[From the Scene] A rare glimpse into Mercedes' data-driven battery assembly

HEDELFINGEN, Germany -- At Mercedes-Benz’s battery production facility in Hedelfingen, Stuttgart, a group of Korean reporters was recently given a close-up look at how the automaker assembles the battery packs that power its flagship electric vehicles, the EQS and EQE. The visit offered a rare glimpse into the detailed, highly automated process that Mercedes-Benz takes on to ensure the reliability of its EV batteries. “Every little part is recorded and can be kept for up to 30 years

Nov. 4, 2024

Celltrion expands European reach with anti-imflammatory drug

Celltrion has launched Steqeyma, a biosimilar of Stelara (ustekinumab) for autoimmune disease treatment, across Europe, broadening its product portfolio to further strengthen its position in the European biopharmaceutical market. On Friday, Celltrion introduced Steqeyma in Germany, one of Europe’s top five pharmaceutical markets, and in the Netherlands. To expedite the product launch, Celltrion’s German subsidiary completed essential preliminary steps, including drug price listing an

Nov. 4, 2024

Seoul shares open higher on US gains

South Korean stocks kicked off slightly higher Monday tracking tech gains on Wall Street, while investors were paying close attention to the US presidential election and the Federal Reserve's rate decision to take place later this week. The benchmark Korea Composite Stock Price Index rose 8.6 points, or 0.34 percent, to 2,550.96 in the first 15 minutes of trading. On Friday, Wall Street finished higher, with the Dow Jones Industrial Average up 0.69 percent, the tech-heavy Nasdaq composite u

Nov. 4, 2024

ShinWon launches R&D center in New York

South Korean fashion company ShinWon announced Sunday that it has launched an R&D Design Center in New York, to strengthen its presence in global markets. Currently, ShinWon operates seven manufacturing subsidiaries in Guatemala, Nicaragua, Vietnam and Indonesia, all known for their expertise in knit and sweater production. With these production capabilities, the company has maintained long-term collaborations with top global brands like Patagonia, Columbia, GAP, Target and Walmart. &ldquo

Nov. 3, 2024

[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'

GUMI, North Gyeongsang Province -- In front of the modest Gumi Station building on Friday, the streets bustled with crowds enjoying ramyeon, despite the rainy weather. Claiming to be "the longest ramyeon restaurant in the world," the 475-meter long strip occupied by the event zone featured 24 booths offering an array of ramyeon-based dishes prepared by chefs from local establishments, including snack bars, bistros, and food trucks. In a seating area accommodating up to 960 people, visi

Nov. 3, 2024

Korean startups seek global talent through D.Camp’s new internship initiative

D.Camp, one of South Korea’s largest startup incubators, held a networking event on Friday to connect international students with internship positions at local startups. The event, hosted at D.Camp’s Front1 facility in Seoul’s Mapo-gu district, brought together representatives from 13 startups and dozens of international students who had applied to these companies in hopes of securing an internship over the winter break. The event is part of a new initiative launched by D.Camp

Nov. 3, 2024

Korean battery makers brace for impact of US election

With the US presidential election just around the corner, Korean battery companies are bracing for change as the result could have significant effects on the industry, particularly if Republican candidate Donald Trump wins. Korea’s leading battery producers -- LG Energy Solution, Samsung SDI and SK On -- have depended on the Advanced Manufacturing Production Credit under the Biden administration’s Inflation Reduction Act for operating profits. According to the quarterly earnings repo

Nov. 3, 2024

Hana opens 100th child care center

Hana Financial Group said Sunday that it has launched the 100th child care center in Bonghwa-gun, North Gyeongsang Province, as part of its 150 billion won ($108.6 billion) project aiming at addressing the nation’s chronically low birth rate. The Korean financial giant launched the project in 2018, with the aim of establishing a total of 100 child care centers nationwide in collaboration with provincial governments. "I am very pleased with this achievement after six years of efforts t

Nov. 3, 2024

Hyosung vice chairman takes helm of 2025 APEC business council

HS Hyosung Vice Chairman Cho Hyun-sang has officially begun his role as the member and incoming chair of the APEC Business Advisory Council (ABAC) for 2025, Hyosung Group announced on Friday. Appointed the ABAC chair in August this year, Cho recently met with Foreign Minister Cho Tae-yul and Second Vice Foreign Minister Kang In-sun. On Thursday, he also met with Trade Minister Jeong In-kyo to discuss the ABAC's role and vision for next year’s APEC meeting, which will primarily take pl

Nov. 3, 2024

[Photo News] AI-driven growth

SK Group Chairman Chey Tae-won delivers his closing remarks during the 2024 CEO Seminar held at SKMS Research Institute in Icheon, Gyeonggi Province, on Saturday. Some 30 top executives across SK companies participated in the three-day annual event. The SK chief stressed to spur growth centering on artificial intelligence amid the ongoing efforts for portfolio rebalancing and operational improvements. (SK Group)

