[Graphic News] Transportation industry sales up 20% on travel demand surge

Sales of South Korea’s transportation industry rose nearly 20 percent in 2022 driven by a rising demand for travel after the COVID-19 pandemic, data showed. Sales came to 232.5 trillion won ($177.7 billion) last year, up 19.8 percent from the previous year, according to the data from Statistics Korea. The growth came as sales of the air transport sector surged 57.9 percent on-year to 23.4 trillion won, with more people taking trips as the COVID-19 situation stabilized. Sales of the water t

Dec. 28, 2023

LegoChem CEO expects $1.72b deal to give traction to ADC development

LegoChem Biosciences will leverage its $1.72 billion out-licensing deal with Janssen Pharmaceuticals for the development of its subsequent antibody-drug conjugate pipelines, the Korean biopharmaceutical firm's CEO said on Wednesday. On Tuesday, the Kosdaq-listed LegoChem signed a technology transfer agreement with Janssen Pharmaceuticals for the development and commercialization of antibody-drug conjugate candidate LCB84. The deal, potentially worth over $1.72 billion, is the largest licens

Dec. 27, 2023

[KH Explains] Kakao’s ‘Beyond Korea’ strategy hits snag

The ongoing legal risks surrounding Kakao Corp. seem to be eating into subsidiaries' plans for global expansion, with a series of acquisition deals toppled recently. Kakao Mobility's stock purchase deal with German taxi-hailing service provider FreeNow has reportedly fallen through, with the two companies failing to come to a consensus on the final conditions. Kakao Mobility has been seeking to acquire about 80 percent of FreeNow, Europe's largest taxi-hailing platform, and the Ko

Dec. 27, 2023

[Photo News] LG AI home manager

LG Electronics said Wednesday it will unveil its artificial intelligence smart home robot at the upcoming CES 2024 next month. The latest AI agent boasts robotics and multimodal technologies that enable it to move, learn, comprehend and engage in complex conversations. The company said the latest device will play a role as an all-around home manager and a companion to enhance users’ daily lives by lessening the burden of house chores. (LG Electronics)

Dec. 27, 2023

[Best Brand] Innovative marketing enhances brand power

Brand power refers to the influence the name holds over the spending behavior of consumers, which can also be used to predict future spending patterns. Merely offering a good-quality product based on decades of expertise no longer entices the fickle consumers. This, on the other hand, also means there is more opportunity for lesser-known products with innovative marketing strategies to quickly advance into markets once dominated by conventional brands. Since 1994, The Korea Herald has been rel

Dec. 27, 2023

Seoul shares close slightly higher despite ex-dividend

South Korean stocks finished moderately higher Wednesday on foreign and individual purchases. The local currency rose slightly against the US dollar. Swinging between gains and losses, the benchmark Korea Composite Stock Price Index gained 10.91 points, or 0.42 percent, to close at 2,613.5. Trade volume was higher at 345.9 million shares worth 10.3 trillion won ($7.6 billion), but decliners outnumbered gainers 591 to 300. Foreigners scooped up a net 231.1 billion won worth of local shares and in

Dec. 27, 2023

Hyundai, Kia hybrid sales hit record high

Hyundai Motor Group’s two auto brands -- Hyundai Motor Company and Kia -- have set a new record by selling some 767,000 hybrid electric vehicles across the world through November this year, the South Korean auto giant said Wednesday. According to the automakers, Hyundai Motor Company and Kia sold 254,258 HEVs in the Korean market, accounting for 21 percent of their total domestic sales during the January to November period. The two companies sold 513,000 HEVs overseas in the same timeframe

Dec. 27, 2023

Chaebol leaders heading to CES 2024

Leaders of South Korea’s top conglomerates are set to converge at CES 2024 in Las Vegas next month to immerse themselves in emerging tech trends and expand global business networks. SK Group Chairman Chey Tae-won will be making his second consecutive appearance after last year's CES. “I’m also wondering how far artificial intelligence can be evolved. Drastic changes are expected to be made in the next five years. (That’s why) I’m heading to the CES,” th

Dec. 27, 2023

Hyundai Mobis to help Marines combat motion sickness

South Korean automotive technology company Hyundai Mobis said Wednesday it has teamed up with the Marine Corps to develop a novel anti-motion sickness technology for assault vehicles to boost Marines' combat performance on rough terrain. The potential technology is designed specifically for amphibious assault vehicles. Because these vehicles are used for transporting troops from ships to shore through rough, unpredictable sea and land conditions, motion sickness is a common issue that plagu

Dec. 27, 2023

Posco gears up to produce rare gases for chipmaking

Posco Holdings said Wednesday it has joined forces with a Chinese cryogenic equipment and engineering firm to produce rare gases essential for chip fabrication in South Korea, securing a domestic supply chain. Rare gases, or noble gases, are a group of chemically inert gases that include krypton, neon and xenon. While found in extremely small amounts in the atmosphere, these gases are widely used in the production of semiconductors, displays and satellite technology. On Friday, Posco Holdings an

