[Photo News] Faker for Mercedes

Mercedes-Benz Korea said Tuesday that the automaker held a fan meeting with Lee Sang-hyeok and Moon Hyun-jun -- two players of Korea's League of Legends team T1, better known as Faker and Oner, respectively -- at the Yongin AMG Speedway in Gyeonggi Province on Monday to celebrate T1's victory at the LoL World Championship Finals earlier this month. Mercedes-Benz is an official sponsor of T1. In this photo, Lee poses with the high-performance electric vehicle Mercedes-AMG EQE on the rac

MobilityNov. 28, 2023

Samsung's Harman acquires audio platform Roon

Harman, Samsung Electronics' audio and automotive component subsidiary, said Tuesday it acquired Roon, a popular music player platform, to strengthen its home audio business. Roon is a music player platform for enthusiasts, featuring a rich interface for browsing and discovering music, compatibility with almost any audio device and a playback engine designed to deliver the best possible sound, according to Samsung. Roon is available on all popular operating systems, and the firm also manu

IndustryNov. 28, 2023

[Herald Interview] Korea ramps up high-tech IP protection and leak crackdown

The Korean Intellectual Property Office, under the leadership of Commissioner Lee Insil, has been implementing multiple measures to support high-tech industries by speeding up patent processes, particularly in semiconductors and displays, while also tackling technology leakage and enhancing international intellectual property protection. This follows President Yoon Suk Yeol’s announcement made last month to invest 25 trillion won ($19.2 billion) in 12 key strategic technologies over the

CompaniesNov. 28, 2023

KIPO chief strengthens IP alliances with Middle Eastern counterparts

The Korean Intellectual Property Office has moved to strength relations with authorities in the Middle East to pursue cooperation in intellectual property fields, ranging from manpower training to patent information utilization. According to the KIPO, its commissioner, Lee Insil, held a series of meetings with her Middle Eastern counterparts during an official visit to the United Arab Emirates and Saudi Arabia on Oct. 20-22. Lee and Abdulla Al Saleh, the UAE's undersecretary for the Economy

IndustryNov. 28, 2023

Seoul shares open higher despite US losses

South Korean stocks started a tad higher on Tuesday despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index rose 15.98 points, or 0.64 percent, to 2,511.64 in the first 15 minutes of trading. In the United States, major stock indices closed in negative territory, with the Dow Jones Industrial Average losing 0.16 percent and the Nasdaq Composite declining 0.07 percent. In Seoul, large-cap shares led the positive start. Market bellwether Samsung Electronics rose 0.

MarketNov. 28, 2023

[Graphic News] Eco-friendly cars account for 1/3 of new car purchases in Jan.-Sept.

Eco-friendly cars accounted for one-third of all new vehicle purchases made here in the first nine months of 2023, government and industry data showed. According to data from the Transportation Ministry and the Korea Automobile Manufacturers Association, the rate of car purchasers who bought eco-friendly models, including hybrid and electric units, between January and September, stood at 32.1 percent of all new vehicle customers. It marked the first time for the portion of new eco-friendly model

MarketNov. 28, 2023

Hyundai Motor to halt Asan factory in Korea for EV factory construction

Hyundai Motor plans to halt its factory in Asan, South Korea, to construct an electric vehicle plant in the period between Dec 31. 2023 to Feb. 13 2024, the South Korean automaker said in a regulatory filing on Monday. Hyundai Motor said it plans to resume operations at the Asan factory on Feb. 14.

IndustryNov. 27, 2023

S. Korea, AIIB discuss stronger partnership, new investment chances

South Korea and the China-led Asian Infrastructure Investment Bank (AIIB) discussed ways Monday to boost bilateral cooperation on the financial sector and conduct various joint infrastructure projects, the finance ministry here said. The discussion took place during the meeting between Finance Minister Choo Kyung-ho and AIIB President Jin Liqun held in Seoul earlier in the day, according to the Ministry of Economy and Finance. Choo asked for the AIIB chief's support for South Korean com

MarketNov. 27, 2023

Korean banks at risk of W3tr in losses in HK-tied ELS sales

Concerns are looming large over the loss of principles in equity-linked securities products underlying Hong Kong’s slumping benchmark index with over 8 trillion won ($6.1 billion) in ELS products sold by Korean banks set to mature in the first half of next year. The size of ELS products tracking the Hang Seng China Enterprises Index maturing next year and sold by Korea’s five major banks exceeds 13 trillion won. Of them, some 8.4 trillion won worth of ELS products are facing matu

MarketNov. 27, 2023

Koreans will 'freeze to death' for iced Americanos even in winter

"I always drink iced Americano, even in winter," said Kim, an office worker in her 30s who identifies as an "eoljukah" person. Eoljukah is a portmanteau of the words for "Even if I freeze to death, iced Americano!" It refers to people who are die-hards for the espresso topped off with water and ice, no matter how cold the weather is. The eoljukah trend has steadily grown among Korea's office workers, as iced Americanos are now ubiquitous in cafes and convenienc

