[Herald Interview] Chilean dealers say SsangYong's new SUV Torres could be 'winner'

Chile has been not only an important export destination for South Korean carmaker SsangYong Motor, but also a country that inspired the branding of its new sports utility vehicle, the Torres, on which the company has pinned its hopes for a restart. The mid-sized SUV, named after the Torres del Paine National Park in the Latin American country, could be a winner in the Chilean market, dealers said on Thursday. They offered a sales target of 3,000 units a year. “We are planning to sell betw

June 30, 2022

Posco Chemical partners with Britishvolt for battery development, supply

Posco Chemical, a chemical materials provider under South Korean steel giant Posco, has joined hands with UK’s sustainable, low-carbon battery company Britishvolt to co-develop battery materials and expand presence in the European market, according to the firm on Thursday.  Under the partnership, the two firms will work on developing battery materials for Britishvolt’s EV batteries and push ahead with mass-production deals to expand supply chain in the European market. They pl

June 30, 2022

Understanding human desire crucial to mass market appeal: Samsung design school chief

As consumers tend to buy products based on their experience, a product designer should understand the basic needs of a human to come up with a creative design that catapults a product’s mass market appeal, head of a design school under South Korea‘s largest conglomerate told a conference Wednesday. Lee Don-tae, president of Samsung Art and Design Institute, speaking at The Korea Herald’s Global Business Forum in Seoul, said the key to achieve design originality for commercial

June 30, 2022

Top court clears Shinhan chief of unethical hiring claims

South Korea’s top court on Thursday cleared Shinhan Financial Group Chairman Cho Yong-byoung of unethical hiring charges, putting an end to a four-year legal battle and allowing a possible third term for Cho. The Supreme Court upheld the Seoul High Court’s decision in November last year to side with Cho on allegations that he had exercised his influence by accepting hiring requests from lawmakers and company executives to recruit their children from 2013 to 2016 while he was CEO of

June 30, 2022

LG Electronics, S.M. Entertainment launch home fitness service

LG Electronics and S.M. Entertainment unveiled on Thursday their joint venture -- Fitness Candy -- to target the home training market by offering digital workout content. The joint venture will have the home appliance maker develop an application, cloud server, online platforms, and necessary devices such as muscle-training equipment, indoor bicycle and smartband for Fitness Candy’s home fitness services. LG's counterpart, S.M. Entertainment will take the charge of providing various cont

June 30, 2022

Men shopping cosmetics in South Korea growing

South Korean health and beauty retailer CJ Olive Young said Thursday its sales of men’s cosmetic products in the first half of this year increased 24 percent compared to the same period last year. The retailer saw a 130 percent increase in the basic skin care category, which includes toners and lotions. In the cosmetics category, foundations and color lip balms were the most-sold items, according to company data. Data also showed that in-person purchase of cosmetics among male customer

June 30, 2022

Samsung starts mass production of world’s first 3-nm chips

Samsung Electronics said Thursday it has started producing chips using its latest 3-nanometer manufacturing technology – an industry first globally. The 3-nm technology boasts greater transistor density than the current 5-nm technology, which means higher speed and lower power consumption of advanced chips for artificial intelligence, big data and autonomous cars. The new technology is a secret weapon for Samsung, the world’s largest memory chipmaker, to take on Taiwan’s TS

June 30, 2022

LG Energy Solution signs lithium supply deal with US mining company

South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding agreement with a US mining company for the supply of two kinds of lithium products used in electric vehicle (EV) lithium-ion batteries. Under the memorandum of understanding, Compass Minerals, a Kansas-based provider of essential minerals, will provide LGES with 40 percent of the lithium carbonate and lithium hydroxide it will be producing for seven years starting in 2025, LGES said in a release.

