South Korean aerospace and defense company LIG Nex1 presented its advanced weapons customized for future battlegrounds at a defense exhibition in the US, with the aim of advancing into the world’s largest defense market. LIG Nex1 said it showcased its precise guided missiles and unmanned surface vehicles at the 2018 Annual Meeting & Exposition, which kicked off Monday in Washington. Visitors from the US Army listen to a LIG Nex1 official’s presentation of unmanned surface vehicles at the 2018 An

Industry Oct. 10, 2018

The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the eleventh installment. -- Ed.Vestiges of xenophobia and unnecessary regulations hinder South Korea from attracting foreign investment, which plays a key role in the nation’s economic development and job creation, according to the new foreign investment ombudsman. Despite being an attractive market with global enterprises, tech-savvy consumers, f

Industry Oct. 10, 2018

The global foldable display market is expected to grow to 63 million units in 2022, with revenue of $8.9 billion, according to a US display research firm. But doubts remain over whether consumers are willing to pay high prices for new foldable devices, as growth of the smartphone market is losing steam globally. Display Supply Chain Consultants said in its latest report that the foldable display market is expected to reach 3.1 million units in 2019, with Samsung Electronics and Huawei launching

Industry Oct. 9, 2018

SsangYong Motor has released a series of new models of sport utility vehicles with enhanced safety, performance and price competitiveness.Last month, the company launched the 2019 edition of its SUV Tivoli under the slogan of “I am me, I am Tivoli.”SsangYong Motor’s Tivoli Armour 2019 (SsangYong Motor)The special model features two colors -- orange pop and silky white pearl, to symbolize vitality, youth and energy. It also sports a newly designed hood, fender and door garnish, expanding the rang

Mobility Oct. 7, 2018

The 16th Seoul International Fireworks Festival will take place on Saturday, according to Hanwha Group, the organizer of the fireworks event. "We decided to hold the festival as scheduled to live up to expectations of citizens and foreign tourists, who have waited long. The typhoons are expected to move away from 7 p.m. when the fireworks begin," said the company spokesperson. Due to rainfall, Hanwha Group, said on Friday it would closely monitor the weather and decide Saturday morning around 10

Industry Oct. 6, 2018

Korea’s Teachers’ Pension and Government Employees Pension System announced they will not consider financing any new coal-fired power plants, becoming the first Korean financial institutions to boycott coal financing amid the global movement to tackle climate change and air pollution problems. Although the two hold no history of having invested in coal projects in the past, their refusal to participate in any future projects can be a catalyst for other institutions to follow suit, according to e

Industry Oct. 4, 2018

Calls continue to grow in South Korea to enforce tax laws more strictly for global tech firms such as Google, Facebook and Apple, as concerns have been raised over ambiguities critics say may create an uneven playing field for local tech firms. For example, Google Korea and Korean tech giant Naver are estimated to have reported similar sales figures of around 4.7 trillion won ($4.23 billion) last year. The US tech giant paid only 20 billion won in corporate taxes, while Naver paid 423 billion wo

Industry Oct. 1, 2018

LS Cable & System said on Monday that it had signed a contract with the Denmark-based power company Orsted to supply high-voltage cables for the world’s largest offshore wind farm, Hornsea Project Two.Under the contract, LS Cable will supply 350 kilometers of onshore high-voltage cables, including 400-kilovolt cables, by 2021.Hornsea Project Two will be located 89 kilometers off the Yorkshire coast in the UK. When operational in 2022, it will be capable of supplying electricity to well over 1.3

Industry Oct. 1, 2018

The US Federal Reserve’s latest quarter-point interest rate hike will not have a huge impact on the local financial market as the move was already expected, according to the Bank of Korea governor and the finance minister on Thursday. On Wednesday, the Federal Reserve raised interest rates by 25 basis points for the third time this year and also predicted it would further raise its base rate in December. The rate gap between Korea and the US now stands at 0.75 percentage point, as Seoul fr

Market Sept. 27, 2018

A senior researcher of local tech company Poinix grabbed attention at the international noise control conference with her study on the close-proximity method, according to the company Wednesday. Kim Hyun-jin, senior researcher at Poinix, presented her research on comparing measurement on noise reduction of quiet pavement at the International Congress and Exposition on Noise Control Engineering that took place from Aug. 26 to 29. Dr. Ulf Sandberg (left), an author of Tyre/Road Noise Reference Boo

Industry Sept. 26, 2018

With North Korea reaffirming its willingness to denuclearize, such as by agreeing at the third inter-Korean summit Wednesday to allow in nuclear inspectors, expectations have been raised for economic cooperation between the two Koreas, including the resumption of operations at a joint industrial park and the connection of railways.At a joint news conference in North Korea on Wednesday, the two leaders, Moon Jae-in and Kim Jong-un, vowed to end hostilities and move toward a nuclear weapons-free p

Industry Sept. 19, 2018

Business leaders of the South and North shared their views on the economic cooperation of the two Koreas on the first day of President Moon Jae-in’s visit to Pyongyang, although no detailed cooperation has been announced. From about 3:30 p.m. to 5 p.m. on Tuesday, 17 South Korean business leaders, including the chiefs of Samsung, SK and LG, met with Ri Ryong-nam, the North’s Deputy Prime Minister. During the 1 1/2-hour meeting, the business leaders briefly introduced themselves, as some expresse

Industry Sept. 18, 2018

President Moon Jae-in’s visit to Pyongyang on Tuesday with leaders of the nation’s top conglomerates and public companies aims to foster peace on the Korean Peninsula and eventually realize a new economic road map on the basis of denuclearization.The new economic road map for the two Koreas, one of Moon’s 2016 election campaign pledges, involves a strategy to develop and connect economic zones on the east and west coasts of the Korean Peninsula, as well as the Demilitarized Zone, in the form of

Industry Sept. 17, 2018

The labor and management of SsangYong Motors agreed to reinstate 119 dismissed workers by the first half of next year, ending the prolonged dispute over the firm’s mass dismissal of them, according to the company on Friday. “We agreed to reinstate the laid-off workers in order to solve social problems and for the company to take off,” said the statement jointly released by the company’s union and management.  SsangYong Motors’ union holds a placard that reads, “Thank you” for the reinstatement o

Industry Sept. 14, 2018

Samsung Electronics is partnering with Google to unveil a next-generation messaging service based on rich communication services for smartphone users, according to sources on Friday. Rich communication services are the international standard for integrated messengers developed by the GSM Association, which represents the interests of mobile network operators worldwide.  (Yonhap)Using the new service, users can send messages, high-resolution photos and videos through the text messaging function o

Industry Sept. 14, 2018