ConsumerNov. 27, 2023

Posco to start search for new chief

Posco Group will hold a board meeting next month possibly to start its search for its new chairperson, according to industry sources on Monday. It remains to be seen whether Posco Chairman and CEO Choi Jeong-woo will seek a third term. His second term ends in March next year. Under the group’s internal policy, the current CEO should be reviewed first if he wishes to run for another term. But sources say the group is likely to revise the rule amid growing calls for a more transparent CEO se

IndustryNov. 27, 2023

K-water to support rebuilding of Ukraine's Bucha suburb

Korea Water Resources Corp., or K-water, announced Monday it has signed an agreement with Ukraine's war-torn suburb of Bucha to support its recovery and the construction of an industrial complex there. The state-run public water management company on Friday signed a memorandum of understanding with Bucha to cooperate on the area's recovery and the refurbishment of a water facility system. The deal was inked at the agency's Hangang River Basin Management Division in Gwacheon, Gyeon

IndustryNov. 27, 2023

[KH explains] Hyundai to sell vehicles on Amazon in US sales push

Hyundai Motor Group’s cars will be sold online through Amazon for the first time in the US next year, offering an opportunity for the world’s third-largest carmaker to ramp up sales in the all-important market. During the Los Angeles Auto Show on Nov. 16, Hyundai and Amazon announced that customers can purchase Hyundai vehicles -- internal combustion engine cars, electric vehicles, leased and used cars -- available in their area on the tech giant’s website from a local dealer

MobilityNov. 27, 2023

Samsung sets up control tower for new growth drivers

    Samsung Electronics announced the establishment of a new team in charge of exploring future business items, appointing a top-level Samsung veteran as the team's inaugural head in the company's annual leadership reshuffle Monday. No changes were made in the company's two-CEO system, with Han Jong-hee and Kyung Kye-hyun maintaining their respective seats as device and chip business division chiefs. Industry sources say the tech giant has opted for stability rather than seeking a dras

IndustryNov. 27, 2023

KB chief vows to nurture AI talents

KB Financial Group Chairman Yang Jong-hee on Friday stressed his will to nurture young tech talent in the field of artificial intelligence, calling digital finance not an option but a must for the financial giant’s sustainable growth. "IT and digital are no longer means to support the bank, but a core sector that will lead the businesses at the forefront," the chairman said at the group’s AI forum held in Seoul on Friday. "We must shift our perspectives from in-perso

IndustryNov. 27, 2023

Tax refund limit to be doubled for tourists

Starting next year, South Korea's immediate tax refund limit at tax refund stores for tourists will be doubled from 2.5 million won ($1,920) to 5 million won, the Finance Ministry announced Monday, in a move to invigorate the tourism industry. Currently, tourists can buy items at tax-free prices in designated tax refund stores across the nation, with a maximum purchase limit of 500,000 won per individual transaction. The total cumulative payments can reach up to 2.5 million won. Starting Ja

EconomyNov. 27, 2023

Hyundai Motor chief named automotive industry leader of 2023

Hyundai Motor Group Executive Chair Chung Euisun has been named the winner of the industry leader category in this year’s Automotive News All-Stars awards, the South Korean automaker said Monday. “This award is in recognition of the entire Hyundai Motor Group family and partners all around the world who have worked so hard and devoted themselves to making sure that we achieve our vision of smart, sustainable mobility and progress for humanity,” Chung said. “Hyundai Motor

MobilityNov. 27, 2023

Trailblazer, Trax drive up GM Korea’s exports

GM Korea, the Korean arm of the US auto giant General Motors, logged robust export sales in October, taking up nearly 20 percent of the nation’s total automobile exports, industry estimates showed Monday. Out of the total 225,391 Korea-made vehicles exported in October, 42,623 units or 18.9 percent were accounted for by GM’s two popular SUV models -- the Chevrolet Trailblazer and the Trax Crossover -- according to the Korea Automobile Manufacturers Association. GM Korea's number

MobilityNov. 27, 2023

SKT secures ifland partnerships in Southeast Asia

SK Telecom, South Korea’s leading telecommunications carrier, on Monday said it has secured new partnerships with three IT companies based in Southeast Asia, aiming to boost the number of global users of its metaverse platform, ifland. Launched in 2021, SKT's ifland is a metaverse platform where users can build their digital avatars to interact in virtual spaces. Eyeing the global market, the South Korean telecom company inked three memoranda of understanding with Celcom Digi, the lar

IndustryNov. 27, 2023

Software update management system -- a key prerequisite for software-defined vehicle

Until five years ago, carmakers were hesitant to introduce cybersecurity measures in vehicles despite being aware of their necessity due to cost issues. However, when the European Union introduced cybersecurity regulations in 2022, it became virtually impossible to enter the European market without meeting the new standards. The change has made cybersecurity an essential element to ensure the survival of carmakers. The advancements in vehicle software, diversification of vehicles’ function

MobilityNov. 27, 2023