governance, driving both societal and corporate development. Marking the campaign's 40th anniversary, Yuhan-Kimberly announced its achievements so far. Through the campaign, Yuhan-Kimberly has planted over 57 million trees ac

May 13, 2024

Processed food satisfaction rate keeps falling: report

South Korean consumers’ satisfaction with processed food dropped in 2023 compared to the year before, a report showed Monday, marking a decline in the price category for the third-straight year. The Korea Rural Economic Institute conducted a survey of 2,000 households across the country between August and October last year, asking them to rate their satisfaction with processed foods on a scale of 1 to 5. The respondents gave a 3.6, after marking 3.9 for three consecutive years from 2020 to

May 13, 2024

[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps

Hyundai Motor Group’s plan to build a new headquarters called Global Business Center, or GBC, as a landmark in southern Seoul still faces bumps after having already undergone decade-long obstacles as it continues struggling with the Soul Metropolitan Government to find common ground on height. The dispute was recently reignited when it was reported that the Seoul Metropolitan Government intended to reject Hyundai Motor’s new plan to build two 55-floor main buildings instead of the ea

May 13, 2024

LG Innotek to spur growth in automotive lighting

LG Innotek on Monday renewed its commitment to nurturing the automotive lighting business as its key growth driver. This year marks the 10th anniversary of the commercialization of Nexlide, the parts maker’s flexible three-dimensional lighting brand for vehicles. The module-based lighting products boast brighter, clearer and more uniform light emission. Starting with the Nexlide-A in 2014, the Nexlide-M began mass production in the first quarter of this year. A total of nine types of Nexli

May 13, 2024

K bank racks up record earnings ahead of market debut

South Korea's internet-only lender, K bank, witnessed a significant improvement in its earnings as it gears up for its market debut this year. The bank announced Monday that its net profit in the first quarter surged nearly fivefold to 50.7 billion won ($37 million), from 10.4 billion won in the same period last year, reaching a new quarterly high. The bank stated the record performance results from a balanced growth in both deposit and loan balances, which increased by 25.7 percent and 6.6

May 13, 2024

Toss Securities logs record quarterly profit in Q1

Toss Securities, the online-only brokerage arm of Korean fintech giant Viva Republica, continues its upward trajectory, marking a significant milestone with its highest-ever quarterly net profit in the first quarter. The company announced Monday that its net profit soared to a record 11.9 billion won ($8.7 million) in the first quarter, rebounding from a net loss of 400 million won in the same period last year. This figure is equivalent to eight times the annual net profit of 1.5 billion won rec

May 13, 2024

SK Telecom to lead AI data center standardization

SK Telecom said Monday that their proposal for standardizing industry-wide technologies for AI data centers has recently been approved as a new research project by a UN telecom agency. The ITU-T, a division of the UN-affiliated International Telecommunication Union, is responsible for studying and establishing electrical and telecom standards, with over 900 entities from around 190 member countries joining. "The ITU-T's endorsement of our new standardization project not only underscore

May 13, 2024