LG chooses stability in leadership reshuffle amid uncertainties

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad. Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties. Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts. LG Uplus, the telecom uni

Nov. 21, 2024

Paper firms fined W30b for colluding on newsprint prices

South Korea’s antitrust watchdog has fined three paper manufacturers a total of 30.5 billion won ($21.8 million) for colluding to raise newsprint prices. According to the Korea Fair Trade Commission on Thursday, Jeonju Paper, Daehan Paper and Paper Korea engaged in price-fixing by twice raising prices by 60,000 won per ton, in 2021 and 2022. The companies also pressured local newspaper companies that resisted the price hikes by reducing their supply of newsprint. The three companies are do

Nov. 21, 2024

Now is no time to add pressure on businesses: top executives

The top executives of 16 major Korean conglomerates, including Samsung, SK, Hyundai Motor and LG, on Thursday issued a rare joint statement opposing the proposed revision to the Commercial Act, which aims to increase the duties of corporate board members. “The proposed revision will lead to excessive litigation and potential attacks from overseas speculative investors, thereby hindering the normal management activities of board members,” the business leaders said. “This will ob

Nov. 21, 2024

[From the Scene] Gigantic Olive Young store lures young trend-setters in Seongsu

Stepping into Olive Young N Seongsu, just a minute’s walk from Seongsu Station’s Exit 4, visitors are immediately greeted by a vibrant and spacious interior filled with colorful cosmetics. The cheerful atmosphere is enhanced by classic and upbeat music playing softly in the background. “Welcome to our new chapter of the store, Olive Young N Seongsu,” said Kim Soo-ju, Olive Young's cross-functional team leader, during a guided press tour on Thursday. "The speci

Nov. 21, 2024

Korean Air offers special flights for mileage users

Korean Air has introduced a special flight schedule for customers wishing to redeem mileage points for trips to Jeju Island. Mileage users will have preferential booking access for three days: Dec. 28, Dec. 30, and Jan. 1. Reservations open Thursday, and customers can join the event through the airline’s official website or mobile app. The promotion applies exclusively to flights between Gimpo and Jeju Island. The flight from Gimpo Airport will depart at 1:40 PM, arriving at Jeju Airport a

Nov. 21, 2024

LS, Demark’s CIP join hands for Ulsan wind power project

LS Cable & System, a leading Korean cable manufacturer, is bolstering ties with global infrastructure investors to supply its submarine cables for floating offshore wind power projects in Ulsan. According to the company on Thursday, LS signed a letter of intent with Copenhagen Infrastructure Partners, a global investment firm specializing in the renewable energy sector. CIP’s project company, Haewoori Offshore Wind, plans to develop a large-scale floating wind park with a capacity of 1

Nov. 21, 2024

[Herald Interview] Canada’s Genesis Fertilizers teams up with Korean builder for sustainable agriculture

In a step toward sustainable agriculture, Canadian fertilizer company Genesis Fertilizers has signed a $35 million front-end engineering design, or FEED, contract with South Korea's DL Engineering & Construction to develop a low-carbon nitrogen fertilizer plant in Saskatchewan. Genesis Fertilizers CEO Jason Mann highlighted the plant’s innovative approach, emphasizing its role in global food security. “We capture 95 percent of the CO2 emissions, making this one of the world&

Nov. 21, 2024

LG Uplus taps IT strategist as new CEO

LG Uplus, one of the nation's top three telecom carriers, announced Thursday that it has appointed Hong Bum-shik, head of corporate strategy at LG Corp., LG Group’s holding unit, as its new CEO. Hong, who earned a master’s degree in international affairs at Columbia University, served in strategist roles at SK Telecom and Bain and Company. He then joined LG Corp. in 2019 to oversee the group’s business strategy and nurture new growth drivers. He is also considered a merg

Nov. 21, 2024

Samsung Electronics introduces 2nd-generation AI model, Gauss 2

Samsung Electronics Co. on Thursday unveiled the Samsung Gauss2, the second generation of its generative artificial intelligence model, at an annual tech conference. During a keynote address of the online Samsung Developer Conference Korea 2024, the company highlighted the improved performance, efficiency and various application possibilities of its latest AI model. Samsung Gauss, first introduced last year, is aimed at enhancing the work efficiency of workers by facilitating tasks, such as comp

Nov. 21, 2024

Celltrion to buy back its shares for 5th time this year

South Korean biopharmaceutical firm Celltrion Inc. said Thursday it will spend around 100 billion won ($71.5 million) to buy back its shares for the fifth time this year in a bid to increase its shareholder value. The buyback of a combined 583,431 shares will begin Friday, according to the company. It will mark the fifth share buyback by Celltrion this year, following such moves in March, April, June and October. The accumulative value of the company's share buyback this year is expected to

