LG stays low key on its 76th anniversary

South Korea’s fourth largest conglomerate LG Group marked its 76th anniversary on Monday. Unlike last year, the group did not plan a special event and LG Group Chairman Koo Kwang-mo did not deliver a celebratory message. “We usually do not really plan events on anniversaries, unless it is every five or 10 years. Last year was a little different because it was the 75th year,” an LG Group official told The Korea Herald. For last year’s anniversary, Koo delivered an encourag

March 27, 2023

[From the scene] Typhoon-hit Posco mill in Pohang comes back stronger

POHANG, North Gyeongsang Province -- Some 7,000 metric tons of molten iron at 1,200 degrees Celsius and consisting of smelted iron ore, coke and limestone is poured from a gigantic industrial ladle into a furnace to be purified at Posco's steel mill. The purified molten steel is then poured into molds, where water vapor rises with deafening hisses as the iron is instantly cooled. Semi-finished materials, called slabs, become visible as the water vapor dissipates. They are quickly moved alon

March 27, 2023

KT's CEO pick resigns under political pressure

South Korea's telecom giant, KT Corp., said Monday that its CEO nominee has decided to resign, four days ahead of the company’s shareholders’ meeting that was set to take a vote on the new chief. KT's group transformation division head, Yun Kyung-lim, indicated his intention to give up the company leadership to the board of directors. The decision came as he believed it would be best for a new CEO to be elected through the firm’s government improvements, which excee

March 27, 2023

[Photo News] New Sonata

Hyundai Motor Company on Monday unveiled the design of its new Sonata, the eighth-generation model of the Korean automaker's popular midsize sedan. The new Sonata embodies the brand's design philosophy of "Sensuous Sportiness" with its seamless horizon lamp on the front. The vehicle will be on display to the public for the first time at the Seoul Mobility Show slated from March 31 to April 9 at Kintex in Gyeonggi Province.

March 27, 2023

Local banks show no signs of withdrawal problems: regulator

South Korea's financial regulator said Monday that local banks showed no signs of abnormality in their withdrawal and deposit operations. The assessment by the Financial Supervisory Service came amid concerns of a global banking crisis following the recent failures of two US banks -- Silicon Valley Bank and Signature Bank -- and the stock plunge of Deutsche Bank, Germany's largest bank. Only a small number of customers with deposits exceeding 50 million won ($38,400), the maximum amoun

March 27, 2023

S. Korean shares open lower amid recession worries

Seoul shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the US-based Silicon Valley Bank. The benchmark Korea Composite Stock Price Index fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics Co. fell 1.3 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped

March 27, 2023

Kakao’s SM acquisition nears completion

Kakao's plan to acquire leading K-pop agency SM Entertainment is nearing its final stage, with the music label's annual general meeting set to take place Friday. According to industry sources, the South Korean internet and portal giant's tender offer to buy a 35 percent stake of SM has won enough support from SM investors. Earlier this month, Kakao offered to buy off shares at 150,000 won ($115) each in a bid to become the largest shareholder of the K-pop powerhouse. The official

March 26, 2023

Samsung chief travels to China first time in 3 years, meets with key officials

Samsung Electronics Chairman Lee Jae-yong is making the most out of his first trip to China in three years, inspecting the affiliates’ production facilities, meeting with key Chinese officials and attending a high-profile summit with global business leaders. Samsung Electronics said Lee attended the China Development Forum, a three-day forum that kicked off Saturday in Beijing. There, Lee met with heads of major tech giants to exchange opinions on various agendas, including global manageme

March 26, 2023

Posco Future M named top supplier for General Motors

South Korea’s battery materials producer Posco Future M said Sunday it has received an award from General Motors for its outstanding achievement across the global purchasing and supply chain. It was one of 14 companies to have received the General Motors’ Overdrive Award, which is given to companies who specialize in automotive components, batteries and software provision. The evaluation criteria for the award include sustainability, innovation, launch excellence and safety. Posc

March 26, 2023

[Photo News] Hyundai's Busan Expo promotion

Hyundai Motor Group launched a global promotion program for the southern port city of Busan’s 2030 World Expo bid prior to a visit to Korea by the Bureau International des Expositions delegation, slated for April 2-7. The car maker released 16 1-minute invitation videos created by Busan citizens in different languages including English, Chinese, Spanish and Portuguese.