Nov. 3, 2024

[Herald Interview] Lufthansa bets big on Korea’s growing cultural influence in Europe

Celebrating 40 years of direct flights between Korea and Germany, Lufthansa Group is intensifying its focus on Korea with tech-driven travel solutions and sustainability efforts. Earlier this year, the group launched direct services from Seoul to Zurich with SWISS and is continuing to explore opportunities to increase capacity in the Korean market. In a recent interview with The Korea Herald, Leandro Tonidandel, Lufthansa Group’s general manager for Korea, shared insights into how Korea&

Nov. 3, 2024

Sharp rise seen in household credit, driven by savings banks, credit unions

South Korea's household credit increased at a faster rate in October due to rising loans from savings banks and credit unions despite the government's efforts to curb household debts, financial data showed Sunday. Outstanding household credit extended by all financial institutions, including commercial banks, savings banks, and insurance and securities firms, rose by 6 trillion won ($4.35 billion) from a month earlier in October, accelerating from a 5.2 trillion-won increase in Septemb

Nov. 3, 2024

[Herald Interview] C&W eyes Seoul's robust demand for overseas commercial properties

Global commercial real estate services provider Cushman & Wakefield is looking to expand its Korean client pool for overseas deals, while riding on the wave of demand for properties in Seoul, according to its Korea and Japan chief. “Seoul is definitely in the tier one bucket, where we want to focus a lot of our investment, growth and make sure we continue to have a larger and a very strong platform,” Todd Olson, executive managing director of North Asia at Cushman & Wakefield

Nov. 2, 2024

Korea’s instant ramyeon exports cross $1b milestone

South Korea’s instant ramyeon exports have officially surpassed the $1 billion mark for the first time this year, reflecting surging global demand. The Ministry of Agriculture, Food and Rural Affairs reported on Friday that instant noodle exports from January to October reached an impressive $1.02 billion (1.4 trillion won), representing a 30 percent increase compared to the same period last year. Last year’s exports totaled $952 million, meaning this year's exports exceeded tha

Nov. 1, 2024

More Korean unicorns race to tap US markets

Korean platform companies are increasingly setting sights on US listings as the domestic stock market loses momentum. Viva Republica, the operator of financial app Toss, recently paused its initial public offering plans in Korea to explore a US listing instead. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, noting that both markets remain options. Viva Republica’s pivo

Nov. 1, 2024

Hankook & Co. formalizes deal for Hanon System, joins Korea's top 30 biz groups

Hankook & Co., the holding firm of Korea's largest tire maker Hankook Tire & Technology, announced Friday that it has signed a definitive agreement to acquire a stake in Seoul-based automotive parts supplier Hanon Systems. Under the agreement, Hankook & Company will purchase a 23 percent stake in Hanon Systems from private equity firm Hahn & Co. for approximately 1.23 trillion won, finalizing the deal about six months after the two companies signed a memorandum of understand

Nov. 1, 2024

Seoul shares fall for 3rd straight day on tech losses

South Korean stocks fell for the third consecutive session Friday, led by tech share losses. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 13.79 points, or 0.54 percent, to close at 2,542.36, extending its losing streak from Wednesday. Trading volume was light at 315.1 million shares worth 7.8 trillion won (US$5.66 billion), with decliners beating gainers 599 to 288. Foreigners and institutions dumped a net 38.8 billion won and 188.4

Nov. 1, 2024

Samsung CEO calls for unrivaled technological leadership

Samsung Electronics Vice Chairman and co-CEO Han Jong-hee told employees Friday to fully commit to strengthening their key technological leadership to secure uncompromising quality competitiveness. “Without change, neither innovation nor growth is possible," he said during a joint commemorative speech delivered at the tech giant’s 55th anniversary celebration in Suwon, Gyeonggi Province. “Let’s proactively secure technologies that do not yet exist in the world, techn

Nov. 1, 2024

SPC to open halal-certified bakery plant in Malaysia

South Korean bakery giant SPC Group announced Friday that construction of a halal-certified bakery factory in Malaysia is set to be completed by year-end, as it aims to expand the reach of its flagship brand Paris Baguette across Southeast Asia and into the Middle East. Ahead of the plant’s opening in Johor Bahru, SPC Group President Hur Jin-soo met with Johor Chief Minister Onn Hafiz Ghazi in Seoul on Monday to discuss potential collaborations, including local ingredient sourcing and jo

Nov. 1, 2024

SK Innovation becomes Asia-Pacific's largest energy firm after merger

SK Innovation and SK E&S, both part of South Korea’s SK Group, officially completed their merger Friday, forming the largest privately owned integrated energy company in the Asia-Pacific region, with a combined asset value of 105 trillion won (around $76.1 billion). What does the merger mean for SK Innovation? With SK E&S now folded into SK Innovation, the newly merged company can tap into an expanded portfolio that includes oil, chemicals, liquefied natural gas, power generati

Nov. 1, 2024