Creditors of troubled builder Taeyoung set to decide on debt restructuring

Creditors of debt-ridden Taeyoung Engineering & Construction Co. were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing loans. The state-run Korea Development Bank, the builder's main creditor, will receive documen

Jan. 11, 2024

Seoul shares open nearly flat ahead of BOK rate decision

South Korean shares opened nearly flat Thursday as the country's central bank was set to hold a rate setting meeting later in the day. The benchmark Korea Composite Stock Price Index added 1.16 points, or 0.05 percent, to 2,543.14 in the first 15 minutes of trading. The Bank of Korea was scheduled to hold its monetary policy meeting later in the day, where it was widely expected to keep its key rate frozen for the eighth consecutive time. Investors are also awaiting the release of the US in

Jan. 11, 2024

Samsung family members to sell 2.8tr won worth of shares in Samsung units in block deal

Family members of Samsung Group plan to sell nearly 2.8 trillion won ($2.12 billion) worth of their shares in Samsung Electronics and other affiliates in a block deal in an apparent bid to pay inheritance taxes, industry sources said Wednesday. Hong Ra-hee, the mother of Samsung Electronics Co. Chairman Lee Jae-yong, and her two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Lee Seo-hyun, chief of the Samsung Welfare Foundation -- are pushing to unload a combined 29.8 million shares worth 2

Jan. 10, 2024

[Photo News] S. Korean business moguls visit CES 2024

Leaders of major corporations in South Korea toured exhibition booths on the opening day of the CES 2024 at the Las Vegas Convention Center, in Las Vegas, Tuesday. Among those who made an appearance at the annual global tech show were SK Group Chairman Chey Tae-won, SK Executive Vice Chairman and SK On CEO Chey Jae-won, Hyundai Motor Group Executive Chair Chung Euisun, HD Hyundai Vice Chairman Chung Ki-sun, GS Group Chairman Huh Tae-soo, and Samsung Electronics Vice Chairman Han Jong-hee.

Jan. 10, 2024

Seoul stocks extend losing streak to 6th day ahead of US inflation data

South Korean shares closed lower for the sixth consecutive session Wednesday as investors awaited US inflation data. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index dipped 19.26 points, or 0.75 percent, to close at 2,541.98. Trade volume was moderate at 555.7 million shares worth 8.46 trillion won ($6.4 billion), with losers outnumbering gainers 536 to 338. The Kospi stayed in negative terrain throughout the day, tracking overnight losses on

Jan. 10, 2024

How high can you go? Luxury brands hike prices, again

Another wave of price rises planned by luxury brands in South Korea has stirred up questions about whether their high price tags will indeed see consumers in the world’s biggest luxury goods market continue to open their wallets. Hermes, one of the highest-priced fashion brands, kicked off the new year by raising its prices, with many other brands expected to follow suit this month. The French luxury fashion house's Oran sandals now cost 3.52 million won ($2,685), up 44 percent from l

Jan. 10, 2024

[CES 2024] HD Hyundai outlines autonomous construction site

South Korean shipbuilding and heavy industries conglomerate HD Hyundai is presenting the blueprint of future construction sites utilizing unstaffed autonomous technologies at CES 2024 in Las Vegas this week. According to HD Hyundai, this year’s exhibition has been set up under the core theme of “Xite Transformation,” a land innovation vision to solve the problems humanity is facing, such as security, supply chains and climate change. HD Hyundai divided its exhibition area into

Jan. 10, 2024

[CES 2024] Samsung CEO hints at plans for ‘megadeals’

LAS VEGAS – Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said the South Korean tech giant may set out a plan for megasized mergers and acquisitions this year as a way to solidify its leadership in the global market. “To strengthen our existing businesses and discover future growth engines, we’ve been steadily on M&A deals. We are hopeful that a new (M&A) plan will come up within this year,” Han said at a press conference Tuesday on the sidelines of CE

Jan. 10, 2024

Kakao Pay sees foreigner usage surge in 2023

Kakao Pay, the online payment service of Korean tech giant Kakao Corp., saw exponential growth in its usage by foreign nationals last year, with the volume of monthly transactions by foreigners jumping by 14 times on-year in January. According to the firm on Wednesday, numbers for transactions and monthly foreign users also increased by eight times each over the same period. The company declined to provide further details on the exact figures. The firm has partnered with 12 online payment platfo

Jan. 10, 2024

[CES 2024] AI success hinges on steady, strategic investments: Chey

LAS VEGAS/SEOUL -- The era of artificial intelligence is opening, and its success will depend on how the market is created to measure up to high expectations and investment, SK Group Chairman Chey Tae-won said, taking part in the CES 2024 technology show in Las Vegas on Tuesday. After touring the showrooms of Samsung Electronics and LG Electronics on the opening day of the world's largest tech show, Chey pointed to transparent TV screens as novel items that may open an entirely new product