Dec. 27, 2023

JungKwanJang launches new red ginseng product using edible bird’s nests

JungKwanJang, South Korea’s leading red ginseng brand under Korean Ginseng Corp., said Wednesday that it has launched a new red ginseng product using edible bird’s nests to target the Chinese market. Swallow’s nests, in particular, have long been considered a delicacy in Chinese cuisine, and more recently they are widely used in skincare products as they contain sialic acid, a type of amino acid, as well as various minerals and collagen. The market for edible bird’s nests

Dec. 27, 2023

[Photo News] Hyundai's year-end gifts

Hyundai Motor Company has given out year-end gifts and offered cultural experiences to 1,432 children and adolescents nationwide in collaboration with ChildFund Korea as a part of its annual corporate social responsibility activities, the Korean automaker said Wednesday. Named "Santa Expedition," this year's event marking its eighth edition also invited youth to Hyundai Motorstudio Goyang in Gyeonggi Province to experience various mobility activities. (Hyundai Motor Group)

Dec. 27, 2023

Seoul shares open tad higher on US gains

South Korean stocks started a tad higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index climbed 1.09 points, or 0.04 percent, to 2,603.68 in the first 15 minutes of trading. US stock indices gained ground, with the Dow Jones Industrial Average rising 0.43 percent and the tech-heavy Nasdaq Composite gaining 0.54 percent. In Seoul, tech and battery shares led the positive start. Samsung Electronics, the world's largest memory chipmaker, inc

Dec. 27, 2023

[Graphic News] Auto exports hit new record in Nov. on EVs

South Korea’s car exports hit a record high in November on strong demand for premium electric cars in the US market, data showed. The combined value of car exports reached $6.53 billion in November, marking an all-time-high monthly figure, according to the Ministry of Trade, Industry and Energy. Over the January-November period, the combined car exports came to $64.5 billion, also setting a new record for the period, it added. The ministry anticipated the annual automobile shipments to hov

Dec. 27, 2023

US supply chain review to boost Korean chip sales: analysts

The US government’s survey on its semiconductor supply chain would likely boost sales for Korean chipmakers, with the heightened surveillance on the usage of Chinese chips raising uncertainties for US tech giants, according to an analysis, Tuesday. Last week, the US Department of Commerce said it will start the survey in January to identify how US companies are sourcing so-called legacy chips -- the current-generation and mature-node semiconductors. The purpose of the analysis is to &ldquo

Dec. 26, 2023

[KH Explains] Naver, AfreecaTV rivalry heats up as Twitch exodus begins

With Amazon-owned popular game livestreaming platform Twitch’s decision to withdraw from the Korean market, the competition to lure the market leader’s popular streamers and millions of users appears to be in full swing among local platform operators AfreecaTV and Naver. Until recently, Twitch occupied more than half the market -- 52 percent -- with 2.32 million active users according to the monthly average of subscribers January 2022 through November 2023. AfreecaTV, the runner-up w

Dec. 26, 2023

Samsung Biologics CEO to attend JPMorgan conference

Samsung Biologics CEO John Rim is heading to San Francisco next month to share the company’s mid-term business plans during the JPMorgan Healthcare Conference, the company said Tuesday. The JPMorgan conference, one of the largest investment events for pharmaceutical and biotechnology industries that marks its 42nd year in 2024, will be held in the US city on Jan. 8-11. Some 600 companies and 8,000 industry officials and investors are expected to attend this year’s event. This year, S

Dec. 26, 2023

Seoul shares end tad higher on cautious mode

South Korean stocks closed slightly higher Tuesday as investors remained cautious after a recent rally stemming from the US central bank's dovish stance. The local currency rose against the greenback. After choppy trading, the benchmark Korea Composite Stock Price Index gained 3.08 points, or 0.12 percent, to close at 2,602.59, ending the two-day losing streak. Trade volume was moderate at 429.4 million shares worth 9.4 trillion won ($7.26 billion), but decliners outnumbered gainers 491 to

Dec. 26, 2023

Failed Hankook takeover a lesson for conglomerates

The attempt by homegrown private equity firm MBK Partners to acquire a stake in Hankook & Co. -- the holding company behind South Korean tire giant Hankook Tire & Technology -- has failed, but it has served as a wake-up call for Korean conglomerates with poor corporate governance. MBK’s move in the last few weeks for a hostile takeover of Korea's No. 1 tire company and its demand for the improvement of Hankook’s governance structure raised some eyebrows, especially at

Dec. 26, 2023

Taihan Cable acquires first cable ship for offshore wind power

South Korean undersea cable maker Taihan Cable & Solution said Tuesday that it has acquired Korea's first cable-laying vessel designed specifically for offshore wind power projects, addressing a critical need in the sector. Priced at 50 billion won ($38.4 million), the 6,200-ton CLV outperforms traditional cable-laying barges in enabling faster, more precise cable installation. Capable of sailing at an average speed of 9 knots under its own power, it can transport and lay cables more

Dec. 26, 2023