LG International said Wednesday it has been selected as a “decent company” by the Ministry of SMEs and Startups to support small and medium-sized companies advancing into global markets. The commodity trading and mining affiliate of LG Group signed an agreement with the Startups Ministry and the Korea International Trade Association in Seoul at a ceremony attended by CEO Yoon Chun-sung, Minister...

The National Pension Service was found to have expanded their investment in bio and pharmaceuticals in the first half of this year in the wake of the pandemic, data showed Wednesday. Local corporate tracker CEOScore recently surveyed 302 listed companies that the NPS holds more than five percent stake in -- with the total value of their shares standing at 127 trillion won ($106 billion). The su...

Incheon International Airport was hit hard due to the prolonged outbreak of COVID-19, data showed Tuesday. The number of passengers at the airport from Jan. 1 to July 16 is about 10.89 million, according to the Incheon International Airport Corp. -- a sharp decline from 38.67 million in the same period last year. By Shin Ji-hye ( shinjh@heraldcorp.com )

LS Cable & System said Tuesday it has launched a local area network cable that can send data and power as far as 200 meters at the same time. The cable called SimpleWide is double the limits of current LAN cables in the market that can only transmit about 100 meters, the company said. LS C&S said SimpleWide is intended to be used mostly for connecting internet protocol cameras, phones, CCTVs an...

South Korea’s largest steelmaker Posco disclosed Tuesday that its sales declined by 15.9 percent on-year to 13.72 trillion won ($11.44 billion) with operating profit plunging 84.3 percent to 13.72 trillion won in the second quarter. “The sales volume of steel products and prices have fallen due to sluggish global demand and worsening market conditions caused by the coronavirus outbreak,” the com...

South Korea’s rental service firm SK Rent-a-Car said Monday it has launched a rental service for Tesla Model 3 at its 10 branches in Seoul and Gyeonggi Province “As demand for electric vehicles continues to increase, we have recently released new products of Tesla, the most favored EV of customers,” a company official said. A total of 21 Tesla Model 3 units will be offered as short-term rental ...

The owner family of LS Group recently bequeathed about 33 billion won ($27 million) worth of shares to children and relatives, regulatory filings showed Monday. The move by the South Korean conglomerate came as stock prices of its affiliates have plunged in the wake of the COVID-19 pandemic, which allows them to pay lower gift taxes. Group Chairman Koo Ja-yeol, LS-Nikko Copper Chairman Koo Ja-h...

SsangYong Motor on Monday unveiled a teaser image of its first electric vehicle, which has been developed under the project name “E100.” The automaker’s new, electric subcompact sport utility vehicle is set to be released in the first half of next year. Prior to the launch of the new EV, the automaker released an image that graphically expresses its exterior design. The firm said the overall d...

During the state-led sales festival, called the “Korea Donghaeng Sale,” aiming to boost consumption amid the pandemic, non-face-to-face sales of department stores and large discount stores were estimated at 25.94 billion won ($21.56 million), data showed Thursday. Between June 26 and July 12, sales at the nation’s major three department stores increased 4 percent on-year. Sales at the top three ...

Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed. Hankook Technology Group, formerly known as Hankook Tire, was founded in 1941 and was South Korea’s largest and the world’s sixth-largest tire manufacturer by revenue as of 2019. T...

South Korea’s Hyundai Robotics said Friday it has joined hands with Hyundai Engineering & Construction to develop products for the construction sector. The two affiliates of Hyundai Heavy Industries Group have signed a memorandum of understanding to collaborate on research and development of construction robotics technologies. Under the agreement, they will jointly develop robots for constructi...

Mercedes-Benz Korea said Thursday it is set to unveil, for the first time here, four new models under the premium high-performance brand Mercedes-AMG at the AMG Speedway in Yongin, Gyeonggi Province, Friday. “There has been a growing demand for high-performance vehicles, especially among younger customers. In order to address this demand, the AMG brand is introducing a variety of performance ...

The European Commission has again suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering, according to industry sources. Upon the suspension, the screening deadline, originally set for September, has been delayed and it is unlikely that the review will be completed within this year, according to industry watchers. The EU had previously suspe...

South Korean companies should partner with German firms to develop hydrogen technologies and actively take part in related projects to make the best use of the European country’s new hydrogen road map, according to a report Wednesday. The state-run Korea Trade-Investment Promotion Agency (KOTRA) released a report titled “Current status of the German hydrogen industry and Korean firms’ entry stra...

Japan’s exports to South Korea have plunged in the wake of its export restrictions, data showed Thursday. According to the Korea International Trade Association and the Japan Customs Association, Japan’s exports to Korea stood at 329.3 billion yen ($3 billion) in May, down 18 percent on-year. The figure is the lowest in 11 years and three months since February 2009 when it reached 32 billion ye...