Nov. 21, 2024

Lotte Group says total assets stand at W139t, shrugging off liquidity concerns

Lotte Group, one of South Korea's largest conglomerates, on Thursday refuted concerns of a liquidity crisis, stating its total assets, including deposits, reached 139 trillion won ($99.4 billion) as of last month. The group's assets include 37.5 trillion won worth of shares, real estate valued at 56 trillion won, and disposable deposits of 15.4 trillion won, according to a statement. The clarification came in response to rumors suggesting Lotte may face a liquidity crisis due to challe

Nov. 21, 2024

EU says T'way Air's commitments in Korean Air-Asiana merger fulfilled; final approval yet pending

South Korea's exports increased 5.8 percent on-year in the first 20 days of this month, driven primarily by strong global demand for semiconductors and ships, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October,

Nov. 21, 2024

[Herald Interview] How Gopizza got big in India

South Korean pizza chain Gopizza is strengthening its foothold in the Indian market by blending food technology with the distinct flavors of Korean cuisine, offering a fresh take on the classic pizza experience. Founded in 2016 as a single-serving pizza concept aimed at making pizza more accessible, Gopizza entered the Indian market in 2019, tailoring its approach to meet the distinct preferences of Indian consumers. "We currently operate 60 stores across southern India and plan to expand

Nov. 20, 2024

Hanwha, HD Hyundai chiefs welcome second Trump era

As Korean industries brace for a second nonconsecutive term of US President-elect Donald Trump, leaders of Korean defense and shipbuilding companies – namely Hanwha Group and HD Hyundai – are enhancing readiness to seize new growth opportunities. Hanwha Group Chairman Kim Seung-youn, in the process of passing the leadership baton to his sons, took on the role of chairman of Hanwha Aerospace, a key defense subsidiary of the group, last week. The move solidifies Kim's leadership i

Nov. 20, 2024

[Photo News] IBK-Mizuho partnership

Industrial Bank of Korea Chairman and CEO Kim Sung-tae (right) and Kato Masahiko, president and CEO of Japan's Mizuho Bank, pose for a photo during a memorandum of understanding signing ceremony in Jung-gu, Seoul, Tuesday. Under the agreement, IBK and Mizuho will collaborate on foreign currency procurement, investment banking projects and support for overseas business of bilateral startups. “We hope this partnership will strengthen cooperation, marking the 60th anniversary of the trea

Nov. 20, 2024

Posco shuts down wire rod mill in Pohang amid supply glut

South Korea's leading steelmaker, Posco, said Tuesday it shut down a wire rod mill in its factory in the southeastern city of Pohang in an effort to boost profitability and managerial efficiency. The Unit 1 wire rod mill at the Pohang factory, 273 kilometers southeast of Seoul, was brought to an end in the day after more than 45 years of operation, according to the steelmaker. The shutdown decision was made due to the heated competition and oversupply in the global wire rod market from chea

Nov. 19, 2024

Experts dismiss Lotte's liquidity crisis rumors amid stock plunges

Lotte Group's stock plummeted to record lows on rumors of a liquidity crisis, but experts claim these concerns are overstated and emphasize the need for better debt control. The holding company’s stock closed at 20,550 won ($14.80) on Monday, down 6.6 percent from the previous day, while Lotte Chemical saw the sharpest decline among its subsidiaries, falling 10.22 percent to 65,900 won and reducing its market capitalization to 2.82 trillion won, a 15-year low. Both stocks hit 52-week

Nov. 19, 2024

ZYX Technology teams up with Jeonbuk University to foster CAD experts

South Korean design software developer Zyx Technology announced Tuesday that it has signed a memorandum of understanding with Jeonbuk National University to nurture future software talent in North Jeolla Province. Under the partnership, ZYX Technology plans to offer ZYX CAD licenses worth a combined 1 billion won ($720,000) over the next three years, while carrying out research and development in the AI software sector. ZYX CAD is a versatile computer-aided design software that leverages multipl

Nov. 19, 2024

Hyundai E&C appoints first CEO born in 1970s, signals generational shift

The appointment of Lee Han-woo, head of Hyundai Engineering & Construction's housing business division, as its new executive vice president and CEO marks a generational shift as Lee becomes the company's first CEO born in the 1970s. Born in 1970, Lee joined the company in 1994 and has held a range of leadership roles over the past 30 years, including head of the strategic planning division. As the incoming CEO, he is expected to enhance Hyundai E&C's global portfolio in ci

Nov. 19, 2024

Mixed reactions as Korea seeks to lift 52-hour work limit for chipmakers

Amid intensifying competition for chip supremacy, Korean lawmakers are pushing to lift the national cap on working hours to give chipmakers more flexibility. The ruling party's proposal, however, has sparked mixed reactions, with critics labeling it "regressive." In South Korea, home to the world's top memory chip makers Samsung Electronics and SK hynix, employees are prohibited from working more than 52 hours per week -- consisting of 40 regular hours and up to 12 hours of o

Nov. 19, 2024