S-Oil to import low-carbon ammonia from Saudi Aramco

South Korean oil refiner S-Oil announced Wednesday that it has signed a letter of intent with Saudi Aramco, Saudi Arabia's state oil giant, to secure low-carbon ammonia and contribute to the nation’s hydrogen industry. Following last year’s agreement to build a hydrogen supply chain between the two companies, the new partnership aims to confirm their will to support global decarbonization efforts. Under the letter of intent, S-Oil plans to import low-carbon ammonia from Saudi Ar

Oct. 25, 2023

LG Chem sets up R&D center in Georgia

South Korean chemical giant LG Chem said Wednesday that it has set up a new research and development center in the US state of Georgia called the North America Innovation Center, as part of its big push to secure global talent for its burgeoning next-generation materials business. The new plan was unveiled as part of its partnership with the Georgia Institute of Technology signed a day before. Under the agreement, the center will serve as an R&D base for diverse collaboration projects with n

Oct. 25, 2023

AI Auction debuts tax consultant chatbot

South Korean software startup AI Auction said Tuesday it has launched a tax consultant chatbot called “K-engine,” specializing in providing verified information on various tax regulations such as property and corporate tax. Unlike OpenAI’s ChatGPT, which is trained on freely distributed data online, K-engine is trained with a specialized legal database that has been verified and compiled by legal experts and professors, the company said. As such, the chatbot is expected to rect

Oct. 24, 2023

Samsung Biologics to offer solutions for Kurma Partners' portfolio firms

Samsung Biologics said Tuesday it inked a partnership with Kurma Partners, a French venture capital firm specializing in financing health care companies, to offer a variety of drug-related services to Kurma Partners' portfolio companies. Under the partnership, Samsung Biologics will provide biotech companies invested in by Kurma Partners with its customizable chemical, manufacturing and control solutions. Customizable CMC solutions refer to drugs-related services such as the development of

Oct. 24, 2023

Coway ramps up environmental protection

South Korean home appliance maker Coway has been expanding its environmental campaigns to promote the culture of everyday environmental protection across the country. In a bid to promote clean water areas, in July it launched its second “Coway River Plogging Campaign,” which involves a combination of running and picking up litter along river and coastal areas, together with its customers and employees for about a month. The campaign saw a 41 percent surge in the number of participant

Oct. 24, 2023

Genesis BBQ opens 11th store in Vietnam

Korean fried chicken franchise Genesis BBQ said Wednesday that it had launched its 11th store in Vietnam, ramping up its expansion in Southeast Asia. The two-story outlet in Da Nang, a coastal city in central Vietnam, has a total floor area of 128 square meters. With its proximity to My Khe Beach, recognized in surveys as one of the world’s most beautiful beaches, the latest branch is ideally situated for attracting both locals and foreign visitors, the franchise added. Besides the franchi

Oct. 24, 2023

Eugene Group wins bid to acquire news channel YTN

Eugene Group, a mid-sized South Korean conglomerate with businesses ranging from distribution to finance, has become the largest shareholder of local news channel YTN, according to industry sources on Monday. The group reportedly acquired a 30.95 percent stake in YTN for about 319.9 billion won ($236 million). The stake in question was previously owned by the state-run Korea Electric Power Corp.’s subsidiary Kepco KDN, an electric power grid service company, and the Korea Racing Authority.

Oct. 23, 2023

Hyundai partners with Saudi firms to build hydrogen mobility ecosystem

Hyundai Motor Company said Monday that it is set to launch a hydrogen mobility ecosystem in Saudi Arabia, in step with the kingdom's pivot away from its traditional oil-centric economy. Upon President Yoon Suk Yeol's state visit to the Middle East, the Korean carmaker signed a memorandum of understanding on Sunday in Riyadh with three entities -- Air Products Qudra, a joint venture between Sau Air Products and Qudra Energy; SAPTCO, a Saudi public bus company; and the Korea Automotive T

Oct. 23, 2023

Paris Baguette to expand into Middle East, Africa

South Korean bakery giant SPC Group's flagship bakery chain Paris Baguette will make its first inroad into the Middle Eastern and African market as a part of its efforts to tap into the global halal food market worth some $2 trillion in value, said SPC Group, Monday. SPC Group said it signed a memorandum of understanding with a United Arab Emirates-based conglomerate Galadari Brothers Group on Sunday to establish a joint venture by 2024. Galadari Brothers Group currently operates businesses

Oct. 23, 2023

Hyundai Motor to build 1st car plant in Saudi Arabia, leading 46 Korea-Saudi deals