March 26, 2023

[From the Scene] Hyundai Heavy Industries aims to cement global No.1 position

ULSAN -- Spring has arrived early in Ulsan as cherry blossoms were in already full bloom along the streets of the southeast port city on Wednesday, about two weeks before the forecasted blossoming dates. In a similar trend, Hyundai Heavy Industries, the world’s top shipbuilder under South Korean conglomerate HD Hyundai, is enjoying the industry’s much-awaited revival as the company looks to widen its lead over global competitors on its large number of backlog orders. The engine depar

March 26, 2023

Taking Korea-Indonesia ties to next level

More than 300 high-level government officials and business representatives from South Korea and Indonesia gathered for a forum in Seoul, Friday, to explore ways to enhance business partnerships between the two countries and take their bilateral ties to the next level. In commemoration of the 50th anniversary of diplomatic relations between Korea and Indonesia, Herald Corp., publisher of The Korea Herald and Herald Business, co-hosted the forum, titled “Business Forum on 50 Years of Indones

March 24, 2023

Indonesia seeks Korean support for upgrading healthcare system

Indonesia’s health minister on Friday vowed to support South Korean companies for their business expansion in the burgeoning healthcare market of the Southeast Asian country at a forum held in Seoul celebrating the 50th anniversary of bilateral ties between the two countries. “The Indonesian government is trying to improve the country’s healthcare sector, in which South Korea’s cooperation is very important,” said Minister Budi Gunadi Sadikin during a business sessi

March 24, 2023

LG Energy Solution to build W7.2tr battery plants in Arizona

LG Energy Solution will invest 7.2 trillion won ($5.6 billion) to build two battery plants in the US to solidify its leadership in the battery value chain in North America, the South Korean battery maker announced Friday. The battery plants will break ground in Queen Creek, Arizona, this year. The company is spending 4.2 trillion won on the first plant to produce cylindrical batteries, which will be supplied to US electric vehicle makers. The company said it will be the first Korean battery make

March 24, 2023

Korea, Indonesia join forces to build EV ecosystem

Government officials and business leaders from South Korea and Indonesia on Friday underscored combined efforts to expand the electric vehicle ecosystem in the Southeast Asian country at a business forum marking the 50th anniversary of bilateral ties. “The collaboration is very important because you (Korea) have very good technology on the lithium battery. By 2027, we are hopefully going to be the largest lithium battery producer globally,” said Luhut Binsar Pandjaitan, coordinating

March 24, 2023

From L’Oreal to LVMH, global beauty giants in race to acquire Korea’s Able C&C

Competition is heating up to acquire a controlling stake in Able C&C, the operator of a slew of Korean budget cosmetics brands, with global beauty giants such as L’Oreal and LVMH reportedly joining the race. Five to six strategic investors recently submitted their letters of intent to purchase 59.2 percent of shares in Able C&C, currently owned by IMM Private Equity, according to industry sources on Friday. IMM became the largest shareholder of Able C&C, best known for its Mi

March 24, 2023

Samsung chairman arrives in Beijing to attend China business summit

Samsung Electronics Executive Chairman Lee Jae-yong on Thursday arrived in Beijing to attend a high-profile corporate summit this weekend, according to industry sources Friday. It is the first time in three years for the de facto leader of Samsung Group to visit China, where the tech giant operates major production facilities. Lee is scheduled to attend the three-day China Development Forum set to run at the Diaoyutai State Guesthouse until Monday. Attending by invitation, he is expected to be j

March 24, 2023

[Photo News] Samsung-Aramco 5G partnership

Samsung Electronics and Aramco, Saudi Arabia’s state-run oil and gas company, have signed a memorandum of understanding for a strategic partnership to accelerate the industrial adoption of 5G network technology in the largest Middle Eastern country by area. Under the agreement, the two companies will promote the digital transformation of Saudi Arabia’s industrial sectors by adopting LTE and 5G high-speed network technologies.

March 24, 2023

Former bank officials convicted for recruitment scandal

Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)

March 24, 2023

Samsung Electronics chief to attend China Development Forum

Samsung Electronics Executive Chairman Lee Jae-yong is currently in China to attend the China Development Forum, according to sources Friday. Lee arrived in Beijing on Thursday to attend the high-profile annual forum, slated to run at the Diaoyutai State Guesthouse from Saturday till Monday. The meeting will run under the theme of "Economic Recovery: Opportunities and Cooperation," focusing on "opportunities in the Chinese market, stabilization of global industrial chains, and gre

March 24, 2023