Air Incheon ascends to No. 2 air cargo carrier with Asiana deal

Korea's sole all-cargo airline Air Incheon has been named the preferred bidder for Asiana Airlines' cargo freighter division, paving the way for it to expand its business routes to the Americas and Europe. The purchase price is estimated to range between 450 billion won and 500 billion won ($325-million-$362 million). Air Incheon is to sign a stock purchase agreement by the end of July after two weeks of due diligence and contract discussions. If the deal closes by the first quarter of

June 18, 2024

HiteJinro eyes W500b in overseas soju sales by 2030

HiteJinro, the nation’s No. 1 soju maker, has set its goal of hitting 500 billion won ($362 million) in soju sales overseas by 2030, an ambitious three-fold growth from last year. The new growth vision, marking the company’s centennial this year, was unveiled June 12 at a press conference held in Hanoi, Vietnam. Vietnam is also the home to its first overseas soju plant set for completion by 2026. Located on an 82,000-square-meter site within an industrial complex in Thai Binh Provinc

June 18, 2024

[Herald Interview] Georgia promises stability for companies at time of uncertainty

The US state of Georgia can provide stability for businesses when companies face uncertainties with the upcoming US presidential election, Gov. Brian Kemp said Monday in Seoul. “In a time of uncertainty, Georgia has the one certain thing that you will get a constant good business environment,” said Kemp in an interview with a group of reporters on the sidelines of the Georgia Night in Korea, a networking event held at Conrad Seoul on Monday evening. “No ups and downs. That'

June 18, 2024

Hyundai Motor CEO named co-chair of Hydrogen Council

Chang Jae-hoon, president and CEO of Hyundai Motor Group, has been named as co-chairman of the Hydrogen Council, a global coalition of CEOs committed to speeding up hydrogen-based energy transition. The Hydrogen Council announced Tuesday Chang's appointment to replace Yoshinori Kanehana, chairman of Japan’s Kawasaki Heavy Industries, whose term ends in June. Chang will serve the chairman role alongside Sanjiv Lamba, CEO of Linde, the US industrial gas producer. This appointment follow

June 18, 2024

[Photo News] Future military rover

Hyundai Rotem, in partnership with Hyundai Motor Group, has unveiled its HR-Sherpa autonomous vehicle, the fourth generation designed for versatile military applications, including surveillance, reconnaissance, combat and logistical support. It is the only vehicle of its kind to have undergone real-world testing with the Korean military, participating in joint drills with the US Army and Korea's Armed Forces Day celebration last year. (Hyundai Rotem)

June 18, 2024

Naver Webtoon aims for $2.67b valuation via Nasdaq listing

Naver Webtoon, known as Webtoon Entertainment in the US, is seeking to be listed on the Nasdaq market, where it expects to have a corporate value of up to $2.67 billion. Webtoon Entertainment submitted a registration statement to the US Securities and Exchange Commission for its upcoming initial public offering on Monday. The company aims to raise as much as $315 million by issuing 15 million common shares at an expected price range of $18 to $21 per share, the statement showed. Once listed, the

June 18, 2024

Lufthansa CEO upbeat about Korea's market potential

Lufthansa Group CEO Carsten Spohr visited Seoul earlier this month to renew his commitment to the Korean market, where demand for premium airline services continues to grow. "We see tremendous potential in the Korean market and will strive to offer a premium experience to Korean customers with our vast selection of routes," the CEO said during a press conference held at a Seoul hotel on June 5. He was visiting Korea to attend an executive meeting in the Asia-Pacific region. He especial

June 18, 2024

Seoul shares open higher on US gains

South Korean stocks opened sharply higher Tuesday following overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 25.01 points, or 0.91 percent, to 2,769.11 in the first 15 minutes of trading. In the United States, Wall Street's main indices finished bullish, led by tech shares. The Dow Jones Industrial Average gained 0.49 percent, and the tech-heavy Nasdaq Composite advanced 0.95 percent. In Seoul, large caps led the strong opening. Samsung Electronics added

June 18, 2024

North Korea claims its own EV brand with improbable 720km range

North Korea is making bold claims about importing and selling its own brand of electric vehicles with an improbable maximum range of 720 kilometers, drawing skepticism and curiosity from South Korean and international observers alike. Last Friday, a video titled "Madusan Economic Federation" was posted on the YouTube channel "Paektu TV From Paektu to Halla," which shares content purportedly from North Korean media. Paektu Mountain, also known as Baekdu Mountain, is an active

