Hyundai, Kia expand role in India’s EV localization

Hyundai Motor and Kia announced Monday that they have signed a strategic partnership with Exide Energy, a leading battery company in India, to speed up India’s transition into electric vehicles and expand the Korean automakers’ presence there. Under the partnership, Exide Energy will develop lithium-iron-phosphate, or LFP, battery cells and supply them to the automakers’ manufacturing footholds in India. The LFP battery cells will be loaded onto the carmakers’ India-speci

April 8, 2024

Samsung, SK boost investment to secure hefty chip subsidies in US

South Korean chipmakers Samsung Electronics and SK hynix have been boosting investment in the US to secure federal subsidies and get ahead in the intensifying competition in the advanced chip packaging and artificial intelligence chip sectors. Samsung Electronics, the world's top memory chipmaker that also runs chip design and foundry businesses, is reportedly planning to increase its investment in its semiconductor fabrication plant currently under construction in Taylor, Texas. According

April 8, 2024

CJ's Tous Les Jours to set up franchisee training center in US

CJ Foodville, the operator of the South Korean bakery chain Tous Les Jours, said Monday it plans to establish a training center in the US aimed at enhancing the service and operational expertise of its local franchisees there. This initiative comes as CJ Foodville has recently experienced an increasing number of inquiries from Americans interested in operating Tous Les Jours franchise outlets in the US, the company added. According to CJ Foodville, contracts for new franchise openings have alrea

April 8, 2024

[Photo News] SK founder's legacy lives on

SK Group said Monday that it was opening the birthplace of its founder Choi Jong-gun and the second-generation Chairman Chey Jong-hyun to the public in celebration of its 71st anniversary. The "Ancient Residence of SK," located on a 1,111 square-meter site in Suwon, Gyeonggi Province, has been refurbished as a memorial hall exploring the history of South Korea’s economic growth and entrepreneurship. The current Chairman Chey Tae-won is the third-generation leader of the nation&rs

April 8, 2024

Mercedes-Benz charity run raises record donations

Mercedes-Benz’s Corporate Social Responsibility Committee said Monday that the Give ‘N Race charity event, held in Busan on Sunday, raised an unprecedented 1.017 billion won ($751,500), with the engagement of 20,000 participants. Initiated in 2017 as part of its commitment to social responsibility, Mercedes-Benz has consistently organized the Give ‘N Race to support vulnerable children and youth in Korea by merging philanthropy and running. This year’s event, the 11th, br

April 8, 2024

[Photo News] Mobility for dogs

Innocean, a global marketing and communications affiliate under Korean auto giant Hyundai Motor Group, said Monday that it has drafted a virtual mobility campaign for dogs by using generative artificial intelligence. Launched on April Fools' Day, the so-called "Dogbility" campaign uses images drawn by generative AI, including vehicles specifically built for dogs. Innocean said the images reflect Hyundai Motor's vision -- "Progress for Humanity" -- for not only human

April 8, 2024

S. Korean economy to grow 2.3% in 2024: AMRO

An economic surveillance organization in Asia has expected the South Korean economy to expand 2.3 percent this year on rising exports, Seoul's finance ministry said Monday. The ASEAN+3 Macroeconomic Research Office made the assessment in its regional report, noting that the recovery of the semiconductor sector will boost exports and lead the overall economic growth, according to the Ministry of Economy and Finance. Last year, the Korean economy expanded 1.4 percent amid a global economic sl

April 8, 2024

Seoul shares open lower despite US gains

South Korean stocks opened lower Monday despite Wall Street gains backed by stronger-than-expected US jobs data. The benchmark Korea Composite Stock Price Index dropped 6.29 points, or 0.23 percent, to 2,707.92 in the first 15 minutes of trading. On Friday, data showed that the US posted the biggest job growth in almost a year in March, indicating a strong economy. Even though the strong labor market may mean interest rates may stay elevated for longer, Wall Street closed higher on the belief th

April 8, 2024

[Graphic News] Most Chinese e-commerce platform users in S. Korea dissatisfied: poll

Most South Korean users of recently burgeoning Chinese e-commerce platforms were dissatisfied with various aspects of their services despite their competitive pricing, a poll showed. In the poll conducted by the Korea Chamber of Commerce and Industry recently on 800 consumers with experience using either AliExpress, Temu or Shein in the past year, 80.9 percent said they have experienced dissatisfaction with the services. Delayed delivery was cited as the biggest reason for dissatisfaction, at

April 8, 2024

2 S. Korean banks compensate retailers for HK-tied ELS losses

Two South Korean banks have compensated retail investors for their losses involving troubled Hong Kong-tied equity-linked securities (ELS) after financial authorities' probe into possible illegal activities related to the sale of the high-risk notes, industry sources said Sunday. Shinhan Bank and Hana Bank provided the compensation to some of the individual retailers who invested in Chinese shares listed on the Hong Kong bourse through ELS products sold in their outlets, they said. Other ba