Hyundai Motor Group announced Monday it has entered into a joint venture agreement with Saudi Arabia's Public Investment Fund (PIF) to construct its first-ever automobile assembly plant in Saudi Arabia and expand its presence in the Middle Eastern market. This announcement came as part of a broader initiative that saw 46 memorandums of understanding and joint partnerships signed between South Korean companies and Saudi Arabian counterparts during President Yoon Suk Yeol's state visit t

Oct. 23, 2023

Hyundai Elevator wins Good Design Award 2023

Hyundai Elevator said Monday that its smart floor indicator has won Japan’s Good Design Award 2023, one of the four major international design awards. Launched last November, PI-DD is a smart floor indicator that purifies and sterilizes the air inside the elevator. The display device, sterilizer and air filter are all hidden behind the stainless metal perforated sheet that naturally matches the interior design of the elevator. The device draws in contaminated air through holes in the hidde

Oct. 23, 2023

GS Group, SNU to run incubator program for startups

South Korean energy-to-retail conglomerate GS Group announced Monday that it is searching for startups and future entrepreneurs to join its incubator program it runs with Seoul National University. “The GS Challenges with SNU” is a joint program with Seoul Techno Holdings, which supports the commercialization of SNU's in-school technology. It provides local startups the opportunities to meet diverse actors outside the business for solutions. Startups with less than five years of

Oct. 23, 2023

Celltrion merger plan approved by shareholders

Korean biosimilar giant Celltrion and its sales unit Celltrion Healthcare received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated company planned for December. During the extraordinary general shareholders meetings separately held by the two companies in Incheon, Celltrion won with 97.04 percent of attendees voting in favor of the merger, while 95.17 percent of Celltrion Healthcare shareholder attendees agreed with the plan. The integrat

Oct. 23, 2023

[Herald Interview] ‘Sustainability helps employees focus, companies attract talent’

Incorporating sustainability into corporate strategies doesn’t just help the planet, it also helps a company in practical ways — such as attracting more funds and motivating employees, Royal Philips’ head of sustainability told The Korea Herald in a recent interview. “Companies that create and offer sustainable solutions gain more advantages,” Robert Metzke, who oversees the Netherlands-based global health care giant’s strategies for sustainable development,

Oct. 23, 2023

Three bidders vie for major stake in news channel YTN

Three groups have submitted final bids to buy a major stake in cable news channel YTN, financial sources said Monday, with the results of the bidding expected to be announced later in the day. In November last year, two state-run firms announced a plan to put their combined 30.95 percent stake in YTN up for sale. Apparel exporter Hansae Co.; Eugene Group, with businesses ranging from distribution and finance to logistics and entertainment; and the Global Peace Foundation (GPF), established by Mo

Oct. 23, 2023

Corporate direct financing jumps nearly 40% in September

Corporate direct financing in South Korea surged 39.3 percent from a month earlier in September on a sharp spike in stock sales, data showed Monday. Local companies raised a combined total of 27.57 trillion won ($20.37 billion) by selling stocks and bonds last month, up 7.78 trillion won from August, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or other financial instit

Oct. 23, 2023

[Photo News] OLED canvas

LG Electronics’ exhibition booth is seen at the 2023 Digital Art Fair Hong Kong, Asia’s largest digital art trade show, being held from Thursday to Monday. The Korean tech giant is displaying some 100 OLED TVs and signage products as an official sponsor. (LG Electronics)

Oct. 22, 2023

Samsung chief bolsters ties with Japanese partners

Samsung Electronics Executive Chairman Lee Jae-yong met with a group of top executives from Japanese electronic parts vendors for their annual meeting in Seoul, which had been suspended due to the COVID-19 pandemic, according to industry sources, Sunday. The annual meeting between Samsung and its Japanese electronic parts makers is known as “Lee Kun-hee and his Japanese Friends,” or LJF for short. The meeting was established in 1993 by the executive chairman's father, the late S

Oct. 22, 2023

Paris Baguette’s 500th overseas store opens in Singapore

South Korean bakery giant SPC Group announced Sunday that the number of its overseas Paris Baguette stores has reached 500, with the latest opening in Singapore. The 500th store opened at Terminal 2 of Changi International Airport as part of the bakery chain’s expansion into Asia and the Middle East. “The group will continue its expansion in the US and China, while making a foray into the global halal food market, which has 1.9 billion potential customers representing some 24 percent

Oct. 22, 2023

[From the Scene] LS Cable's extensive undersea cable facility taps global demand

LS Cable & System, South Korea's leading cable manufacturer, showcased last Thursday its extensive line of undersea cable production facilities at its Donghae plant in Gangwon Province, aiming to more than double its yearly sales from undersea cables to 1 trillion won ($740 million) over the next five years, tapping into the global surge in demand for energy and power grids. The plant is Asia's most expansive undersea cable production base. A gangway that resembles a train track co

Oct. 22, 2023