June 30, 2022

Tax revenue up W34.8tr through May amid job growth, economic recovery

South Korea has collected around 34.8 trillion won ($26.72 billion) more in taxes during the first five months of this year compared with the previous year amid growth in employment and economic recovery, the finance ministry said Thursday. In May alone, the government's tax revenue rose 300 billion won from a year earlier to come to 28.7 trillion won, as the economic recovery boosted income and corporate taxes, the data showed. The tax revenue amounted to 196.6 trillion won in the January-

June 30, 2022

Minimum wage for next year increased 5 pct to 9,620 won

Representatives of South Korea's labor and management have agreed to set next year's minimum hourly wage at 9,620 won ($7.41) in a 5 percent increase from this year, officials said Thursday. The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, struck the agreement Wednesday night during a plenary session held at the government complex in Sejong. The new rate translates to a monthly wage of 2.02 million won. It will apply equal

June 30, 2022

S. Korea's industrial output, investment rebound in May

South Korea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy maintains mild recovery momentum amid heightened external uncertainty, data showed Thursday. Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent on-month fall in April, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 7.1 percent. Facility inv

June 30, 2022

From 4-day workweek to workcations, local IT firms compete for staff with envy-worthy perks

From a four-day workweek to work-from-anywhere arrangements, also known as “workcations,” Korea’s big tech firms are riding on the global wave of workplace reforms toward extreme flexibility and better work-life balance for employees. The highly-enviable four-day working week experiment is to take place at Kakao. Starting from July, employees get every other Friday off. This is on top of the fully-remote work and flexible-hour system announced late last month. “As

June 30, 2022

Business sentiment worsens for July amid inflation, recession woes

South Korea's business sentiment worsened for July amid deepening concerns over high raw materials prices and a global economic downturn, a central bank poll showed Thursday. The business sentiment index (BSI) for local companies came to 82 for July, down 5 points from the previous month, according to the survey by the Bank of Korea (BOK). The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The figu

June 30, 2022

Seoul shares open lower amid foreign sell-offs

South Korean stocks opened lower Thursday as foreign sell-offs continued to weigh on the key stock index after the stock plunge the previous day. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.86 points, or 0.79 percent, to trade at 2,359.13 in the first 15 minutes of trading. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation growth at home and weak economic sentiment data in the United States Investors' eyes are on China

June 30, 2022

Meta, Seoul National Univ. launch joint research center

Meta, formerly Facebook, said Wednesday it has launched a joint research center with Seoul National University to study extended reality (XR) technology and metaverse policies. The new facility, called XR Hub Korea, is part of Meta’s ”XR Program Research“ which kicked off last year as a collaborative research project with prestigious institutions worldwide. SNU has been participating from the beginning, the company said. The center will help form networks among scholars, and

June 29, 2022

KB Kookmin provides $300m for JFK Airport redevelopment

KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York. KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank. KB said the airport renovation financing project

June 29, 2022

Seoul shares snap 3-day winning streak amid recession woes; Korean won tumbles

South Korean stocks snapped their three-day winning streak Wednesday, as investors were spooked by overnight plunges on Wall Street caused by growing concerns about an economic recession. The Korean won tumbled against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 44.1 points, or 1.82 percent, to close at 2,377.99 points. Trading volume was moderate at about 411 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 511 to 336. I

June 29, 2022

[Photo News] El Salvador Project

Jungheung Group Vice Chairman Jung Won-ju (right) and Urban Development Minister of El Salvador Edgar Romeo Rodriguez Herrera shake hands to encourage Daewoo E&C’s participation in the Los Chorros highway expansion project. The project, mainly focusing on connecting San Salvador to western parts of the country, includes the use of the Export-Import Bank of Korea’s Economic Development Cooperation Fund for a construction of 902-meter-long bridge. The organizers of the project are

June 29, 2022

Korean minister visits Czech over reactor project

SEJONG -- South Korea has recently carried out a senior-level promotion in the Czech Republic for its nuclear energy technologies in an attempt to win a reactor project in the European nation, the Energy Ministry said Wednesday. The core of promotion activities was Minister of Trade, Industry and Energy Lee Chang-yang’s meetings with Czech senior officials and political heavyweights in Prague on Tuesday.   In a meeting with his counterpart Jozef Sikela, Lee commented on details on Ko

June 29, 2022

Duty-free shops open cross-border sales to secure overseas consumers

South Korea’s duty-free shops are launching cross-border sales services starting Friday with high hopes to secure consumers overseas, as they are losing price advantage to local clients due to high won-dollar exchange rates. Lotte Duty Free opened the overseas shipping service on Wednesday, which sells around 220 kinds of products including cosmetics, fashion items and food products. Consumers in nine countries including China, Japan, US, Singapore and Thailand can enjoy free shipping as

June 29, 2022