April 7, 2024

S. Korean exports grow rapidly amid lagging domestic recovery: KDI

South Korea's exports have grown rapidly, driven by the strong rebound in the semiconductor sector, though private consumption and investment remain weak, a state-run think tank said Sunday. "The Korean economy is experiencing a moderate downturn, buoyed by rapid growth in exports, particularly from the IT sector," the Korea Development Institute (KDI) said in a monthly economic assessment report. "But consumption remains weak, particularly in goods consumption, as financing

April 7, 2024

[Herald Interview] Porsche zeroes in on making more fans with new Panamera

The chief of the Porche's Panamera line said building a bigger local fandom will be the carmaker's most important goal as the sporty sedan's third-generation was rolled out in Korea. “The question is not only ‘how do we get the customers to the brand and how do we get them not only as customers and drivers of our cars' (but also) 'How do we get them as fans of the brand?’” said Thomas Friemuth, the head of Porsche’s Panamera product line at

April 7, 2024

[Hello India] 'The Indian elephant has begun its stampede': Balancehero CEO

South Korean founder and CEO of India-focused mobile finance tech firm Balancehero is seeking to gain further momentum by taking a segmentation approach to India’s vigorous economic run. "My Indian friends often likened India to an elephant: challenging to set in motion, but once spurred into action, its force is thunderous. Now, it seems the elephant has begun its stampede,” said Balancehero CEO Charlie Lee said in a recent interview with The Korea Herald. Lee foresaw such expo

April 7, 2024

[KH Explains] Hyundai Motor’s bet on robot dog befalls murky outlook

Hyundai Motor Group has found itself at a crossroads as Boston Dynamics, a US-based robotics company that the Korean auto conglomerate acquired in 2021, struggles to find a breakthrough amid mounting losses. Over two years have passed since Hyundai Motor Group Executive Chair Chung Euisun appeared on stage with Boston Dynamics’ four-legged, dog-like robot, Spot, at the CES 2022 in Las Vegas. “Robots are getting closer to humans. Just like you are carrying your phone today, in the

April 7, 2024

Shinhan joins race for Korea’s 4th internet-only bank

Shinhan Bank, one of the country's top commercial lenders, has thrown its hat in the ring for a license that would make it the country's fourth internet-only bank, competing in the digital space with K bank, Kakao Bank and Toss Bank. Shinhan has joined a consortium launched by Douzone Bizon, an enterprise resource planning software provider, to win approval to launch an internet-only bank. Online lenders here provide most financial services from savings to loans, operating without a ph

April 7, 2024

HD Korea Shipbuilding opens decarbonization R&D center

Korean shipyard conglomerate HD Korea Shipbuilding & Offshore Engineering said Sunday it has launched a new research and development facility dedicated to comprehensive testing of decarbonizing maritime technologies. The Marine Innovative Decarbonization R&D facility, located at the HD Hyundai Heavy Industries yard in Ulsan, was inaugurated in a ceremony attended by key executives, including HD Korea Shipbuilding & Offshore Engineering CEO Kim Sung-joon and Hyundai Mipo Dockyard CEO

April 7, 2024

Taiwan quake may push up memory chip prices in Q2: analysts

The powerful earthquake that hit semiconductor powerhouse Taiwan last week may push up memory chip prices temporarily, as chipmakers there face operational disruptions, according to market watchers on Sunday. The earthquake, which struck off the east coast of island with a magnitude of 7.4 on Wednesday, put the tech industry on edge, as Taiwan is home to 18 percent of global chip manufacturing capacity and approximately 92 percent of the world's advanced semiconductors are produced there. M

April 7, 2024

Febreze takes aim at smelly bathrooms, wardrobes

P&G Korea has brought out two new air fresheners designed for small spaces such as bathroom and wardrobes. Febreze Small Spaces air freshener is available in two types -- one is tailored for bathrooms and another for shoe cabinets and closets. The bathroom type is engineered to eliminate odors from toilet use, sewers and musty water, while the shoe cabinet-wardrobe version is designed for enclosed spaces, effectively combating odors from sweat and mildew. “Febreze Small Spaces is desig

April 7, 2024

Children, teens using smartphones more: study

South Korean children and teens used smartphones for longer periods of time in 2023 than the year before, a report by a state-run think-tank showed Thursday. Children under the age of 10 used smartphones for an average of 1 hour and 15 minutes a day last year, marking an increase of 17.2 percent or 11 minutes, according to the report by the Korea Information Society Development Institute. The report surveyed 9,757 individuals from 4,077 households across the country. While not as prominent as in

April 6, 2024

Food delivery platforms compete with free delivery

The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic

April 5, 2024