Hyundai invests W2b in auto chip startup

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

June 28, 2023

[Best Brand] Uptown Cocktails jazzes up Korean drink market

Uptown Cocktails, a leading cocktail brand in the US, has hit the Korean market with its high-quality products with vibrant designs while delivering a memorable taste. Southern Champion, the brand’s producer, and The IB Korea, the wholesale retailer for the brand, have brought the Uptown Margarita, Blue Hawaiian and Pina Colada flavors to South Korea, which are now available for purchase. Another flavor, Caribbean Punch, will also be available in the second half of the year. Uptown Margari

June 28, 2023

[Best Brand] Jojo Kalguksu aspires to be leading hearty soup restaurant

Jojo Kalguksu, a brand that specializes in Korean knife-cut noodles, or kalguksu, has been gaining popularity among customers who crave the hearty noodle dish. The brand has four restaurants in its hometown of Daegu, North Gyeongsang Province, and two restaurants in Seoul. The first branch was established in Daegu in 2017, and the most recent branch opened this March in Seongsu-dong, a popular hotspot among the youth in Seoul. Jojo Kalguksu also sells kalguksu meal kits for people to cook and en

June 28, 2023

[Photo News] Samsung Gangnam unveiled

Samsung Electronics on Wednesday held a media tour of its new five-story flagship store, called Samsung Gangnam, in southern Seoul before Thursday’s official opening. Boasting 2,000 square-meter floor space, the facility allows visitors to experience and purchase Samsung’s latest mobile devices and their limited editions as well as join cultural and self-enrichment programs. Calling it “a playground for MZ generation,” Samsung said it will ramp up efforts to better commun

June 28, 2023

[Best Brand] Metamix aims to provide quality supplements through innovative development

The health supplement market has been seeing increasing demand as people prioritize their immunity and well-being, especially after the global COVID-19 pandemic. Mirae Wellcare aims to cater to those needs by providing affordable and healthy products to consumers. Accordingly, its health supplement brand, Metamix, offers a variety of health-boosting supplements while simultaneously contributing to a culture of sustainability. Metamix products, such as the 10 Billion Probiotics and Lutein Eye Car

June 28, 2023

[Best Brand] Beating summer heat with Pocari Sweat

Dong-A Otsuka, South Korea’s leading beverage maker, initiated a campaign with the government to promote nationwide efforts in overcoming this summer’s expected heat waves. The company announced that it launched the second annual "Beat the Heat Campaign" from June 22 to 23 in collaboration with the Ministry of the Interior and Safety and the Korean Red Cross, following the first campaign held last year. The company kicked off the event at the Olympic Park Foreon in Gangdong

June 28, 2023

Retail sales up 5.7% in May on holidays

Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday. The combined sales of 25 major offline and online retailers came to 15 trillion won ($11.5 billion) last month, compared with 14.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The on-year increase came after people resumed outdoor activities as they returned to pr

June 28, 2023

CJ Logistics, KOBC to invest W600b to open 3 new logistics centers in US

CJ Logistics Corp., a major South Korean logistics company, said Wednesday it will invest 600 billion won ($461.7 million), along with the Korea Ocean Business Corp., to build three new logistics centers in the United States by 2027. CJ Logistics and the KOBC signed a memorandum of agreement for what they call the "North America project" at the logistics company's US branch office in Illinois last week. Under the project, the centers will be built near the distribution hubs of Chi

June 28, 2023

Seoul shares open nearly flat amid eased recession woes

South Korean stocks opened nearly flat Wednesday, as global recession woes eased after better-than-expected US economic data. The benchmark Korea Composite Stock Price Index rose 2.15 points, or 0.08 percent, to 2,583.54 in the first 15 minutes of trading. US consumer confidence jumped unexpectedly to a near 18-month high in June. Orders of durable manufactured goods increased last month, and new home sales sharply rose to an over-one-year high in May. Investors have their eye on what US Federal

June 28, 2023

Consumer sentiment at 13-month high in June amid easing inflation

South Korea's consumer sentiment hit the highest in 13 months in June, as post-pandemic activities gathered pace and inflation eased, central bank data showed Wednesday. The composite consumer sentiment index stood at 100.7 in June, up from 98 the previous month, marking the fourth consecutive month of rise, according to the survey from the Bank of Korea. Also, the June reading is the highest since 102.9 in May last year. A reading above 100 means optimists outnumber pessimists. The central