June 17, 2024

Seoul shares snap 4-day rise amid rate-cut delay prospects

Seoul shares ended lower Monday to snap a four-session winning streak, amid speculations over a possible delay in long-awaited interest rate cuts by the US Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 14.32 points, or 0.52 percent, to close at 2,744.10. Trade volume was moderate at 545 million shares worth 12.2 trillion won ($8.8 billion), with losers outnumbering gainers 522 to 359. Individuals bought a net 313 billion won wort

June 17, 2024

[Business Diplomacy] Korean firms evolve to stay on top of compliance: Kim & Chang lawyers

This article is the first installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega election year around the world. -- Ed. South Korean companies used to respond belatedly to regulatory changes in overseas markets, but now they predict and monitor potential legislative shifts in advance, showing the economy’s improved capability to do business in overseas mar

June 17, 2024

Samsung, SNU to set up joint AI research lab

Samsung Electronics and Seoul National University are collaborating to establish a joint research center dedicated to advancing artificial intelligence technology and nurturing talent in the field. Samsung Electronics held a signing ceremony Monday at SNU’s Global Engineering Center for Engineers in southern Seoul to formalize the establishment of the joint AI research center. Key figures including Cheun Kyung-whoon, president and chief technology officer at Samsung's DX or device exp

June 17, 2024

SK chief claims 'flagrant error' in divorce settlement ruling

SK Group Chairman Chey Tae-won issued an apology Monday for raising public concerns with his high-profile divorce settlement but made it clear that he will appeal to the Supreme Court because a “flagrant error” was found in the court ruling that now threatens his grip on the telecom-to-chips conglomerate. Last month, the Seoul High Court ruled in favor of Chey's estranged wife Roh Soh-young in their divorce settlement and ordered the SK chief to pay 1.38 trillion won ($1 billion

June 17, 2024

Korea to pilot visa for K-pop trainees

South Korea is to introduce a separate visa track for foreign nationals who aspire to become K-pop stars in a move to attract more tourists from overseas, the Finance Ministry announced Monday. The ministry released a set of measures to help bring more foreign visitors to the country such as streamlining the entry process and offering incentives for using public transportation during a meeting of economic affairs ministers. The measures were based on the concern that the country’s tourism

June 17, 2024

AliExpress’ Homeplus buyout rumors unnerve Korean rivals

AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus

June 17, 2024

Hyundai Motor India files for record $3b IPO

Hyundai Motor India has officially submitted an initial public offering application to the Securities and Exchange Board of India to raise approximately $3 billion, potentially setting a record as the largest IPO in the country’s history. On Monday, Hyundai confirmed in a corporate disclosure that it has submitted a Draft Red Herring Prospectus to SEBI, initiating the IPO process for Hyundai Motor India Ltd., its local subsidiary. It marks a significant step in expanding both Hyundai&rsquo

June 17, 2024

'Korea's Space X' Innospace to go public in July

Innospace, a South Korean startup specializing in developing hybrid space rockets, said Monday that it will go public on the country’s tech-heavy bourse Kosdaq next month, spearheading the private sector’s space shuttle era. “In order to commercialize space projects such as data services using communications and Earth-observing satellites, space exploration, space travel and asteroid mining, space launch vehicles, which can carry satellites, people and supplies to space, are a

June 17, 2024

Hanjin to extend logsitics network in Europe

Hanjin Logistics Corp., an affiliate of domestic airline-to-logistics conglomerate Hanjin Group, said Monday it is expanding its logistics network in Europe with plans to launch two new locations, in Hungary and Morocco, this year alone. The new initiative follows an assessment of the market potential by Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho during their recent visits to Germany, the Czech Republic and Norway. The company currently ope

June 17, 2024

[Photo News] Hanwha's rocket system in Paris

Korean defense giant Hanwha Aerospace and defense electronics provider Hanwha Systems are presenting their latest advancements at Eurosatory 2024, the world’s largest defense exhibition, held in Paris this week. The highlight is Hanwha Aerospace's Chunmoo guided weapon system -- a versatile, self-propelled multiple-launch rocket system that has drawn interest from the Middle East, Europe and Southeast Asia for its ability to fire both guided and unguided rockets, providing versatile f

June 17, 2024

S. Korea to ease regulations on REITs to help normalize PF market

The finance ministry said Monday it will ease regulations on real estate investment trusts as part of efforts to help normalize the real estate project financing sector. The government will create "project REITs" after drastically lifting regulations so as to allow a greater number of small investors to join the projects and will expand REIT investment targets to health care, data centers and other promising fields, according to the Ministry of Economy and Finance. REITs are a type of

June 17, 2024