Jan. 10, 2024

[CES 2024] 42dot, Samsung to launch Exynos-based auto platform

42dot, the software mobility unit under Hyundai Motor Group, clinched a deal with Samsung Electronics to develop an artificial intelligence-based software-defined vehicle platform on the sidelines of the CES 2024 tech show in Las Vegas on Tuesday. Song Chang-hyeon, who doubles as 42dot CEO and president of the software-defined vehicle unit at Hyundai Motor Group, and Park Yong-in, president of the system large-scale integration division at Samsung Electronics, participated in a signing ceremony

Jan. 10, 2024

[JPM 2024] Samsung Biologics seeks ‘unrivaled’ CDMO leadership

SAN FRANCISCO – Samsung Biologics, the biotech arm of Samsung Group, is seeking to further consolidate its leadership in the soaring contract manufacturing and development market by outpacing rivals in terms of production capacity. "I am aware of the market's post-pandemic oversupply concerns. However, considering the continual rise in our orders, the choice to expand production capacity is deemed essential to promptly address the strong demands of our clients,” CEO John Ri

Jan. 10, 2024

[CES 2024] Hyundai Mobis’ e-Corner system makes debut

Hyundai Mobis, a car parts manufacturing unit under Hyundai Motor Group, unveiled Mobion, an electric vehicle running on its self-driving e-Corner System technology for the first time at CES 2024 in Las Vegas on Wednesday. The technology incorporates the world’s first in-wheel motors consisting of four small motors that incorporate rotational steering and electronic braking in one module installed in the car wheels. “The e-Corner system reduces physical connections of mechanical devi

Jan. 10, 2024

[CES 2024] Hyundai-backed Supernal to debut flying taxies in Korea, US by 2028

LAS VEGAS -- Supernal, Hyundai Motor Group’s air taxi subsidiary, unveiled the next generation of its aircraft, the S-A2, at CES 2024 in Las Vegas on Tuesday, marking a substantial step in its drive to introduce flying taxis. "We have pushed the technical boundaries toward a future where cities are free from congestion and limited mobility. Our goal is to bring air taxi service to both the US and Korean markets by 2028," said Shin Jai-won, executive vice president and head of Sup

Jan. 10, 2024

[Herald Interview] Lotte Biologics' US plant to begin ADC services in early 2025

SAN FRANCISCO -- Lotte Biologics will begin production of its antibody-drug conjugates at its US plant by the first quarter of 2025, according to its CEO Richard Lee, who spoke at a meeting with reporters on Monday, held on the sidelines of the J.P. Morgan Healthcare Conference. As ADCs have emerged as a promising class of treatments, the Korean contract drug manufacturer has received a myriad of requests from potential clients to offer a full line of ADC services at its production site in Syrac

Jan. 10, 2024

[CES 2024] G-Dragon spotted at CES

K-pop artist G-Dragon was spotted visiting the CES 2024, the world’s largest tech show which kicked off in Las Vegas on Tuesday. G-Dragon popped into the showrooms of Korean tech firms, including Samsung Electronics, LG Electronics, and SK Group, where he explored their cutting-edge technologies. When asked about his surprise visit to the tech show, he replied, “I’m interested in all technologies, and came to learn more about AI.” Stopping by SK Group’s exhibition b

Jan. 10, 2024

[Photo News] Coming soon

A teaser video for Samsung Electronics’ Unpacked event touting its flagship Galaxy lineup is screened on the Sphere, a new landmark in Las Vegas, Tuesday. The tech giant is scheduled to unveil its Galaxy S24 smartphones with enhanced artificial intelligence features next week in San Jose, California. (Samsung Electronics)

Jan. 10, 2024

[Photo News] OLED tunnel

Visitors pass through tunnel-like display screens at LG Electronics’ exhibition booth during the CES tech show in Las Vegas on Tuesday. Some 140 OLED screens are used to feature diverse video content running on the tech giant’s smart TV platform, webOS. (LG Electronics)

Jan. 10, 2024

[Photo News] Hyundai family

HD Hyundai Vice Chairman Chung Ki-sun (left) and Hyundai Motor Group Executive Chair Chung Euisun look around HD Hyundai's exhibition area at the CES 2024 in Las Vegas on Tuesday. As the grandsons of Chung Ju-yung, the late founder of Hyundai Group, the two business moguls are cousins. HD Hyundai is showcasing the future of construction on the back of automation technology at this year's global tech convention. (HD Hyundai)

Jan. 10, 2024

P&G Korea showcases brand new diaper 'Pampers Baby-Dry Pants'

P&G Korea, the local subsidiary of Procter & Gamble, said Wednesday it has launched the newest addition to its product lineup -- Pampers Baby-Dry Pants -- a baby diaper designed to provide improved absorbency. The company said that the Pampers Baby-Dry Pants diapers stand out for superior absorption capacity, ensuring a moisture-free and comfortable wear for babies throughout the day. A key feature of the diaper product is the "Pee-Lock Technology,” which incorporates dual lea

Jan. 10, 2024