June 28, 2023

S. Korea to focus on revitalizing exports, stabilizing prices in 2nd half

South Korea's finance minister said Wednesday the country's second-half economic policy will primarily focus on revitalizing exports and investment, along with further stabilizing prices. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, as South Korea plans to announce the country's economic policy for the July-December period next week. "Over the first half, inflation has clearly slowed, and the job market has rema

June 28, 2023

Nongshim, Samyang succumb to pressure, cut prices of products

South Korea’s top ramen maker Nongshim said Tuesday it will cut prices of its flagship ramen and snack products, after it came under government pressure to lower costs of daily food products amid prolonged inflation woes. The company said it will cut the prices of Shin Ramyun and Shrimp Crackers by 4.5 percent and 6.9 percent, respectively, starting this Saturday. Based on their retail prices, the price of Shin Ramyun will be lowered from 1,000 won ($0.77) to 950 won on average, while the

June 27, 2023

Talks on minimum wage fall through as deadline looms

Talks on the minimum wage level for 2024 fell through Tuesday, two days before the deadline for the decision, after labor representatives walked out. The Minimum Wage Commission, which is composed of members spanning labor, business and the general public, was to its eighth round meeting to discuss the minimum hourly amount employers must pay their workers next year. But the meeting was cut short as labor representatives walked out of a meeting expressing their disapproval against the government

June 27, 2023

HD Hyundai Electric scores W290b contracts in US, Europe

HD Hyundai Electric, an energy solution provider under HD Hyundai, has secured two orders worth about 290 billion won ($223 million) to supply eco-friendly electric equipment in the United States and Europe, the company said Tuesday. HD Hyundai Electric struck a 213.6 billion won deal to provide its electric power transformer to US energy firm Xcel Energy, marking the largest contract for a single product since the company’s spinoff from Hyundai Heavy Industries in 2017. The high-electrici

June 27, 2023

Seoul shares almost flat ahead of Powell remarks

South Korean stocks closed almost flat Tuesday, as tech blue-chips pared earlier losses, with eyes on what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index slipped 0.81 points, or 0.03 percent, to finish at 2,581.39. Trading volume was moderate at 528.7 million shares worth 8.36 trillion won ($6.42 billion) with gainers outnumbering decliners 437 to 430. "Powell's remarks due later this week coul

June 27, 2023

Daewoong Pharmaceutical submits NDA to China for Fexuclue

Daewoong Pharmaceutical said Tuesday that the company has submitted a new drug application for its gastroesophageal reflux treatment, Fexuclue, to China’s drug agency. Fexuclue was officially launched in July 2022 in Korea as the country’s 34th new drug. Fexuclue is also the only P-CAB drug for gastritis indications in the country. Daewoong Pharmaceutical has submitted its NDA to China's National Medical Products Administration based on its clinical trial of the tablet-type drug

June 27, 2023

Japan restores South Korea to export 'whitelist' after 4 years

Japan is putting South Korea back on its “whitelist” of trusted trading partners, marking the end to a trade dispute that had dragged on for four years, as the two sides have renewed a commitment to improve bilateral economic ties. Japan’s Ministry of Economy, Trade and Industry announced Tuesday it has decided to redesignate Korea as a "Group A" country, returning to Seoul the preferential export treatment it had enjoyed until 2019. “The Republic of Korea will

June 27, 2023

[Herald Interview] ‘Lamborghini Revuelto is sold out in Korea until 2025’

South Korea has become Lamborghini’s eighth-largest market in the world and No.1 in the Asia Pacific last year, selling over 400 units for the first time. With the growing strategic importance of the Korean market, the Italian high-end car brand is upping the ante here with its first hybrid sports car Revuelto, according to the company’s regional chief. “(Even before the official launch,) through pre-orders, the allocated number of cars until 2025 for the Korean market has comp

June 27, 2023

Government raises limit for overseas remittances

The annual limit for overseas remittances without the need for additional documentation will be raised from $50,000 to $100,000 from July 4, following the passage of an amendment to the current limit on Tuesday. The current limit was created back in 1999 when the foreign exchange transaction-related law was first established. The changes are intended to reflect economic growth, according to the government. An amendment to the current law, which includes among other measures the increased limit f

June 27, 2023

[Photo News] Support for Myanmar

Hana Financial Group Vice Chairman Lee Eun-hyung (second from right) and other company and government officials pose for a photo during a stationery delivery event held at the headquarters of Hana Microfinance in Yangon, Myanmar, Tuesday. Some 500 sets of stationary were delivered to help students in the city hit by the recent cyclone Mocha.

June 27, 2023